Seattle's Housing Market at a Glance
As we all mostly expected, in November, the Federal Reserve once again reduced its benchmark rate for the 3rd time this year. Interest rates for a mortgage have stayed steady this month. They're still down more than 1% from this exact time last year. Also, new construction is going very strong. The United States Commerce Department said that housing permits went up 5% in October. This means, we're at a 12-year high at 1.46 million units being built!
Even with all of this good news, I still have my ear against the rail. I'm finding it's a bit deceptive to think, just because economic signs are strong, we're doing great. You should know that the United States household debt has been going up for 21 straight quarters, and we're now $1.3 trillion more in debt than our previous high back in 2008 of $12.68 trillion dollars. It's good news that most people are paying their debtors on time, but I also wonder how, with a household debt-load this high, will most be able to purchase a home if the economy slows down? I mean, maybe Mom and Dad will help?
I still remember scraping together, by myself, the down payment and closing costs 16+ years ago. My mom and dad didn't help me purchase a home, but I did go grocery shopping at their house for the first 3-months or so. Ho-Ho-Ho! btw, the photo below was one of many from the Corporate Windermere 2019 Holiday Party:
For the Central Puget Sound: King, Kitsap, Pierce and Snohomish Counties
- Closed Sales decreased 4.2% for Residential homes but increased 2.8% for Condominium homes.
- Pending Sales increased 22.7% for Residential homes and 31.1% for Condominium homes.
- Inventory decreased 38.1% for Residential homes and 26.6% for Condominium homes.
- The Median Sales Price increased 9.1% to $505,000 for Residential homes and 6.7% to $382,500 for Condominium homes.
- Days on Market decreased 8.3% for Residential homes and increased 12.9% for Condominium homes.
- Months Supply of Inventory decreased 42.1% for Residential homes and 26.3% 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. -Elise Russo