Seattle's Housing Market Remains the Hottest in the Country
Another month has gone by and Seattle's market is showing no signs of slowing down. The local market has steadily sat at the top of the Case-Shiller home price index for 20 months, since September 2016. Seattle is now tied for the second-longest record with San Francisco, where a 20-month run as the hottest market occurred between 1999 and 2001. Portland’s record of 23 months, from 1990 to 1992 remains the leader in the history of Case-Shiller. The continued increase in local home prices has been a headline across news sources, and I expect to see the market flourish with opportunity in the future.
The April Case-Shiller national home price index reported that Seattle home prices have had a 13.1% year-over-year appreciation. Housin markets in Las Vegas and San Francisco are trailing closely behind, with annual home price increases of 12.7% and 10.9%, respectively. In May 2018, Seattle’s median home price was $830,000 and homes on the Eastside had an average selling price of $960,000. The average Seattle home price appreciation from September 2016 is approximately $200,000, which is about eight times the national average.
The silver lining in these numbers is that housing inventory is increasing slightly. According to the Northwest Multiple Listing Service 14,524 new listings were added to the Seattle area housing market in the month of May. The Seattle area housing market hasn't seen an increase of new listings is one month this steep since May 2008. In addition, condominium housing inventory has grown 21.4% over 2017, adding an additional 1,803 new listings in May 2018.
If you’re thinking about selling your Seattle area home, this news couldn't come at a better time. A recent article from GeekWire reported that homes in the Seattle metro area are selling for an average of $123,000 more than the original purchase price. That means that homeowners received a gain of 44.7%, which is more than double the national average of about 21%. Mercer Island earned sellers an average appreciation value of $470,000 based on the original price of homes, Transactions in Seattle's Laurelhurst neighborhood earned sellers an average of $568,000 more.
With over 20 years of experience in the real estate industry as a builder, developer and broker, I offer my discerning clientele unparalleled customer service complimented by an incredible wealth of knowledge. Please don’t hesitate to contact me if you seek professional service navigatint the Seattle housing market.