Introducing The Market Report: Puget Sound Real Estate Trends & 2015 Year in Review

Realogics Sotheby’s International Realty (RSIR) presents the Market Report: Puget Sound Real Estate Trends & 2015 Year in Review,  a comprehensive look at the 2015 real estate market in an exploration of seven key counties of Western Washington: King, Snohomish, Kitsap, Pierce, Jefferson and Island counties, as well as 29 neighborhoods for our current and prospective clients. The report touches on macroeconomic trends, the primary demand drivers influencing our regional real estate market in addition to micro markets that vary greatly from neighborhood to neighborhood.

The year 2015 witnessed white-hot real estate conditions throughout the Puget Sound not seen since before the Great Recession. Prices of real estate throughout the Puget Sound catapulted higher in 2015, the result of tight supply and an influx of new buyers. A similar trajectory is expected in 2016: expanding demand, anemic supply and developers playing catch up to increasing homeownership levels.

The Puget Sound region has taken a different path from other boomtowns in North America whose economies are based on resource extraction (e.g., oil), financial intermediation, or entertainment. Seattle’s aerospace industry has gradually yielded its eminence to the service expansion and new product development cycles of the information tech industry and their secondary employment effects on IT contractors, food & beverage businesses, and real estate developers.

Besides drawing new residents domestically from other U.S. states, the Puget Sound benefits from the state’s importance as a gateway to trade with Asia, as well as from international air travel to and from Sea-Tac International Airport. The Sound’s proximity to international communities across the broader region from Vancouver, British Columbia to Los Angeles and San Diego is also a factor, as is the superior quality of life in the region and its comparative affordability in respect to those other markets. The international eminence that results from these features of our local economy has allowed the area to attract growing numbers of immigrants from overseas and recognition as a global gateway city.

Market Update: November 2015

November’s numbers indicate that buyers continue to reign in King County, as residential homes spent an average of just one month on the market, down nearly 30% compared to last year. Inventory continued its low trend, as the number of active homes was down 44% year-over-year and 27% month-over-month. Given the low inventory and increased demand, the median sale price rose to $440K, up slightly from last month and nearly $40K from the previous year. In downtown Seattle, condo active inventory held steady month-over-month but was down 12% from the previous year. Downtown Seattle condos likewise saw an increase in median sale price, up over $100K compared to last year’s numbers.

For the latest numbers from areas around the sound, View November’s Market Reports >>

Market Update: October 2015

October’s numbers are in and inventory continues to wane for King County Residential homes, down 15% compared to last month and 40% year over year. The median listing price was just under $530K, with an average sale price of $427K, up nearly $40K compared to the previous year. Buyers came out strong, as homes were on the market for an average of just 28 days, down 30% from last year’s numbers. In downtown Seattle, condo inventory was down 15% from the previous year but rose slightly compared to last month. The median sale price held steady from month to month but was up $35K from last year’s average.

For the latest numbers from areas around the sound, View October’s Market Reports >>

Market Update: September 2015

Autumn has arrived and the median sale price of King County Residential homes was 435K in September 2015, up nearly 15K compared to the previous year. Homes spent an average of 27 days on the market, down 18% year over year. More buyers came out with the end of the summer, as number of units sold was up 5% year over year. Buyers also turned to the tech-infused downtown Seattle area, as the number of condos sold was up 26% month over month, with an average sale price of nearly $440K.

For the latest numbers from areas around the sound, View September’s Market Reports >>

Market Update: July 2015

The number of active listings was down 4% compared to last month and 37% compared to last year in King County, with a median sale price of $441.1K. Buyers were out in full force, as homes spent an average of 25 days on the market, a 19% decrease from last year. Downtown Seattle condo sales were up 126% year over year. The median sale price was just under $510K, up nearly $150K compared to last year’s numbers.

For the latest numbers from areas around the sound, View July’s Market Reports >>