Our local real estate market took some interesting turns in 2018, as the frenetic conditions of the first half of the year gave way to a more balanced environment in the third quarter. Data for the fourth quarter of 2018 has arrived, so before we turn our attention to the new year and what lies ahead, let’s take a look at the market trends that closed out 2018.
Until recently, the Seattle real estate market headlines didn’t seem to change much, each remarking upon the area’s unprecedented home price growth and highly competitive climate for buyers. The past few months, however, have given way to a slightly different narrative, as increasing inventory and a less frenetic environment have pushed the market closer to a neutral one (though still decidedly in favor of sellers). Below we’ve outlined how these new market trends are playing out in the local real estate market with a look at Realogics Sotheby’s International Realty’s recently released market report for the third quarter of 2018.
As stated recently in a Realogics Sotheby’s International Realty (RSIR) blog, “The main cause of Seattle’s urban evolution is, first and foremost, that people want to live here.” That fact is reflected in the constant stream of people moving into the city. Earlier this year, The Seattle Times reported that Seattle grew 18.7 percent in the last decade, gaining 114,000 people and ranking as the fastest growing city in the nation. That growth is expected to continue through the next several decades; and by 2035 the expected population of Seattle will gain another 120,000 residents (and another 115,000 jobs).
The record high housing prices in Seattle have been in the news for over a year and a half now. "Seattle's median home price of $830,000 is up 14 percent from a year ago and sets a record after holding steady at the previous high of $819,000 in March and April" states The Seattle Times. Despite new and increased inventory in May, single-family home prices continued to increase further, still - arriving at the current $830,000 median.
The Holiday season is upon us and we are so excited to attend some themed events in our communities! Hope to see you there!
November 21st - January 1st: Seattle Gingerbread Village
November 24th - December 24th: Snowflake Lane in Bellevue
November 24th - January 1st: ZooLights at Point Defiance Zoo
November 24th - January 1st: Wild Lights at Woodland Park Zoo
November 25th - December 31st: Garden d'Lights at Bellevue Botanical Garden
December 1-3, 8-10, 15-17: Leavenworth Christmas Lighting Festival
December 1st - December 23rd: A Christmas Carol at Second Story Repertory in Redmond Town Center
December 1st - December 23rd: Issaquah Reindeer Festival
December 14th, 6pm -9pm: SAM Lights at the Olympic Sculpture Park
Realogics Sotheby's International Realty presents a look at the housing market trends for the third quarter of 2017, check out all the details across the sound; from in-city Seattle living opportunities to the Eastside’s most distinguished residences.
Seattle | Single Family Homes
Prices continued to exceed seller’s expectations in Q3-2017, as the median sales price reached $881,000, a sharp increase compared to last year’s $786,000 average. View report here.
Seattle | Condominiums
The average sales prices for condominiums in Seattle as a whole increased by 11.6% compared to the third quarter of 2016, while the value of condos in the downtown core continues to skyrocket. View report here.
Eastside | Residential
Despite cooling autumn temperatures, the market on the Eastside is red hot, as the region’s same-quarter sales in the third quarter of 2017 remained steady from 2016 and the days on market decreased to 18 days. View report here.
The Silicon Forest welcomes one more company to the grove. The top search engine in the Chinese language, Baidu, has opened an office in downtown Bellevue in an effort to expand its reach in the world of artificial intelligence and cloud computing.
Celebrate 71 years of “handmade excellence and supporting national designers, artists, and craftspeople” with the Bellevue Arts Museum ARTSfair starting Friday July 28th through Sunday July 30th. The busy Bellevue streets will be closed as art admirers, collectors, and anyone with an interest in art gathers to view local and national artists behind the Bellevue Mall.
Not quite as synonymous with wine as Sonoma County, the Woodinville area still packs a punch in the vino business. With as many events in the month of March as there are varietals, there is surely something for all types of wine-lovers to enjoy. Thanks to 425 Magazine, they’re all neatly arranged so you can plan accordingly.
Big changes coming to Kirkland! Decades-old Totem Lake Malls slated for major renovation.
As a result of renewed interest and investment in the area from tech sector, such as Google opening a campus, California-based developer CenterCal Properties LLC plans to create a mix-use space comprised of retail, office, entertainment and residential space. Reaffirming the increased population of the area, grocer Whole Foods is already confirmed as one of the anchor stores for the center:
"'We’re so excited to be joining the community in Kirkland and we look forward to sharing our mission and values with our new neighbors,' said Joe Rogoff, Whole Foods Market’s President of the Pacific Northwest region. 'Creating jobs, supporting local producers and finding opportunities to partner with area schools and non-profits are core to our philosophy and practices, and we’re eager to begin this work in Kirkland. In the next few months, we’ll be working very closely with the people of Kirkland to design a store experience that reflects the needs of the community.'"
We are excited to share that our beautiful Belcara property in Sammamish has been listed today as Puget Sound Business Journal's Home of the Day!
Wake up with a smile!
Lovingly maintained and masterfully updated 4 Bed/3.5 Bath Conner built home in Belcara. Located at the end of a lane, off a cul-de-sac, this home artfully combines contemporary and traditional styles.
Visit www.WKSammamish.com for more info!
23218 SE 34th Place, Sammamish, WA 98075
Offered at $795,000
Gorgeous Conner resale at end of cul-de-sac on a large private lot. Fabulous rich hardwood floors plus heated tiled floors. Amazing great room with gas fireplace & large picture window. Entertainment size dining room. Gourmet kitchen with large island, 6 burner gas range, stainless steel appliances, granite counters and a deep sink. Den/bed on main. Sumptuous master with vaulted ceiling, bonus room, and 2 large bedrooms. Lower level can be 4th bedroom, gym or media room. Extra deep garage/shop. Walk to schools & parks playground few doors away!