Introducing The Market Report: Puget Sound Real Estate Trends & 2015 Year in Review
The Market Report: Puget Sound Real Estate Trends & 2015 Year in Review is here. A comprehensive look at the 2015 real estate market in an exploration of seven key counties of Western Washington: King, Snohomish, Kitsap, Pierce, Jefferson and Island counties, as well as 29 neighborhoods for our current and prospective clients. The report touches on macroeconomic trends, the primary demand drivers influencing our regional real estate market in addition to micro markets that vary greatly from neighborhood to neighborhood. The year 2015 witnessed white-hot real estate conditions throughout the Puget Sound not seen since before the Great Recession. Prices of real estate catapulted higher in 2015, the result of tight supply and an influx of new buyers. A similar trajectory is expected in 2016: expanding demand, anemic supply and developers playing catch up to increasing homeownership levels.
The population of Issaquah grew by 9.5% from 2010 through 2015. Newcastle, about a third of Issaquah’s size, grew more slowly at 5.4%. SFRs comprise a greater share of Newcastle’s housing stock: 72.4% to Issaquah’s 50.9%. The area is a strong seller’s market, with supply averaging 40 days in 2015, 52 days in 2014, and 47 days in 2013.
Housing East of Lake Sammamish is predominantly single-family, with SFRs comprising 68.9% of homes in North Bend, 85. 5% in Snoqualmie, and 93.0% in Sammamish in 2015. The area has been a consistent seller’s market over the past three years, with inventory loosening in January and tightening each spring.
The duration of supply averaged 39 days in 2015, 55 in 2014, and 54 in 2013. Despite wide-ranging types of communities comprising this area, the median sale price east of Lake Sammamish was 35.4% higher in 2015 than that of King County generally. At 10.4%, sellers in 2015 enjoyed stronger year-over-year gains than those in 2014. The profile of deviation from listed prices is markedly similar to that found south of I-90, as prices in both areas are equally consistent with the countywide trend. This is especially true in the area north of the freeway, as prices have not appeared to vary frequently by more than one percent from list.
I invite you to flip through the book below to learn about how the market fared last year in Issaquah, Sammamish, Redmond and beyond!