LOCAL NEWS

Puget Sound housing market continues to favor buyers in 2019

May 6, 2019, 3:08 PM | Updated: May 7, 2019, 9:12 am
Puget Sound housing market...
(Windermere Real Estate)
(Windermere Real Estate)

The housing market in the Puget Sound region continues to favor buyers far more than it did in 2018, with active listings increasing, and prices leveling out.

RELATED: Puget Sound housing market roars back to life in March
RELATED: Seattle housing market continues downward trajectory

“As we head into the prime buying and selling season, we’re seeing better news for buyers in King County,” said Coldwell Banker Bain president and COO Mike Grady, in the latest report from the Northwest Multiple Listing Service.

The median price for a residential home in King County increased by just over 3 percent between March and April, but dipped 4.83 percent compared to April 2018. Snohomish County’s median residential home price saw a 1.18 drop from last year at this time, with homes in Pierce County actually seeing an increase of just under 5 percent.

That came as King County saw a massive 78.5 percent growth in inventory over 2018, following closely by Snohomish County at 57 percent.

This all is a stark difference from Puget Sound’s booming seller’s market in past years, to one where buyers have more time to make decisions, and more options to choose from.

“Buyers now have three-to-four weeks instead of three-to-four days to make a decision,” Grady said.

In terms of why median prices over last year seem to be dropping, that can be attributed to a number of factors, including more inventory, lower interest rates, and a steady economy.

According to one estimate, mortgage rates are averaging just 4.4 percent for a 30-year fixed loan. That in turn has led to two demographics competing as buyers: Older homeowners trading down to smaller houses, and first-time buyers looking for value.

That being so, RE/MAX principal managing broker Dick Beeson noted that buyers should still be “ready to rumble,” with the market generally tending to heat up in the summer months.

In the days ahead, price increases are still likely to continue slowing down compared to last year.

“We are very slowly trending away from a complete seller’s market, instead of double-digit increases we saw in 2018,” said Grady.

Meanwhile, things continue to be difficult for renters in the state’s biggest metropolitan area.

According to a report from Apartment List, median rents in Seattle increased for the fourth straight month in April, since a decline in December. Boasting the most expensive rent of any city in the Seattle metro area is Bellevue, with a 0.4 increase over March, and a 2.6 percent increase over last year.

Local News

Troyer, Pierce County...
Nicole Jennings

Trial date for Pierce County Sheriff Troyer set for July 2022

Just as a trial date has been set for Pierce County Sheriff Ed Troyer, his department is facing challenges in recruiting new officers.
1 day ago
shooting, shootings, gun violence...
Stephanie Klein

Report confirms uptick in shootings across King County, Seattle

King County Prosecuting Attorney's Office released an updated report on gun violence data after a rash of shootings.
1 day ago
Chappelle...
Stephanie Klein

Dave Chappelle coming to Seattle’s Climate Pledge Arena

Comedian Dave Chappelle is coming to Climate Pledge Arena for a show on New Year's Eve.
1 day ago
Jay Inslee, reopen, vaccine requirements, long term care tax...
Nick Bowman

Gov. Inslee: ‘May be possible’ to delay long-term care tax while lawmakers work through issues

Gov. Jay Inslee says that he is working with state lawmakers to discuss the possibility of postponing a long-term care tax taking effect in 2022.
1 day ago
(Getty image)...
Stephanie Klein

Seattle police investigating 5 shootings overnight

Seattle police are investigating five shootings in the past 24-hour period. Two people were injured.
1 day ago
Republicans, redistricting...
Nick Bowman

State Supreme Court allows late-arriving redistricting maps to move forward

The state Supreme Court n will allow new legislative and congressional maps submitted late by the state's redistricting commission to move forward. 
1 day ago

Sponsored Articles

...
Experience Anacortes

Coastal Christmas Celebration Week in Anacortes

With minimal travel time required and every activity under the sun, Anacortes is the perfect vacation spot for all ages.
...

Delayed-Onset PTSD: Signs and Symptoms

Lakeside-Milam Recovery Centers SPONSORED — You’re probably familiar with post-traumatic stress disorder. Often abbreviated as PTSD, this condition is diagnosed when a person experiences a set of symptoms for at least a month after a traumatic event. However, for some people, these issues take longer to develop. This results in a diagnosis of delayed-onset PTSD […]
...

Medicare open enrollment ends Dec. 7. Free unbiased help is here!

Washington State Office of the Insurance Commissioner SPONSORED — Medicare’s Open Enrollment Period, also called the Annual Election Period, is Oct. 15 to Dec. 7. During this time, people enrolled in Medicare can: Switch from Original Medicare to a Medicare Advantage plan and vice versa. Join, drop or switch a Part D prescription drug plan, […]
...

How to Have a Stress-Free Real Estate Experience

The real estate industry has adapted and sellers are taking full advantage of new real estate models. One of which is Every Door Real Estate.
...
IQ Air

How Poor Air Quality Is Affecting Our Future Athletes

You cannot control your child’s breathing environment 100% of the time, but you can make a huge impact.
...
Swedish Health Services

Special Coverage: National Prostate Cancer Awareness Month

There are a wide variety of treatment options available for men with prostate cancer. The most technologically advanced treatment option in the Northwest is Stereotactic Body Radiation Therapy using the CyberKnife platform.
Puget Sound housing market continues to favor buyers in 2019