Tulips are blooming, the days are growing longer, and the housing market is showing clear signs of seasonal momentum. Inventory continued its steady rise in March, with all four markets posting double-digit year-over-year gains in new listings. Condo inventory saw especially sharp increases — a continuing trend partly driven by the growing appeal of non-traditional “condo” alternatives like townhomes, ADUs, and backyard cottages.
Read MoreFull-time workers in Bellevue and Seattle were among the top earners in the U.S. in 2023, according to the latest data from the U.S. Census Bureau’s annual American Community Survey. Both cities ranked high when compared to other U.S. cities with at least 65,000 full-time workers.
Read MoreFebruary typically brings a quiet real estate market, though this year, the balance between affordability and inventory shaped activity across the Puget Sound. While 30-year mortgage rates dipped slightly from January, rising home prices remained a challenge for buyers, potentially tempering demand. Despite a significant increase in active listings compared to last year, closed sales have not kept pace – and in some areas, they’ve declined year over year. As spring approaches, the interaction between inventory and pricing will be crucial in determining market momentum.
Read MoreAmazon’s five-day return-to-office mandate has significantly increased foot traffic in downtown Seattle, helping the city inch closer to pre-pandemic norms.
Read MoreSeattle’s inflation rate dropped to 2.7% in December, down from 3% in October, marking its lowest level since 2021. According to the Bureau of Labor Statistics, this trajectory contrasts with national trends, where inflation rose from 2.6% in October to 2.9% in December.
Read MoreEven as the region grapples with a cooling job market and rising cost of living, Seattle surged ahead as the fastest-growing economy among U.S. metros. From 2022 to 2023, the city’s gross domestic product (GDP) increased by 6.2%, reaching $487.77 billion, according to data from the U.S. Bureau of Economic Analysis.
Read MoreThe start of the year is typically a quieter time for the housing market, but this year continued the trend of year-over-year growth. Across all of our Puget Sound area markets, active residential listings increased significantly – both month over month and year over year – bringing much-needed inventory to buyers. While rising supply often improves affordability, home prices and interest rates remain elevated
Read MoreDespite a wet and windy holiday season, buyers remained active in December. According to NWMLS data, showings and keybox usage increased by 3% and 6% year over year, respectively. Active listings saw double-digit percentage increases across all four markets compared to the previous year, providing buyers with more options.
Read MoreRather than maximizing floor space with as many cubicles as possible, local businesses are focusing on creating office environments that mimic the comfort of home. As companies push for a return to in-person work, workplaces are evolving to better suit the preferences and work styles of employees
Read MoreA recent survey revealed that Washington employers are feeling more optimistic about the economy, even as inflation and taxes remain significant concerns. The Fall 2024 Washington Employers Survey, conducted by the Association of Washington Business (AWB), gathered insights from over 500 employers across industries, shedding light on their outlook for the coming year.
Read MoreThe Metropole building in Pioneer Square, a striking flatiron structure from 1892, is undergoing a remarkable transformation. Seattle architecture firm BuildingWork is spearheading the effort, and partner Matt Aalfs calls it “the most complex adaptive-use project” the company has ever tackled.
Read MoreTypically when fall rolls around, our local real estate market begins to cool. Last month, however, perhaps in response to lower mortgage rates, home buyers jumped excitedly into the market and sellers responded to the increased demand by listing their homes and pushing up the supply available to those buyers. Despite the addition of these homes to the market (the most in the Seattle area since pre-pandemic, according to The Seattle Times), residential prices have stayed steady or increased month over month, reflecting continued competition among buyers.
Read MoreAs the holidays approach, we’re in a season known for a natural slowdown in real estate market activity. While month-to-month declines in active listings and closed sales are expected at this time of year, these fluctuations don’t suggest a downturn. In fact, last month saw an increase in year-over-year closed sales, signaling a healthy market with sustained demand. Looking ahead to the winter months, many homeowners will begin preparing their properties for spring listings, and with interest rates remaining lower than a year ago, demand from buyers should remain strong.
Read MoreSeattle’s downtown is about to get a major infusion of creative energy thanks to the Paul G. Allen Foundation. The foundation recently awarded over $9 million in grants to support eight local nonprofits, fueling projects that will activate vacant retail space, extend open hours and increase access for artists and the community.
Read MoreBy 2050 the Puget Sound region is expected to grow by more than 1.5 million people and 1.1 million jobs. In anticipation of this growth, the Bellevue City Council unanimously approved an update to the city’s 2024-44 Comprehensive Plan that will establish housing and job growth targets to shoulder Bellevue’s share of so much regional expansion.
Read MoreOver the past year, the Seattle metro area has seen an increase of about 1.8% in nonfarm employment, according to the U.S. Bureau of Labor Statistics. Between August 2023 and August 2024, employment grew by 38,600 jobs in King, Pierce and Snohomish counties.
Read MoreOur local real estate market has remained quite active so far this fall, with positive things happening for both buyers and sellers. Last month, every region in this report saw substantial year-over-year increases in the number of pending home sales. Residential inventory also rose in September, which is good news for buyers. And good for everyone was the continued decline of mortgage rates, which now hover about a point and a half below where they were last year. Meanwhile, sellers can take heart in September’s median sold prices, which held steady compared to August and were up compared to a year ago.
Read MoreIn the waning days of summer, the local real estate market saw rising sold prices, declining mortgage rates and rising inventory. The price trend shows that sellers are still seeing gains by listing their homes. The rate and supply trends are motivating buyers to be active in the market this fall.
Read MoreThe lazy days of summer are upon us, but home and condo sales are not the least bit idle. Just last month every area in this report saw more homes sell and for higher median prices than a year ago. And this month we’ve witnessed the year’s single biggest one-week drop in mortgage rates, which have fallen to the lowest level in 15 months. Paired with declining mortgage rates is rising inventory, with each of the areas below seeing a year-over-year increase in the supply of both homes and condos.
Read MoreAs temperatures rise, so has the supply of for-sale homes in our area. Last month, active inventory continued its upward trajectory, which is leading to some summer price stabilization. Every region represented here saw a rise in the number of single-family homes and condos for sale in June. And while median sold prices did increase over last year in most cases, they dipped or were flat when compared to May.
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