the
Volume 9 | Issue 11
EYE ON THE
NOVEMBER 2018
market
As we near the end of 2018, the market has adjusted more closely to historical norms. With the Puget Sound region seeing a much more stable market compared to the brisk pace of the last few years, real estate professionals are pragmatic and taking it in stride.
For the first time since January 2015, King County ended September with 2.5 months of inventory. Although the current number indicates a healthy supply for the Puget Sound, experts hope to see the Seattle area increase its inventory to four to six months. The surplus in inventory is also good news for buyers, as prices have leveled out due to the rising number of listings. The month of August saw more listings in the Seattle area than at any other period in the last three years. The normalization of the market is due to a few factors, such as
DAYLIGHT SAVING
LOCAL
happenings
buyer’s fatigue from the summer months, and an increase in interest rates.
Buyers may see a slight decline in housing prices in this type of market and can now take their time without as much competition from foreign investors and multiple bidders. This shift towards a buyer’s market may also lead to more autonomy in negotiating contingency offers. A local real estate director told The Seattle Times that while homes often sell for above the asking price, the typical house is now selling at the original asking price. According to the most recent stats from the Northwest MLS, in Pierce County, the median single-family home closed-sale price was $352,750, in King County, it was $668,000, while Snohomish County reported $484,995. Compared to the same period last year, in Pierce County, the median singlefamily closed-sale-price increased by 10.67 percent, in King County by 6.88 percent and in Snohomish by 7.78 percent. Experts predict that we won’t be seeing a dramatic increase in prices relatively soon compared to prior months.
safety
The days before and after daylight-saving time can often see an increase in accidents at home and on the road. Here are a few tips for staying safe during this time: HOME: Check and replace the batteries and, in some areas, flooding. Prepare a in your smoke and carbon monoxide (CO) safety kit for your home that includes detectors. The Consumer Product Safety water, food, flashlights, batteries, Commission also recommends that you blankets and first aid supplies. check the age of your PERSONAL: There are reports every year detectors and that you of an increase in car and home accidents replace smoke detectors around the daylight-saving time clock older than 10 years and changes (in both fall and spring). Leading CO detectors older than up to turning the clocks back, gradually five years. Check the adjust your sleep schedule to the new small gauge on all fire time. Try to avoid building up a sleep extinguishers to ensure deficit before the time change. Just being the needle is still in the aware that you need to be more alert green. Inclement weather when the clocks change appears to can lead to power outages increase your safety. (continued on next page)
1-8 Seattle Restaurant Week srw.seattletimes.com 4 14th Annual Dia de los Muertos tacomaartmuseum.org 9-12 Seattle Int’l Auto Show seattleautoshow.com 10 Ceremony at Veterans Monument millcreektourism.com 10 South Sound Winter Beer Festival washingtonbeer.com 10 Veterans Day Parade | Auburn auburnwa.gov 10-11 Northwest Chocolate Festival nwchocolate.com 17 TEDxSeattle 2018: Tall Order tedxseattle.com 18 Winter Pineapple Classic experienceredmond.com 18 Hopelink’s 18th Annual Turkey Trot explorekirkland.com 23-30 Snowflake Lane snowflakelane.com 24 73rd Annual Holiday Tree Lighting (Tacoma) broadwaycenter.org 24 Magic in the Market pikeplacemarket.org 24-25 Santa Train trainmuseum.org 24-30 Garden d’Lights bellevuebotanical.org