We have seen the market go to a Surge status over the last few months and the inventory to a shortage. Percentage of Homes That Go Pending In First 30 Days. Seattle Real Estate Market Trends and Statistics. The market has been cool for a while in Seattle, and continues to be as of January 2020. Find a Profitable Airbnb Investment Property, Related: Airbnb Data Analysis Is the Key to a Profitable Short Term Rental. We are still hungry for inventory in Seattle. Use this tool to get an instant estimation of the value of your home. The Generation No One Is Talking About and Its Effect on Real Estate. Seattle Real Estate News October 2020: September home sales up while supply remains low. Want to start your search now? The average home is selling in just 20 days. The average Seattle house price was $747K last month, up 6.9% since last year. 2 thoughts on “ 2019-2020 Seattle Housing Market: The Outlook is Sunny! Related: 2 Real Estate Resources You Need to Start Using Now. By Steve and Sandra. This week we discuss how, despite the current times, Seattle is continuing to be a hot Seller’s Market! Both of the these factors have driven people to the more affordable and more space that is available in Snohomish and Pierce County. Mashvisor’s investment property calculator analyzed rental property performance across the Seattle housing market– here is the key data: Based on these figures alone, you might not think the Seattle housing market forecast is too positive. One source predicts a decline of around 3.8% between now and May 2020. Before coronavirus hit, the market was really in good shape. 57% of homes are selling in less than 30 days in Seattle. Seattle’s Multifamily Market is Outperforming Other CRE Asset Classes ... 2020, have climbed a nominal 0.3% to $2.32 per square foot. This is true, especially in the real estate market. New Orleans: The area experienced a relatively dramatic rise--and subsequent fall--in coronavirus cases, surpassing 2,000 daily new cases on April 2 and then quickly falling to below 500 about a week later. Every month we gather all the facts, data and statistics about the Seattle Housing Market and share them with you. According to both Zillow and John L Scott’s massive data set we should be showing real signs of slowing down by now. It’s important to cover the legal aspect of rental property in the Seattle housing market forecast as Airbnb laws can really restrict the ease of operation, the level of rental income generated, or your Airbnb occupancy rate, ultimately affecting overall rental property profitability. The median home value has gone down 3.9 percent over the last 12 months. Showing that despite the crisis, with interest rates low, buyers are out there. In the case Seattle home values continue to flatline, local market growth would underperform comparatively. The percentage of homes that sold in the first 30 days is 57%. 2. SEATTLE HOME PRICE FORECAST SUGGESTS MODEST DECLINE THROUGH 2020 A recent forecast for Seattle home prices suggests that house-value decreases could be in the low single digit range. The major indicators are still above average for Seattle but much cooler than their neighboring counties to the north and south. Key Market Indicators – October Recap 2020. Of course, different parts of the market will project a different rate of return for rental property investments. While these regulations were passed in 2017, they weren’t implemented until 2019. Redfin reports that the average selling price of Seattle houses for sale is $675,000; meaning Seattle house prices are down 0.44 percent from last year. You can rent out your home (primary residence) plus one additional unit. Includes information on listings in the Seattle WA area as a whole as well as within individual neighborhoods and subdivisions in Seattle. According to the Realtor.com Seattle Housing Market Recovery Index the US market is sitting at a 109.4 of 100, while the Seattle/Bellevue/Tacoma market is sitting at 126.1 of 100. study prepared by the Washington State Economic and Revenue Forecast Council. The Seattle housing market forecast 2020 includes the same Airbnb regulations which took effect this year. Do Buyers Rule the West Palm Beach Real Estate Market Today? The Seattle real estate market forecast includes construction- just not for residential housing. A Seattle property investment in the right part of the market, however, will prove to be quite profitable in 2020. to find lucrative investment properties that match your criteria in a matter of minutes! In the outlook for house building, it scored 31 out of the 80 real estate markets studied in the report. There is a severe shortage of unsold inventory in this range, which comprises 60 percent of sales activity locally. Seattle’s real estate market continues to hold strong, even as temperatures fall. Properties have been going pending faster, agents have seen more bidding wars, and new listings are lower compared to the same time last year. The Seattle housing market has got over 100 constituent neighborhoods. Existing Home Sales Up 21% in June Amid... No US Housing Bubble Crash in Sight, Expert... How to Calculate the Rate of Return on a Rental Property. For more information about the Snohomish County Communities including; Homes For Sale, Detailed School Information, Detailed Park Information, Livability Reports, Maps, Restaurants, Grocery Stores, Government Offices, Churches, and Things To Do. The basic premise of the regulations set on Airbnb Seattle is that property owners now face limits on how many units they can rent out and they are required to get an extra license to operate their real estate business. If you are looking for homes from 350-500k you are seeing a little more inventory with 2.6 months of inventory. Now seems to be an amazing time to sell your home as we are still seeing historically low inventory and high prices. Strong real estate investor demand and lower property prices are in the 2020 Seattle housing market forecast. We put this list together every month. Below you'll find statistics for the Seattle real estate market which are updated every day from the NWMLS. In Seattle’s luxury market, there was a significant increase in luxury homes in the $1 to 2 million range that went under contract in Oct. 2020, compared to Oct. 2019. If you are considering a move up, a move down, or just want to sell your home… Months of inventory is still at well below average. Market Stats, Neighborhoods, Video, Parks, Schools, Homes For Sale and more. Use one of our 3 Mortgage Calculator tools to figure out how much home you can buy. Most of all, she enjoys writing about the constantly changing markets in the US real estate industry. To help you out, using our investment property calculator again, we’ve pulled some data on the neighborhoods expected to perform best in the Seattle housing market 2020. October 2020 Monthly Housing Market Trends Report: Homes Sell Even Faster While Buyers Pay Summer Prices November 5, 2020 National inventory declined by 38.3% over last year. Seattle's housing market was hotter than almost anywhere else in the country. The jury is still out on the job market and population growth. Let’s get into it. We will discuss the 3 major factors in determining the strength of the market. Seattle Housing Update - Resale Only. Because there are less homes for sale and there are still many buyers trying to buy… the homes that do list are usually selling very fast. As the effects of the COVID-19 pandemic ripple through every sector of the economy, a new market prediction from the Seattle-based Zillow Group is giving insight into how home sales … We are still seeing spring like sales activity deep into winter. While Seattle did make it back in the top ten in the Urban Land Institute and the PwC: Emerging Trends in Real Estate 2020 report, the Seattle housing market isn’t looking too strong on the growth prospect as home construction is down. According to a January forecast on the company’s website: “Seattle home values have declined -3.9% over the past year and Zillow predicts they will rise 0.5% within the next year.” If you are interested in seeing past months you can access the archive below: Are you currently working with one of these agents? The $500,000 to $1 million price range, which is the core market in Seattle, is nearly at frenzy-level sales activity intensity. Homes are selling at a rapid pace, the Interest Rates are still at below average lows. Need more information, curious what your home would sell for, or need help finding your next home. We have already seen where a low inventory should drive up prices. Current short-term rental operators in Seattle have until Dec 15, 2019 to obtain their short-term rental operator’s license. What Are the Expected Residential Real Estate Trends in the US Housing Market for 2018? With still amazingly low interest rates, and a low level inventory the last couple of years the Seattle real estate market should remain in the surge to frenzy status for the foreseeable future. The Seattle, WA housing market is very competitive, scoring 89 out of 100. SEATTLE — The next time you drive through town, don’t be surprised if you still see homes up for sale. Seattle Real Estate Market Weekly Update - June 17, 2020 Here is our quick weekly update for the Seattle real estate market. “I feel pretty lucky for sure. The majority of experts don’t think so. The average days on market remained at 21 days, the percentage of sale price to listing price decreased slightly to 101.1%, and the average sales price decreased. 2,413 homes were for sale during the month. As it remains one of the strongest markets in the nation, it makes sense for investors to be wondering about housing market projections for Seattle real estate. Still, the average house value in Seattle is $714,800. Is Airbnb a good investment in Seattle despite these restrictions? There are plenty of buyers that are in the Seattle housing market. Small depreciation isn’t anything to be worried about. What Kind of Airbnb Occupancy Rate Can You Expect? With property prices leveling off, the housing market in Seattle is projected to hold up quite well. The Seattle Housing Market saw 1,6532 new listings, 2,413 homes were for sale, while 1,259 homes sold in November in Seattle. If not writing, Heba is exploring and learning. Real Estate Seattle is among hottest U.S. housing markets — and prices are rising fast on the cheapest homes Sep. 29, 2020 at 7:36 am Updated Oct. 1, 2020 at 2:28 pm In the outlook for house building, it scored 31 out of the 80 real estate markets studied in the report. Separate ESD data reported that Washington added 52,500 jobs between October 2018 and October 2019, with 41,600 of those jobs in the Seattle metro area.”(Seattle Times). (AP) — Professionals working in Montana's real estate market say sales of high-end properties have experienced growth in 2020 far beyond their expectations. As you can see from the table above anything below 5 months is considered low. It’s been said, there is an opportunity in every crisis. However, instead of worsening Zillow predicts an improvement in 2020, with only another 2% drop. Use our Property Finder to find lucrative investment properties that match your criteria in a matter of minutes! Here’s more on that and a couple of other predictions in our Seattle housing market forecast. Low inventory means higher demand. SEATTLE — Home sales in the United States dropped considerably during the second half of March as the coronavirus pandemic hit hard, but according to a new Zillow Real Estate Market … MISSOULA, Mont. Jay Inslee's stay-home order is disrupting all walks of life and business, even having an impact on Seattle's real estate market. New listings decreased again in November. That number is usually closer to 30%. “After another year of employment stability, Washington economists predict more of the same in 2020.”, “Over the past year, Washington’s ranking in economic growth and competitiveness rose from fifth highest to fourth highest in the nation, according to a September study prepared by the Washington State Economic and Revenue Forecast Council. We will discuss the 3 major factors in determining the strength of the market. 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