Today’s Eastside real estate market is not the housing market from one year ago. I know this because for years I have kept a close eye on how the numbers change from month to month – what’s selling, what price points are moving, how much new inventory is coming on the market and how long is it taking to move. Here are some of those numbers that compare September 2017 with our just closed September 2018.
Then & Now
NWMLS stats for residential properties were gathered from areas 500-600, except areas 501 and 561.
Do You Have Questions?
How will today’s market affect me?
How important is location when buying or selling?
Is now a good time to make the move I’ve been thinking about?
It can be hard to tell what exactly is going on in our real estate market and even more, it can be hard to tell what information is reliable. Send me a message or give me a call and I can share the most up to date information with you!
You may have heard in the news that our real estate market is changing. The number of homes for sale on the Eastside is up 82% over last year for a total of 1,569 active listings in August as reported by NWMLS. That is compared to 862. I am pleased to say that our current and local market numbers are representing a more-stable market. I expect to see a reasonable amount of buyers in the market for the inventory we have, fewer multiple offers, and much smaller overall price increases. The wages in our area could not sustain the rapid price increases of the last few years so these changes may allow buyers to catch up.
The chart below shows the price per square foot of Eastside residential listings every June over the past ten years. From the low of $205 per square foot in 2011 to the current market in 2018 there has been an increase of 93.6%! That puts us at just below $400 per square foot right now. Are you wondering what this market means for you? Call, text, or email me – let’s talk!
This summer has been one for the books for sure! If you have been thinking of selling, but are concerned about having to compete for another home, the next few weeks may be opportune as there are homes on the market and it feels like buyers are taking time off and enjoying this hot summer weather. Give me a call to learn more! Continue reading Eastside Market Update: July 2017→
The Federal Reserve decided at their September meeting to leave the bank’s key interest rates alone. This rate is closely tied in with mortgage interest rates. The Fed has signaled that it could hike rates in December, but for now, this could be a great opportunity to move up – especially with the slight increase in inventory.
The King County residential inventory has held steady in July and August with 4,884 homes for sale in July and 4,892 homes for sale in August. This could spell opportunity for buyers who have not been able to buy and sellers who have not been able to sell due to buying concerns. With interest rates still near historic lows, a move may be in your future for fall!
What are your real estate goals for the rest of the year? Please give me a call (206) 595-4284 or email Marcia@HardyRealtyLLC.com.
NWMLS stats for residential waterfront on the Eastside, around Redmond, Sammamish, and Issaquah, east of 405.