Market Reports

Market Reports

There Are No Signs of a Seasonal Slowdown in the Nation’s Housing Market

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In a look at housing market data from around the nation in January, Forbes declares that “overall, it looks like 2018 is off to a good start in most markets,” with many experiencing increased demand amidst anemic inventory, leading to gains not typically seen at the start of the year. On the whole, the median listing price in the country was up 8% compared to January 2017, while days on market decreased to below 3 months and inventory plummeted 8%.

As the article outlines, “with inventory selling faster than it did last January, the country is facing a housing shortage, especially for first-time buyers.” Looking at the Puget Sound market, the numbers reveal a more competitive climate for buyers, as the days on market decreased 16.7% year-over-year and the number of homes available for sale declined nearly as much (16.2%).

Other markets of note include Las Vegas, where days on market are down over 20% from 2017 and the number of active listings fell 28%. Denver is facing a growing population which is putting pressure on the housing market, where days on market are down 14.4% compared to last year. Atlanta is also seeing inventory shortages contributing to fast home sales, as Wendy Bunch, broker/owner of RE/MAZ Pure (Atlanta) tells Forbes, “we are encountering situations where a buyer plans to look at homes later in the week, and by the time that day arrives, the homes they intended to look at are under contract.”

Want more insight on 2018 real estate? Read the full Forbes article here and stay tuned for the 2017 Annual Market Report & 2018 Predictions, expected in March.

Market Reports, Real Estate Market

Seattle Market Update: Home Prices Increase Amidst Lack of Condo Supply

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Seattle has made countless headlines in recent months for its hot real estate market as home prices in the region have led the nation in growth for 13 consecutive months amidst increasing demand and a lack of available inventory. In looking at November market trends, a recent Puget Sound Business Journal article says the seasonal “holiday home-sale slowdown” typical in most markets simply hasn’t happened in the Emerald City. Just take a look at the numbers: pending home sales were up 1.6 percent year-over-year, while “closed home sales jumped 2.5 percent in November to more than 8,000 transactions in the Seattle area.”

In line with demand, median home prices continue to increase, up to $575,000 (15.6 percent) for all residential housing types, and $630,750 when condos are eliminated. While there are still affordable condominium options in the greater Puget Sound region, the lack of available supply in the downtown core is certainly impacting the market, as an RSIR report indicates there are just 7 resale condos available for sale in Seattle priced below $700,000.

The lack of affordability that potential buyers face in Seattle is even more stark when looking to inventory statistics from other popular markets in the U.S. While last month in Seattle there were just five condos priced under $500,000 on the market, Seattle Times says New York had nearly 500, Miami had 560, and even San Francisco had 24.

Condo sales prices have jumped nearly 20 percent compared to this time last year, which may seem daunting to potential buyers. Yet those that can plan ahead have found an alternative to the competition of the resale market in unit reservations and presales, while others take advantage of the favorable winter season to make their next move.

Market Reports

Market Update: October 2015

October’s numbers are in and inventory continues to wane for King County Residential homes, down 15% compared to last month and 40% year over year. The median listing price was just under $530K, with an average sale price of $427K, up nearly $40K compared to the previous year. Buyers came out strong, as homes were on the market for an average of just 28 days, down 30% from last year’s numbers. In downtown Seattle, condo inventory was down 15% from the previous year but rose slightly compared to last month. The median sale price held steady from month to month but was up $35K from last year’s average.

For the latest numbers from areas around the sound, View October’s Market Reports >>