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.”
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.
The condominium shortage is officially worse than it’s ever been in King County, as a lack of new construction and increasing demand continue in Seattle and the surrounding areas. As a recent Seattle Times article outlines, condo prices are rising even faster than single-family homes, with little relief in sight as developers continue to build apartments for rent rather than condominiums for sale. Looking at data from the past two decades, King County has averaged roughly 2,000 active condos on the market this time of year but now “it’s down to about 350, a record low.” Conditions have pushed the average sales price of a condominium up to just over $450,000, an increase of approximately $150,000 over three years.
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.
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.
Market Experts Opine About the Region’s Meteoric Future as a Global City on the Rise
Scores of guests assembled at MG2 Architecture in downtown Seattle during an evening reception on September 28th about the future of the Seattle and Bellevue metro area in the next decade. The town hall-like event was a continuation of provocative conversations started during the BISNOW “State of the Market” event hosted earlier in the week, which was attended by more than 400 industry stakeholders and local media.
In the latest edition of Gateway Magazine, Golden Gate Sotheby’s International Realty turned to Realogics Sotheby’s International Realty broker Jay Kipp to lend his insight on Seattle’s “Silicon Forest,” and how it stacks up to the San Francisco market. The article outlines the impact of techies and savvy homebuyers, the city’s unprecedented growth, and Kipp names his favorite Seattle spots, from where to dine and shop, to Washington’s delectable wines and best getaways.
In a recent visit to Seattle, May Lee of CGTN discussed the growing interest in Seattle with Dean Jones, President & CEO of Realogics Sotheby’s International Realty (RSIR), who told her “the secret is out and the Chinese know it.” Jones cited the state’s lack of income tax, top-ranked schools and relative affordability compared to other West Coast peer markets as contributors to the rise in foreign investment. And the Seattle appeal is certainly evident, as Lee reports that “according to a property website in China, searches for real estate here [in Seattle] have more than doubled beating out other favorites like Los Angeles, New York and San Francisco.”
From a historic mansion in New York, to an idyllic Caribbean escape in Turks & Caicos, this issue of Significant Sales also showcases homes from throughout the United States, Canada, and Dubai.
Realogics Sotheby’s International Realty (RSIR) broker Aaron Gazes leveraged the power of the brand’s network recently as he flew down to visit Golden Gate Sotheby’s International Realty to tour homes, connect with brokers, and hop aboard a networking boat cruise. Gazes networked with affiliates from Northern California, Colorado, Hawaii and Nevada atop the waves as they discussed similarities between the San Francisco and Seattle markets, exchanged local and global real estate insights, and shared some of their favorite properties.