Seattle's Housing Market at a Glance
We started our recovery in June 2009 and this month it has become the longest economic expansion in the nation's history. I mean, can you believe it's been 121 months of gross domestic product growth?! This month, we surpassed the previous record that lasted from 1991 to 2001. Of course, the average growth rate during this expansion hasn't been as aggressive. This time around we grew 2.3% per year, as compared to 3.6% during the 1990s. The crystal ball predictions (by economists) believe we will continue to preform very well for the rest of 2019 and most agree there will be a mild recession in the near future.
At the time we were setting our 121-month record for expansion, the unemployment rate dropped from 10.0% in 2009 to 3.7%. Still, many still struggle to make ends meet financially. The low mortgage interest rates have helped make home purchases more doable. It's just the high home prices are still moving up in value, faster than the median household income growth. The Federal Reserve has tried to combat this by reducing the benchmark interest rate by a quarter point to about 2.25%. This is the first reduction in more than 10 years!
For King, Kitsap, Pierce and Snohomish Counties
- Closed Sales decreased 6.5% for Residential homes and 12.0% for Condominium homes.
- Pending Sales increased 12.5% for Residential homes and 15.4% for Condominium homes.
- Inventory decreased 5.2% for Residential homes but increased 23.8% for Condominium homes.
- The Median Sales Price increased 1.6% percent to $508,000 for Residential homes and 1.8% to $373,500 for Condominium homes.
- Days on Market increased 21.1% for Residential homes and 73.3% for Condominium homes.
- Months Supply of Inventory decreased 5.0% for Residential homes but increased 40.0% for Condominium homes.
As you know, I like to look at all of the numbers every month, so I can give you a better idea of how the housing market is moving. It's my hope that it'll give you the information needed to make a more informed decision. When you're ready to buy or sell, remember I want to be your only Realtor. -Elizabeth "Elise" Russo