Posts tagged Market Trends
Seattle's 18-Month Ride is Still Far from Over

Now halfway into its second year, Seattle’s nationwide lead on the S&P CoreLogic Case-Shiller Home Price Index is once again widening on a monthly basis. Gains that seemed to be slipping away last summer have rebounded, with February’s monthly increase exceeding that of January by 1.74 percent to 0.72 percent, for a 12-month average gain of one percent per month.

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First Quarter 2018 Resale Volumes of Downtown Seattle Condominiums Shrinks While Median Home Prices Skyrocket to $700,000; Brokers Cite a Mounting Affordability Crisis

Downtown Seattle witnessed fewer condominium resales during the first quarter of 2018 compared with that of the first quarter of 2017, largely because there were fewer homes to choose from. And the lack of available supply is raising further concerns about an affordability crisis. Currently, there are only 44 resale homes available for sale in an urban center of more than 80,000 residents but there are more priced above $1 million than there are at lower price points. Meanwhile, median home prices in Seattle are rising at 19-percent per year, according to analysis of first quarter 2018 data compared to the prior year.

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Home Prices Locally & Nationwide Rise While Inventory Falls; Seattle Leads for 17 Months

As of January 2018, single-family home prices in the Puget Sound region were 12.86 percent higher than 12 months before, and prices were 0.73 percent ahead of those in December. On a monthly basis, home prices in San Diego grew slightly faster, at 0.76 percent. Yet year over year, Seattle’s nearest West Coast competitor was San Francisco, where home prices are up by 10.2 percent since January 2017. Further inland, Las Vegas home sellers saw prices 11.1 percent higher than this time last year.

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The respite is over; Seattle home prices regain their blistering pace upward

While Seattle’s lead over other Pacific Coast gateway cities slipped slightly in September and October 2017, by December, the city had recovered its monthly lead over home prices in San Francisco and San Diego. The Puget Sound region ends the year with a record 16th consecutive month leading the nation on the S&P CoreLogic Case-Shiller Home Price Index.

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San Francisco Nips at Seattle's Heels in Latest Case Shiller Index Results

Having briefly subsided from September into October, residential prices in Seattle resumed their upward trek, with the index turning positive by 0.18% in November. The official report from Case Shiller noted that “Seattle, Las Vegas, and San Francisco reported the highest year-over-year gains among the 20 cities. In November, Seattle led the way with a 12.7% year-over-year price increase, followed by Las Vegas with a 10.6% increase, and San Francisco with a 9.1% increase.”

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Seattle Home Prices Still Leading Year-Over-Year, But Inch Downward for a Second Month in a Row

S&P/Case-Shiller’s Home Price Index for October 2017 showed the Seattle Metropolitan Area as remaining 12.7 percent higher than twelve months ago, and continuing to lead all Pacific Coast gateway cities as well as cities across the nation. However, this was the second straight month in which the Seattle index declined on a monthly basis, although by a shallower percentage (-0.07%) than the -0.28% seen in September. October’s decline appears to confirm the end of the historic 31-month streak of continuous price growth in the Puget Sound region, even while it retains its nationwide lead for a 14th consecutive month.

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On Top Nationwide for 13 Months, Seattle-Area Monthly Home Price Growth Takes a Holiday

Upon last month’s release of the CoreLogic Case Shiller Home Price Indices for August 2017, Realogics Sotheby’s International Realty predicted“Should the trend since April continue on the back side of the peak home-buying season, it is possible that Seattle’s monthly home price trend could actually turn negative.” This in fact is exactly what happened, with the Seattle index slipping by 0.28 percent monthly in September.

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FutureCast Forum Members & RSIR Brokers Attend BISNOW's Multifamily Panel

As our city skyline is scattered with cranes, BISNOW hosted nearly 200 registered members to discuss Seattle’s multifamily climate; specifically, its affordability, sustainability, and community design. Held at the Westin Seattle, three panels spanned a variety of topics, all relevant as the city experiences unprecedented population growth, construction costs, and housing demand.

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Seattle Times Talks Crazy Emerald City Market Trends and the Condo Imbalance

In a recent article on Seattle Times, Mike Rosenberg sat down with Reddit to discuss what’s happening with “Seattle’s sizzling-hot housing market,” from rent hikes and growing home prices, to the condo imbalance and the influence of the tech industry.

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Record-Breaking Prices Nationwide Led by Seattle, Echoed in Recent Waterfront Sales

The seemingly unstoppable upward trek of Seattle’s home prices received special mention by the editors of CoreLogic’s Case Shiller Home Price Index, who observed that “Seattle prices are rising 5.2 percentage points faster than Portland, the city with the next highest increase,” and that “Seattle has seen the highest year-over-year percentage gains for the last ten months.”

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Think This is Another Housing Bubble? Guess Again

In an provocative article published by the Seattle PI on August 15th, the question of soaring rents and skyrocketing home prices has caused 71-percent of homeowners in Washington to worry about a housing bubble, according to a recent survey by ValueInsured.

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