Matt Holmes

Matt Holmes

Co-founder at CoBuy
Global explorer. Dual US/UK national. Former investment banker. Real estate enthusiast. Rock&roll lover.
Matt Holmes

We surveyed 20 top real estate pros from our network of agents, loan officers, and builders in and around Seattle to get the skinny on what’s going down in the Seattle housing market.  Data is a funny thing – often sliced, diced, and compiled to suit a purpose.  Our goal is simple: ask people who are well-positioned in the market what they’re seeing.  We asked 10 multiple choice questions + 1 open-ended question, and we’ll do the same next month.  

Prices up, but inventory improves 

As we cruise towards summertime in the Pacific Northwest, many real estate pundits are suggesting that the high and rising property prices we are seeing locally are the new norm.  This theme is not uncommon among the popular metros across the nation. Unemployment in many of these metros is near record lows, populations are growing, regulation hinders the supply side of the equation, and there are trends towards eco-friendly sustainability.  The result is higher costs and extended production lifecycles in building and development. The existing housing stock is aged and finite. A recent Reuters poll supports the theme of rising home prices.

Across the Greater Seattle housing market, we are seeing some improvement on the inventory side.  Despite this greenshoot, few commentators expect a market correction in the near term. Some economists expect the rate of home price appreciation to ease, due in part to the expectation of further rate hikes.

Overall, rising prices continue to challenge many prospective buyers.  A fundamental mismatch in the supply and demand persists. Strong job growth is attracting new, highly-paid professionals to the area.  This is where creative solutions come to the rescue, and CoBuy is here to help.

Key Takeaways Across Seattle Housing Market

 The majority of respondents expect home prices to rise over the next 3 months

 Competition amongst buyers is similar to last month

Inventory shows signs of improvement month on month

Buyer traffic is up slightly over the past month

85% of respondents said buyers are placing 3+ offers before having an offer accepted

90% of listings are receiving 3 or more offers

Seller concessions remain rare

Some respondents to our poll said they are seeing low appraisals come in

Here’s what some of our respondents had to say about the Seattle housing market:

“…solid financing is more important than ever.

Increasing inventory, less multi-offer situations.

I have had several listings and buyers in Shoreline / North West Seattle so I’ve been watching that area daily and I have noticed some homes have had price reductions. I believe the homes are getting listed closer to the sale price (so less offers). Agents have reported listings going past their review date only to sell in the next few days. Of course there are still tons of multiple offer situations, but a little change in the market I believe.

It seem as though there are fewer offers and buyers are finding homes faster than in previous months. I don’t know if buyers are narrowing scope and making higher offers that secure [the deal] or if there is simply less competition.

The market seems to have taken an early jump into the slower summer months. We are seeing more inventory in most markets with properties staying online longer except in the hottest/close-in Seattle markets.

Here’s what Peggy Foster, a CoBuy-certified™ real estate agent, had to say about using CoBuy for her own personal transaction.

Survey Responses

Here are the raw survey results from our network of real estate professionals:

Over the next 3 months, home prices in Seattle will…

For more info on how to get in on the housing market, check out CoBuy or subscribe to our mailing list.  Our online platform makes it easy to buy a home with friends, family, or a loved one.  We guide you through the process from start to finish, assisting with planning, joint financing, and preparing a co-ownership agreement.

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