Ewing & Clark - Seattle Real Estate Blog

We have been hearing in recent weeks that Seattle home prices grew this spring faster than they have since the bubble in 2006, and a new report attributes the cause to a spike in the least expensive homes in the city. However, there’s reason to think that the surge in home prices we saw back in May isn’t reflective of the Seattle real estate market in July. Although home prices may no longer be spiking as drastically as they did in the spring, we still experienced an increase in home prices as compared with the same month last year.


There were 50 fewer single family residential homes listed on the market in July 2018 as compared with 551 homes listed in July last year, but the average sale price was more than $75,000 higher last month at $995,779,

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Seattle is one of the fastest growing cities in the country, and the influx of people has set the real estate market on fire. We’ve all read about the bidding wars, with offers far exceeding the asking price. As a result of this fervent buying and selling, 2017 came and went, leaving the Seattle metro area with a 20 percent lower inventory of homes for sale.

June brought good news to Seattle’s real estate market, though, with a 73.5 percent increase in inventory since last year. Last month was the first time since September 2016 that this many homes have been available.

What Caused the Increase

Seattle house prices have been trending upwards ever since the market recovered from the bubble that burst in 2007. People are still moving to the area,

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The local real estate market is finally experiencing a little bit of relief as home prices dropped last month for the first time since the recession. The summer season has reduced buyer competition as temperatures increase, meanwhile the number of listed homes has surged.

In June, the inventory of single-family homes available in King County rose a surprising 43 percent, while condos saw a skyrocket of 73 percent in available inventory. According to the NWMLS, the reason for the increase in inventory is that homes that were already on the market are staying unsold for longer. The number of new listings last month was down just over 500 in total from the total 13,658 NWMLS listings made in June 2017, showing an improvement in active listings and

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Seattle’s real estate market is continuing to experience rising home prices and growing sales numbers, with buyers aggressively bidding on sparse listings for fear of being priced out. Last week, S&P CoreLogic Case-Shiller released data that showed Seattle area home prices rose 13 percent over the 12-month period between March 2017 and 2018. This was double the national average of home price increases (6.5%), and means the Seattle area has continued a massive growth streak for 19 months.



Although there were slightly fewer single family home listings in May this year, home prices were significantly higher as compared with the same month in 2017. Last May, a total of 493 homes were listed, while 508 were listed in May last year. The average sale

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Amazon's hard-driven expansion is the primary cause of Seattle's startling rate of growth. Seattleites are well aware that plenty of good and bad will accompany that. For those cashing in on the South Lake Union behemoth, the pay Amazon jobs offer makes a rock-star lifestyle nothing more than a matter of preference. For those outside of that, who do not already own property, the influx of wealth is almost a certain eviction notice. 

Seattle sits uncomfortably as one of the single most expensive places in the United States to live, so much so that King County declared a state of emergency in 2015 over homelessness. That same year, roughly 3,000 children enrolled in public schools were officially listed as homeless. At the end of 2017, the number of

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As one of the hottest real estate markets in the country, Seattle home values continue to rise; the Case-Shiller home price index recently reported that values are up 85 percent since 2012, and 12.7 percent since February last year.


The increase shows in the sales of homes and condos from last year as well. Not only have more homes and condos been listed in April 2018 versus 2017, the average sale price is greater by more than $100,000 for both single-family homes and condos.


In April last year, there were 416 houses listed for sale compared with 427 listings last month. The average sale price in April 2017 was $138,493 less than the average price last month: $1,045,199. Last month’s top three greatest sale prices were all higher than the top

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The best real estate agents are tenacious, humble, creative, and honest. It is easy to fill this list out with a hundred different skills and qualifications, but at the end of the day, if your real estate agent has the required licensing they can get the job done. What separates the good from the bad is how trustworthy they are and how well tailored their experience is for your unique needs.

If an agent can answer the following questions in depth without skirting details or trying to overload you with jargon, it’s a good sign they know what they are doing and can be trusted. If not, keep looking.

 

Initial Screening Questions

Do you, and will you, have enough time to work with me?”

Don’t be afraid to directly ask how many clients your

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Seattle continues to maintain the nation’s fastest-growing home prices. While San Francisco still holds the record for the most sustained growth in the price of single-family homes with a 20-month streak that ended back in 2001, Seattle is now only three months away from tying. 

The perpetual urban sprawl of Seattle makes new construction projects difficult to initiate. Few opportunities to begin construction on new homes, single family or multi-family, without demolishing existing homes. Very few of these buildings are unoccupied, as well. The profit is there for the making, but with a much higher initial investment cost than what it would take to begin construction on undeveloped land.

The very limited supply of new construction homes in Seattle

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Low inventory continues to plague the Seattle real estate market. It was an ongoing theme in real estate news for all of last year, and inventory in the first quarter of 2018 remains slim. Meanwhile, the market is still very hot. Last month, prices for new homes averaged $777,000 in Seattle and $950,000 on the east side of Lake Washington.

Across the board, from the average home or condo sale price to the top sold property, March 2018 topped the same month last year by at least $100,000. 

Although there were more than 100 fewer single-family residential homes listed in March 2018 as compared with March last year, the average and top highest sales prices for the month surpassed last year’s by a significant amount. A total of 316 homes were listed

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Seattle and the region around it topped the nation’s list of the hottest housing markets in 2017, despite the fact that home prices across the U.S. grew almost five times faster than the national historical average. And that didn’t just apply to Seattle; home prices in more affordable towns between Bellingham and Spokane weren’t far behind those for homes in the greater Seattle region.  

As the home shopping season begins this spring, inventory remains at an all time low. There will be 19 percent fewer homes available in the Seattle metro area than last year, putting additional pressure on homebuyers as homes sell for more than asking prices and the average time on the market continues to decrease.

There were more listings and a higher average

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