The Year in Review: 2017's Real Estate Trends
Over the past year the local real estate market has been shattering expectations and keeping the attention of market analysts nationally. Realogics Sotheby's International Realty has been at the forefront of local news and has become an intricate part of real estate across the region. While inventory continued to decline throughout the year, my brokerage was able to generate over $1.5 billion in sales volume, topping production per-broker among the top ten largest real estate brands in the Northwest Multiple Listing Service. The Sotheby's International Realty brand furthered its name around the world, now represented by 950 offices in 69 countries with over 22,000 sales associates, and closed $108 billion in sales.
Realogics Sotheby's International Realty's Research Editor and Data Analyst, William Hillis, compiled a year end review highlighting the progress seen throughout the market in 2017.
The data released proved that Seattle's market is stronger than ever, with a constant force of growth. Seattle, the Eastside, Snohomish and Pierce counties led the nation in home price growth for the entire year. This trend has only continued - as the S&P/Case Shiller Index the city has now held the fastest growing prices for 19th consecutive months.
King County saw immense growth throughout the past year, in part due to the number of Fortune 500 companies with headquarters in Seattle. These companies continue to draw people from around the world to our wonderful city, causing more buyers. With a total of $20.87 billion in single-family home sales in 2017, King County surpassed sales recorded in 2016 by nearly $3 billion.
Read more about what trends are happening in your neighborhood in the full report below.