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.
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.
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.