Washington State legislators implemented a new graduated Real Estate Excise Tax (REET), replacing the current 1.28 percent sales tax applied to all transactions with a variable rate based on a property’s value (a structure quite similar to that being followed in California). In response, Realogics Sotheby’s International Realty (RSIR) has launched WashingtonREET.com, a calculator to help home sellers navigate this new tax structure by displaying estimations of 2019 and 2020 taxes.
While it's true that home prices have continued to rise throughout the Seattle-Metro area, there are also some new and interesting statistics to go along with rising median prices. Realogics Sotheby's International Realty recently released their second-quarter market trends report for 2018 and we wanted to share a few statistics that jumped out at us.
While the S&P CoreLogics Case-Shiller Home Price Index showed San Francisco and San Diego starting to catch up to Seattle for single-family home prices in the months of September and October 2017, our Puget Sound region ended the 2017 calendar year at a 16th consecutive month leading the nation. "In December, Seattle led the way with a 12.7 percent year-over-year increase," states The S&P Dow Jones official report.
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.
As a recent Realtor.com report indicates, home prices around much of the country continue to increase and “in large swaths of the country, a cool million has mostly come to represent the new standard for good, upper-middle-class housing.”
November’s numbers indicate that buyers continue to reign in King County, as residential homes spent an average of just one month on the market, down nearly 30% compared to last year. Inventory continued its low trend, as the number of active homes was down 44% year-over-year and 27% month-over-month. Given the low inventory and increased demand, the median sale price rose to $440K, up slightly from last month and nearly $40K from the previous year. In downtown Seattle, condo active inventory held steady month-over-month but was down 12% from the previous year. Downtown Seattle condos likewise saw an increase in median sale price, up over $100K compared to last year’s numbers.
For the latest numbers from areas around the sound, View November’s Market Reports >>