Oct. 26, 2015
The Seattle market was named the hottest real estate market in the country in a recent study. This just confirms what home buyers and sellers in the Puget Sound area have been feeling for the past two years. The competition is fierce, and there's no letup in sight.
The recent report came from Auction LLC, headquartered in San Jose and Irvine, CA. It surveyed the 50 largest metropolitan areas in the United States, comparing home price growth on an annual basis, and home sales growth in the same time frame. They also looked at current and past trends in economic, demographic, and population growth.
The results put Seattle as the #1 market for its combination relative housing affordability, rising prices, and rising incomes and job opportunities. The Northwest was well represented with Portland, OR coming in at #5. The strong tech labor market continues to drive economic and employment gains for the Northwest, and housing demand is a natural byproduct.
The top housing markets from the report were:
2. Fort Lauderdale
4. Palm Beach County
The report showed Seattle with 10.9 percent year-over-year price growth. That number is similar to last year, creating a significant gain in homeowners' equity since the downturn in 2007. Real estate owners in much of the Seattle market are getting close to gaining back all of the equity they've lost in that time, though outlying areas are lagging somewhat in comparison.
Year-over-year home sales have risen 12.6 percent in Seattle this year. That number has much to do with the low inventory numbers we're seeing locally. Just one to two months' inventory of available homes means buyers must be pre-approved, well-prepared, and willing to make strong offers to secure a home in this market. There are plenty of sales happening, but the buyers who are winning are confidently and aggressively going after their homes.
If you're thinking about upsizing, downsizing, or just wonder what your home is worth in today's, market, give us a call and we' be happy to help you out with some answers. If you're thinking about buying--let's get you prepared so that you're the buyer that today's sellers want to select.
© Seattle Homes Group
Sam DeBord, Managing Broker, REALTOR®, Coldwell Banker Danforth
Director, Seattle King County REALTORS® - State Director, WA REALTORS®
Twitter | Facebook | LinkedIn | Google + | Sam (at) SeattleHome.com
Statistical source if not otherwise noted is NWMLS. The Northwest Multiple Listing Service did not compile or publish this information.