Did the Seahawks going to the Super Bowl affect the real estate market? Many think it did. The January and February markets were slower than we’ve seen in awhile, but these months are traditionally the slowest months of the year. Nationally, you will see a significant slowdown in many markets, and there’s a very clear reason – the weather. Here in Seattle we can’t blame Mother Nature, but I believe we can blame our fabulous and incredible Seattle Seahawks. Seattle was one big celebration in late January and early February. Ironically, for me, January and February were busy months, where I helped several buyers become first time homeowners.
And while the market may have slowed down, appreciation did not. CoreLogic reports “Despite unusually cold weather, home prices in January raced upwards at a clip not seen since the height of the housing boom, CoreLogic reported. Home prices nationwide, including distressed sales, jumped 12 percent year over year in January, and were up 0.9 percent on a monthly basis, according to the CoreLogic Home Price Index (HPI).’Polar vortices and a string of snowstorms did not manage to weaken house price appreciation in January,’ said Mark Fleming, chief economist for CoreLogic, in a statement. ‘The last time January month-over-month and year-over-year price appreciation was this strong was at the height of the housing bubble in 2006.’ The rate home of price appreciation isn’t likely to cool in February, according to firm. The CoreLogic Pending HPI projects home prices to rise 0.7 percent month over month and 12.5 year over year.”
Take a look at the following chart on Seattle single family home activity. As you can see the market did slow down in January and February, but more homes closed (the dark green) in both of those months than in 2013. And as you can see from the 2nd chart, prices have remained steady.