The Seattle metro real estate market is in a dramatic decline as you can see in this nice interactive graphic courtesy of Redfin. Drag your mouse across the chart and you can see the numbers. The one number I want to emphasize here is that home sales are down 43% now over this same time last year. That’s gigantic. This Redfin data is much more telling than the Case-Schiller data that has been used for so long to interpret the real estate market. The latter is actually a lagging indicator, so it does no good forecasting the market until long after the fact. This Redfin data is showing us current data, and you can see there’s no lag in this information. My interpretation? The Seattle area market, including the entire region, is in decline. We are for all practical purposes in a recession folks, like it or not.
Last Updated on December 22, 2022 by Chuck Marunde
