Newsletter
November Outlook
The number of people who can work remotely may be changing the way we view our homes, but one trend has not changed. The local housing market in October remained unseasonably hot. And that doesn’t show signs of changing any time soon.
October saw continued low inventory and record-level sales, with the number of sales exceeding that of 2019 year-to-date.
While new listings are on the rise, they are being snapped up quickly and many homes are selling in a matter of days. In King County there were 38% fewer single-family homes on the market as compared to a year ago. Snohomish County had 59% fewer listings. A four-month supply of homes for sale is considered a balanced market, but King and Snohomish counties currently have less than one month of supply.
With supply unable to keep up with demand, home prices are escalating at double-digit rates. The median single-family home price in King County rose 14% over a year ago to $745,000. Prices in Snohomish County jumped 17% year-over-year to a record high of $579,972. About half the homes that closed in October sold for over the asking price as compared to about a quarter of the homes the same time last year.
The real estate market here is uncommonly resilient. Growing employment in major tech industries and an enviable quality of life have made our region one of the fastest growing areas in the country. With interest rates remaining at record lows, we may well skip the traditional slowing in the winter market altogether.
For more information, let us know.
Happy to talk!
Western Washington Real Estate Market Update
The following analysis of the Western Washington real estate market is provided by Windermere Real Estate Chief Economist, Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere agent.
ECONOMIC OVERVIEW
Washington State employment has softened slightly to an annual growth rate of 2%, which is still a respectable number compared to other West Coast states and the country as a whole. In all, I expect that Washington will continue to add jobs at a reasonable rate though it is clear that businesses are starting to feel the effects of the trade war with China and this is impacting hiring practices. The state unemployment rate was 4.6%, marginally higher than the 4.4% level of a year ago. My most recent economic forecast suggests that statewide job growth in 2019 will rise by 2.2%, with a total of 88,400 new jobs created.
Market Update June 2019
The number of ‘new listings’ has slowed this month. Summer usually continues to be a slower time for real estate as buyers and sellers head out on vacation. However, there are still transactions being done and with Apple and JP Morgan expanding their footprints, Expedia starting their move in October and tech employees having their IPO riches unlock soon, we expect to end this year and start next year strong!
There have been some great new listings that have come on the past few weeks and while some have sold, some are surprisingly still available! There is a fantastic mid -century rambler in Laurelhurst that is mostly original but great bones just above $1,000,000 that I am borderline obsessed with! Some fantastic condo deals, and if you are looking for a second home or thinking of relocating out of the city and heading North, there is an AMAZING custom rambler with walls of glass and views forever on over 2 acres in the hills of Mount Vernon that is worth taking a look at. Actually, it is worth seeing even if you don’t want to live in Mount Vernon! Call me with any questions about summer inventory!