The Seattle residential real estate market has seen some incredible ups and downs over the last few years. But there is good news on the horizon! A recent WSJ report indicates that in a third (33%) of the zip codes in Seattle, home values were up. While this isn’t the recovery we’d all like to see of course, it’s a marked improvement over last year at this time when housing was up only in 3% of Seattle zip codes. This does mean there is a recovery ongoing and it’s now become the perfect time to buy!
Neighborhoods with high-quality schools, low crime rates and attractive houses have seen an especially marked rise in prices. Experts are now beginning to see demand return to pre-2007 levels. Six years after the housing market began its slide down there were points when no one could see the bottom. However, this last spring saw home prices go up by ten percent in April and experts believe that recovery will continue as prices will be up over 13% by the end of the year. Real estate sales overall were up eight percent. The best leading indicator of the recovery in the Seattle residential market was the fall in the bloated inventory of homes on the market. Nationally, it’s fallen to a six month supply over the previous nine months of what we were seeing before this latest recovery.
In fact, in the Seattle residential real estate market, spare home inventory has fallen by nearly 34%, the fourth largest in the country. Home prices are stabilizing in the Seattle real estate market as well which bodes well for future investment in properties around the Seattle area.
The inventory of homes for sale is an early indicator for home prices in national real estate markets and when inventory contracts to the point where homebuyers aren’t finding enough options, prices rise which is what we are observing in the Seattle real estate market. The median age of the inventory is 46 years, with a year over drop of 34.28%.
Another trend of the Seattle market currently is that a great deal of buyers are investing in multiple properties in the Seattle Real Estate Market. The trend seems to be aggressive home buying which has led to the contraction in available inventory. Because of this aggressive home-buying, 1,769 homes were sold with the median price of a single-family home at $360,000 – up nine percent over March. This is the second month of gains in a row for the Seattle real estate market.
With these positive trends, this is the best time for investors to get in on an amazing market right before the recovery really gets into gear! Don’t wait and kick yourself a few years down the road. Get in on the ground floor now!