Puget Sound Business Journal

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.

RSIR

Realogics Sotheby’s International Realty Partners with Puget Sound Business Journal on Exclusive “Home of the Day” Online Voting Platform

Interactive Tool Allows Viewers to Compare Featured Listings and Elect “Home of the Week” Based on Popularity

Realogics Sotheby’s International Realty, the Pacific Northwest’s largest affiliate for the global real estate network, announced today its collaboration with The Puget Sound Business Journal (PSBJ) in the launch of an interactive voting tool on their exclusive “Home of the Day” platform.  The media partnership had previously introduced “Home of the Day” on PSBJ’s multi-media website and as part of the popular afternoon newsletter that reaches nearly 20,000 subscribers.  Now users are able to activate a dynamic voting component where they can register their preferences for the “Home of the Week”, which will be further promoted online and in print within the weekly newspaper. The updated “Home of the Day” feature is now live.

“We’re excited to launch this new voting enhancement to our ‘Home of the Day’ feature, which has already been very successful for the Seattle market,” said Gordon Prouty, Publisher of The Puget Sound Business Journal. “It’s clear that our audience enjoys exploring the Pacific Northwest’s most extraordinary properties and now they can further engage with ‘Home of the Day’ by voting for their favorites.”

The Journal reports impressive statistics for the platform. Since launching on September 1, 2014, over 656,000 photos have been viewed from 44 property galleries. “Home of the Day” has risen in popularity each month, going from 4.26% of PBSJ’s website traffic to accounting for 7.76% in early November.

The voting tool will allow consumers to submit votes for the properties they prefer, similar to a “Like” on Facebook.  The total votes each week will be tallied and the most popular listing will be identified as the “Home of the Week” on the platform as well as published as the winner in the PSBJ’s print edition the following Friday.  Likewise, each weekly honoree will compete for “Home of the Month” and even “Home of the Year”.  All listings will remain active on the website portal for a minimum of 30 days and the vote counter will track the number of unique votes in real time.

“We believe this voting feature will enhance the social media component of this platform as our brokers, clients and consumers rally behind their favorite,” says Andrea Savage, Marketing Manager for Seattle-based Realogics Sotheby’s International Realty. “In addition to showcasing select properties from around Puget Sound, we will also soon introduce featured markets in sun, snow and surf destinations that are popular for residents of the Pacific Northwest.”

The “Home of the Day” platform is currently running in metro areas in several states across the U.S. including California, Georgia, Kentucky, Maryland, Missouri, New York, North Carolina, Pennsylvania, Texas, Oregon and Washington, D.C.

For more information visit www.NWHomeoftheDay.com.


Featured Property, RSIR

Holly House Featured as "Home of the Day" on the PSBJ

Home of the Day is a new feature presented by the Puget Sound Business Journal and Realogics Sotheby's International Realty. This is your invitation to view some of Puget Sound's most-luxurious properties. 

Nostalgic 1920's era meets modern day amenities while retaining the charm and appeal of yesteryear. 1928 Brick Tudor invites you to entertain comfortably in the updated kitchen with amenities including Brazilian Solid Slab Granite, Cherry Raised Panel Cabinets, SS Appliances, 5 Star Oven / Gas Cooktop. After entertaining friends in your gourmet Chef's Delight kitchen, retire to the lovely Grand Patio to watch and hear nature from your private yet close-in and perfectly sized property oasis.

Read the Complete Feature Here >>

RSIR

RSIR Among Washington’s “Fastest Growing Private Companies” Again in 2014

On September 10th, the Puget Sound Business Journal released the state’s nominees for the 100-Fastest Growing Private Companies and for the third year in a row,Realogics Sotheby’s International Realty makes the cut. 

The 100 companies are all honored within an alphabetical slideshow online and the actual ranking won’t be released until the awards ceremony, to be held at the Sheraton Hotel in downtown Seattle.

“We’re certainly growing but we’ll always be boutique offering a personalized approach to service with our brokers and to our valued clientele alike,” says Shelley Cribby, the Kirkland Branch Manager for Realogics Sotheby’s International Realty’s Eastside operations.  “Our resources and structure help brokers expand their production and our entrepreneurial culture is attracting top talent.”

RSIR was honored to earn its position as the #2 in 2012 and # 24 in 2013, according to the Puget Sound Business Journal.  To make the list in 2014, firms must have recorded revenue of at least $500,0000 in 2011 and demonstrated growth through 2013. Year to date, RSIR increased its unit sales by 38% over the prior year and increased sales volumes by 39% — more than twice the growth of other “top 10” aggregated real estate brands in the region. The firm is also noted for having among the highest production on a per-broker basis and consistently the highest average listing prices and selling prices compared with other brands, according to Trendgraphix research.

“What an honor to be included amongst this impressive list of top-performing companies in Washington,” adds Chad Zinda, Designated Broker and Director of Sales for Realogics Sotheby’s International Realty.  “This is an acknowledgement for the hard work of more than one hundred brokers and a dozen employees that strive for excellence each day.  I couldn’t be more proud of our team and what we’re building, together.”

As the Pacific Northwest’s largest affiliate, brokers benefit from enhanced exposure to what’s increasingly becoming a global marketplace. Worldwide, Sotheby’s International Realty is now comprised of some 15,000 brokers, representing more than 43,000 exclusive listings in 688 offices across 52 countries and territories.