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That is the highest level, based on this metric, since January 2019. Both pending and closed sales fell sharply from a year ago, but median prices system-wide edged up slightly (0.88%), from $570,000 to $575,000 across the 26 counties in NWMLS's report. Some buyers are taking advantage of the rising inventory as the market swings to their advantage, while others are waiting for interest rates to fall or expecting prices to fall much further. In the interim, some purchasers are opting for five- or seven-year adjustable-rate mortgages, which reduce the interest rate and monthly payment. With inventory levels still substantially below the long-term average, there cannot be a big increase in supply in the future. Seattle is unlikely to become a buyer's market in 2023, but it could be a much more balanced market.
In a sellers’ market, the right listing price is the one that attracts buyers who are willing to pay more than the listing price. With few or no comparable homes for sale and few homes sold in the recent past, pricing is a delicate task. Obvious underpricing to incite bidding wars is a risky strategy.
Today’s Seattle Mortgage Rates Dec, 21, Wed, 2022
Seattle and the entire metro area market is so hot that it cannot shift to a complete buyer’s real estate market, for the long term. In a balanced real estate market, it would take about five to six months for the supply to dwindle to zero. In terms of months of supply, Seattle can become a buyer’s real estate market if the supply increases to more than five months of inventory. And that’s unlikely to happen at least over the next twelve months. The median asking price for a home in King County was $840K in November 2022, which is an increase of 12 percent year over year. If the Median Listing Price is increasing, the market is likely “hot,” and homes will sell more quickly.
Federal Way is the most affordable city in King County, with a median listing price of $588.8K. Beaux-Arts has a median listing price of $2.3M, and it remains the most expensive city in King County. 6 months of supply is when you have a balanced real estate market.
Seattle Home Values
In the last twelve months, Seattle's appreciation rate has been 12.16%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Seattle were at 4.35%, which equates to an annual appreciation rate of 18.58%. There are 1.95 months of supply in Kitsap County and 2.17 months in Pierce County. At month end, NWMLS brokers added 14,214 active listings of single-family homes and condos system-wide. The uptick in supply boosted the months of inventory figure to 2.2.
As the market cools, it would take nearly two months to sell all the available single-family homes in the region at the current rate of demand. The last time inventory was at this level was in late 2018 and early 2019, when the housing market in the region was experiencing another downturn. In the last year, we had record-breaking sales in the Seattle housing market despite record-low inventory levels. The Zillow group forecast now expect the median home value in the Seattle area to rise by 7.3% over the next 12 months.But why stop at 7.3%?
Cities We Serve
The housing market in Northeast Seattle is extremely competitive. Homes in Northeast Seattle receive 4 offers on average and sell in around 9.5 days. The average sale price of a home in Northeast Seattle was $1.12M last month, up 8.7% since last year. The average sale price per square foot in Northeast Seattle is $611, up 4.1% since last year. The Northwest Seattle housing market is also very competitive.
Importantly, this makes Seattle one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength. I’ve just listed a home in Edmonds for $550,000.The valuations are all over the place, ranging from a high of $665,444 to a low of $511,868. The highest estimate is Zillow’s, the lowest by CoreLogic who also gave a broad estimated range from $450,444 to $573,292. First, none of these companies have ever set foot in the home. The only one that theoretically could is Redfin because they are a licensed brokerage that buys and sells homes.
What is the Zillow Home Values Index?
Our data are built upon median house values in each neighborhood, and combine data from the United States Bureau of the Census with quarterly house resale data. The data reflect appreciation rates for the neighborhood overall, not necessarily each individual house in the neighborhood. The housing market in Central Seattle is extremely competitive. Homes in Central Seattle receive 3 offers on average and sell in around 10 days. The average sale price of a home in Central Seattle was $875K last month, up 9.4% since last year. The average sale price per square foot in Central Seattle is $626, up 2.3% since last year.
Neighborhood appreciation rates from NeighborhoodScout are based on both median house value data reported by respondents via the U.S. Bureau of the Census, and a weighted repeat sales index, meaning that they measure average price changes in repeat sales or refinancings on the same properties. This information is obtained by reviewing repeat mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac . Then proprietary algorithms developed by Dr. Schiller, NeighborhoodScout's founder, are applied to produce neighborhood appreciation rates.
The average sale price per square foot in Downtown Seattle is $737, down 10.9% since last year. Many homes in the West Seattle housing market receive multiple offers, some of which include waived contingencies. The average home sells for around the asking price and goes pending in 9 days. Hot homes in West Seattle can sell for 2% above the list price and go pending in 5 days or less.
Can sell for around list price and go pending in around 7 days. Can sell for around list price and go pending in around 5 days. Percentages are based on the number of housing units for each type over the total number of units across all types. Median home value is the value which has equal numbers of homes valued above and below it.
The total bill is the sum of all items applicable to all consumers appearing on an electricity bill including, but not limited to, variable rates per kWh, fixed costs, taxes, surcharges, and credits. This calculation also applies to the average price per therm for utility gas. NeighborhoodScout reveals the home appreciation rates for every city, town, and even most neighborhoods in America. Large apartment complexes or high rise apartments are the single most common housing type in Seattle, accounting for 48.24% of the city's housing units. This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown. East Queen Anne has a median listing price of $1.2M, making it the most expensive neighborhood in Seattle.
As such, NeighborhoodScout does not produce appreciation rates for neighborhoods that consist solely of renters or have no single-family homes . NWMLS brokers added 12,245 total active listings across the 26 counties, a whopping increase (about 165%) from the selection of a year ago when there were only 4,621 active listings. Measured by months of inventory, November’s supply, at 2.36 months, was the best since January 2019 when the overall selection reached 2.4 months of inventory. This article will talk about how the housing market in the Seattle area is right now and its forecast for next year. The Seattle real estate market has been hot since the pandemic but things are changing now. Home prices in the Seattle area remain well above where they were a year ago but the market is cooling off.
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