Market News from Windermere’s Chief Economist

Posted on May 19, 2016 at 6:51 pm
Peter Truex | Category: Puget Sound Market View

Seattle’s Housing Market-A Snapshot & Quick Analysis

After thirty years in commercial real estate sales I've joined my wife Theresa at Windermere Real Estate. She's been successful in the Puget Sound market for years. Her clients say she has the empathy, skill sense of humor and life experiences to ease the stress of buying or selling a home. I agree. 

I'm piggybacking, so my commercial sales and leasing experience will be a value add for our clients in this fast moving marketplace. 

Job growth at Amazon, Nordstrom, and Facebook is real and will continue. Construction trades are as busy as they've been in years. There's a wonderful,long backlog of Boeing jets to be built and delivered. All of these and more have led to a shortage of homes available for sale, with buyers frequently vying for properties in multiple-offer competitions that drive prices up over asking prices. 
A stressful, fast paced market. A hot market. 

We've felt it in our neighborhood. We bought our first home in 1988 for $215,000. The median price in our area last month was $820,000. In a year, the number of homes sold is up 20%, and houses are selling much faster, in fact 30% faster than last year.

Windermere's lead economist does not believe we're in a "bubble" and here's why: 1) the number of foreclosed properties is very low and "flippers" are on the decline as a result. They can't get the big returns anymore. 2) lending standards remain high and you know this if you've bought a home recently 3)Prices are up, but not near the pre-bubble levels we saw before the Recession and 4) Interest rates are bound to increase and this will keep the markets from boiling over. 

It's a great time to sell into this market. If you're buying, get as much smart advice as you can. We're here to help. More to follow.   

Posted on June 23, 2015 at 6:32 am
Peter Truex | Category: Puget Sound Market View, Uncategorized | Tagged