Taking Stock…

Far be it for me to take a contradictory point of view :-), but reading the papers lately could give one the impression that the local real estate market has been in a steady state of decline for a year now. I don’t see it.

Market stats for the month of June came out this week and halfway through the year is a good place to stop and take stock. The Seattle Times and others dutifully reported that home prices for the month of June were off 3.9% vs. the same month a year ago, which is accurate but misleading. Pull back to 20,000 feet and you’ll see that while prices were declining during the second half of last year, in most neighborhoods prices have actually climbed slowly but steadily through the first half of 2019.

We haven’t completely erased the declines from the back half of last year, but the trajectory is actually positive and our economic forecasts look good moving forward. Some of the actual numbers are below and can also be seen in the graph included in the Times story.

Median Home Price (Eastside)
June ’18 $977,759
Dec. ’18 $908,762 (-7.0%)
June ’19 $950,000 (+4.5%)
June YOY -2.8%

Median Home Price (Seattle)
June ’18 $812,500
Dec. ’18 $739,000 (-9.0%)
June ’19 $781,000 (+5.6%)
June YOY -3.9%
* Source: NWMLS

Obviously, these numbers don’t tell the whole story and there are subtleties at play depending on your neighborhood, price point, time frame, etc. You’ll want to have everything on the table before making any decisions, so let me know if I can help shed some light on your specific situation.

Enjoy the summer!