Seattle Real Estate Market in a Minute Update | August 2018

Seattle Real Estate Market in a Minute Update | August 2018

00:00 I’m Sean Reynolds, the owner of Summit
Properties NW and Reynolds & Kline Appraisal. This is your market in a minute for the month
of August 2018. Everything you need to know about the puget
sound real estate market 00:10 in one minute. 00:19 Home buyers in western Washington can
now choose from the largest supply of available inventory that we’ve had in the past three
years and you’re staying on the market longer and more inventory is coming on. I think a lot of this has to do with unrealistic
pricing by sellers. The market has shifted and sellers’ expectations
of what they can get for their home hasn’t. Does this mean were in a buyer’s market now? No, it doesn’t. So system wide, we’ve got about just about
two months of available inventory. In a normal market you would have between
four and six months of inventory for buyers to look at. Buyers are taking more time to make their
home purchase and they aren’t feeling the pressure that they have over the last few
years. Buyers can now make an offer contingent on
the sale of their existing home. They can even request things like a building
inspection or financing to be part of their offer, things they couldn’t do over the last
few years in the greater puget sound market, what we’re seeing as a normal market slowing,
not a crash. But relative to our red hot real estate market
of the past few years. 01:19 It kind of feels like the crash. Seattle was no longer the number one home
appreciating market in the US. That title now goes to Las Vegas to put our
real estate run into perspective. Seattle was the number one appreciating city
in the US for 21 straight months, starting in August of 2016. That run was only second to Portland having
a 23 month run of appreciation in the early 1990s. One of my favorite quotes from this month’s
MLS news release was you can’t underprice a home, but you can overprice it, so pricing
is critical in today’s market. Thank you for watching this months market
in a minute, we’ll catch you on the next one.

3 thoughts on “Seattle Real Estate Market in a Minute Update | August 2018

  1. Seattle median home price down 70,000 in 3 months!

  2. Down 50,000$ in August alone!

  3. Inventory up 74% in King County alone!

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