Hot Seattle Residential Real Estate Called ‘Surge Market’

When Dolly Lenz, called the queen of U.S. real estate, speaks, people listen. And that’s what a select group of John L. Scott Real Estate high-end luxury real estate agents did when Lenz and real estate appraiser and consultant Alan Pope of Alan L. Pope and Associates spoke at a recent breakfast put on by John L. Scott for their top sellers.

As vice chairman of Prudential Douglas Elliman in New York City, Lenz has sold more than $7 billion in real estate, more than double the next top agent in the country. This was her first time in Seattle. She loved it and spoke of increasing opportunities in the real estate market.

Pope says the market in our metro area is up 15 percent and that he is seeing the same kind of buying frenzy that he saw six years ago.

“Yes, it has been a fabulous recovery in the housing market,” says Lennox Scott, chairman and CEO of John L .Scott Real Estate. “I saw it formulating 18 months ago. The confidence of local homebuyers has come back strong,” he says.

Scott says sales for his company are up 25 percent in the last 18 months and called the sales activity “a strong to surge market. The last four months has definitely been a surge,” he says, “fueled by the fact that there is such a strong economy with historically low interest rates.”

The Seattle area is one of the top markets in the nation, with strong job growth. Scott points to a shortage of housing inventory on both the West and East coasts. “And in our area there’s a one- to two-month supply of homes available. A healthy market is 5-6 months of inventory.”

And, he says, the shortage is happening in the above $1 million range as well. “In King County, we are down to a four-months supply in houses above $1 million. A healthy market would be six- to seven-months supply.”

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2012 HOUSING TRENDS

The National real estate market continues to maintain steady growth and appreciation, as evidenced by the latest Case-Shiller Index, which showed steady increases in month over month home prices, across 20 major metropolitan areas. Since the beginning of 2012, the indexes have risen 3.5%, a sign that the bottom of the market may indeed be behind us. What is even more encouraging is the year over year appreciation, as noted by the index, posting the first positive numbers since the end of the home buyer’s tax credit of 2010.

As the housing market gains strength, the inventory of both new and existing homes has dwindled. Motivated buyers are moving off the fence to take advantage of the historically low rates and adjusted prices. Because of this, multiple offer situations have become increasingly common and have intensified the market. The strong sales activity has triggered prices to rise in the more affordable and mid price ranges as well as the higher price ranges near job centers; signaling a flip in the market.

Initiated by the elevated number of residential investors and local home buyers gaining confidence and reentering the market, the Northwest housing market has seen a surge of buyers.

Another market trend we have observed is the increase in the use of mobile technology among both buyers and sellers. The John L. Scott mobile app gives buyers an extra edge when searching for a home and gives sellers targeted exposure to quickly and successfully sell their home.

These indicators show that moving into 2013 we will likely see a continuing of the fundamental strengthening of the local real

2011 Office Award

Illustration of a gold Award star ribbon devic...

(Photo credit: Wikipedia)

We had our Annual Breakfast Award today  March 20th for 2011!! What a great year we had, here is the scoop:

Emerald’s Club:

Steve Schoos and Peggy Divelbiss!! Congratulations

 

President Elite & Top Producing Listing Agent

Deena Reese ( our HUD specialist!)

 

Agents of the Month:

Claudean Walker (3 times)

Becky Bousquet( 2 times)

Deana Reese, Steve Schoos

Cindy Ryuter

Vicky Boyd-Bishop ( 2 times)

John Bousquet

Peggy Divelbiss

John L Scott Northwest Rocks!!! Congrats to all our agents for their help and commitment!! We wouldn’t be the great office we are if it wasn’t for all of you!!!