Seattle Real Estate Market Summary

Seattle is the largest city in Pacific Northwest and Seattle metropolitan area of around 4 million residents is the 15th largest metropolitan area in the US. Settle Metro real estate reached its peak in Jun 2007 with median home value at $379K; the market bottomed out in Feb, 2012 with median home value at $253k, a drop of 33% from the peak.  The home price of Seattle is much lower compares to other big cities such as New York, San Francisco, San Jose, Honolulu, Boston etc. Even the price rise a lot during the bubble, the price didn’t rise as much as high as Las Vegas, Miami or Phoenix.  Compares to other city, Seattle’s home price is relatively stable. Seattle is an ideal place for mid-long term investment with lower risk compares to other Metro city. The price won’t be easily doubled in the next 5 years, but the trend is set up for a healthy increase.

The home price has been rising steadily over the past year, as the growing seals and shrinking inventory keep the demand high; the median home price reached $289k, a 14% increase compared to the bottom.  The current price is roughly the same as the price of Jan, 2005. As the demand continues to rise, there are more new listings in the recent months. However, those new listings haven’t been able to increase the inventory levels because the home sale volume also managed to keep up. The total inventory of available home for sale in Seattle is just down to 1.5 month.  A quality home can easily attract multiple offers. The competition was very intensive in Q1 and Q2; it has cooled down a little bit in July, which might be due to the rising mortgage rate. The little “cool down” doesn’t affect the quality home much, 32% of homes are pending in 1 week and 46% homes are pending in 2 weeks.

Seattle Metro area has several major cities including Seattle, Bellevue, Redmond, Kirkland, Issaquah and Sammamish. Those major cities offer best investment and purchasing opportunities. The average house price of the major cities is higher than the Seattle metro average.  You may find very good information about those cities in trulia.com.

e.g. http://www.trulia.com/real_estate/Seattle-Washington/

http://www.trulia.com/real_estate/Bellevue-Washington/

Good house needs to be in the neighborhood with good schools. While Trulia.com has good information about the schools,schooldigger.com has better information about school ranking. If you need detail information about the school, it is the place to go.