That number is usually closer to 30%. The gain was slightly above Zillow’s forecast, and we expect another 5.5 percent year-over-year increase in November. As you can see from the table above anything below 5 months is considered low. Low inventory means higher demand. There were 19 offers…. Homes in Seattle receive 4 offers on average and sell in around 12 days. The Seattle housing market is very competitive. 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. King County's median price increased by 13.22% to $685,000. Along with following all state mandated safety guidelines and taking extra precautions we are focusing on delivering Virtual Real Estate Services. City Population: 744,955 (latest estimate by the U.S. … The jury is still out on the job market and population growth. Pending Sales Increased to 1,385 (Highest Number of Pending Sales in more than 15 years). Condos seem to be less desirable as they are taking on average 20 days longer to sell. For a 5-year investment the profit is expected to be around +16.43% meaning that investing 100000 USD today may yield a profit of 116430 USD by 2026. 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. The average sale price for Seattle homes is $828,335. 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. In addition, many people have converted to working from home and no longer need to be commuting distance from Seattle or Bellevue. The median home value has gone down 3.9 percent over the last 12 months. Both of the these factors have driven people to the more affordable and more space that is available in Snohomish and Pierce County. Which means your buying power has never been higher. That is down 52 from the previous month, up 153 from last year, and up 104 from 5 years ago. The Seattle Housing Market saw 717 new listings, 1,386 homes were for sale, while 1,008 homes sold in December in Seattle. Median Home Value: $767,906 1-Year Appreciation Rate: +2.2% Median Home Value (1-Year Forecast):-1.7% Average Days On Market (Zillow): 42 Median Rent Price: $2,600 Price-To-Rent Ratio: 24.61 Seattle-Tacoma-Bellevue Unemployment Rate: 9.3% (latest estimate by the Bureau Of Labor Statistics). If you are looking for homes from 0-500k you are seeing more inventory. Listings are selling at 100% of their list price. New listings decreased again in December. 1,386 homes were for sale during the month. In December of 2020, they predicted that the city’s median home value would rise by 11.1% over the next year. Zillow Group, an online real estate tracking company, expects the median home price to drop by 2.6% from March 2019 to March 2020. Currently, it’s a little bit over $700,000. 56% of homes are selling in less than 30 days in Seattle. “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 study prepared by the Washington State Economic and Revenue Forecast Council. 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. Housing Market 2020 4, 2020. The We should continue to see a surging to frenzy market for the foreseeable future. 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. With the interest rates at the Phenomenal rate of 2.77% a .05% decrease from last month (source: Mortgage News Daily). 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. My buyers did a pre-inspection and waived inspection contingency. Related: Seattle home price forecast. These house price trends are likely to continue in 2021. The average sale price of a home in Seattle was $725K last month, up 7.4% since last year. According to Redfin, the rise in homebuyer interest is largely due to buyers being priced out of Seattle. How We Are Navigating Business During The Crisis. Seattle’s brisk real estate market might take a slight breather in December, but the demand should return in January. Over the course of 2020, home prices in Seattle have risen 10.9% and now sit at $804,504. They lost to another offer that was a little lower, but was closing in 2 vs 4 weeks. Zillow reports that 5% of the listings in Bellevue had a price cut in Jan 2020, which is a good thing for buyers. According to ClosingCorp (a data company that serves the real estate industry), Washington was among the top 10 states for most expensive closing costs. According to a Seattle Times article written today by Eric Pryne, home prices in Seattle rose for the first time in two years. Use this tool to get an instant estimation of the value of your home. To verify enrollment eligibility for a property, contact the school directly. Read About How We Are Navigating Business During The Crisis. Housing Market and Stock Market Forecasts Click here to navigate. Home Prices are Forecast to Drop. Although this year we have not really slowed down. Homes are selling at a rapid pace, the Interest Rates are still at below average lows. The average days on market increased 31 days, the percentage of sale price to listing price decreased slightly to 100%, and the average sales price decreased. Most homes get multiple offers, often with waived contingencies. 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). According to Zillow, it’s going to be more affordable to invest in Seattle real estate next year than it’s been in years. We have already seen where a low inventory should drive up prices. Your localized Home & Energy weather forecast, from AccuWeather, provides you with the tailored weather forecast that you need to plan your day's activities The data tells a story about the current state of our local residential real estate market. As you can see from the charts above unemployment is only slightly higher that it was prior to the event. The major indicators are still above average for Seattle but much cooler than their neighboring counties to the north and south. In December, the company wrote: “Seattle home values have gone up 10.6% over the past year and Zillow predicts they will rise 8.7% in the next year.” The median house value for the city was around $783,000, as of late November 2020. Prices on last month’s closed sales of single family homes and condos rose 8.75% from a year ago. The majority of national economists have suggested that it will be the real estate market that pulls up the economy, and so far it is playing out. Be sure to subscribe to our newsletter to get updated information about the Snohomish County. According to the US Census Bureau Seattle the fastest growing city of the decade in the country. Seattle Housing Market Forecast. 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. , with many nearby public transportation options. Now seems to be an amazing time to sell your home as we are still seeing historically low inventory and high prices. The average sale price per square foot in Seattle is $464, up 5.0% since last year. 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. 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. Use our complete list of NWMLS search tools to find your Snohomish County Dream Home. Last year, at this time, the median price in King County was $605,000. Seattle's median price increased by 4.90% to $750,000. In 2017, Seattle home prices hit a record high of $700,000 within the city limits in April and the median rent in the same area hit $2,000 per month. The median price of an average house in Seattle was 745295 USD on 2021-01-20. 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. See 50+ Seattle Zip Code Market Trends! If you are selling the average sales price is at all time highs, and 56% of homes are selling 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. For 2018, Zillow predicts home prices and rents will continue to rise, just more slowly. However, homes in the 500k-1m price range sold the fastest. 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. The average homes sell for around list price and go pending in around. Zillow Forecasts a Dip in Home Prices, Rebounding By Next Year. The average home is selling in just 31 days. After peaking in the summer of 2018, housing prices in Seattle were on a steady decline from mid-2018 to mid-2019. Zillow forecasts a steady 5.5 percent annual gain for November. If you are buying the interest rates have never been lower! The average sale price of a home in Seattle was $725K last month, up 7.4% since last year. 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. The House Price Trend will be either UP or DOWN. 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. 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. That buyers are so hungry for inventory that lower quality inventory is selling. Seller gave $8500 in closing credits and a new washer & dryer. Seattle Real Estate Market 2020 Overview. The increase of 0.9% was a small, but important step in the process of the Seattle real estate market bottoming out and stabilizing. Last year, at this time, the median price in Seattle was $715,000. For the MLS market overall the price was $435,000 versus the year-ago figure of $400,000. Mar 26, 2020 - Seattle Housing Market Forecast Report December 30, 2020. For a 5-year investment the profit is expected to be around +14.86% meaning that investing 100000 USD today may yield a profit of 114860 USD by 2026. 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. The combination of high demand and low inventory is sure to make it so. And housing inventory again shrunk by nearly 43%. 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. The latest Northwest MLS housing sales report showed a (YOY) 23% growth in home sales while prices rose 13.8%. The median sale price for a home in Seattle is $595,000, compared to $370,000 in Tacoma. 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. 1,008 homes were sold in Seattle last month. Home; Housing Market Predictions . Market Stats, Neighborhoods, Video, Parks, Schools, Homes For Sale and more. Interest Rates hit another all time low and averaged 2.77% in December. Only showing 5 of Looking at Zillow’s Seattle real estate market forecast for house price appreciation, this prediction is confirmed. Every month we gather all the facts, data and statistics about the Seattle Housing Market and share them with you. The Seattle housing market prediction for prices? 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. 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. For more information about the Snohomish County Communities including; Homes For Sale, Detailed School Information, Detailed Park Information, Livability Reports, Maps, Restaurants, Grocery Stores, Government Offices, Churches, and Things To Do. 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. 717 new listings went on the market this month. There are plenty of buyers that are in the Seattle housing market. The average sale price per square foot in Seattle is $465, up 5.2% since last year. What’s happening in the market and where are prices and interest rates headed? Zillow sees property values going up by 5.6% from now through August 2021. 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 … As Seattle condos are falling out of favor the average sales price for a condo has went into a free fall, dropping $114K in the last 2 months. The median sales price last month was $639,000 in King and $344,000 in Kitsap. 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. 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. We will discuss the 3 major factors in determining the strength of the market. 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. 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 Zillow, home prices will rise by another 11.1% throughout 2021. 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. Graph Credits: Zillow. 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. 1 for much of the past two years. It shows us the current home price appreciation forecast of 4.5% till Jan 2021. Higher demand drives the price up. Pending sales in November increased 7.9% from last November. Houses in the 750k-1mil price range are selling 64% of the time in the first 30 days. Mar 12, 2020 - Seattle Housing Market Forecast Report December 30, 2020. 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