With a nine percent increase year over year, Seattle continues to be among the top real estate markets in the nation. Along with cities such as Charlotte, North Carolina and Portland, Oregon, Seattle has a comfortable spot in most real estate top 20 lists – but why?
Local experts report that the cause is tied to a greater number of buyers than sellers in the renowned Northwestern city, resulting in a five percent rise in Seattle real estate prices from last year. But it’s not all good news: As with other large markets nationwide, sales are still down in Seattle, Washington – 12.5 percent from last year, to be exact.
This means that Seattle is still a buyer’s market; in fact, inventory is up 50 percent from July 2008. One local Seattle real estate expert attributes this to the wisdom of the consumer, saying, “Buyers are no longer feeling pressured to pull the trigger quickly and are slow to do unless the home they find is a winning combination of location, price and condition." Homes for sale in Seattle are indeed plentiful, new homes included; better still, many can be found listed between the high $100,000’s to $200,000’s. Puget Sound, Olympia, and Tacoma have their share of excellent deals as well, including green homes, condos, and single family detached estates.
Who wouldn’t want to live in the hottest real estate market in the U.S.? The only bad news, experts say, is that total sales volume in Seattle – as with other top markets – is still down double digits (the high figures recorded are sales dollars, not actual volume). This begs two questions: Will these numbers hold up while as inventory continues to increase? Or, will pricing drop in response to said increase? Even if the latter proves to be true, this may be to a buyer’s advantage. Either way, someone stands to benefit from the current Seattle market.