As the market changes, companies and people respond in and around Seattle. Kitsap country sees a drop in sales, and the Seattle housing market cools. Microsoft decides to make a change, and Realogics Sotheby’s International Realty releases its quarterly market report. Read all about the changes below.
Throughout the last few years, home prices have steadily climbed in Kitsap, and the number of closed sales and new listings have mirrored this increase. Until 2018. The past year saw an increase in median home prices in Kitsap County, but the number of closed sales and new listings decreased. This means that as prices rise, less people want to list their houses, and people are having a harder time selling.
Microsoft Decides to Solve the Seattle Housing Crisis
As a peace offering to residents complaining about increased housing prices due to tech companies, Microsoft has publicly decided to pledge $500 million in an attempt to solve the affordable housing crisis. The details of their plan remain to be seen, but so far, the company has pledged most of the money to “preserving and building new homes for low- and middle-income residents.” Another chunk of the money will go toward solving Seattle’s homelessness problem. This is an exciting change that could lead to great improvement in Seattle.
The Quarter Four Market Report is Here
Realogics Sotheby’s International Realty released its fourth quarter report on the housing market, and it reflects crucial differences from the quarter preceding. The median sales price for a single-family home on Bainbridge Island increased 22.3% over the past year and is now the highest of all Seattle areas at $1.035 million.
Seattle Housing Market Cools Down Rapidly
Zillow, a Seattle-based company, released its yearly prediction for the “hottest housing markets” for the year, and it left Seattle off the list. Geekwire predicts the end of an era, as the days of increased home values “driven by the influx of thousands of well-payed techies” come to an end. Though jobs and the economy continue to flourish, the housing market slows, and Zillow’s Director of Economic Research and Outreach, Skylar Olsen, says the slow can be attributed to people’s “expectations coming back down to Earth.”
The housing market in the Seattle area is at an interesting turning point. Though the city faces a housing crisis and a housing cool-down, large companies step up to make a change for the betterment of the area.