Seattle's Housing Market at a Glance
With the kiddos going back to school and "The Big Dark" upon us, the housing market is beginning to cool also. On a national level, buyer and seller activity has remained strong, buoyed by low mortgage interest rates and a strong economy. Market experts are finding there's no spooky changes from recent trends, other than the normal seasonal adjustments that happen every year. Going into the final quarter of 2019, buyers are finding fewer homes on the market but on a good note for sellers, there's not very much competition for those homes.
In Washington State there are discussions of a broad overhaul in the way housing is financed. As you may know, Fannie Mae and Freddie Mac are the major financiers of our loans. Experts are rethinking how federal agencies are involved with Fannie and Freddie, in their backing substantial portions of the mortgages made every year. A lot of these policy conversation changes will actually take years to implement. Even though we know re-privatization will happen, no one really knows the impact it will make on the housing market. Good news is, when I look into that crystal ball you guys love to hear about, all I see are awesome Halloween decorations exciting our country and nothing too scary in the real estate market.
For King, Kitsap, Pierce and Snohomish Counties
- Closed Sales decreased 1.2% for Residential homes and 7.3% for Condominium homes.
- Pending Sales increased 26.0% for Residential homes and 14.0% for Condominium homes.
- Inventory decreased 24.2% for Residential homes but increased 6.8% for Condominium homes.
- The Median Sales Price increased 5.3% to $495,000 for Residential homes and 1.4% to $370,000 for Condominium homes.
- Days on Market increased 19.2% for Residential homes and 47.8% for Condominium homes.
- Months Supply of Inventory decreased 25.0% for Residential homes but remained flat 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