As the recent Bisnow “Seattle Construction & Development Forecast” event outlined, the commercial real estate industry in Seattle is continuing its boom and the city is even looking at ways to lessen the length of time of the permitting and approval process by adding staff.
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.
Statistics from the first quarter of 2019 are here and Realogics Sotheby’s International Realty has crunched the numbers with a look at home price trends in Seattle, the Eastside and Bainbridge Island. The market cooldown that occurred in the final months of 2018 continued early into this year, with home price growth mediating—or slightly declining—and inventory rising once again. Below you’ll find a link to each of the reports with some key insights from the Seattle single-family and condominium markets.
The year has come to an end and Realogics Sotheby’s International Realty took a look at the latest housing market statistics. In the final quarter of 2018 the region saw changing inventory with median sales prices that stayed relatively moderate compared to the previous quarter. Explore the trends in Seattle, the Eastside and Bainbridge Island.
Current zoning restrictions in various parts of Seattle are under discussion, as Seattle’s City Council has just begun what promises to be a debate on whether to upzone neighborhoods that have historically been reserved for single-family homes. Seattle Times has been keeping a close eye on the topic in a series of recent articles.
With effect from the October 2018 Case Shiller Home Price Index press release, Seattle officially dropped out of the nation’s top three residential markets by home price growth: “Las Vegas, San Francisco and Phoenix reported the highest year-over-year gains among the 20 cities [subject to the Case Shiller Index]. In October, Las Vegas led the way with a 12.8 percent year-over-year price increase, followed by San Francisco with a 7.9 percent increase and Phoenix with a 7.7 percent increase.” At 7.36 percent growth over the past 12 months, Seattle was not far behind; but the monthly result on the index (-1.05 percent) remained negative for a fourth consecutive month.
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).
Earlier this week, S&P Dow Jones released the August 2018 monthly results of their CoreLogic Case Shiller Home Price Index. Until two months prior, the Index had shown Seattle leading the nation in residential (single-family) home prices for 21 months. That run was brought to an end by a surge of prices in Las Vegas; and while prices in Seattle have continued to advance, the pace has slackened in the weeks since.
Statistics from the third quarter of 2018 are here and Realogics Sotheby’s International Realty has crunched the numbers with a look at home price trends in Seattle, the Eastside and Bainbridge Island. While the last few reports continued to outline a trend of low inventory and rapidly rising prices, change is afoot in the Puget Sound region, with home price growth steadying and inventory rising to levels not seen for years.
A recent Seattle Times housing column tackled a topic that is an important key to understanding our local housing market: zoning. As the article outlines, though 69 percent of Seattle’s residential plots of land contain single-family homes (which is about average compared to the nation’s 50 largest cities) it “generally devotes a lot more of its housing to single-family homes,” which is putting more pressure on a city struggling with affordability amidst rising demand.
Realogics Sotheby’s International Realty presents a look at the housing market trends for the first quarter of 2018, from the shores of Bainbridge Island’s waterfront homes and in-city living opportunities to the Eastside’s most distinguished residences.
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.
A recent Seattle Magazine article asks readers, “What would Seattle look like if I-5 was covered?” The question comes as the initiative, which was first introduced to Seattle Public Parks two years ago, was given a $1.5 million feasibility grant by the Washington State Convention Center to explore how Lid I-5 may come to life. If approved, it would improve existing infrastructure and expand the city’s space to build housing, public parks, streets, and more – all over top of Interstate 5.
As Seattle has grown over the past decade, it isn’t much of a surprise that the city is now in the midst of a transportation crisis, as new residents to the Puget Sound region and growing employment in the downtown core have led to worsening traffic and climbing commute times. In order to help ease growth management, the Downtown Seattle Association, Sound Transit, City of Seattle, and King County are working together through the formation of One Center City, a partnership to craft a two-decade long plan that will transform “how we move through, connect to, and experience Seattle’s Center City neighborhoods.”