Though year-over-year home prices in Seattle for February 2018 grew at a lower rate than the previous year, an upward trend appears to be in motion, as monthly decreases moved from -0.28 percent in January to +0.57 percent in February. This put an end to the series of seven months of decreases, which tied the last run of slower price gains, which lasted August 2011 to February 2012.
Following the release of the latest S&P Case Shiller Home Price Index, the Seattle Times once again proclaimed the decline of residential home prices in the Seattle metropolitan area. Contrary to headlines, however, trendlines give way to a more nuanced story. Some are using the Case Shiller Index to reinforce misleading growth reports, so let’s have a look at the data used to calculate the Index and compare it to results gathered from sales data in the Northwest Multiple Listing Service (NWMLS).
I was thrilled to lend my insight to the Madison Park Times digital edition this month to discuss the latest market trends in our neighborhood.
I am pleased to present Realogics Sotheby’s International Realty’s review of 2017 market activity in the Puget Sound. William Hillis, our acclaimed Research Editor and Data Analyst, has assembled a year-over-year performance review of eight key counties and 29 regional markets. In addition to market analysis, the report includes a timeline of Seattle’s performance on the S&P/CoreLogic Case-Shiller Home Price Index, the “Condominium Conundrum,” landmark sales on the Eastside, the effects of Chinese capital controls and Canada’s restrictions on foreign buyers, and more.
Though the winter months have historically given way to slowdowns within the Puget Sound real estate market, there was no sign of a slowdown in February 2018, as home prices in Seattle and on the Eastside reached new benchmark values. As Seattle Times reports, “Seattle’s median single-family-home price hit $777,000 in February, $20,000 more than the previous all-time high set just a month prior,” while on the Eastside, “the median cost of a house was $950,000, or $12,000 more than the peak price from two months ago.” According to Northwest Multiple Listing Service data, home prices in every Puget Sound county increased by at least 15%, with many setting record high values.