Presenting the Market Trends From Around the Sound report, examining insightful data from this year’s third quarter. In exploring the year-over-year comparisons for 16 of the region’s distinct communities, we see a major boost in seller activity, with sizable increases in inventory for most of the markets. Buyers were able to make their real estate moves with more options available to choose from than we saw in Q3-2023. As for sellers, price growth in most communities meant that their decision to list their homes paid off.

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Check out insightful data from the second quarter of this year with our newly released report: Market Trends From Around the Sound. Find out how categories like average days on market, levels of supply, and the median sales price compare through a year-to-year analysis within 16 of the region’s distinct communities. If you’d like to discuss these findings and learn how we can utilize this report as we chart your own course to your real estate goals, please reach out to us today.

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An affordable housing crisis with for-sale products in King County can be addressed by encouraging development of more condominium units within the existing urban center zoning. The Puget Sound region is witnessing home prices rise again (at an accelerating pace) due to the lack of supply and increased consumer demand exercising a “buy then refi” strategy. Seattle remains the fastest-growing large city in the US over the past decade with more than 35,000 multi-family housing units delivered but less than 5% of this new supply was built for sale (as a result, the majority of Seattle residents are now renting).

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It’s a new year but our market is marked with similar obstacles as the previous year: high interest rates that continue to deter potential buyers and low levels of inventory. Before we proceed with the rest of the year and see the expected rebound with the spring sales season encouraging more activity, we’re looking back at the first quarter of 2024 with our Market Trends From Around the Sound report. Explore our year-to-year comparison of insightful data like median sales price, average days on market, and inventory levels for multiple distinct communities within the Puget Sound region.

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The final quarter of 2023 presented a market that has weathered continual challenges throughout the past two years. In October, mortgage rates peaked, hitting their highest rates in over two decades. Although they proceeded to decline, finally dipping below 6 percent, sellers were hesitant to list their homes and lose their lower interest rates, particularly ones who took advantage of the record lows seen in January 2021. Buyers were similarly discouraged by high rates and the lack of inventory. However, those who were determined to find their dream home, despite the obstacles, were rewarded with less competition and more negotiation power.

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When investing in real estate, we want our homes to appreciate. Amid high interest rates and a slow-growth economic picture, ensuring your investment is wise is more important than ever. Each quarter, Realogics Sotheby’s International Realty looks back at key indicators of the real estate market across several communities and counties so that you can make an informed decision about the next step in your real estate journey. In some counties, we saw growth; in other communities, home prices continued to decline year over year, though none drastically fell.

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Have you ever wondered about the architectural changes in your neighborhood? If so, you're not alone. Recently, our colleague Linda Chou penned an insightful article for the Realogics Sotheby's International Realty blog that caught our attention. Linda, like many of us, was curious about the construction changes on her street. We found the contents of her article so informative and timely that we wanted to share it with our sphere.

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Seattle, renowned for its scenic beauty and vibrant urban landscape, has seen a rising demand for luxury condo living. From waterfront residences like Infinity Shore Club Residences on Alki Beach offering breathtaking views of the Puget Sound to chic downtown high-rises like Graystone that put you right next to theaters and fine dining, it's evident: Now is the moment for condominium living in Seattle. It’s also important to note that some of the best condo deals we’re seeing this season are for older condo units, which can easily be updated for future returns. So, whether you opt for new construction or a condo brimming with potential, we have to ask….what’s driving this change in housing preferences? Well, it's the myriad advantages…

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Building upon the Q1-2023 data, the present Western Washington real estate market maintains its cooler demeanor compared to the same period last year. The impacts of inflation and rising interest rates continue to exert a moderating influence on the market. The unprecedented surge witnessed in early 2022 has now transitioned into a more stable environment, marked by a decrease in frenzy. While it remains a seller’s market, buyers are adopting a more measured approach, taking additional time to deliberate their decisions.

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Water defines life in the Pacific Northwest. Nowhere is this more true that in Western Washington, where urban lakes, Puget Sound, coastal shores, and idyllic islands entice the bold and beckon those who long for a respite. There is truly nothing like a piece of shoreline to call your own. With this in mind, Realogics Sotheby's International Realty presents the 2023 Waterfront Report to help inform the next steps on your selling or buying journey.

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If you’ve seen many of the headlines, you may already be aware that inflation and rising interest rates cooled the market in the latter half of 2022. That slow pace carried into the first quarter of 2023, and while the headlines might suggest the housing market has been in a slump, many areas have simply not seen the skyrocketing growth that marked the pandemic-era housing boom. As a result, the median sold prices for single-family homes stayed relatively flat year over year. 

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Typically, the real estate market slows down over the holiday season. Buyers take a break from their home search, whether from fatigue or just the hustle and bustle of the holidays. And sellers tend to focus on gathering with loved ones instead of preparing to list. But, 2021 has proved to be anything but typical.

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