Suburban housing market gains from Seattle exodus

Bellevue and Edmonds’ residence costs proceed to learn due to the exodus from Seattle.

Based on a number of actual property information sources, Bellevue median residence costs attain as excessive as $1.9 million. Downtown Bellevue, which is usually condos, is about $800,000.

The general common for the eastside is $1.2 million, with optimistic month-to-month progress that continues to be comparatively secure year-over-year.

The median worth in Edmonds is $925,000, with homes available on the market lasting greater than a month earlier than being bought.

Essentially the most vital residence worth change is in Seattle, the place costs are nonetheless up year-to-year, however down as a lot as 14% month-to-month. Listings costs are averaging $850,000 with bought costs at $800,000, based on realtor.com.

Traits are exhibiting houses have been available on the market for greater than a month for many areas in metro Seattle, and the listings are lean with residence sellers much less prepared to dip their toes available in the market.

This Week: Client confidence, new residence gross sales, Apple earns

Juliet Beard, a Seattle actual property dealer from Excel Properties, stated we’re edging right into a consumers’ market.

“Most sellers are reluctant to place something available on the market due to the uncertainty proper now,” Beard advised MyNorthwest. “I’ll say that statistically, we’ve all the time skilled a lull coming into the vacation durations right here with November and December. So that’s regular.”

Listings are taking place in all areas. “There are fewer listings and fewer gross sales,” Beard defined. For instance, there are solely three listings in Edmonds. “However that is additionally sophisticated by the uncertainty concerning the rates of interest. And undoubtedly that has affected housing. With the Federal Reserve saying they’re going to proceed to boost rates of interest. It’s clearly an actual hit to the housing market.”

Beard and different actual property specialists report the development signifies Seattle residence costs will go down as folks go away town. Not one of the realtors we spoke with needed to be related to the idea that crime continues to harm the central Seattle market. They echo the place that till that’s underneath management, the housing market will proceed to say no.

“This was an excellent time for worth correction,” Beard outlined. “Houses have been inflated in Seattle and that is the bubble.”

Nonetheless, Beard and others advised MyNorthwest they see stabilization coming. “Costs usually are not going to fluctuate and go up or down as a lot as they have been. In case you’re a vendor, no matter no matter space you’re in, have your own home in as pristine situation as attainable, you’re going to get the perfect worth within the shortest time frame.”

Beard stated consumers might think about adjustable-rate mortgages till charges drop once more. “There’s all the time going to be alternatives in actual property. At all times have been, all the time shall be.”