Heed the Call of the Waves
Life on the shores of Puget Sound, as well as its neighboring straits and harbors, lakes and archipelagos, offers all the pleasures and adventure that draw people to the water’s edge. Realogics Sotheby’s International Realty presents a look at the waterfront market trends for the first half of 2017, from the shores of Bainbridge Island to the Emerald City and the Eastside.
The seemingly unstoppable upward trek of Seattle’s home prices received special mention by the editors of CoreLogic’s Case Shiller Home Price Index, who observed that “Seattle prices are rising 5.2 percentage points faster than Portland, the city with the next highest increase,” and that “Seattle has seen the highest year-over-year percentage gains for the last ten months.”
Seattle’s ebullient housing market is boiling over into the rest of Puget Sound. As Seattle home prices continue to ascent unrelentingly buyers with fewer financial resources are depleting the housing stocks in smaller exurban cities and towns.
Realogics Sotheby’s International Realty (RSIR) presents a look at the housing market trends for the first two quarters of 2017, from the shores of Bainbridge Island’s waterfront homes and in-city living opportunities to the Eastside’s most distinguished residences.
Realogics Sotheby’s International Realty presents a look at the housing market trends for the first half of 2017 in 15 key markets from around the Puget Sound, from the shores of Bainbridge Island’s waterfront homes, to Seattle and beyond.
On and on it goes, the continuing ascent of Puget Sound home prices.
While prices are rising across the country, the S&P CoreLogic Case-Shiller Index for April 2017 shows the Seattle metropolitan region again out in front of all others tracked by the index, including other Pacific Coast gateway cities. The city registered a 12.9 percent year-over-year price gain that month, compared with increases of 9.3 percent in Portland, Oregon; 6.6 percent in San Diego; 5.3 percent in Los Angeles; and 5.0 percent in San Francisco.
On June 7th, Realogics Sotheby’s International Realty broker Chris Doucet was featured in an article in Capitol Hill Times, discussing the latest trends in one of Seattle’s oldest neighborhoods with the latest market data compiled with the help of RSIR Research Editor and Publisher, William Hillis. As the article reads, “Capitol Hill continues to cement its reputation as Seattle’s premier market for potential home buyers. Prospective residents are vying for a limited supply of properties, which is driving prices up in highly competitive bidding. As is the case in the rest of Central Seattle, homes are selling within about a week of hitting the market.” Read the rest of the editorial feature below.
Seattle’s persistent nationwide lead in real estate price growth continues to astound. In February 2017, a month when the S&P CoreLogic Case-Shiller NSA Index set a 32-month high of 5.8 percent, Seattle was once again out in front with a 12.2 percent year-over-year price increase, and a sharp monthly increase of 1.91 percent, the highest since last April (2016). Portland and Dallas were second and third respectively with 9.7 percent and 8.8 percent year-over-year gains. San Francisco reversed its negative turn last month for a monthly increase of 1.17 percent, while San Diego’s rising prices came just short of a one percent monthly gain.
New restrictions on cash transfers from China will temporarily slow, but not stop the flow of funds to the U.S. for purposes of real estate investment and immigration. This is good news for Seattle and the Eastside, which have witnessed increasing purchases from foreign buyers. The Asia Services Group (ASG) at Realogics Sotheby’s International Realty (RSIR) is a team of over a dozen professionals who are qualified to assist Asian buyers through a diverse assortment of attributes, including fluency in language, shared culture, and experience overseas. Dehlan Gwo, a broker with RSIR, is one of the founding members of the ASG.
The year 2016 established new benchmarks for median home prices throughout the region. Most closings in neighborhoods now exceed their prior peak values set back in 2007. In fact, the Seattle Metro Area has become the fastest-growing housing market in the US, according to S&P/Case-Shiller Home Price Index. This imbalance of supply and demand is felt most near urban job centers. Major employers like Amazon, Google, Facebook and Apple are increasing their office space in downtown Seattle, luring thousands of new hires to live, work, and play in the city.