Realogics Sotheby's International Realty (RSIR) presents a look at the housing market trends for the fourth quarter of 2017, from the shores of Bainbridge Island’s waterfront homes and in-city living opportunities to the Eastside’s most distinguished residences.
The value of condominiums in downtown Seattle continues to rise, and in 2017, a lack of new construction opportunities and increasing demand for in-city homeownership pushed the median home price of downtown Seattle condos to $625,000, a $100,000 – or 19% – increase from last year. Though the S&P/Case-Shiller Home Price Index has continued to report record gains for single-family home prices, up by nearly 13% in October 2017, it’s key to note that the index does not include new construction or resale condo properties, and hence doesn’t reflect condominium price growth.
Want to know why a 4-mile drive in Seattle now takes nearly an hour? A recent GeekWire feature has the answer, in the form of a time lapse that illustrates just how much the Emerald City has grown over the past three years alone. The footage, which was taken from a camera mounted to the Space Needle, shows the coming and going of buildings all over the city, in what GeekWire calls “an almost cartoonish representation of the massive growth taking place in Seattle.”
Seattle’s lack of affordably priced condominiums continues as recent NWMLS data reveals there are only a handful of homes listed below $700,000, which is now the median home price after increasing nearly 20% compared to this time last year. Though some potential buyers feel dismayed at current market conditions, market experts say some are finding relief in unit reservations and presales.
Following the release of the most recent “Emerging Trends in Real Estate” report, Curbed put together a list of “The 10 top emerging trends that will shape real estate in 2018,” from demographic and economic considerations to the lack of inventory and workplace of the future. In response to the article, I have put together a list of questions generated by the article that will be key to consider as we say goodbye to 2017.