With extremely low interest rates and a slight decline in median single-family home prices from their height in April 2018, purchasing a home in Seattle has become more affordable. While purchasing power has increased, inventory remains tight with available homes on the market decreasing since September 2018.

In all of King County, prices are down nearly 2.7% while pending sales rose nearly 10% indicating there is no shortage of buyers in the Greater Seattle area. To put things into context, King County, prices rose in four of the six sub-markets; only Seattle (down 3.2%) and Vashon (down almost 28%) reported drops. West Seattle median single-family home prices have decreased 9% since September 2018.

In contrast, due to low inventory and high demand, Pierce and Kitsap Counties have continued their steady and significant increase in median prices of single-family homes -both over 8% from September 2018.

In the tri-county area of King, Pierce and Snohomish, with only 1- to-2 months of inventory, it’s still a seller’s market. Historically, a balanced market is 4-5 months of inventory. There continue to be multiple offers on competitively priced homes in great locations.

What this means for buyers:

If you’ve taken a break from your in-city search, now is a great time to be looking. If you are up-sizing in Seattle, there are opportunities to capitalize on the lower prices and interest rates.

What this means for sellers:

The buyers are still out there and are purchasing at premium prices. Depending on your home's location and condition, paired with the right marketing strategy, your home can easily sell within two weeks. With interest rates and inventory low, employment rates high and the region's projected job growth, it doesn’t appear that the market is going to have a significant drop any time soon.

For more specific market information on your home, condo or rental property, give me a call!