Looking at Zillow’s Seattle real estate market forecast for house price appreciation, this prediction is confirmed. Because there are less homes for sale and there are still many buyers trying to buy… the homes that do list are usually selling very fast. With 753,675 people, 323,446 houses or apartments, and a median cost of homes of $789,023, Seattle house prices are not only among the most expensive in Washington, Seattle real estate also is some of the most expensive in all of America. Every month we gather all the facts, data and statistics about the Seattle Housing Market and share them with you. The Accuracy of the Trend Projection for Seattle is 91%. Showing that despite the crisis, with interest rates low, buyers are out there. They lost to another offer that was a little lower, but was closing in 2 vs 4 weeks. The average sale price of a home in Seattle was $725K last month, up 7.4% since last year. 56% of homes are selling in less than 30 days in Seattle. After looking at the comparable homes and seeing that this home had been on the market for 25 days, we determined a good value for the home was about 2% under list. There were 19 offers…. Graph Credits: Zillow. Along with following all state mandated safety guidelines and taking extra precautions we are focusing on delivering Virtual Real Estate Services. Editor’s Note, June 4 2020: Since initial publication, this forecast has been revised as new data has come in, and will continue to be periodically revised as the data warrant. However, homes in the 500k-1m price range sold the fastest. That is down 52 from the previous month, up 153 from last year, and up 104 from 5 years ago. In addition, many people have converted to working from home and no longer need to be commuting distance from Seattle or Bellevue. City Population: 744,955 (latest estimate by the U.S. … The Seattle housing market prediction for prices? This video is a quick recap of the 2020-year Seattle and Bellevue housing market and some predictions for 2021. According to a Seattle Times article written today by Eric Pryne, home prices in Seattle rose for the first time in two years. According to both Zillow and John L Scott’s massive data set we should be just getting geared up for real estate for the new year. 717 new listings went on the market this month. Pending Sales Increased to 1,385 (Highest Number of Pending Sales in more than 15 years). The stay at home order continues to affect our industry in many ways, but it does not seem to be having a lasting impact on the Seattle housing market and residential real estate sales. If you are considering a move up, a move down, or just want to sell your home… Months of inventory is still at well below average. Separate ESD data reported that Washington added 52,500 jobs between October 2018 and October 2019, with 41,600 of those jobs in the Seattle metro area.”(Seattle Times). The combination of high demand and low inventory is sure to make it so. Mar 12, 2020 - Seattle Housing Market Forecast Report December 30, 2020. Homes in Seattle receive 4 offers on average and sell in around 12 days. Mar 26, 2020 - Seattle Housing Market Forecast Report December 30, 2020. According to ClosingCorp (a data company that serves the real estate industry), Washington was among the top 10 states for most expensive closing costs. , with many nearby public transportation options. The House Price Trend will be either UP or DOWN. That buyers are so hungry for inventory that lower quality inventory is selling. My buyers did a pre-inspection and waived inspection contingency. 4, 2020. Last year, at this time, the median price in King County was $605,000. Seattle Housing Market Forecast. Seattle’s brisk real estate market might take a slight breather in December, but the demand should return in January. Seattle Housing Market Information. Related: Seattle home price forecast. Condos seem to be less desirable as they are taking on average 20 days longer to sell. Many homes get multiple offers, some with waived contingencies. 1.3 months of inventory available in Seattle, 31 was the average days on market for a home to sell in Seattle, 100% was the average listing price vs. sales price percentage, $479 was the average price per square foot in Seattle, 56% of homes sold in the first 30 days in Seattle. Seattle Real Estate Forecast, Housing Market Prediction . Zillow Forecasts a Dip in Home Prices, Rebounding By Next Year. Meanwhile, prices in … Home prices were steady in October, gaining 5.5 percent year-over-year, the same as September, according to the Case-Shiller home price index. LittleBigHomes.com publishes forecasts for the trend in home prices in 380 Metropolitan Statistical Areas. The latest Northwest MLS housing sales report showed a (YOY) 23% growth in home sales while prices rose 13.8%. Mark Osaki • NW Prime Real Estate, LLC Keller Williams Downtown Sea, Russell Katz • Windermere RE Magnolia John L. Scott, Inc, Rebekah Truman • John L. Scott Westwood Windermere RE West Campus Inc, Brian Side • Coldwell Banker Bain Windermere Real Estate Midtown, Apryl Tolstoy • Keller Williams Eastside Lake & Company. If you are looking for homes from 0-500k you are seeing more inventory. In comparison 5 years ago the average sales price was $617,574. In order for it to be a sellers market there must be buyers. Read About How We Are Navigating Business During The Crisis. For the MLS market overall the price was $435,000 versus the year-ago figure of $400,000. Use this tool to get an instant estimation of the value of your home. In today’s instant-response market, it’s key to ensure you’re ready to act when the timing is right and make sure you are Buyer Ready Day One. Currently, it’s a little bit over $700,000. The increase of 0.9% was a small, but important step in the process of the Seattle real estate market bottoming out and stabilizing. Homes are selling at a rapid pace, the Interest Rates are still at below average lows. My clients offered an escalation up to $40k over asking price, waived their financing and appraisal, and asked for a short inspection contingency. Use our complete list of NWMLS search tools to find your Snohomish County Dream Home. According to Zillow, home prices will rise by another 11.1% throughout 2021. The Seattle Real Estate Market Analysis For January 2021, Enjoy My Seattle Housing Market Report in 60 Seconds Video, “Over the past year, Washington’s ranking in economic growth and competitiveness rose from fifth highest to fourth highest in the nation, according to a September. The average sale price of a home in Seattle was $725K last month, up 7.4% since last year. Home Prices are Forecast to Drop. Most homes get multiple offers, often with waived contingencies. King County's median price increased by 13.22% to $685,000. Redfin reports that the average selling price of Seattle houses for sale is $675,000; meaning Seattle house prices are down 0.44 percent from last year. SEATTLE (AP) - The Seattle area has the hottest housing market in the country - the first time in nine years that Seattle has led the United States in home-price growth. study prepared by the Washington State Economic and Revenue Forecast Council, 30+ Questions To Ask A Real Estate Agent Today, Percentage of Homes That Go Pending In First 30 Days. 1 for much of the past two years. What’s happening in the market and where are prices and interest rates headed? See 50+ Seattle Zip Code Market Trends! Seattle's median price increased by 4.90% to $750,000. According to Redfin, the rise in homebuyer interest is largely due to buyers being priced out of Seattle. Over the course of 2020, home prices in Seattle have risen 10.9% and now sit at $804,504. Houses in the 750k-1mil price range are selling 64% of the time in the first 30 days. Similarly, sale prices for homes in Southwest and Southeast King County rose by 5% over the previous year, to $439,000 and $480,000 respectively. With the interest rates at the Phenomenal rate of 2.77% a .05% decrease from last month (source: Mortgage News Daily). by Mary Lee & Associates; Tuesday, May 15, 2018 9:53am; Marketplace; Low inventory and high buyer demand continue to push prices to record levels in the Seattle area. If you are buying the interest rates have never been lower! School service boundaries are intended to be used as reference only. As I have been reporting for the last 9 months that buyer indicators have never really declined, and we are continuing to see the seller indicators hit all time highs. We can consult with you to be up-to-date with current market intensity and pricing, get pre-approved or fully underwritten through a lender, and receive email/text notification of newly listed properties. If you’re a buyer you will want to position yourself to create a buyer advantage when competing with other buyers and walk in confidence when making an offer. In conjunction with the fact that homes priced in the $250-350k range are only selling in the first 30 days 28% of the time compared to 60% of the time for homes priced from $500k to $1m. Based on our forecasts, a long-term increase is expected, the predicted price of an average home in the "Seattle" area is 856077 USD by 2026-01-31. By Claire Boeing-Reicher - Matthew Speakman on May. The major indicators are still above average for Seattle but much cooler than their neighboring counties to the north and south. Although this year we have not really slowed down. That number is usually closer to 30%. Copyright ©2021 John L. Scott Ballard | Madrona Group | Sitemap | Privacy Policy | Best Lynnwood Real Estate Agents | Agent Resources | DMCA, 30+ Questions To Ask Real Estate Agent Pros, Home Prices, Interest Rates, Real Estate Statistics, Video and Charts, The Seattle Housing Market Analysis INFOGRAPHIC. According to the US Census Bureau Seattle the fastest growing city of the decade in the country. In December of 2020, they predicted that the city’s median home value would rise by 11.1% over the next year. The average sale price per square foot in Seattle is $464, up 5.0% since last year. Housing Market 2020 We should continue to see a surging to frenzy market for the foreseeable future. With only 1.3 months of supply if no other homes were listed in the next 40 days we would run out of houses to buy. The average homes sell for around list price and go pending in around. As you can see in the Seattle housing market homes in the 350-1 million price range are the most commonly listed and sold. Home; Housing Market Predictions . Your localized Home & Energy weather forecast, from AccuWeather, provides you with the tailored weather forecast that you need to plan your day's activities Listings are selling at 100% of their list price. Seattle-area home prices higher than last year for third month in a row Dec. 31, 2019 at 6:49 am Updated Dec. 31, 2019 at 4:27 pm Homes in Seattle’s Eastlake neighborhood. The average sale price for Seattle homes is $828,335. The data tells a story about the current state of our local residential real estate market. As you can see from the table above anything below 5 months is considered low. The real estate data firm Zillow also issued a strong forecast for the Seattle-area housing market, going into 2021. The Related: Seattle ranks #2 for price growth 3. We now have a sever shortage of inventory in Seattle at 1.3 months of supply but if we look to the north and south of Seattle we are seeing .4 months supply in both Snohomish and Pierce Counties. Based on our forecasts, a long-term increase is expected, the predicted price of an average home in the "Bellevue" area is 1095711 USD by 2026-01-31. The Seattle housing market is very competitive. Housing Market and Stock Market Forecasts Click here to navigate. Home buyers across the state pay an average of $4,530. Last year, at this time, the median price in Seattle was $715,000. The median home value has gone down 3.9 percent over the last 12 months. Only showing 5 of With still amazingly low interest rates, and a low level inventory the last couple of years the Seattle real estate market should remain in the surge to frenzy status for the foreseeable future. That's may not seem like a big drop but compared to Seattle home pricing trends over the last few years, which have been in the double-digits, it's significant. The Seattle Housing Market saw 717 new listings, 1,386 homes were for sale, while 1,008 homes sold in December in Seattle. Average Sales Price Decreased by $42k ($828,335), New Listings Decreased to 717 (333 more than last year), Sold Homes Decreased to 1,008 (153 more than last year), Pending Sales Decreased to 886 (312 more than last year), Percentage of Sold Price to List Price Decreased to 100%, Interest Rates Decreased to a Phenomenal 2.77%, Home … Homes Details: Seattle Property Market Information Recommendations by the previous and the upcoming 36 months: buy or sell a home in Seattle?See the Seattle (Washington State, King County) property price forecasts, and buy/sell analysis based on the Housing Market and Property Investment report below. Which means your buying power has never been higher. After peaking in the summer of 2018, housing prices in Seattle were on a steady decline from mid-2018 to mid-2019. The jury is still out on the job market and population growth. Seller gave $8500 in closing credits and a new washer & dryer. Zillow Group, an online real estate tracking company, expects the median home price to drop by 2.6% from March 2019 to March 2020. To verify enrollment eligibility for a property, contact the school directly. For 2018, Zillow predicts home prices and rents will continue to rise, just more slowly. Market Stats, Neighborhoods, Video, Parks, Schools, Homes For Sale and more. If you are selling the average sales price is at all time highs, and 56% of homes are selling in the first 30 days. We have already seen where a low inventory should drive up prices. 1,008 homes were sold in Seattle last month. The median sale price for a home in Seattle is $595,000, compared to $370,000 in Tacoma. 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