2018 Third Quarter Market Trends

Realogics Sotheby’s International Realty presents a look at the housing market trends for the third quarter of 2018, from the shores of Bainbridge Island’s waterfront homes and in-city living opportunities to the Eastside’s most distinguished residences.

Seattle  |  Single-Family Homes

Inventory continues to remain at the center of real estate conversations in Seattle, as the frenetic market of recent years has given way to a more balanced one that reflects typical seasonal trends. In Q3-2018 we saw 2.7 months of inventory, up nearly 75% compared to last quarter (at 1.2 months) and a staggering 156.5% on a yearly basis. View report>>

 

Eastside  |  Single-Family Homes

Record-breaking home price growth for single-family homes on the Eastside moderated from Q3-2017 to Q3-2018 with a 7.11% gain, a stark difference from last year’s report, which showed a 14.80% increase in median home prices from Q3-2016 to Q3-2017. View report >>

Bainbridge Island  |  Single-Family Homes

While Seattle and the Eastside saw slight decreases in the average median sales price from the second to third quarter of 2018, home prices on Bainbridge Island increased on a quarter-by-quarter basis, from $865,000 in Q2 to $912,000 in Q2, representing a 5.4 percent increase (larger than the 2.3% year-over-year gain). View report >>

Seattle  |  Condominiums

As was the case in Seattle’s single-family market, the number of homes available for sale is dominating real estate discussions, as the condominium market in Seattle saw 2.7 months of inventory in the third quarter of 2018, the highest number reported since the third quarter of 2012, when we nearly reached a balanced market at 2.9 months. Since that time, inventory has continued to dip, maintaining numbers well below 1 month in every quarter since the start of 2015. View report >>

2018 Second Quarter Market Trends

Realogics Sotheby’s International Realty presents a look at the housing market trends for the second quarter of 2018, from the shores of Bainbridge Island’s waterfront homes and in-city living opportunities to the Eastside’s most distinguished residences.

Seattle  |  Single-Family Homes

Seattle continues its red-hot housing market streak, as the median sales price of a single-family home hit $857K, up 13.1% compared to Q2-2017, which averaged $758K. View report>>

 

Eastside  |  Single-Family Homes

Home prices on the Eastside continued their upward climb, increasing 12% year-over-year, while days on market decreased to just over two weeks. View report >>

Bainbridge Island  |  Single-Family Homes

Though other areas experienced increased inventory, Bainbridge Island saw a decrease of homes for sale with just 1.8 months of inventory, as the days on market fell 40%. View report >>

Seattle  |  Condominiums

Condominiums in Seattle continue to draw buyers, as the average days on market in Q2-2018 was 14 days and the average sales price reached $514,000. View report >>

Realogics SIR Appoints 25 Year Real Estate Veteran Joe Galindo to Vice President of Operations

Executives of Realogics Sotheby’s International Realty announced today the appointment of Joe Galindo as Vice President of Operations within the expanding global brokerage network. Galindo will provide direct management over the company’s Eastside branch offices in Kirkland and Issaquah, which comprise of 80+ brokers and employees, while also offering companywide operational support as the fast-growing firm expands throughout central Puget Sound.

“We are very fortunate to welcome Joe to our growing team of industry professionals,” said Dean Jones, President and CEO of RSIR. “As our company has expanded so has the need for his proven operational leadership.”

Offering more than 25 years in real estate experience, Galindo has earned the respect of the local real estate community having operated as a successful broker, a franchise owner and a branch manager. In addition to providing regional Eastside branch management from the flagship Kirkland offices, Galindo will also participate in a committee for strategic growth alongside Jennifer Johnsen, Vice President of Brand Development, who joined RSIR earlier this year.

“I’m excited to join Realogics Sotheby’s International Realty,” said Galindo. “For many years I have witnessed the evolution of RSIR locally and that of the Brand worldwide. Now I’m in a position to help resource this growth from within, applying my passions and my talents in building better brokers and attracting new talent to the team.”

Above: Joe Galindo is a 25 year veteran of the local real estate industry with experience as a broker, franchise owner and branch manager.

Consistently ranked by the Puget Sound Business Journal among the top ten largest real estate firms in Washington, RSIR has distinguished itself as a market leader in new construction project marketing and continues to grow its robust resale division generating among the highest average production on a per agent basis. According to Trendgraphix research, RSIR has surpassed its direct peer group with leading annual growth rates of unit sales and gross home sale dollar volumes, expanding 16-percent and 45-percent, respectively. The company is entrusted with many of Washington’s most valuable property listings but proudly serves all property types and price points.

“Together we are building the next generation real estate company,” added Galindo.

US & Chinese Real Estate Organizations Agree to Form Permanent Select Committee

Ashley Breunich from Realogics Sotheby's International Realty reports that, "At the conclusion of a five-day Trade Mission to China, the International Real Estate Federation – U.S. Chapter (FIABCI-USA) and the China Institute of Real Estate Appraisers & Agents (CIREA) agreed to form a Permanent Select Committee on doing business between the United States and China. A group of nine real estate professionals from across the US completed a Trade Mission to China on July 6, 2014. The mission included attending CIREA’s annual real estate agents conference, visits to some of the largest real estate brokerages in Beijing and attending an elective course for FIABCI’s International Real Estate Consultant (FIREC) designation.

Capital flows from China to the US continue to grow. The FIABCI-USA delegation was headed by President Edward Alford from South Hadley, MA. “I am extremely honored to have led this group of high-caliber real estate professionals to Beijing and was overwhelmed by the gracious hospitality of our CIREA hosts. I felt it necessary to assure our hosts that we were interested in mutual cooperation over the long term and welcomed the opportunity to formalize our intent through the formation of a select committee.” The residential market in China is currently undergoing a 30% contraction in sales and there is great concern about how this will affect the overall economy.

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Image Courtesy of RSIR

In addition to President Alford, the FIABCI-USA delegation included President Elect Ruth Kruger from Aspen, CO; Treasurer Maire Rosol from Park City, UT; Vice-PresidentElizabeth Davidson from Kirkland, WA; Nancy & Peter Suvarnamani from Chicago; Dano Sayles from Hawaii, John Krolick from Incline Village, NV; and Secretary General Bill Endsley from Chicago. The delegation enjoyed sightseeing trips around Beijing and numerous sumptuous Chinese meals with potential new partners and the staff of Beijing Orient US-China Consulting Co., Ltd. which facilitated the Trade Mission.

FIABCI has welcomed over 150 real estate professionals from China as members over the last year and expects to grow significantly as additional groups of Chinese professionals complete FIREC training courses in doing business abroad, ethics, negotiation, financing and valuation. FIABCI provides access and opportunity for real estate professionals in more than 60 countries interested in completing cross border transactions.

The International Real Estate Federation – US Chapter (FIABCI-USA) is a multi-discipline, networking organization for all professionals associated with real estate transactions. The group provides information, connections and concierge services to help individuals, companies and associations expand their global networks. With members in more than 50 countries and World, Regional and National Congresses throughout the year, FIABCI is global, local and connected and can provide access to the highest caliber real estate professional anywhere in the world. FIABCI also enjoys Special Consultative Status with the Economic and Social Council of the United Nations.

For more information about FIABCI-USA, click here."

The Eastside Brokers Become "Connoisseurs of Wine" →

On Thursday, March 13th a collective of brokers from Realogics Sotheby’s International Realty’s ”Connoisseurs of Life” Showroom gathered at the new branch office for an evening of wine education courtesy of the Maison DeLille Wine Bar. Guests sipped on four exclusive wines while enjoying a bite and one another’s company. The delicious Wine Tasting Menu ranged from an aromatic Doyenne 2012 Roussanne to a vintage DeLille Cellars 2011.

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