The real-estate market in Seattle has turned from boom to bust in less than a year, according to a new report from RealtyTrac.
The real estate industry has a number of different types of buyers, and Realtytrac found that buyers who are interested in buying in the Seattle market have less incentive to do so now than they did in the beginning of the year.
The report shows that the average annual return on a $1.5 million home has dropped by about 2.3 percent in the first three months of 2018, compared to the same time period in 2018.
That’s because many of the sellers are closing on the homes and are paying for the inventory, according the report.
“The number of buyers is dropping and it’s becoming less attractive for people to buy,” said Chris Lohman, chief economist at Realty Trac.
“We’re seeing that as a negative impact to the rate at which home prices are going up.”
In 2018, there were 6,943 new listings in the area, according Realtybrac.
Those numbers have decreased from 7,818 in 2017, with the majority of those listings being for properties that have sold.
The average price of a new home sold in the Puget Sound region in 2018 was $7,700, according data from Zillow.
That’s compared to $8,000 in 2017.
Realty Brac’s analysis shows that some of the reasons that sales have decreased in Seattle are due to buyer anxiety and the fact that the market is more expensive than it was in the early days of the real estate boom.
The number one factor affecting the rate on new home sales is the amount of inventory that the sellers have to sell, said Lohmen.
The number of homes that are available to sell in the market in 2018 has dropped from 5,922 in 2017 to 3,892 in 2018, according Zillows data.
That means fewer sellers are available.
“In 2017, we were in a period where people were buying a lot of properties and then selling those properties,” Lohmans said.
“In 2018 we’re seeing fewer homes available to be sold, and more buyers are choosing to sell them.”
In 2017 there were 4,974 new listings and 3,945 were for homes that had sold.
In 2018 there are 3,085 homes on the market for sale in Seattle.
Realtors say that there are more new home listings in Seattle than there were in 2017 when the average price for a home was $1,600.
Lohmans also noted that buyers are paying more for homes in the city because the cost of living has gone up.
He said that buyers will be willing to pay more for a property if it is in a less expensive neighborhood or if the home is closer to work or schools.
“It’s not just because of the prices,” Lomhans said.
In 2017, there was a $12,500 annual median home value in Seattle, according Toilolo.
That number is $15,300 in 2018 and is $30,700 in 2019.
In the end, Lohs said that Seattle is still a strong place to buy a home and that the economy is not looking like it is going to recover for quite some time.
“We’re still seeing lots of pent-up demand in Seattle,” Lohns said.