Real Estate

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.

Real Estate Market

Seattle to be a Hot Housing Market in 2015

Trulia released their annual report of the hottest housing markets to watch for in the coming year, and we have to say that we are not surprised to see that Seattle picked up the number ten spot on their list. Erin Renzas explained that this year, Trulia’s Chief Economist Jed Kolko determined which markets made the cut using “fundamentals such as job growth, rising incomes, and more household formation.” Thus, Renzas says his ten selections, “have strong fundamentals for housing activity,” which “include job growth, which fuels housing demand, and a low vacancy rate, which spurs construction.” She added that they “gave a few extra points to markets with a higher share of millennials.”

10. Seattle, WA

Companies like Starbucks, Microsoft, Amazon, and UPS have provided steady job growth for the area, but, hey, Seattleites know how to rock, too — as the home of grunge, which is still popular in the music scene there.

RSIR, Inventory

New Listing! Contemporary Home in Regency Woods

Attractive two-story homein highly desirable Brittany Lane in Regency Woods. Vast oak hardwoods ceramic tile adorn the entire first floor. Agraceful floor plan adjoins a large kitchen with a viewable family room for large festive gatherings.All 4 bedrooms are up, including a large master suite 5 piece master bath, cathedral ceilings and skylights. Multilevel cedar decks,lighted arbors water feature spilling into a beautiful pond make the landscaped private backyard peaceful inviting.

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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 >>