The post-meeting statement of the Federal Reserve's Federal Open Market Committee indicated that while the Fed is considering raising its target rate as early as June, the agency is in no hurry to cast anything in cement. The statement cited stronger labor markets and low unemployment rates as encouraging, but noted that FOMC members remain concerned about economic growth due to low inflation failing to meet the FOMC goal of two percent.
Summary: The housing prices in Seattle are cooling, with prices lower than they were the same time last year. This presents buyers with a great opportunity to get into the market.
Recent housing market trends and forecasts for Seattle, Washington suggest that housing prices will continue to decline into 2020 as they have over the past 12 months. It seems as though Seattle housing prices have peaked and are now cooling.
Related: Washington Housing Forecast for 2019
Housing Prices Declining Into 2020
After peaking in the summer of 2018, housing prices in Seattle have been on a steady decline since, going from $752,000 in June 2018 to the current price of $714,600 as of July 2019. Real estate research firm Zillow anticipates that prices will continue to dip by another 3.9% over the next year.
This is a big difference from where the Seattle housing market has been over the previous six years up to mid-2018, where housing prices increased over 115%. During those years, average home prices in Seattle were increasing at a faster pace compared to most other centers across the nation.
Cool Seattle Housing Market Forecast for 2019/2020
The supply situation in Seattle has been rather tight over the past few years along with the high level of demand in the area, which is what has largely contributed to the rapid price gains in the area. But today, the inventory situation is much different.
There is currently more inventory available in the Seattle real estate market, which is among the reasons why the growth of housing prices has slowed over the recent past.
In fact, inventory has started to increase, according to Zillow.
Homes Spending More Time on the Market
In addition to the rise in inventory in Seattle, homes are also taking longer to sell. As of the end of January, 2019, the median number of days on the market for homes in Seattle was 47, which is about triple the amount of time from the same time 12 months before. For the first time in a while, buyers may have more negotiating power.
A Good Time to Buy in Seattle
Based on the above-mentioned trends, now may seem like a great time to buy in Seattle. Prices are much lower than they were a year ago, and the market may be favoring buyers a bit more for the first time in a while.
Related: Seattle Home Buyer Guide
Disclaimer: This story contains real estate trends and housing predictions for Seattle, Washington, extending into 2018. These statements and projections were made by third parties not associated with our company. We have compiled them here as a service to our blog readers.
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