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Market Trends

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Market Reports

San Francisco nips at Seattle’s heels in latest Case Shiller index results

November 2017 was Seattle’s 15th month leading the nation on the S&P/Case-Shiller’s Home Price Index, the nation’s pre-eminent measure of single-family home prices.

Having briefly subsided from September into October, residential prices in Seattle resumed their upward trek, with the index turning positive by 0.18% in November. The official report from Case Shiller noted that “Seattle, Las Vegas, and San Francisco reported the highest year-over-year gains among the 20 cities. In November, Seattle led the way with a 12.7% year-over-year price increase, followed by Las Vegas with a 10.6% increase, and San Francisco with a 9.1% increase.”

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Market Reports

Seattle home prices still leading year-over-year, but inch downward for a second month in a row

S&P/Case-Shiller’s Home Price Index for October 2017 showed the Seattle Metropolitan Area as remaining 12.7 percent higher than twelve months ago, and continuing to lead all Pacific Coast gateway cities as well as cities across the nation. However, this was the second straight month in which the Seattle index declined on a monthly basis, although by a shallower percentage (-0.07%) than the -0.28% seen in September. October’s decline appears to confirm the end of the historic 31-month streak of continuous price growth in the Puget Sound region, even while it retains its nationwide lead for a 14th consecutive month.

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Market Reports

On Top Nationwide for 13 Months, Seattle-Area Monthly Home Price Growth Takes a Holiday

Written by William Hillis, Research Editor, Realogics Sotheby’s International Realty

Upon last month’s release of the CoreLogic Case Shiller Home Price Indices for August 2017, Realogics Sotheby’s International Realty predicted,

“Should the trend since April continue on the back side of the peak home-buying season, it is possible that Seattle’s monthly home price trend could actually turn negative.” 

This in fact is exactly what happened, with the Seattle index slipping by 0.28 percent monthly in September. That is not a steep slide, but to put it into context, the Seattle index has been positive for 31 consecutive months. Furthermore, Seattle home prices continue to lead the nation on a year-over-year basis, now for 13 months straight. As reported in the S&P Dow Jones press release, “Seattle, Las Vegas, and San Diego reported the highest year-over-year gains among the 20 cities. In September, Seattle led the way with a 12.9 percent year-over-year price increase, followed by Las Vegas with a 9.0 percent increase, and San Diego with an 8.2 percent increase.”

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Announcement, New Development, PR

Realogics Sotheby’s International Realty & Burrard Group Announce a Major Milestone in the Development of NEXUS Condominium Tower; Encore Release of 16 City Suites on 11/18

Market Experts Array Pent Up Demand for In-City Homeownership; Downtown Seattle Condo Prices Surge 33%

Representatives of Realogics Sotheby’s International Realty and Burrard Group announced a major milestone in the development of the 41-story NEXUS Condominium Tower today as it begins a vertical ascent towards completion in fall 2019. With excavation now complete, SKANSKA, the general contractor for NEXUS, has poured the foundation mat, which comprised of 3,900 cubic yards of concrete and measures up to twelve feet thick.

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Seattle Waterfront and Illuminated Ferris Wheel at Night, Seattle, Washington, United States.
News Article

Forbes Crowns Seattle the Second Coolest City in the Nation

Following a recent report by Forbes and Bert Sperling which ranked the “coolness” of the 100 largest metro cities in the country, Seattle Magazine says that having taken the second spot, “you might even say we’re the municipal equivalent of Beyoncé, expensive denim jackets and cigarettes in the ‘70s.” As the article outlines, after looking at a number of factors including “entertainment and recreation options, the food and drink scene, transit choices, population growth and where young people are living,” Forbes crowned the Emerald City the second coolest city in the nation, behind only San Francisco.

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Market Reports, News Article

Seattle Home Prices Complete a Year in the Lead

Written by William Hillis, Research Editor & Broker, RSIR

Monthly price growth has been slowing, but not among Seattle condos

We might be seeing the equivalent of an end zone dance for Puget Sound home prices. Yet according to the August results of the CoreLogic Case Shiller index, continued slackening in the monthly rate of growth is far from cutting Seattle’s year-long lead nationwide, and Seattle condominium prices have sustained their upward momentum.

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FutureCast Forum, News Article

Following Record Gains for the Past 12 Months, Seattle is Poised to Continue Its Reign as the Hottest Housing Market in the U.S. in 2018

Seattle has made seemingly endless headlines in recent months for its impressive housing market, and it seems no end is in sight as Seattle Times reports that the Emerald City has now maintained its position as the hottest market in the nation for 12 consecutive months. On top of boasting the largest home price gains of any other city, the Puget Sound also made headlines for 2018, as the annual “Emerging Trends in Real Estate” study ranked the city number one on its list, up from a fourth position in 2017.

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Luxury Real Estate, Sotheby's International Realty

The West Coast Tech Effect: From the Shores of Silicon Beach to the Emerald City’s Silicon Forest

The technology industry continues to assert its dominance on the West Coast.

In a visit to Seattle over the summer, Shen Schulz, a Malibu-based real estate broker with the Sotheby’s International Realty Malibu Point Dume Brokerage, proclaimed that “the expansion of the tech scene and increase of foreign investment in Southern California real estate have exacerbated a series of price rises that are transforming life” in Malibu. His words echoed familiar to brokers at Realogics Sotheby’s International Realty, given similar market fundamentals felt in the Puget Sound region; tech giants such as Amazon and Microsoft have transformed Seattle’s economy, bringing wealth and top tech talent to the area. As Schulz outlined, both of our cities are home to a number of startups, while major businesses based elsewhere, such as Facebook and Google, have opened up regional offices to leverage local talent.

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Events, FutureCast Forum

FutureCast Forum Members Host VIP Encore Event at NEXUS Sales Center

Over 50 Realogics Sotheby’s International Realty (RSIR) brokers and clients gathered on Monday afternoon for a FutureCast Forum VIP Broker Recap Event, which was held at the NEXUS Sales Center by invitation-only.

As part of their revolving monthly forum, founding members Brian O’Connor (O’Connor Consulting Group), Brian Evans (Madrona Financial Services), and Dean Jones (RSIR) kicked off their inaugural broker panel discussion with a focus on the downtown Seattle housing market, with an emphasis on the effects of job growth, empty nesters downsizing, and the additional draws of downtown living. The conversation was particularly relevant, as the event was hosted in the Sales Center for NEXUS, the only condominium project expected to deliver with occupancy in 2019.

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