South King County Quarterly Market Trends – Q2 2019

2019 provided a very healthy and more balanced spring market! Median price is up 5% complete year-over-year and up 2% from last June. Prices have started to find their balance as more inventory has come to market compared to the scarcity of years past. While buyers have had more choices over the last year, it is still a seller’s market with just 1.3 months of inventory based on pending sales, resulting in an average of 28 days on market and 99% list-to-sale price ratio in June. Low interest rates continue to drive demand, however sellers who overprice or don’t address condition issues will linger on the market.

 

Our real estate market continues to be driven by low interest rates, positive job creation, and upbeat consumer sentiment. Currently, interest rates sit around 4% which is still an historical low, affording buyers the ability to make moves and reduce their debt service. Price appreciation has started to temper to more normal rates, compared to the double-digit appreciation we experienced over the last 3 years due to more sellers coming to market. This has created more balance and greater opportunity for buyers. The generational shift we are experiencing as Baby Boomers move towards retirement and Millennials enter into their prime earning years is an exciting exchange happening in the market place right now.

 

This is only a snapshot of the trends in south King County; please contact me if you would like further explanation of how the latest trends relate to you.

Posted on July 18, 2019 at 12:15 am
Stefanie A. Massie | Category: Quarterly Report, South King County

Eastside Quarterly Market Trends – Q2 2019

2019 provided a very healthy and more balanced spring market! Median price is up 2% year-over-year at $925,000. Prices have started to find their balance as more inventory has come to market compared to the scarcity of years past. While buyers have had more choices over the last year, it is still a seller’s market with just 2 months of inventory based on pending sales, resulting in an average of 30 days on market and 98% list-to-sale price ratio in June. Low interest rates continue to drive demand, however sellers who overprice or don’t address condition issues will linger on the market, illustrated by the 27% increase in carryover inventory.

 

Our real estate market continues to be driven by low interest rates, positive job creation, and upbeat consumer sentiment. Currently, interest rates sit around 4% which is still an historical low, affording buyers the ability to make moves and reduce their debt service. Price appreciation has started to temper to more normal rates, compared to the double-digit appreciation we experienced over the last 3 years due to more sellers coming to market. This has created more balance and greater opportunity for buyers. The generational shift we are experiencing as Baby Boomers move towards retirement and Millennials enter into their prime earning years is an exciting exchange happening in the market place right now.

 

This is only a snapshot of the trends on the Eastside; please contact me if you would like further explanation of how the latest trends relate to you.

Posted on July 18, 2019 at 12:14 am
Stefanie A. Massie | Category: Eastside, Quarterly Report

Seattle Metro Quarterly Market Trends – Q2 2019

2019 provided a very healthy and more balanced spring market! Median price is even year-over-year at $750,000. Prices have started to find their balance as more inventory has come to market compared to the scarcity of years past. While buyers have had more choices over the last year, it is still a seller’s market with just 1.7 months of inventory based on pending sales, resulting in an average of 23 days on market and 99% list-to-sale price ratio in June. Low interest rates continue to drive demand, however sellers who overprice or don’t address condition issues will linger on the market, illustrated by the 66% increase in carryover inventory.

 

Our real estate market continues to be driven by low interest rates, positive job creation, and upbeat consumer sentiment. Currently, interest rates sit around 4% which is still an historical low, affording buyers the ability to make moves and reduce their debt service. Price appreciation has started to temper to more normal rates, compared to the double-digit appreciation we experienced over the last 3 years due to more sellers coming to market. This has created more balance and greater opportunity for buyers. The generational shift we are experiencing as Baby Boomers move towards retirement and Millennials enter into their prime earning years is an exciting exchange happening in the market place right now.

 

This is only a snapshot of the trends in the Seattle Metro area; please contact me if you would like further explanation of how the latest trends relate to you.

Posted on July 18, 2019 at 12:10 am
Stefanie A. Massie | Category: Quarterly Report, Seattle Metro

North King County Quarterly Market Trends – Q2 2019

2019 provided a very healthy and more balanced spring market! Median price is up 1% year-over-year at $760,000. Prices have started to find their balance as more inventory has come to market compared to the scarcity of years past. While buyers have had more choices over the last year, it is still a seller’s market with just 1.6 months of inventory based on pending sales, resulting in an average of 23 days on market and 99% list-to-sale price ratio in June. Low interest rates continue to drive demand, however sellers who overprice or don’t address condition issues will linger on the market, illustrated by the 60% increase in carryover inventory.

 

Our real estate market continues to be driven by low interest rates, positive job creation, and upbeat consumer sentiment. Currently, interest rates sit around 4% which is still an historical low, affording buyers the ability to make moves and reduce their debt service. Price appreciation has started to temper to more normal rates, compared to the double-digit appreciation we experienced over the last 3 years due to more sellers coming to market. This has created more balance and greater opportunity for buyers. The generational shift we are experiencing as Baby Boomers move towards retirement and Millennials enter into their prime earning years is an exciting exchange happening in the market place right now.

 

This is only a snapshot of the trends in north King County; please contact me if you would like further explanation of how the latest trends relate to you.

Posted on July 18, 2019 at 12:09 am
Stefanie A. Massie | Category: North King County, Quarterly Report

South Snohomish County Quarterly Market Trends – Q2 2019

2019 provided a very healthy and more balanced spring market! Median price is up 3% complete year-over-year and up 1% from last June. Prices have started to find their balance as more inventory has come to market compared to the scarcity of years past. While buyers have had more choices over the last year, it is still a seller’s market with just 1.5 months of inventory based on pending sales, resulting in an average of 21 days on market and 99% list-to-sale price ratio in June. Low interest rates continue to drive demand, however sellers who overprice or don’t address condition issues will linger on the market, which is illustrated by the 16% increase in carryover inventory year-over-year.

 

Our real estate market continues to be driven by low interest rates, positive job creation, and upbeat consumer sentiment. Currently, interest rates sit around 4% which is still an historical low, affording buyers the ability to make moves and reduce their debt service. Price appreciation has started to temper to more normal rates, compared to the double-digit appreciation we experienced over the last 3 years due to more sellers coming to market. This has created more balance and greater opportunity for buyers. The generational shift we are experiencing as Baby Boomers move towards retirement and Millennials enter into their prime earning years is an exciting exchange happening in the market place right now.

 

This is only a snapshot of the trends in south Snohomish County; please contact me if you would like further explanation of how the latest trends relate to you.

Posted on July 18, 2019 at 12:08 am
Stefanie A. Massie | Category: Quarterly Report, South Snohomish County

North Snohomish County Quarterly Market Trends – Q2 2019

2019 provided a very healthy and more balanced spring market! Median price is up 8% complete year-over-year and up 3% from last June. Prices have started to find their balance as more inventory has come to market compared to the scarcity of years past. While buyers have had more choices over the last year, it is still a seller’s market with just 1.3 months of inventory based on pending sales, resulting in an average of 23 days on market and 100% list-to-sale price ratio in June. Low interest rates continue to drive demand, however sellers who overprice or don’t address condition issues will linger on the market, which is illustrated by the 15% increase in carryover inventory year-over-year.

 

Our real estate market continues to be driven by low interest rates, positive job creation, and upbeat consumer sentiment. Currently, interest rates sit around 4% which is still an historical low, affording buyers the ability to make moves and reduce their debt service. Price appreciation has started to temper to more normal rates, compared to the double-digit appreciation we experienced over the last 3 years due to more sellers coming to market. This has created more balance and greater opportunity for buyers. The generational shift we are experiencing as Baby Boomers move towards retirement and Millennials enter into their prime earning years is an exciting exchange happening in the market place right now.

 

This is only a snapshot of the trends in north Snohomish County; please contact me if you would like further explanation of how the latest trends relate to you.

Posted on July 18, 2019 at 12:07 am
Stefanie A. Massie | Category: North Snohomish County, Quarterly Report

South Snohomish County Quarterly Market Trends – Q1 2019

Months of inventory was reduced as we finished out the first quarter of 2019. Months of inventory is the amount of months it would take to sell out of homes if no new listings came to market. This illustrates the balance between supply and demand. We peaked at 2.8 months in September of 2018 and found ourselves at 1 month this March.

 

The first quarter of 2019 saw 1,708 new listings and 1,547 pending sales – demand tracked quite well with supply! It remains a seller’s market (0-3 months of inventory), but not as constricted of a market as last year, which saw an average of 0.6 months in the first quarter compared to 1.3 months this year. As we head into spring, we should see continued growth in new listings and demand will be strong, fueled by low interest rates and positive jobs reports.

 

The second half of 2018 had a large influx of homes that came to market, and an interest rate jump which created a gap between supply and demand. Buyers enjoyed some negotiations and credits in the fall and winter due to more selection, but as interest rates reduced in the first quarter, we saw demand increase. This is helping to absorb inventory and reduce the average days on market it takes to sell a home. Median price is up 6% complete year-over-year, which is still higher than the 4% norm, but much less than the unsustainable 15% gains from 2017 to 2018. This balancing out in the market has been a positive phenomenon as affordability has been a challenge for many. Both sellers and buyers are finding great opportunities in the current market.

 

This is only a snapshot of the trends in south Snohomish County; please contact me if you would like further explanation of how the latest trends relate to you.

Posted on April 15, 2019 at 4:44 am
Stefanie A. Massie | Category: Quarterly Report, South Snohomish County

Q4 2018 – South King County Quarterly Market Trends

2018 was a year of change and growth. The market shifted from an extreme seller’s market, but still had strong gains. Year-over-year, median price is up 9% and since 2012 has increased 89%! Over the last 19 years, the average year-over-year price increase has been 6%. This puts into perspective the growth we have experienced, resulting in well-established equity levels. In 2018, inventory averaged 1.7 months, 30% more than 2017. This caused the month-over-month price gains to slow, and we experienced a price correction over the second half of the year. We expect to see more average levels of price appreciation in 2019 as the market continues to balance out.

After six years of expansion resulting in an extreme seller’s market, in 2018 we encountered a market shift in the late spring. Inventory increased, interest rates took a jump, and demand took a step back to re-evaluate the new playing field. This resulted in a tempering of month-over-month price appreciation, and has established some long-awaited balance. This balance has brought opportunities for both buyers and sellers. Buyers have more selection and are negotiating terms like inspection items and concessions. Sellers are sitting on 6+ years of equity growth, and are now able to sell their home and make a move without fearing where they will land next. Interest rates are still well below the 30-year average, currently hovering just under 5%. We are seeing demand start to re-engage now that the new normal has settled in.

This is only a snapshot of the trends in south King County; please contact me if you would like further explanation of how the latest trends relate to you.

Posted on January 16, 2019 at 8:20 pm
Stefanie A. Massie | Category: Quarterly Report, South King County

Q4 2018 – Eastside Quarterly Market Trends

2018 was a year of change and growth. The market shifted from an extreme seller’s market, but still had strong gains. Year-over-year, median price is up 8% and since 2012 has increased 87%! Over the last 19 years, the average year-over-year price increase has been 6%. This puts into perspective the growth we have experienced, resulting in well-established equity levels. In 2018, inventory averaged 2 months, double that of 2017. This caused the month-over-month price gains to slow, and we experienced a price correction over the second half of the year. We expect to see more average levels of price appreciation in 2019 as the market continues to balance out.

After six years of expansion resulting in an extreme seller’s market, in 2018 we encountered a market shift in the late spring. Inventory increased, interest rates took a jump, and demand took a step back to re-evaluate the new playing field. This resulted in a tempering of month-over-month price appreciation, and has established some long-awaited balance. This balance has brought opportunities for both buyers and sellers. Buyers have more selection and are negotiating terms like inspection items and concessions. Sellers are sitting on 6+ years of equity growth, and are now able to sell their home and make a move without fearing where they will land next. Interest rates are still well below the 30-year average, currently hovering just under 5%. We are seeing demand start to re-engage now that the new normal has settled in.

This is only a snapshot of the trends on the Eastside; please contact me if you would like further explanation of how the latest trends relate to you.

Posted on January 16, 2019 at 8:19 pm
Stefanie A. Massie | Category: Eastside, Quarterly Report

Q4 2018 – Seattle Metro Quarterly Market Trends

2018 was a year of change and growth. The market shifted from an extreme seller’s market, but still had strong gains. Year-over-year, median price is up 9% and since 2012 has increased 93%! Over the last 19 years, the average year-over-year price increase has been 6%. This puts into perspective the growth we have experienced, resulting in well-established equity levels. In 2018, inventory averaged 1.5 months, double that of 2017. This caused the month-over-month price gains to slow, and we experienced a price correction over the second half of the year. We expect to see more average levels of price appreciation in 2019 as the market continues to balance out.

After six years of expansion resulting in an extreme seller’s market, in 2018 we encountered a market shift in the late spring. Inventory increased, interest rates took a jump, and demand took a step back to re-evaluate the new playing field. This resulted in a tempering of month-over-month price appreciation, and has established some long-awaited balance. This balance has brought opportunities for both buyers and sellers. Buyers have more selection and are negotiating terms like inspection items and concessions. Sellers are sitting on 6+ years of equity growth, and are now able to sell their home and make a move without fearing where they will land next. Interest rates are still well below the 30-year average, currently hovering just under 5%. We are seeing demand start to re-engage now that the new normal has settled in.

This is only a snapshot of the trends the Seattle Metro area; please contact me if you would like further explanation of how the latest trends relate to you.

Posted on January 16, 2019 at 8:19 pm
Stefanie A. Massie | Category: Quarterly Report, Seattle Metro