Seattle

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.

Pacific Northwest

Seattle Ranks as the 4th Richest City in the Country

Big news for the Emerald City! According to a recent list released by Bloomberg, Seattle is the fourth-richest city in the country when ranked by gross metropolitan product, following San Jose, Bridgeport, Connecticut and San Francisco. It’s no surprise when you consider that “the Seattle-area is home to some of the largest public companies in the country, as well as a bevy of smaller, but fast-growing businesses.”

The study found that Seattle has a GMP of $75,874 per resident (a growth of 7.9% since 2009), which puts it above Boston at $74,746 and Washington D.C. at $72,191.

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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.

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.