[December 2017] – Seattle Real Estate Market in a Minute

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I’m Sean Reynolds from Summit Properties Northwest and Reynolds & Kline Appraisal. This is your market in a minute, everything you need to know in one minute about the Puget Sound real estate market for the month of December 2017. Since December is the end of the year, what we saw were kind of some year end numbers as well and for 2017 we saw a drop in inventory of about 19 percent and those are some of the lowest levels we’ve seen in the last decade. And yet despite the really low numbers of homes that are out there for sale, we still had pretty good pending sales numbers for December. So some interesting year end stats: homes throughout the entire 23 county MLS system were up about 11.4 percent and in King County, single-family homes were up, I think like 15 percent. Condos were up almost 28 percent. Those are some enormous numbers as far as price appreciation goes. And as far as overall inventory goes, the number of homes in the market system wide, we’ve only got 1.2 months, so that’s virtually nothing.

And in the King, Snohomish, and Pierce County type areas, we even got less than a month. So because of the lack of inventory I think you’re going to see a lot of what we saw in 2017 get transferred into 2018. I think it’ll even be amplified a little bit more because we have such little inventory right now. I don’t think your tax changes are going to have that much of an impact on the lower end pricing of homes, but in the upper end tears you might see a little bit of impact, and I also think we’re expecting to see some interest rates go up. That will impact things as well, but 2018 is ramping up to be another stellar year, especially here in the Seattle market.

I’m Sean Reynolds from Summit Properties Northwest and Reynolds & Kline Appraisal. I appreciate your taking the time to watch this video. Love to have you subscribe, like, or comment on this video. Again, thanks for watching. Bye.

Sean Reynolds

Sean Reynolds

The Owner and Designated Managing Broker of Summit Properties NW and Reynolds & Kline Appraisal.

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