Seattle's Housing Market at a Glance
Life is good for Sellers here in 2020. Interest rates are the lowest we've seen in over a year, people are feeling safe in their current jobs, and more homes are being built to make up for any shortage. Currently in Seattle, we're seeing multiple offers for homes under 500k.
Many entry level buyers can finally afford to purchase a home. I seriously don't see entry level homes going down in value for the perceivable future. Looking back on my life, I was super smart and waited for property values to come back up, before I bought. Geez, I still don't regret purchasing at the higher end of the market. I live in Belltown, have killer views and room to work from home. If you translated my current mortgage payment (that hasn't gone up for over 15 years) into rent, I'd only get me a hole in the wall, with a view of some other guy swimming around in his fishbowl apartment.
Still not convinced you're ready to purchase? Go back and take a look at some of my previous market report blogs and look at what, Windermere and the National Association of Realtor's Chief Economists are saying, then decide for yourself. Keep in mind, you can purchase a home for as little as 3% down + closing costs. Let me know if you'd like to do an informational interview with one of my favorite mortgage lenders? It will not cost you a dime, and you're not obligated to use them in the end. You should know, I love my job; I'm not a robot, and I want you to have a good real estate investment experience. When you're ready to make a move, I'm ready too! Just reach out to me.
Before I show you how the real estate market's numbers are shifting, check out my photo of the month! If you're looking to donate somewhere, I highly suggest The Pike Place Market Foundation: https://pikeplacemarketfoundation.org/what-we-do/themarketcommons/ I'm going to donate my body to Science when I no longer need it, and I'd like there to be designated places for my husband to come remember and cry for me. SoO, I got Billie the Pig to make a hoof print in The Market floor, with my name on it :-) They are a great organization. I mean, did you know the Seattle Farmer's Market has a food bank, senior center, preschool and community kitchen? Check them out.
For the Central Puget Sound: King, Kitsap, Pierce and Snohomish Counties
- Closed Sales decreased 1.7% for Residential homes and 7.0% for Condominium homes.
- Pending Sales increased 5.7% for Residential homes and 19.8% for Condominium homes.
- Inventory decreased 44.5% for Residential homes and 35.0% for Condominium homes.
- The Median Sales Price increased 11.1% to $499,900 for Residential homes and 10.3% to $375,000 for Condominium homes.
- Days on Market decreased 12.8% for Residential homes but increased 2.1% for Condominium homes.
- Months Supply of Inventory decreased 42.9% for Residential homes and 35.7% for Condominium homes.
If you have a little time on your hands, you might like to check out one of my previous posts? You can find them here: www.vivaseattle.com/blog
- Elise Russo's Previous Blog - The New FICO Credit Scoring Rules: https://www.vivaseattle.com/blog/new-fico-credit-scoring-rules/
- December pending home sales fall 4.9% as supply hits a record low: https://www.cnbc.com/2020/01/29/december-pending-home-sales-fall-a-wider-than-expected-4point9percent.html
- Take cover: Amazon’s big umbrellas renew a stormy old debate about Seattle culture: https://www.geekwire.com/2020/take-cover-amazons-big-umbrellas-renew-stormy-old-debate-seattle-culture/
- Elise Russo's Previous Blog - ALERT New formula for real estate excise tax calculations beginning January 1, 2020: https://www.vivaseattle.com/blog/market-update-april-2019/