Ewing & Clark - Seattle Real Estate Blog

Seattle has been ranked the hottest housing market of the year 2017, after 16 months in a row at the top of the S&P CoreLogic Case Shiller Home Price 20-City Composite Index. Home prices continue to stay at peak levels, and since inventory is quite low, the market for buying a home is incredibly competitive.

According to Redfin, over 50 percent of the homes sold by the company last year resulted in bidding wars, showing just how deeply competitive 2017 was for local real estate. And the competition isn’t just between local buyers; international investors, particularly from China, are very attracted to Seattle real estate opportunities. However, foreign investment in the Seattle real estate market has dwindled since late last summer.

Residential

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The Seattle real estate market shows no signs of slowing its hot streak of growth due to high demand, limited inventory and significant development projects that are snapped up almost immediately after completion. We are at the top of the list of major U.S. cities with the highest home price increases:

“The Seattle metro right now we are seeing it’s the second fastest moving market among the large markets in the U.S. with almost 12 percent annual home value appreciation,” said Zillow Chief Economist Svenja Guddell, after the company issued a new market report.


Average sale prices are distinctly higher this year for both residential home sales, exemplifying the local market demand.

In November 2017, residential home sales were more than double

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It seems like every week, a new article or report comes out blaming the Millennial generation for the decline of an industry. Millennials have been blamed for falling birth and marriage rates, the financial woes of casual chain restaurants like Applebee's and TGIFridays and even droughts in California because of their love for avocados and almond milk.

Many economists are also quick to point out that far fewer Millennials are buying homes than members of previous generations did at their age. While pundits may like to claim that this is because Millennials hate responsibility, this trend has more to it than a simple desire to avoid needing to maintain a house and yard. In fact, as many as 90 percent of Millennials look at home ownership as a major

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Prices for homes across the United States have been on the rise throughout 2017. Most markets are seeing growth in demand and an increase in average selling prices. Washington State, and more specifically, the Seattle area, has far exceeded the growth of other real estate markets. Prices around Seattle are on the rise, and demand doesn't show any sign of tapering off in the near future.

The average selling price of a single family home in the Seattle area has gone up 13.5 percent in only a year. When you compare that with the national average increase in home price, which is 5.9 percent, it's easy to see how Seattle's growth outpaces most other places. Looking nearby to Portland, Oregon, which currently holds the second place for real estate growth

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Seattle has been leading the nation with the hottest real estate market for a full year now, with no signs of slowing down. This trend is expected to continue into 2018, according to an emerging trends report from ULI.

The steady increase in home prices has led to a growth that is double San Francisco’s, although the California hub’s home values are still much greater than ours. That being said, Seattle’s home values increased by more than 12 percent in 2017.

Last month, residential home sales were generally close to the October 2016 statistics, with only 20 fewer homes listed last month as compared with October last year. However, the average sale price for single family residential homes increased by more than $100,000 this year to $793,000

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If you've been in the home-buying market in recent months, you're well aware of how competitive it is in Seattle right now. Homes are selling fast, often for above asking price. The average homeowner and would-be buyer can face struggles trying to buy. International investors have been scooping up as much real estate as possible, making it harder for owner-occupants to complete a purchase.

Investors often have several advantages coming to the table. One of the biggest is the potential to purchase a home via a cash offer. There are no contingencies, such as appraisals and inspections. For sellers, that can make working with an investor more attractive. After all, the concern of the sale falling through due to appraisal or inspection issues becomes

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The Seattle real estate market has been booming month over month, and the trend is expected to continue. With the consequences of global warming affecting climates in other regions, coupled with the rapid expansion of companies like Amazon, Seattle is growing remarkably fast. More and more people continue to flock to the Emerald City, growing the population by more than 1,000 people per week since 2010. 

Ours is also one of the top rated cities to get the greatest return on real estate investment, due to constantly increasing home prices and real estate value.

In September this year, there were slightly fewer residential home listings at 134 as compared with listings in 2016 (143). The average sale price also dropped $55,000 to $993,291 in 2017,

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Maybe you were thinking about buying a home late last year or at the beginning of 2017. The soaring prices and hectic pacing of a seller-friendly market are intimidating. You may have thought that if you wait until the boom of the spring and summer sales was over, the local market would return to normal.

Well, the numbers for the summer are basically in, and Seattle continues to be the hottest real estate market in the United States. If you were waiting for prices to drop off or demand to slow, prepare to be disappointed. Homes comparable to the ones you considered earlier this year are probably priced higher now than they were then. In fact, since June of 2016, the average home price for a single-family home has gone up a staggering 13.4 percent!

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If you are a homeowner, it can be difficult to think of leaving a place that has meant so much to you. But for many of us -- especially those who are a bit younger -- we will sell our current home and purchase a new one some day. Before we sell our home, what are the actions that create the most “bang for our buck”? When prospective buyers feel like they could move in and start cooking in the kitchen and entertaining in the back yard immediately, that feeling will often translate to a sale.

  1. Say Cheese! If your home is in great condition and has desirable amenities, it pays to showcase that fact professionally. Pictures are often the reason that buyers decide to visit your home in the hope of making a purchase and, of course, they could also dissuade
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Seattle luxury real estate, including all of King County, has seen a great deal of increase over the last couple years.  Historically, $1 million was considered luxury real estate in Seattle, Mercer Island, Medina, Hunts Point, etc., but those days have long passed.  In 2015, there were 2,617 luxury homes sold if you use $1 million as the benchmark.  Using that same benchmark, in 2016 there was 3,547 luxury properties sold.  The number of sales drop drastically if you use $2 million (438 in 2015, 556 in 2016), $3 million (132 in 2015 & 172 in 2016), $4 million (54 in both years), and $5 million (32 in 2015, 31 in 2016).

Using $2 million and up as the benchmark for luxury real estate, we see 2017 is off to a strong year.  There were 29 luxury homes sold

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