It’s a new year but our market is marked with similar obstacles as the previous year: high interest rates that continue to deter potential buyers and low levels of inventory. Before we proceed with the rest of the year and see the expected rebound with the spring sales season encouraging more activity, we’re looking back at the first quarter of 2024 with our Market Trends From Around the Sound report. Explore our year-to-year comparison of insightful data like median sales price, average days on market, and inventory levels for multiple distinct communities within the Puget Sound region.
If you’ve been keeping up with Washington state housing news, you’ve likely encountered articles about House Bill 1110, or the “Middle Housing Bill,” passed in 2023. House Bill 1110 aims to increase the availability of affordable “middle housing” in the state by allowing increased development of multi-family buildings on land that was formerly zoned to only allow for single-family properties. In additional noteworthy local news, Seattle’s Sound Transit 3 project (a $53 million project first proposed in 2016) will potentially build 37 additional transit stations in an effort to provide more public transportation options to Seattle residents.
Learn what’s in store for luxury real estate in 2024.
Realogics Sotheby’s International Realty’s annual Forecast Report presents expert analysis of the region’s housing markets, year-over-year comparisons, retrospective reviews, and more all provided by some of the most knowledgeable thought leaders in the Pacific Northwest.
This report, in combination with the guidance of our team, will set you up for success in 2024.
The final quarter of 2023 presented a market that has weathered continual challenges throughout the past two years. In October, mortgage rates peaked, hitting their highest rates in over two decades. Although they proceeded to decline, finally dipping below 6 percent, sellers were hesitant to list their homes and lose their lower interest rates, particularly ones who took advantage of the record lows seen in January 2021. Buyers were similarly discouraged by high rates and the lack of inventory. However, those who were determined to find their dream home, despite the obstacles, were rewarded with less competition and more negotiation power.
As this crazy winter weather passes through Washington State, we're seeing more reports of frozen and burst pipes, causing an unimaginable amount of damage! Whether you're a landlord, homeowner, or renter, here are some helpful tips to keep your home safe this season.
I am incredibly honored to announce that I have been featured as a 2023 Five Star Real Estate Agent in the November/December issue of Seattle Magazine for the eighth time. This prestigious award recognizes excellence in client service and satisfaction, which is a standard that I continuously strive for when guiding my valued clients.
As we weather market fluctuations caused by a variety of factors, like the state of our economy, interest rates, the job market, global events, and more, it can seem like the right time to buy is always just around the corner or has just passed you by. It’s always ideal to be able to make your real estate move in your own time and on your terms, but oftentimes, due to other life circumstances, we may not have the option of waiting and must enter the market as it currently stands. Whether you’re preparing to make a sale or purchase or considering whether the timing is right, I’d encourage you to take a proactive approach and strategically navigate our real estate market as it is right now—taking advantage of conditions that could actually prove that this diamond-in-the-rough situation may yield dazzling results for your home search or portfolio-building ventures.
I am excited and honored to announce that I have been featured in Seattle Agent Magazine’s second annual Who’s Who in Seattle Residential Real Estate. I am in great company as the list features several other talented Realogics Sotheby’s International Realty brokers. Through 24 years of industry experience, it’s moments like these that reflect the impact that I’ve had on my valued clients—the reason I love to do what I do—and remind me of the importance of my work. Successfully guiding sellers and buyers in their real estate journeys and knowing that I’ve exceeded their expectations is the ultimate reward.
When investing in real estate, we want our homes to appreciate. Amid high interest rates and a slow-growth economic picture, ensuring your investment is wise is more important than ever. Each quarter, Realogics Sotheby’s International Realty looks back at key indicators of the real estate market across several communities and counties so that you can make an informed decision about the next step in your real estate journey. In some counties, we saw growth; in other communities, home prices continued to decline year over year, though none drastically fell.
Have you ever wondered about the architectural changes in your neighborhood? If so, you're not alone. Recently, our colleague Linda Chou penned an insightful article for the Realogics Sotheby's International Realty blog that caught our attention. Linda, like many of us, was curious about the construction changes on her street. We found the contents of her article so informative and timely that we wanted to share it with our sphere.
Seattle, renowned for its scenic beauty and vibrant urban landscape, has seen a rising demand for luxury condo living. From waterfront residences like Infinity Shore Club Residences on Alki Beach offering breathtaking views of the Puget Sound to chic downtown high-rises like Graystone that put you right next to theaters and fine dining, it's evident: Now is the moment for condominium living in Seattle. It’s also important to note that some of the best condo deals we’re seeing this season are for older condo units, which can easily be updated for future returns. So, whether you opt for new construction or a condo brimming with potential, we have to ask….what’s driving this change in housing preferences? Well, it's the myriad advantages…
Building upon the Q1-2023 data, the present Western Washington real estate market maintains its cooler demeanor compared to the same period last year. The impacts of inflation and rising interest rates continue to exert a moderating influence on the market. The unprecedented surge witnessed in early 2022 has now transitioned into a more stable environment, marked by a decrease in frenzy. While it remains a seller’s market, buyers are adopting a more measured approach, taking additional time to deliberate their decisions.
Water defines life in the Pacific Northwest. Nowhere is this more true that in Western Washington, where urban lakes, Puget Sound, coastal shores, and idyllic islands entice the bold and beckon those who long for a respite. There is truly nothing like a piece of shoreline to call your own. With this in mind, Realogics Sotheby's International Realty presents the 2023 Waterfront Report to help inform the next steps on your selling or buying journey.
If you’ve seen many of the headlines, you may already be aware that inflation and rising interest rates cooled the market in the latter half of 2022. That slow pace carried into the first quarter of 2023, and while the headlines might suggest the housing market has been in a slump, many areas have simply not seen the skyrocketing growth that marked the pandemic-era housing boom. As a result, the median sold prices for single-family homes stayed relatively flat year over year.
There are many condominiums throughout Seattle to choose from. Let us help you narrow it down by giving you the inside scoop on which ones are our favorites and why!
Rich in history and striking architecture, Seattle’s First Hill neighborhood offers modern living in a beautiful setting. And First Hill’s newest condominium tower Graystone, set to open summer of 2023, boasts top-rated amenities, beautiful interiors, and a location that opens up a whole new world of dining, shopping, and entertainment possibilities. Check out the curated list below for some of the area’s best offerings.
Amid a shifting real estate market, the global real estate advisors of Realogics Sotheby’s International Realty continued to support their clients in achieving their real estate goals. A few of these transactions rise to the top, as representations of some of Western Washington’s finest homes…
What if your dream house wasn’t actually a house? More and more homebuyers are discovering the plentiful perks of opting for a condominium over a house. By sacrificing a little bit of square footage, you’re receiving more of everything else…
Just an hour south of Seattle, nestled on the shores of the South Puget Sound, holds the small town treasure of Gig Harbor, where you'll find postcard-perfect views, fine dining, boat tours, activities for the entire family, and irresistible small-town charm.
My seller’s three-bedroom, 1.5-bathroom home in Tacoma received 30 offers in one weekend after hitting the market. Even in the highly-competitive market we’ve been navigating in recent months, a total of 30 offers is remarkable. So, what brought on this frenzy?