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December Market Update for Seattle Real Estate

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The Market Update report is compiled from statistics from the NWMLS’ InfoSparks using data from City: Seattle and Area 705 Ballard/Greenlake. December is typically the slowest sales month of the year with the least amount of closings, so no surprises there. Almost all categories were down across the board, including active listings, sold homes and months of inventory. Days on market in Seattle continues to creep up, now at 38 days for Seattle and 33 days for Ballard.

Recently, interest rates have been trending down, against market predictions, so that should bring more buyers to the market as we start to ramp up again in January.

As always, please reach out to us if you have any real estate questions. If you’re thinking about selling your home, visit our Home Sellers page to see our services.

November Market Update for Seattle Real Estate

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The Market Update report is compiled from statistics from the NWMLS’ InfoSparks using data from City: Seattle and Area 705 Ballard/Greenlake. In November, the median sales price of a Seattle home continued to level out, dropping only 1%.

  • The amount of homes for sale on the market dropped by about 20%, however that is in line with seasonal norms and market fluctuations as less people list their homes in November and December during the holiday season.
  • Days on market edged up slightly, with Seattle homes now spending about a month on the market before accepting an offer.
  • Due to the lack of new listings coming on the market, there was only 2.1 months of inventory (the amount of time it would take to sell all homes on the market if no new inventory were to come on.)
  • Total closed sales volume was down 20% from the previous month and sharply from November of 2017. In Ballard, it was down by nearly 50%! Not as many homes sold and people pulling back in the holiday season can explain the lack of listings and sales.

Got questions about Seattle real estate? Give us a call at 206-965-8205.

October Market Update for Seattle Real Estate

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The Market Update report is compiled from statistics from the NWMLS’ InfoSparks using data from City: Seattle and Area 705 Ballard/Greenlake. In October, the dropping prices in Seattle’s real estate began to level out, with only a 1% price drop month-over-month. Listings stayed level, suggesting that homes are moving and Sellers may be more cautious. Days on market edged up slightly, but not as much as previous months, and closed sales were up for the first month since July.

Got questions about Seattle real estate? Give us a call at 206-965-8205.

November 2018 Recommended Events in Seattle

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Lots of Dia de los Muertos events happening around Seattle:

Celebration and Art Show – Lake Forest Park
Dia de los Muertos Celebration – Lake City
Dia de los Muertos at MOHAI – South Lake Union
Dia de los Muertos at Seatac Airport – SeaTac
Dia de los Muertos Party – Burien
Dia de los Muertos – Phinney Ridge
Dia de los Muertos Community Event – Tacoma

Craft Your Own Terrarium
Thursday, Nov 1 @ The Works Seattle

Space Expo: Space Art and Tech
Friday, Nov 2 @ Charles Simonyi Space Gallery

Goo Goo Dolls
Friday, Nov 2 @ The Paramount Theatre
Dizzy up the girl and re-live the dreams of the 90’s with the Goo Goo Dolls.

Green Seattle Day!
Saturday, Nov 3 – all over Seattle, WA
Plant trees and beautify Seattle

Ballard’s Maritime Metamorphosis: Fishing Village to Urban Hub
Saturday, Nov 3 @ Starting at Marvin’s Garden
A Seattle Architecture guide will lead you on a path through the old fishing neighborhood of Ballard, once home to working-class fishers and mill workers and now a prized and pricey residential and business district.

Ballard Brewed Winter Beer Festival
Saturday, Nov 3 @ Hale’s Ales Palladium
Beers from local brewers and live music

Won’t You Be My Neighbor Screening
Monday, Nov 5 @ Seattle Central Library
The question isn’t how much you will cry. Bring your tissues for this Fred Rogers documentary on his life and impact as Mister Rogers.

General Election
Tuesday, Nov 6 @ Everywhere
Don’t forget to vote!

Vikings Were People Too
Thursday, Nov 8 @ Nordic Museum
Short, snappy, entertaining: Scandinavian 30 is a series of free, thirty-minute talks by UW Scandinavian Studies faculty held once each month at the Nordic Museum.

Ballard Art Walk
2nd Saturday @ Ballard

Seattle Winter Ciderfest
Thursday, Nov 8 @ Within SoDo

Seattle Restaurant Week
Oct 21 – Nov 8
Best way to try a variety of Seattle restaurants on the cheap. Restaurants participating in Restaurant Week offer a 3-course meal for $30.

Northwest Chocolate Festival
Nov 10th and 11th @ Smith Cove Cruise Terminal
Large gathering of chocolate makers from all over the world!

An Evening with Fleetwood Mac
Saturday, Nov 17 @ Tacoma Dome

Buyers See Relief As Housing Market Shifts

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Houses on a hill

Buyers are seeing relief in the housing market after years of double-digit percentage growth in the west coast housing market. Nationally, the story is that year-over-year home sales dropped by 11.6%.

In west coast markets, RE/MAX agents are reporting home sales are down nearly 20% in August and September, marking a shift from the days of multiple offers and crazy escalations that Seattle, San Francisco and other hot markets have become accustomed to.

Our broker, John Manning, was quoted in the Forbes article. “There’s a healthy correction to the ‘red hot’ sellers’ market last spring with its multiple offers, low inventories, waived contingencies, and frustrated buyers,” Manning notes. “Sellers are realizing that it may take weeks or months to sell their home and to be competitive, they may need to make property improvements, invest in staging and marketing. Buyers are awakening to the fact they have more choice and purchasing power.”

If you’re on the market for a home or interested in selling, we’re happy to give you a free expert consultation. Our team of brokers helps buyers and sellers all over Seattle and the Puget Sound area, from Everett to Tacoma. Give us a call at 206-965-8205 or email hello@remaxonmarket.com to get started.

NWMLS InfoSparks September Market Update for Seattle and Ballard

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The Seattle and Ballard Market Update is a monthly update using information from NWMLS’ InfoSparks using data for sold residential and condominium homes in Seattle and the Ballard/Greenlake area. September’s Market update key points include:

  • Median sales price is up slightly
  • Listings available are up 25% from last month. Not quite as much as July to August, but still a significant jump nonetheless
  • Closed sales were down again, a 28% drop from August to September
  • Average days on market jumped to 23 days for Seattle, increasing the months of inventory to 2.4. We haven’t seen that high of a month’s supply since Sep 2013.
  • Total sales volume was down sharply, by almost $200 Million

Have questions about buying or selling, or specific questions on trends in your neighborhood? Shoot us an email at hello@remaxonmarket.com. We’re happy to answer all your questions!

August Seattle Market Update

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The Seattle and Ballard Market Update is a monthly update using information from NWMLS’ InfoSparks using data for sold residential and condominium homes in Seattle and the Ballard/Greenlake area.

What’s going on in the Seattle Real Estate Market?

You may have been hearing that Seattle’s real estate market has cooled off considerably, or that it’s now a “buyer’s market.” That’s not necessarily true. While inventory is up, it’s still not up enough to meet current demands. Houses are also on the market longer, but in Seattle, that average is still only 15 days. We still have less than 2 months of inventory across all of Seattle, and many experts consider a balanced market to be 4-6 months of inventory. A much greater shift would have to happen for it to swing in favor of buyers.

Still, that doesn’t mean that new opportunities for buyers haven’t come around. Generally, you’re going to see less of the crazy price appreciation and multiple offer situations that we saw in 2017, giving buyers more time to make decisions between homes, and allowing ample time for inspections and other due diligence tasks.

Looking to buy or sell a home in Seattle? We’re always here to help! Contact us at 206-965-8205 or drop us a note at hello@remaxonmarket.com and let us know what you’re looking for. Our expert real estate agents are highly trained and experienced in Seattle area real estate.

Getting Into the Short-Term Rental Market

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Seattle real estate is still red-hot and many investors have flocked to our city. If you’re one of them, and you’re thinking about using your property as a short-term rental on sites like AirBNB or HomeAway, do your due diligence first. It’s important to familiarize yourself with the local and on-site laws affecting rental terms, zoning and city regulations.

In a recent U.S. News article, RE/MAX On Market broker/owner John Manning was quoted. As an early adopter of short-term rentals, Manning welcomes the increased oversight of the short-term rental market.

“As a short-term rental owner, I welcome it,” he says. From Manning’s perspective, government licensing not only ensures rental properties are operating within established ground rules, but also creates stability in the housing market. Without regulation, people might be quick to snap up properties to rent out, which could reduce the affordability and community atmosphere of local neighborhoods.”

It’s also worth noting that there are legal and liability costs associated with owning and operating any kind of rental.

If you have questions about short-term rentals or investing in property in Seattle or the surrounding area, we’re always happy to help. Contact us at 206-965-8205 or email a quick note to john@remaxonmarket.com.

Disclaimer: RE/MAX On Market is a licensed real estate agency, not an investment firm. We urge you to educate yourself on when to seek legal counsel in a real estate transaction.

September 2018 Events in Seattle

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ferris wheel

Washington State Fair
Aug 31-Sep 23, Puyallup, WA
Washington’s annual fair features food, carnival games and rides, a rodeo, and ongoing concert series. This year’s acts include Toby Keith, Joan Jett and the Blackhearts, Cheap Trick, Macklemore, and Rascal Flatts.

Free Summer Concerts at Ballard Locks
Various Dates in September
Live classical music played by various local musicians. Relax and have a picnic at the Ballard Locks.

Bumbershoot Music & Arts Festival
Sep 1-3, Seattle Center
Seattle’s premier music and arts festival held at the Seattle Center. Music, comedy, film, art and food at multiple venues throughout the grounds.

Washington Cider Week
Starts Sep 6th
Celebrate the region’s craft cider brewers with various cider-related events across Seattle.

Seattle Floating Homes Tour
Sep 9, Eastlake
Self-guided walking tour some of Eastlake’s eclectic floating homes showcasing the unique properties and lifestyles of the owners.

Fisherman’s Fall Festival
Sep 15, Ballard
A community educational event featuring fishing information, demonstrations, live music, food and family fun.

Fremont Oktoberfest
Sept 21-23, Fremont
Seattle’s largest beer festival featuring over 100 beers. Dogs welcome on Sunday.

Wooden Boat Festival
Sep 29-30, South Lake Union
Lake Union Wooden Boat Festival celebrates the history, the craft, and the culture of traditional wooden boats. Food trucks, beer garden, and youth activities.

How Seattle’s Million Dollar Homes Landscape Has Changed

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RE/MAX On Market’s managing broker and owner, John Manning, was recently quoted in this Forbes article on million dollar homes. The article discusses the wide range of homes a million dollars can get you in various major cities.

It’s interesting to note how the million dollar homes landscape has changed in Seattle over the past several years. Manning says,

“It was not so long ago that most of the $1 million homes in Seattle were concentrated in a few well-known neighborhoods such as Queen Anne or Laurelhurst. This changed around the same time that Amazon, Google, Facebook and other great technology companies began to exponentially expand their workforce presence in the city. Today, $1 million homes can be found in almost every Seattle neighborhood and surrounding cities.”

The Seattle median home price hit $820K this year in April, but growth has slowed considerably in the subsequent months. Still, year over year, home prices continue their upward trend.

Read the whole Forbes article here.

If you have any questions about the current Seattle real estate market, don’t hesitate to contact us. Call 206-965-8205 or drop us a note at hello@remaxonmarket.com.

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