Seattle No Longer Hottest Real Estate Market
SEATTLE NO LONGER HOTTEST REAL ESTATE MARKET
With the release of the latest Case-Shiller U.S. Home Prices Index came the news that Seattle is no longer the number one hottest real estate market, sparking lots of articles and reports on Seattle’s cooling-down. Here are some of the quick facts on what’s really happening:
The index shows us that Seattle saw a 12.8% year-over-year home price increase in June of 2018
o This is lower than our increase from 2016 to 2017 – which was 13.4% this time last year
o This is also lower than the 2018 year-over-year home price increase in Las Vegas, which was 13%, thus bumping Seattle out of the number one spot
While Seattle is no longer number one, it is still important to understand the context:
o Third place is San Franciso at 10.7% – significantly lower than Seattle’s rate
o The national average was a 6.2% increase – MUCH lower
What does this mean for home owners, buyers, and sellers in Seattle?
o The market is still very hot, and homes will sell – just not quite as quickly as they have been [The market is still bananas - pricing your home to sell is that much more complicated; depends on timing, how your home is properly presented and priced more aggressively. Buyers are navigating higher interest rates but with inventory increases you have to be much more strategic.]
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