Data from the fourth quarter of 2018 is in and Realogics Sotheby’s International Realty has analyzed the numbers. Take a look at the latest housing market trends in Seattle for single-family homes and condominiums.
Today’s Shifting Market
If you have been following the local news you are probably aware that our torrid hot real estate market is shifting. What should we make of this? Is this 2008 to 2012 all over again? The good news is no.Historically, our real estate market fluctuates with 5-to-7-year up-cycles and then takes a 6-to-12-month breather where prices may drop 5-to-10-percent before heading back up for another 5-to-7-year-up-cycle. This shift can happen quickly and that is exactly what happened this time. Back in December, clients were asking me how long the crazy market would last and my response was that I saw no indication of an end, yet a few short months later, it happened. This is a macro-trend and it is important to know that each neighborhood has its own micro-trend dynamics and degree of change.
Puget Sound Business Journal Says Nearly 22% of Seattle’s Renters are Qualified Homebuyers
Marc Stiles reported in a recent Puget Sound Business Journal feature that “More than a fifth of renters in Seattle could afford to buy houses,” a fact that is contributing to the seemingly ever-rising cost to rent in Seattle.
Seattle’s rent is currently growing faster than any other city in the U.S., this according to the Seattle Times as June 2015 vs. June 2016 rent comparisons revealed a staggering 9.7% increase. What’s more, “rents are soaring so fast that June’s 1.1 percent monthly price gain in the Seattle area beat out the growth that Chicago and Washington, D.C., have seen in an entire year.”
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RSIR Waterfront Community Spotlight: Seattle, WA
Lake Union – Laurelhurst/Windermere – Magnolia
Queen Anne – Shilshole/Salmon Bay – W. Seattle/Alki
In the Seattle region, total units sold are a bit down from this time last year (32 in 2015 vs 20 in 2016) but the markets in these areas tend to be comprised of a few large sales rather than a greater quantity of more middle-priced options. With a glut of construction in Seattle Proper to meet the demand of the near-constant stream of people relocating from out-of-city or out-of-state, the area has developed a strong rental market, perhaps with the result of fewer home sales. Waterfront sales in this area tend to be either large, multi-million dollar estates or lower-priced condos with little in-between.
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Seattle Rentals Show Largest Increase in Nation
A Zillow report released on July 22 shows Seattle rents rising faster than in any other U.S. city, increasing 9.7% from June 2015 to June 2016. Average monthly costs have risen nearly $500 over the last four years and have now exceeded the $2,000 mark for the first time in Seattle’s history. Although there has been nearly constant construction adding thousands of new units, the rental market continues to grow undeterred. In 2011, Seattle’s rent was about $300 more than the U.S. average; now, in 2016, it has more than doubled to $620 above the U.S. average.
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Seattle is Among the World’s Most “Future-Ready” Cities
In a recent article published by the Seattle PI, Daniel Demay declares “Seattle among the World’s Most ‘Future-Ready’ Cities,” according to a report released by Dell. As Demay begins, “say what you will about the tech boom in Seattle – it’s good for having a future-ready economy” as it was ranked 13th among 50 cities around the world.
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Realogics SIR Partners with The Burrard Group on Next Generation Condominium Tower, NEXUS Seattle
The Burrard Group, a Vancouver, BC–based real estate development firm provided a first glimpse of downtown Seattle’s next generation condominium tower called NEXUS, and plans to offer unit reservations in May 2016, presales in Fall and break ground by late 2016 for first occupancy in 2019. The developer has appointed key members of the development and marketing team and confirms that all units will be offered for sale, citing a point of inflection in the buy vs. rent debate amongst urban dwellers in one of North America’s fastest-growing cities.
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The Daily Journal of Commerce Turns to Realogics Sotheby’s International Realty for Insight on Downtown Seattle Condos
Dean Jones, President & CEO of Realogics Sotheby’s International Realty offers insight in the latest Real Estate Buzz entitled “Condo demand rising faster than supply,” as the Daily Journal of Commerce says that the rate of demand for condos in downtown Seattle is much higher than available supply.
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US News Ranks Seattle the 7th Best Place to Live in the Country
Last month, US News released their annual ranking of top U.S. cities to live in, and according to their calculations, Seattle ranks 7th in a comparison of 100 of the nation’s top cities. The list is based on a methodology incorporating the job market index (20%), value index (25%), quality of life index (30%), desirability index (15%) and net migration (10%). What elevated Seattle to the top? As Naomi Tomky describes, “for many, living in Seattle has as much to do with what’s outside the city as what’s inside. Less than an hour from downtown, residents escape for the day or weekend to wineries, ski resorts, hiking trails and sprawling parks. Seattleites bring that love of nature into the city as much as possible, enjoying Seattle’s parks and tree-lined streets” in addition to what Tomky says is an inherently calm and patient attitude.
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Featured Property: The Hobbit Houseboat
The Hobbit Houseboat is one of Seattle’s most charming floating homes! A custom-crafted 2 story, 2 bed/1 bath cottage on one of Lake Union’s loveliest docks, features include a 200 year old cedar log bathtub, sculptural wooden sink, sleeping nook with cedar carved door, and cherry floors. Natural light pours into the open floor plan of this home from every direction, especially from the exterior deck, perfect for contemplating the lovely channel and lake views. Pet friendly dock. Small boat moorage subject to community approval.
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