This article is part of an ongoing blog series that examines housing market conditions across the Seattle metro area. In previous reports, we’ve looked at cities like Bellevue, Federal Way, and Redmond. Today, we’ll zero in on the Sammamish real estate market located east of Seattle. This information should be helpful for anyone buying a home in Sammamish, Washington in late 2018 or in 2019.
Market Snapshot for Sammamish Home Buyers
During 2018, the real estate market in Sammamish, Washington has shown signs of a cooling trend. Home prices in the area are still rising (and probably will be for the foreseeable future), but they are doing so at a slower pace than in the past. This formerly red-hot housing market might be returning to “normal,” at least in terms of year-over-year home price gains.
As of September 2018, the median home value in Sammamish, Washington had risen to $931,500. That was a gain of 6.3% from a year earlier, marking a slowdown from what we were seeing around this time last year.
Looking ahead, the economic research team at Zillow recently forecast that the median home value for Sammamish would rise by around 4.5% over the next year (extending into September 2019). Granted, that’s just one prediction. But it mirrors the reports and commentary coming from other expert sources as well. The general consensus is that home prices across the Seattle metro area could rise more slowly going into 2019, compared to the past couple of years.
So that’s the first thing to know about buying a home in Sammamish. House values in the city have risen steadily over the past few years. And while they are expected to continue climbing through this year and into 2019, they might do so at a slower pace.
More Housing Supply in 2019?
One of the big trends we’ve been following is an increase in housing supply across the Seattle metro area. It’s a big deal, because our area has had one of the “tightest” real estate markets for the last couple of years, with limited inventory and high demand.
According to a September 2018 report from the Northwest Multiple Listing Service:
“House-hunters in Western Washington can choose from the largest supply of homes in three years, and they are facing fewer bidding wars. In Clark County, inventory doubled from a year ago … King County was runner-up with a 74.3 percent increase.”
To be clear, the real estate market in Sammamish is still pretty tight from an inventory standpoint. As of August 2018, the city had about a 2.2-month supply of homes listed for sale. That’s more of a seller’s market, than a buyer’s. But that figure also represents an uptick in inventory. There are many more homes listed for sale in Sammamish today, as of September 2018, than there were a year ago.
Of course, in a real estate context there’s a big difference between a “cooling” market and a “cold” one. The housing market in Sammamish, Washington is still very active. This becomes evident when you look at the typical selling time.
In August, homes listed for sale in the city spent a median of 15 days on the market before going under contract. That was much lower than the national median of 37 days for that same month. This indicates that homes are still selling pretty quickly in Sammamish.
Recap: Here are the key points to keep in mind when buying a home in Sammamish in late 2018 or 2019. Home prices have appreciated steadily over the past few years, but they appear to be slowing down. With that being said, analysts predict that the median house value for Sammamish will keep climbing into 2019. There’s a bit more inventory coming onto the market, which is a positive development for home buyers. But it’s still an active and competitive real estate market, due to the relative shortage of supply.
Have questions? Sammamish Mortgage is a local, family-owned company based in Bellevue, Washington. We serve the entire state, as well as the broader Pacific Northwest region. Please contact us if you have mortgage-related questions.