Even the most bullish Seattle real estate watchers will agree that the market has slowed dramatically versus a few years ago when sellers were reviewing multiple offers, comparing escalation clauses, and essentially selling property sometimes in a matter of a few short weeks.
But it's also easy to forget how things are going in Seattle relative to the rest of the country. Regardless of whether you're expecting the market to go up, stay the same, dip, or crash -- one thing that's hard to dispute is that at least so far, Seattle has been holding up really well compared to the rest of the country.
Of course, it's possible Seattle is just about to experience more of what our neighbors in other states' have been through for a year or so; on the other hand, the longer Seattle muddles through this, the less likely we'll see the magnitude of impact seen elsewhere (e.g. 20-30% price drops).
In fact, Business Week recently named Seattle one of the fastest selling housing markets in the nation (#9 to be exact).
The Seattle area is home not only to some of the world's most famous companies, including Microsoft and Starbucks, but also to the Space Needle and Mt. Rainier. The real estate market has slowed in Seattle but hasn't declined as much as in other major cities.
