2022 housing market summary|Redmond is the most popular, Bothell and Issaquah are rising stars

In 2022, the housing market in the greater Seattle area will cool down significantly, and many buyers choose to suspend their home buying plans and enter a wait-and-see state.

Technology real estate company Flyhomes combined the public real estate transaction data for the whole year of 2022 and Flyhomes internal transaction data,Listed the areas with the highest popularity of Chinese customers viewing houses in 2022,For the reference of friends who have plans to buy a house.

It should be noted that this list is arranged with the largest number of house inspections, which reflects the house selection preferences of most Flyhomes customers.A few areas have limited reference significance due to reasons such as too high prices or too few houses, so they are beyond the scope of this article.

Let's take a look at the rankings:

*The median value of detached houses in the area, excluding townhouses and apartments

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It can be seen that BKR (Bellevue, Kirkland, Redmond), the traditional popular areas for buying houses in the East District of Seattle, is still a popular area for house inspections.The remaining half is divided between Bothell in the north, Issaquah in the east, and downtown Seattle.

Why can everyone clearly feel that the market has turned cold, but the median house price in 2022 is still generally higher than that in 2021?

First of all, most of the transactions in 2022 will be in the first half of the year, and the impact of rising interest rates on the market will gradually be reflected from around May.

in other words,Houses sold before May are almost still at high prices, raising the overall level of house prices throughout the year, so the median house price is still rising on average throughout the year.If you look at it by month, in the second half of 2022, whether it is price or transaction volume, the housing market will be very cold;

Secondly,The number of buyers in the greater Seattle area is still stable. After the price of the house has dropped to a certain extent, the attractive low price will trigger competition among buyers and win the transaction price through competition.This is even more evident in these hot spots on the list.

The overall cooling of the market is mainly reflected in the decline of the transaction price/listing price ratio (sale-to-list ratio) and the significantly longer stay time of houses on the market.

BKR is stable

traditional popular area

98052 Redmond tops the list of most visited homes in 2022.Redmond, which is next to Microsoft, is not only conveniently located, but also has the Lake Washington School District, which ranks third in the state. There are many top junior high schools in the school district, including Tesla STEM High, the public high school ranked first in the state.

Compared with the prices of houses in the Bellevue school district, Redmond's housing prices are relatively more friendly, further driving up the popularity of the area.

Bellevue 98006 and 98008 ranked third and fourth respectively.Although they are both in Bellevue and there are more people visiting the house, there are still many differences between the two places:

The 98006 school district, located in the south of Bellevue, is extremely excellent. The primary schools and high schools are strong and balanced. There are also a variety of schools and programs to choose from, such as lottery and "fast classes". first choice.

(Ratings of schools in the Bellevue School District. Taken from niche.com)

98008 is located in the east of Bellevue, very close to Microsoft, Bellevue city center, Asian supermarkets, etc., life is very convenient, but the school district is not outstanding, so the current median price of single-family houses is about $98006 lower than that of 30.

In addition, compared with 98006, 98008 has more new houses, which is suitable for buyers who like new houses and have no requirements for school districts.

Let’s look at Kirkland, where the two zip codes in the north and the south are on the list.South 98033 The location, commuting, and school districts are all first-class. There are quiet and pleasant lakes and trees, as well as restaurants and bars full of atmosphere. But the price is relatively high: the current median of single-family houses is $215 million, and it is also the most expensive area on the list .

North 98034 ranks second in the list with the largest number of house inspections,Great location and easy commute.The fly in the ointment is that the school district of 98034 is not as good as 98033, and the houses are generally slightly smaller, and some blocks are not as exquisite and beautiful as 98033.

The current median house price is $123 million, which is also Kirkland, but the house price is far less "unattainable" than that of 98033, so it has attracted the attention of a large number of buyers.

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Popular areas in the suburbs 

Bothell + Issaquah

There are three northern suburban zip codes on the list this time, namely the 5 Bothell/Mill Creek area, which ranks 98012th, and the south and north parts of Bothell, which ranks 9th and 10th.

The Northshore School District, where Bothell is located, has developed rapidly in the past two years and has a strong momentum. Recently, it has been squeezed into the top five best public school districts in the state in 2023.Combined with the median house price of $110 million+, it can be said to be one of the most cost-effective school district houses in Greater Seattle.

A similar area is Issaquah 98029 to the south,This time it ranks 8th on the list.Issaquah, with beautiful mountains and rivers, is easy to commute, and you can go directly to the city from I-90; in addition, the local school district ranks 6th in the state, and the strength of the elementary schools and high schools in the area is excellent and balanced, attracting many families with children. These factors combined make the area Very popular with buyers.

Especially in the Issaquah Highlands area, the age of the houses is relatively young, and there are many choices of townhouses and single houses. The types of buyers also include families with children and single nobles. There is not a single type of buyers, so it is extremely popular .

Downtown Seattle

Among the top ten zip codes with the most viewings this time, 98103 is the only area in the Seattle area on the list.

98103 is located in the Woodland Park/Green Lake area, 10-15 minutes drive to the city center, close to Huada University, convenient location.

(Location 98103. Taken from Google Maps)

The area is safe and quiet, with a more community feel.Most of the detached houses in the area are exquisite and small, and the prices are mostly around one million yuan. The housing resources are relatively abundant, and they are very popular with buyers working in Seattle.

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📍In the lecture, you can learn about:

  • 2022 market analysis and summary, including price increase analysis, analysis of advantages and disadvantages of popular areas for buying houses, etc.

  • As the market cools down, how can buyers bid to improve the cost-effectiveness of buying a house?

  • The latest case sharing of real estate transactions in the greater Seattle area

  • With a limited budget, what are the ways to improve the competitiveness of buying a house?

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Data source for this article:

NWMLS.com, data cutoff December 2022, 12

Information about schools and school districts comes from niche.com

The "house viewing data" in this article is the requested house tour data within Flyhomes, and the statistical time period: January to the first week of November 2022

The house price in the article is the median house price of Single Family House in the area, excluding townhouses, apartments and other house types.

"Greater Seattle Area" Scope: King County, Snohomish County, Pierce County

【About Flyhomes】

 

Flyhomes, a technology real estate company, was established in Seattle in 2016. It is committed to using the power of technology and finance to revolutionize the US real estate industry, and provides professional and efficient intermediary services for different types of housing transactions, such as buying, selling, and lending.

 

In 2021, on the basis of Seattle, California Bay Area, Portland, Boston, Southern California and Austin, Houston, and Dallas, Texas, Flyhomes will further expand its territory to Sacramento, California, and Stockton, a total of 10 markets for simultaneous operation.

 

Flyhomes has always been adhering to the mission of "customer first" and "continuous innovation" to help customers solve problems in the process of buying a house:

 

Flyhomes customers are 4 times more likely to win a home than other buyers. *

 

When multiple offers compete for the same house, in more than half of the cases, Flyhomes customers won the house with a lower bid.And compared with the highest bid, Flyhomes can help customers save an average of 2.4% of the house price, and sometimes this ratio can even reach 10%. *

 

Flyhomes can help customers move into their new home within 10 days, which is 35 days faster than the traditional process of buying a house. *

Within 5 years of establishment👇

  • Flyhomes has successfully helped thousands of customers complete the purchase and sale of houses, with a transaction volume exceeding US$37 billion.

  • It has received hundreds of five-star reviews from Google and Yelp across the United States.

  • The team has grown to more than 700 full-time employees, and more than 10 new members have been added to the office dog family.

  • Completed the C round of financing of 1.5 million U.S. dollars. The financing was jointly led by venture capital firms Norwest Venture Partners (which previously participated in investing in Uber and Spotify) and Battery Ventures (which previously participated in investing in Databricks, Wayfair and Glassdoor), Balyasny Asset Management, Fifth Wall, Trustbridge, Camber Creek, Zillow co-founder Spencer Rascoff followed suit, and old shareholders Andreessen Horowitz and Canvas Ventures also continued to follow suit.

  • Complete the funding cooperation project, build a US$1.2 million fund pool, and further expand the scale of Flyhomes Cash Offer and Buy Before You Sell product projects.

*The picture of the article comes from the Internet, and the copyright belongs to the original author.

 

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