Real Estate Market Review and Trends 2017/18
2017/18 Market Review
As of January 2018, single-family home prices in the Puget Sound region were 12.86 percent higher than 12 months before, and prices were 0.73 percent ahead of those in December. On a monthly basis, home prices in San Diego grew slightly faster, at 0.76 percent. Yet year over year, Seattle’s nearest West Coast competitor was San Francisco, where home prices are up by 10.2 percent since January 2017. Further inland, Las Vegas home sellers saw prices 11.1 percent higher than this time last year.
David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices, observed in the official Case Shiller report: “Since the market bottom in December 2012, the S&P CoreLogic Case-Shiller National Home Price Index has climbed at a 4.7% real–inflation adjusted–annual rate. That is twice the rate of economic growth as measured by the GDP.” Noting Seattle’s historic performance, he added, “Even Chicago and Washington, the cities with the smallest price gains, saw a 2.4% annual increase in home prices.”
Another year has passed, as have many pivotal milestones for Realogics Sotheby’s International Realty(RSIR), our brand and the local housing market that we serve. The Seattle/Bellevue metro area led the nation all year with median home price increases, according to the S&P CoreLogic Case-Shiller Home Price Index and despite the anemic inventory levels, our brokers generated $1.5 billion in sales volume – the greatest such production on a per-broker basis compared with the top ten largest real estate brands in the Northwest Multiple Lisitng Service (per Trendgraphix research). Globally, our brand garnered $108 billion in sales represented by 950 offices in 69 countries and territories with more than 22,000 sales associates. Website visitations at SothebysRealty.com increased 25 percent to 27 million unique visitors with 57 percent of this traffic originating from international markets.
Sotheby’s International Realty was also again recognized by LifeStory Research as the “Most Trusted Residential Real Estate Brokerage” in the United States, while our parent company, Realogy Corp, was noted among the “World’s Most Ethical Companies” for the seventh year in a row, according to The Ethisphere Institute. Our acclaimed Research Editor and Data Analyst, William Hillis, has assembled a year-over-year performance review of eight key counties and 29 regional markets. We offer these thoughts, as well as trends to watch, as a conversation starter with our experienced brokers who live and work in your neighborhood.
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