Posts in Real Estate Trends
Real Estate Tech Trends

It might be hard to believe, but we are edging ever-closer to the new year and 2019 will be here before we know it. The start of a new year signals change and as we prepare what this one will bring, Seattle Times dove into the top four technological trends that are making—or are set to make—an impact on the real estate industry. From modular housing opportunities and automated parking systems to a whole new level of amenities, explore those five trends and the resounding impact they may have on the Emerald City’s future.

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Market Trends: Third Quarter of 2018

Statistics from the third quarter of 2018 are in and Realogics Sotheby’s International Realty has analyzed the data with a look at the latest market trends in Seattle, the Eastside and Bainbridge Island. While previous reports this year continued along the same narrative—of anemic inventory and meteoric home price growth—this quarter brings a different story, as home price appreciation leveled off and buyers found more options on the market.

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Seattle Home Prices Temper their Pace

At just over 12 percent year-over-year, residential prices in Seattle in July 2018 sustained their rate of increase from June, according to the S&P CoreLogic Case-Shiller Index. The Index showed Las Vegas, Nevada widening its lead nationwide with a twelve-month increase of 13.68 percent. Seattle remained second in the nation at 12.05 percent growth. Competing Pacific Coast gateway cities Los Angeles and San Diego were neck-and-neck, with home price increases of 6.37 percent and 6.18 percent, respectively, while prices in San Francisco rose by 10.8 percent.

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Is Amazon to Blame for Seattle’s Slowing Housing Growth?

Amidst Seattle losing its top spot on the S&P/Case-Shiller Home Price Index and a slowdown in Amazon hiring, GeekWire asks, “Is Amazon responsible for Seattle’s housing cooldown?” According to the article, in this case, “correlation does not necessarily mean causation,” as market experts say that an increase in the number of homes for sale and fewer buyers on the market are at the root of changes.

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Washington Falls Behind Nevada for Fastest Home Price Growth in the Nation

After 20 months of leading the nation in home price growth, Seattle Times reports that the Evergreen state now trails behind Nevada in year-over-year price gains, though—to the chagrin of buyers everywhere—it’s not “because homes here have suddenly become cheap.” As of June 2018, prices across the state as a whole grew 12.1% compared to this same time last year, down slightly from the 12.8 percent increases reported in May. Many of the region’s markets saw a deceleration of at least 1 percent from May to June, including Seattle, Bellingham, Mount Vernon/Anacortes and Bremerton/Silverdale, among others.

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Seattle-Area Homebuyers Feel Some Relief Amidst Increasing Inventory

Though the Seattle-area real estate market has decidedly been in favor of sellers for the past couple of years, buyers felt a bit of relief in July, as inventory increased for the third consecutive month. As Puget Sound Business Journal reports, the median sales price for July 2018 was up just 5-percent on a year-over-year basis, a stark decline from the 18-percent surge from the spring sales season. The root cause comes down to inventory, as there were just over 5,000 homes and condominiums available for sale last month, marking “a remarkable 48 percent more than July 2017.” After three months of inventory gains, supply is now higher than it’s been since early 2015.

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Is Transit-Oriented Development the Key to Solving Seattle’s Affordable Housing Crisis?

As a recent Seattle Times article proclaims, “Sound Transit rail stations could help solve our housing crisis,” as each new LINK light rail station will afford the opportunity “to create vibrant, walkable mixed-use communities with significant amounts of new housing and reduced dependence on automobiles.” The $60 billion investment in improving transit and building new infrastructure to support the expanding light rail system marks the largest transit investment in the history of our region, and as the Times points out, “by 2040 we will have light rail connecting Everett to Tacoma and Seattle to Redmond and Issaquah,” which will provide unprecedented and seamless connections around the Seattle metro region.

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Seattle Undergoes Rare Inventory Increase with Relief Expected on the Horizon Amidst a Flurry of New Condominium Projects in the Pipeline

The Seattle area real estate market is in dire need of home inventory and some relief has come for buyers, as the Northwest Multiple Listing Service reported that real estate brokers added 14,524 new listings to the market in May, which was the first time this figure has topped 14,000 since May 2008.

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Seattle Housing Market Update

The Northwest Multiple Listing Service released statistics from May 2018 and revealed that for the first time since 2008, over 14,000 new listings came onto the market, revealing a rare inventory increase in an area increasingly marked by a lack of inventory amidst rising demand. As the report reads, “total active listings snapped a streak of 44 months of negative numbers during May when the year-over-year comparison showed an increase of 3.8 percent.”

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The 2017/2018 Market Report

Realogics Sotheby’s International Realty’s acclaimed Research Editor and Data Analyst, William Hillis, has assembled a year-over-year review of eight key counties and 29 regional markets around the Puget Sound. In addition to in-depth market analysis, the report includes the “Condominium Conundrum,” Seattle’s stellar performance on the S&P CoreLogic Case-Shiller Home Price Index, the effects of Chinese capital controls and Canada’s restrictions on foreign buyers, landmark sales on the Eastside, and more. I have compiled a selection of key highlights including trends to watch, to spark a conversation so we may outline the implication for homes in your city.

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Eddie Chang & King 5 News on Impact of Vancouver’s New Foreign Buyer Tax

llowing the announcement that British Columbia is increasing their foreign buyer tax on home purchases from the current rate of 15-percent up to 20-percent, King 5 News reported that the move “may create more demand from wealthy Chinese investors and homebuyers who are looking to purchase property in Washington state.” Adding to demand amidst anemic inventory supply, particularly in downtown Seattle condominium stock, however, is causing some worry.

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