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Hi, I’m Doron Weisbarth with Weisbarth & Associates, and welcome to my October 2024 Market Update! Today, we’re talking about something a lot of people don’t expect—the annual fall market bump. Now, we all know that spring and summer are often seen as the busiest times for real estate. But here’s the thing—are they really? Historically, yes, we see a lot of activity during spring and early summer. But as we get into mid- and late summer, things tend to slow down. People are focused on vacations and sunshine, getting back to school, and just generally enjoying the season. But once everyone settles into their routines, something interesting happens. We often see the market bounce back. This fall market bump can start as early as mid-September, last through November, and sometimes even carry into mid-December. And this year? Well, it looks like we’re following that same pattern. If you take a look at the graph I’ve highlighted, you’ll see that in September, new listings and pending sales were both way up compared to August. In fact, pending sales are right on par with what we saw in May and June of this year, which were the highest months for activity this year. Most of these new listings came onto the market in the second half of September, and you’ll see that there was a corresponding increase in pending sales—so yes, buyers are engaged. Most of these sales will likely close in October, which means we’re still seeing strong activity. By the way, if you want to look at this data and read my report at your pace and leisure, you’ll find all this information in my October newsletter, available online and for download, for free, at Weisbarth.com/Newsletter , that’s Weisbarth.com/Newsletter . A big reason for activity is in the drop in mortgage interest rates. With rates having fallen more than a full point from their peak earlier this year, buyers are back in the game, and prices are holding steady. Now, we can’t say for sure if October will be the peak of this activity or if it will come later in the year, but if history is any guide, we should have a strong finish to 2024. So, if you or someone you know is still considering selling a home this year, now is the time to jump in and take advantage of the market’s fall surge. If you need some guidance or fine-tuning to make sure you maximize your results, let’s talk. My team and I offer a no-obligation consultation to anyone looking to buy or sell. We’ll help you put together a plan that’s tailored to your needs. And as always, your business and referrals help support the Akin community, so you’re not just making a smart financial move—you’re also doing a good deed. Yay for that! For anyone needing help with their real estate goals, the best way to reach me is by phone. Just give me a call directly at 206-779-9808, that’s 206-779-9808. Yes, that’s my personal mobile number, and it’s the best way to connect with me. If you’re referring someone, just have them call me directly—no need for a formal introduction. Thanks again for tuning in! Don’t forget to like, subscribe, and follow for more updates, and be sure to check out my monthly newsletter at Weisbarth.com/newsletter , that’s Weisbarth.com/newsletter . I’m Doron Weisbarth with Weisbarth & Associates, and I’ll see you next time!

Seattle is known for its distinct and diverse neighborhoods, each with its own unique culture, amenities, and, of course, housing market. For anyone considering a move to the city, understanding the average home prices across different areas is crucial. Here’s a snapshot of some of Seattle's top neighborhoods and their average home prices in 2024. Queen Anne One of Seattle’s most iconic neighborhoods, Queen Anne offers breathtaking views of downtown and the Puget Sound. Homes here are known for their classic architecture and charm. The average home price in Queen Anne is around $1.3 million . While properties on the hill’s top can command even higher prices, lower Queen Anne offers more accessible options with median prices closer to $900,000 . Capitol Hill Capitol Hill is a vibrant, bustling neighborhood, popular for its nightlife, culture, and proximity to downtown. Known for its eclectic mix of historic homes, condos, and modern apartments, the average home price here is $950,000 . Luxury condos and vintage homes in this neighborhood often reach $1.5 million or more, especially those with modern updates and proximity to parks. Ballard Once a sleepy Scandinavian fishing town, Ballard has transformed into one of Seattle’s most desirable areas. Its trendy restaurants, breweries, and coastal charm have driven housing demand. Expect to pay about $900,000  on average for homes in Ballard, with newer townhomes slightly less, but many single-family homes exceeding $1 million  in prime locations. West Seattle West Seattle is known for its relaxed, residential vibe and stunning waterfront views. Housing here ranges from older bungalows to newer, modern developments. The average home price in West Seattle is approximately $800,000 , though prices vary widely depending on the proximity to the waterfront. Waterfront properties can fetch well over $1.2 million . Fremont Fremont is known for its quirky, artsy community and offers a mix of modern and historic homes. Home prices in Fremont have seen steady increases, with the current average price at around $1 million . The neighborhood’s proximity to tech hubs and its artistic charm keep it in high demand, with many homes receiving multiple offers and selling above list price. Magnolia Magnolia offers suburban tranquility with easy access to downtown Seattle. The large homes and spacious lots attract families looking for more space. The average home price here is about $1.2 million , with many properties featuring sweeping views of the Puget Sound and surrounding mountains. Magnolia’s serene environment comes with a premium price tag, especially for waterfront and view homes. Green Lake Green Lake is perfect for those seeking outdoor activities, thanks to its proximity to the lake and park. It’s a popular neighborhood for families and young professionals. Homes near the lake can fetch upwards of $1.1 million , but further from the waterfront, the average home price is closer to $800,000 . Beacon Hill For a more affordable option that still offers great views and access to downtown, Beacon Hill is a top contender. The average home price is around $750,000 , making it one of the more budget-friendly neighborhoods in Seattle. The area is undergoing rapid growth, which could mean rising home values in the coming years. Wallingford Wallingford is a neighborhood known for its walkability and access to parks. Homes here are a mix of Craftsman-style houses and modern developments. The average price for a single-family home in Wallingford is $1 million , though smaller homes and condos offer lower entry points starting around $600,000 . South Lake Union South Lake Union is the heart of Seattle’s tech industry, with companies like Amazon headquartered here. Housing options are primarily condos, with an average price of $900,000 . Many high-end developments in this area offer luxury living close to work, but the area also has mid-range options for younger professionals. Seattle's housing market reflects its desirability as a place to live, with varying prices depending on location, amenities, and proximity to downtown. Whether you’re looking for urban excitement, suburban peace, or waterfront views, understanding the housing trends in these neighborhoods will help you find the perfect home. Prices can fluctuate, so working with experienced real estate professionals can ensure you get the best deal.

The Seattle real estate market has always been dynamic, with prices fluctuating based on demand, the local economy, and external factors like interest rates and national housing trends. In 2024, several key trends are shaping Seattle’s housing market that prospective buyers should be aware of. This guide will explore these trends, offering valuable insights for anyone looking to purchase a home in this vibrant city. 1. Slight Cooling Demand After Years of Growth For years, Seattle has been one of the hottest real estate markets in the United States, with prices soaring due to limited housing supply, an influx of tech professionals, and a booming local economy. However, in 2024, market activity has begun to slow compared to the rapid growth seen in previous years. Rising mortgage rates, inflationary pressures, and economic uncertainty have caused many buyers to reconsider purchasing. This cooling demand, however, has led to slightly more favorable conditions for buyers. While prices remain high, the bidding wars that characterized the market in recent years have lessened, giving buyers a better chance of negotiating. 2. Interest Rates and Their Impact on Affordability Rising interest rates have been one of the most significant challenges for Seattle homebuyers in early 2024. With the Federal Reserve increasing rates to combat inflation, mortgage interest rates have climbed as well, directly affecting monthly payments. For first-time buyers or those with a lower down payment, this can create additional financial strain. However, the second half of the Q3 saw mortgage interest rates dropping, which could provide some relief. Buyers should stay in close contact with their lenders to lock in favorable rates as soon as they become available. 3. Inventory Levels Still Tight Despite the cooling demand, Seattle continues to experience a relatively tight housing supply. New construction has not kept pace with the city’s growing population, especially in desirable neighborhoods close to tech hubs and city amenities. This ongoing shortage of homes for sale means that even as buyer demand is lower than past year, competition for quality properties remains. To navigate this, buyers may need to consider expanding their search to areas just outside of the city or be willing to invest in a fixer-upper. In 2024, the key to finding the right home may be flexibility. 4. The Tech Industry’s Influence Seattle’s thriving tech industry has been a major driver of its real estate market, and this continues to be the case in 2024. As home to major players like Amazon, Microsoft, and a growing number of startups, the influx of highly paid tech workers has fueled demand for housing, particularly in neighborhoods like South Lake Union, Ballard, Phinney Ridge and Maple Leaf. However, tech layoffs and shifts in remote work policies have impacted housing demand, especially in downtown areas. While tech workers still play a significant role in the market, there is growing interest in suburban areas, where buyers can get more space for their money. 5. Green and Energy-Efficient Homes on the Rise Sustainability is a significant focus in Seattle, and 2024 has seen an increase in the number of energy-efficient and eco-friendly homes coming onto the market. Buyers are increasingly seeking homes with features like solar panels, energy-efficient windows, and sustainable building materials. These homes not only reduce environmental impact but can also lower utility costs in the long run. Seattle’s green building standards and incentives make it an attractive city for environmentally conscious buyers. As awareness of climate change grows, energy-efficient homes are expected to command higher prices and sell more quickly. 6. Neighborhood Trends As always, certain neighborhoods in Seattle are more competitive than others. In 2024, neighborhoods like Ballard, PhinneyWood, Greenlake, Capitol Hill, and Queen Anne remain in high demand due to their proximity to the city center and amenities. However, buyers looking for more affordable options may want to consider neighborhoods like West Seattle, Georgetown, or Beacon Hill. Suburban areas like Shoreline, Lake Forest Park, Edmonds, Burien and Lynnwood are also gaining popularity, especially among families who want more space and are willing to commute to the city. These areas offer more affordable homes and a slower pace of life while still being accessible to Seattle’s job centers. 7. The Impact of Remote Work One of the most significant changes affecting the Seattle housing market in 2024 is the increasing demand by employers that their employees return to work full time, or nearly full time. Still, many buyers are prioritizing homes with dedicated office spaces and larger floor plans that accommodate remote work, even if they won’t quite get to utilize these spaces for that purpose.  This shift has driven demand for homes in suburban areas and even nearby cities like Tacoma, Edmonds, Mountlake Terrace, Edmonds and Lynnwood, where buyers can find more space for their money while still maintaining proximity to Seattle, especially with new light rail options that making the commute easier.  Conclusion 2024 is shaping up to be a pivotal year for Seattle’s real estate market. While the frenzied pace of previous years has slowed, buyers still face challenges due to rising interest rates and limited inventory. However, for those who remain flexible and patient, opportunities exist, especially in up-and-coming neighborhoods.. For buyers looking to navigate this market successfully, staying informed about the latest trends and maintaining close contact with a knowledgeable real estate broker will be key. The right broker will know how to translate these trends into a successful purchase.