January 2018

There are 3 blog entries for January 2018.

For 14 straight months, Seattle has dominated the national real estate market as the hottest in the country. There are many factors that impact this rating, from average home prices to the level of demand in the market. Although Seattle remains a popular and expensive place for potential homeowners, there are some signs that this current number-one position could soon be claimed by another city, perhaps Las Vegas, Nevada, which currently holds the number-two spot.

Single-family homes around the Seattle area are in incredibly high demand. In fact, that demand extends well beyond the city proper, with King, Snohomish and Pierce counties all experiencing substantial price boosts. Looking at the average selling price of a home in any of these three

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Seattle's Mayor Jenny Durkan announced this December a commitment of $100 million to build new (and support existing) affordable housing in the Seattle area. “Today, we are making a huge down payment on a more affordable future,” the mayor said in a press conference announcing the decision.

This announcement follows up and doubles down on investments made in previous years, making it the largest one-year investment the Office of Housing has ever put into affordable housing. With Seattle’s population continuing to grow at record rates and home prices are going through the roof, the investment could not have come at a better time.

Where Does the Money Come from and Where Will It Go?

A large portion of the $100 million investment will come from

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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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