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News Reports Extol Falling Seattle Home Prices

A report from the Bellevue Reporter in Washington. “Julia Nordby, office leader of John L. Scott’s Bellevue-Main office, said that in the current market, brokers have had to brush up on handling difficult pricing conversations with sellers, particularly those who want to market the home at a higher price than is warranted by current sales activity.”

“‘Recent sales activity takes into account more than just the final sales price,’ Nordby said. ‘It also considers how many buyers were interested in the home. How many offers were there? What was the open house activity? What was the pricing activity? Did the seller start out higher and then go through a round of price reductions?'”

From the Seattle PI. “While news reports extol falling Seattle home prices, and to an extent that is true, Seattle’s condo market bucked the trend in September. The citywide median sales price rose 10.52% year-over-year and 2.1% over the prior month to $515,000. Though, that is not likely to last as we’re moving towards the slow season and inventory is increasing considerably.”

“The number of active Seattle condo listings for sale in the MLS increased by 164% over last September to 616 units. To provide some perspective, this is the most units for sale since April of 2012…the condo market had bottomed out in February 2012.”

“The number of closed Seattle condo sales dipped to 170 units reflecting a 32.3% year-over-year and 23.4% one-month reduction, respectively. And, with increased inventory, the market will reflect lower prices providing buyers with better purchase opportunities.”

This Post Has 20 Comments
  1. Eeee-bola Bellevue!

    ‘this is the most units for sale since April of 2012…the condo market had bottomed out in February 2012’

    Oh dear…

    1. That’s just Seattle actually. The first article covers Bellevue and the prices there are even more ridiculous. On top of the price, you also have a minimum of $400 per month condo fees forever. Some even have fees of $800 per. I’m rent a 2 bedroom condo for half the cost of a mortgage on the same unit.

  2. “The number of active Seattle condo listings for sale in the MLS increased by 164% over last September to 616 units. To provide some perspective, this is the most units for sale since April of 2012…the condo market had bottomed out in February 2012.”

    What was the interest rate then??? Truly a double bubble.

  3. “The number of closed Seattle condo sales dipped to 170 units reflecting a 32.3% year-over-year and 23.4% one-month reduction, respectively. And, with increased inventory, the market will reflect lower prices providing buyers with better purchase opportunities.”

    Congrats to the 170 buyers! You time the market well and brought at top of Housing Bubble 2.0. Your prize will be….

  4. If their market is anything like ours, those numbers do not include new units or those in complexes with on site sales offices. Units like these are often not marketed through mls. If they have a lot of construction going on, thier inventory might be considerably higher. Another scarry thing is that they are at 2012 levels this early in a market shift. Can’t wait to see their stats in 6 months. The uptick in median price is likely due to price reductions in units that were priced initially higher. Those are the smart ones. The denial folks are the hogs that get slaughtered. Also, like 12 years ago, some cities were bell weather locations and other places fell in line with time. Would not be a buyer at present, but monitoring for deals.

    1. The way on savers ended when a non globalists was elected president, as has interventions by the plunge protection team. What we are seeing is more normal markets

  5. Has anyone noticed that Zestimates for previous months are changing. Where I live, the August Zestimate was lower than July. Then mid-September came, and suddenly August was higher than July, but September was lower than August. Now it’s mid-October, and suddenly September is higher than August, but October is lower than September. They are increasing the numbers for each month like two weeks after the month is over.

  6. Don’t just read these Realtorbabble articles, analyze them, study them.

    This is the headline:

    “Report: Denver metro home sales fall, but prices still at record levels”

    The line below that above the link on the main 7News site to the article reads:

    “If you’re looking to buy a home in metro Denver, now might be the time to strike.”

    After you click on the article link that second line reads:

    “Denver metro winter home sales see shifting trend”

    https://www.thedenverchannel.com/news/our-colorado/report-denver-metro-home-sales-fall-but-prices-still-at-record-levels

    Hey Realtor, can you explain how time to strike will benefit from shifting trend?

    Realtor?

    Is there a Realtor in the house this morning?

  7. New apartment flipping:

    CA Ventures putting 320-unit South Loop apartment complex up for sale
    The Real Deal-13 hours ago
    CA Ventures is looking to sell its just-completed 320-unit apartment complex in the … which will add 800 luxury apartments when it opens at 1200 South Indiana …

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