Seattle-based Redfin recently announced that the Emerald City is experiencing a larger housing slowdown than any other US city.
SEATTLE – According to Redfin, the Seattle housing market is cooling down faster than any other city in the US.
“I don’t think Seattle is that different, it’s more expensive than a regular market, so it’s vulnerable to fluctuations in mortgage rates,” said Dylan Fairweather, chief economist at Redfin. “.
The company attributes the cooldown to high mortgage rates, inflation, and economic uncertainty.
“Those high mortgage rates really add up a lot of dollars in an expensive market like Seattle,” says Fairweather.
Now we are seeing the results. According to the Northwest Multidisciplinary Registry Service, a nonprofit that tracks Real Estate in Washington, homes have been on the market longer than in 2021. In September of this year, the inventory of homes was about approx. two months.
Ginger York told Marketplace Sotheby’s International Realty: “In April, we had about ten days, fourteen days at most. So there’s a huge difference between now and the peak of our inventory. market”.
York says homes are also reducing listing prices, giving buyers more bargaining power.
“Back in April, they had 2-3 homes to choose from, now they have 10 to 20 homes to choose from and that can give them access to their favorite neighborhoods,” York said.
While home prices are falling, the median home price is still higher than last year in Seattle. In September 2021, the median sale price of a home in Seattle was $765,000; In September 2022 it was at $815,000.
“Our market for King, Pierce and Snohomish counties is still up 5.1% through September and well into 2021. So sellers still benefit,” York said.
Interest rates are currently at 7%, which is warning some people who don’t want to get into this market. With so many unknowns, KING 5 asked Fairweather about future predictions.
“For the most part, we expect home prices to stay flat, and that means house prices go up when they go down. Both scenarios are likely,” Fairweather said.
https://www.king5.com/article/news/local/seattle/seattle-housing-inventory-grows-cooling-market/281-34c6796c-a575-42a4-b3a0-4eb58ac783a8 Seattle housing market sees uptick in supply, length of time homes are available