BeckeyAnderson
Global Real Estate Advisor
E: Beckey Anderson@rsir com
C: 310 450 0750
W: AtHomeOnBainbridge com
As 2024 progresses,we see continual improvements,with mortgage interest rates finally decreasing after record spikes of recent years peaked at more than eight percent and locked in consumers,causing the lowest residential sales volumes since the depths of the Great Recession However,during this cycle,we find median home prices on the rise At the same time,supply remains tight, and developers take a back seat to higher borrowing costs,inflation with construction budgets,and protracted deliveries pushed some potential buyers to rent instead of buy
Meanwhile,it?s clear that work-from-home and hybrid work continue to change how and where we live,further challenging the in-city commercial real estate market and tepid recovery of urban ecosystems Yet job growth and an expanding population base keep the Seattle/ Bellevue metro area in high demand,with the City of Seattle commanding the top rank as the fastest-growing large city in the US,according to recent Census data Demand for exurban locales,either as primary or secondary homes,also ticked up as improved accessibility was reached through transportation initiatives and by meeting more attractively priced offerings where consumers could commute from daily
For our part,the Global Real Estate Advisors of Realogics Sotheby?s International Realty (RSIR) delivered benchmark results for 2023 RSIRcontinues to lead the luxury market,garnering the highest average sales prices on both sides of the transaction,the lowest days on the market,and the most expansive sales volumes per agent when compared to the top ten largest brands in the Northwest Multiple Listing Services These statistics don? t just speak for themselves; they demonstrate the trust placed in our agents?hands
Inside this Forecast Report,we?ll hear from local real estate economist Matthew Gardner about where our housing market is headed and learn about market prices from appraisers Vince Healy and Diane Hayes We?ll introduce you to Market Perspectives,a new podcast series hosted by Dean Jones,President and CEOof RSIR,as various guests will discuss the dynamics and trends shaping our region and global economy
I hope you enjoy the report,which features curated perspectives from industry experts If you seek support in your next move,I would be happy to help you navigate this evolving housing market
Beckey Anderson Global Real Estate ExpertRealogics Sotheby's International Realty
