Report: Seattle seeing more homes for sale for less money in 2019

May 16, 2019, 2:36 PM | Updated: Nov 14, 2019, 1:41 pm

Seattle housing prices, inventory, relief...

A Redfin real estate yard sign is pictured in front of a house for sale in Seattle, Washington. (Photo by Stephen Brashear/Getty Images for Redfin)

(Photo by Stephen Brashear/Getty Images for Redfin)

A recent report from Redfin reveals that while significantly more homes are available for sale in Seattle, the city is still seeing a decrease in prices over last year.

RELATED: Puget Sound housing market continues to favor buyers
RELATED: Seattle housing market continues downward trajectory

The report notes a 1.3 percent drop in the median sale price for homes in Seattle over April 2018. Of the 85 metropolitan areas Redfin tracks, Seattle was among just five that saw a year-over-year decline (joined by San Jose, New Haven, CT, San Francisco, and Portland).

That dip comes alongside a 57 percent increase in total homes for sale, second only to San Jose.

While the rest of the country has seen decreases in supply and flattened sales, the opposite has occurred in Seattle. Redfin chief economist Daryl Fairweather points to low mortgage rates as one of the primary reasons behind this shift in the Emerald City.

“When mortgage rates go down, as they began to do in late November, it takes a few months for buyers to react,” said Fairweather. “Expensive metros like Seattle and Los Angeles have been the most sensitive to changes in rates because you have to borrow more to afford a home in those markets.”

That said, demand for homes in the Greater Seattle Area has still been significant.

Seattle and Tacoma share the title of being the fastest markets in Redfin’s report — homes in both cities boast a median of nine days on the market before selling. Tacoma also ranked as one of the most competitive cities in the country for home buyers, with 47.2 percent of sales coming in above list price.

The buyer’s market in Seattle tracks with larger trends in the rest of King County, where inventory increased 78.5 percent over last April, while prices dipped 4.83 percent.

That’s a downturn Windermere Chief Economist Matthew Gardner labels “a move back to reality” that the region has been awaiting “for almost 20 years.”

“The big pitch we’re looking at right now is a move back towards balance,” Gardner told KIRO Radio’s Dave Ross in early-May.

MyNorthwest News

Image: A person wears a T-shirt with the names of Kristin Smith, Charity Lynn Perry, Joanna Speaks,...

Associated Press

Man probed in deaths of women in northwest Oregon indicted in 3 killings

A man who has been under investigation in the deaths of four women whose bodies were found across northwest Oregon has been indicted.

5 hours ago

Image: Tacos are displayed at a charity event in October 2017 in Culver City, California....

Steve Coogan

Are tacos and burritos sandwiches? KIRO hosts say no, but a judge says yes

An Indiana judge who declared that "tacos and burritos are Mexican-style sandwiches" has cleared the way for the opening of a new restaurant.

9 hours ago

Image: The headquarters for The Boeing Company can be seen in Arlington, Virginia, on Jan. 31, 2024...

Associated Press

Police conclude investigation into suicide of Boeing whistleblower

A former manager who raised safety questions about the aircraft maker and, later, was found dead took his own life, police said Friday.

12 hours ago

Image: On May 17, 1980, Carolyn Driedger examines a piece of measuring equipment at Coldwater2, the...

Feliks Banel

‘We got a real gut punch from it:’ Scientist recalls deadly Mount St. Helens eruption

This weekend is the 44th anniversary of the 1980 eruption of Mount St. Helens, a major event for those who remember it or know the history.

14 hours ago

Photo: A Seattle resident was reunited with their RV after it had been stolen but who helped them b...

Samantha Lomibao, KIRO 7 News

RV stolen from Seattle finally recovered months later, but there’s a twist

A Seattle resident was reunited with their RV after it had been stolen but who helped them bring it home isn't who you would expect.

1 day ago

Photo: Pro-Palestinian protesters have set up an encampment at the UW campus....

Sam Campbell

Protesters at UW encampment harass, shine laser in eye of photojournalist

A FOX 13 photographer was harassed and had a laser shined in his eye while filming near the pro-Palestinian UW encampment this week.

1 day ago

Report: Seattle seeing more homes for sale for less money in 2019