DAVE ROSS

Is Puget Sound’s short-lived housing slowdown officially over?

Nov 10, 2019, 7:27 AM
Housing prices...
The Puget Sound housing market continues to shift. (Windermere)
(Windermere)

Throughout late 2018 and early 2019, housing prices in the Puget Sound region fell dramatically. Now, it would appear as though prices are on the way back up, during a part of the year where the opposite typically occurs.

Puget Sound housing market continues to favor buyers in 2019

“Normally, you see a slowdown as you come into the winter months,” Windermere Chief Economist Matthew Gardner told KIRO Radio’s Dave Ross.

Housing inventory jumped in late 2018, which had prices on a downward trajectory for the better part of 2019, driven by home owners looking to cash out on their investment before it was too late.

“A lot of investors were seeing at that point of time mortgage rates were rising up on, so price growth was slowing and saying, ‘OK, perhaps now is the right time to get rid of my investment house,'” Gardner said.

That inventory was quickly scooped up in recent months, now putting the region right back where it started in early 2018: With scarce, expensive options for buyers.

Year-over-year, King County inventory in October dipped by almost 26 percent, with similarly dramatic dips in Snohomish and Pierce Counties of 23.5 and 30 percent, respectively.

Still, Gardner notes that this is more of a course correction than a troubling trend for the future of the local housing market.

Why Puget Sound millennials are finally looking to buy homes

“The big drop [in inventory] quite frankly is because we saw a very large number of listings come on in middle to the latter part of 2018 — the natural pull-down is exaggerated,” he described.

Not everyone agrees with that assessment, though, with Coldwell Banker Bain President and COO Mike Grady pointing to more consistent median prices as an indicator.

“The most recent data certainly appears to bolster the idea of a ‘new normal,’ as we see the same trends continuing,” Grady said. “Inventory is staying between 1.7 and 2.3 months and median sales prices are stabilizing.”

Regardless, the Puget Sound region remains an expensive place to buy a home.

Dave Ross on KIRO Radio 97.3 FM
  • listen to dave rossTune in to KIRO Radio weekdays at 5am for Dave Ross on Seattle's Morning News.

Dave's Commentary

Dave Ross

Steve Bannon...
Dave Ross

Ross: The person who really needs to testify about Jan. 6 riot isn’t Steve Bannon

Steve Bannon may be the one summoned to testify in Congress about Jan. 6, but there's someone else who has more to answer for.
1 day ago
Freedom, vaccine mandate...
Dave Ross

Ross: Freedom requires level of unselfishness many in our country don’t have

Total freedom requires a level of unselfishness that doesn't come naturally for a lot of people, as we've seen firsthand with the state vaccine mandate.
2 days ago
car tabs, Orting...
Dave Ross

Ross: Did you vote for I-976 car tab cuts in 2019? Wish granted

While a vaccine mandate cost the ferry system 7% of its staff, let’s remember this is happening in a state that was ready to impose bigger cuts two years ago.
3 days ago
Vaccine...
Dave Ross

Ross: May we live long and prosper with our vaccine choices

Talk show host Dennis Praeger decided to put it all on the line to prove he’s right about vaccines.
4 days ago
Flu vaccine...
MyNorthwest Staff

A new ‘universal’ flu-COVID shot on the horizon, says local MD

Mercer Island’s Dr. Gordon Cohen discusses how future iterations of the COVID mRNA vaccine could also treat seasonal flu.
5 days ago
Crypto power plant...
Dave Ross

Ross: The troubling downside behind megawatts of crypto-power

Power plants feeding Bitcoin miners will create jobs, but they’ll do it by pumping CO2 into the air in service of creating more of the currency.
5 days ago

Sponsored Articles

...

Medicare open enrollment for 2022 starts Oct. 15 and SHIBA can help!

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.
...
Marysville Police Department

Police Opportunities in a Growing, Supportive Washington Community

Marysville PD is looking for both lateral and entry level officers. Begin or continue your career in law enforcement for a growing, supportive community.
...
Comcast

Small, Minority-Owned Businesses in King County and Pierce County Can Now Apply For $10,000 Relief Grants Through Comcast RISE

Businesses in King County and Pierce County can apply beginning on October 1, 2021, at www.ComcastRISE.com for a chance to receive a $10,000 relief grant.
Is Puget Sound’s short-lived housing slowdown officially over?