Suburban housing market gains from Seattle exodus

Bellevue and Edmonds’ home prices continue to benefit because of the exodus from Seattle.

According to several real estate data sources, Bellevue median home prices reach as high as $1.9 million. Downtown Bellevue, which is mostly condos, is about $800,000.

The overall average for the eastside is $1.2 million, with positive monthly growth that remains relatively stable year-over-year.

The median price in Edmonds is $925,000, with houses on the market lasting more than a month before being sold.

The most significant home price change is in Seattle, where prices are still up year-to-year, but down as much as 14% month-to-month. Listings prices are averaging $850,000 with sold prices at $800,000, according to realtor.com.

Trends are showing homes have been on the market for more than a month for most areas in metro Seattle, and the listings are lean with home sellers less willing to dip their toes in the market.

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Juliet Beard, a Seattle real estate broker from Excel Properties, said we are edging into a buyers’ market.

“Most sellers are reluctant to put anything on the market because of the uncertainty right now,” Beard told MyNorthwest. “I will say that statistically, we have always experienced a lull coming into the holiday periods here with November and December. So that is normal.”

Listings are going down in all areas. “There are fewer listings and fewer sales,” Beard explained. For example, there are only three listings in Edmonds. “But this is also complicated by the uncertainty regarding the interest rates. And definitely that has affected housing. With the Federal Reserve saying they’re going to continue to raise interest rates. It’s obviously a real hit to the housing market.”

Beard and other real estate experts report the trend indicates Seattle home prices will go down as people leave the city. None of the realtors we spoke with wanted to be associated with the concept that crime continues to hurt the central Seattle market. They echo the position that until that is under control, the housing market will continue to decline.

“This was a good time for price correction,” Beard outlined. “Homes were inflated in Seattle and this is the bubble.”

However, Beard and others told MyNorthwest they see stabilization coming. “Prices are not going to fluctuate and go up or down as much as they were. If you’re a seller, regardless of whatever area you’re in, have your house in as pristine condition as possible, you’re going to get the best price in the shortest period of time.”

Beard said buyers could consider adjustable-rate mortgages until rates drop again. “There’s always going to be opportunities in real estate. Always have been, always will be.”