King County home prices hit their lowest point for July since 2012

Is that faint rumbling we hear in the distance carryover from Seafair Weekend and its barrage of air and sea entertainment? Or could it be that ever-elusive housing bubble finally popping and coming back down to normal levels of absurdity?

After all, even the Blue Angels have left town.

Maybe they saw the inevitable spin back down to earth. Or perhaps we’re all just blowing this housing cooldown out of proportion. Whatever stance you take, one thing’s certain: the Seattle-area real estate market has fallen to its lowest point in four years, shedding a crevice of light for homebuyers and inducing a fleeting shock of panic for owners sitting on their plots of gold-laden land.

The number of homes for sale throughout King County rose a staggering 48 percent in July as compared to a year ago, according to the Northwest Multiple Listing Service, which means inventory now exceeds 2015 levels. The 48 percent jump is the biggest we’ve seen in a decade and is mostly due to homes that have been waiting patiently for owners on the market. All signs point to a noteworthy dip in demand, as July home sales reached their lowest prince since July of 2012, when the market was at a low point.

How big was the decrease? King County’s July median home price of $699,000 is down $27,000 from the record highs we saw earlier this year. Last year, July was the most expensive month of the year.

In Seattle, home prices were down $25,000, making the median $805,000. Eastside prices also saw a dip, falling $30,000 in just a month to a median price of $947,000. Snohomish County, not one to be left out, also saw an increase in active listings, up almost 16 percent from this time last year.

Have we finally hit the ceiling? If we have, it’s not just regional; the national trend at the moment is one of a long-awaited inventory uptick just as hotspots like Seattle, Silicon Valley, and Austin are finally cooling off—metaphorically, of course (enjoy 90 degrees this week). Seattle is unique in the fact that its home sales saw the second-biggest jump in the country, according to info gathered from realtor.com, right on the heels of our neighbors down south in Silicon Valley.

Why is this happening?

Those in the know point to stabilized rents, high mortgage rates, slightly less frenetic population and job growth, and waning interest from Chinese buyers.

Many are already shouting, “I told you so!” at the top of their lungs but, as always, time will tell if we’ll continue this down-surge or if we’re all just suffering from a curable case of “buyer fatigue.” In the meantime, inventory levels are still an issue; while King County has doubled its March inventory, we’re still significantly below a healthy four-to-five months of inventory, according to Robert Wassa of the Northwest MLS board of directors. And people still need a place to live in some capacity.

We’ll be hearing a lot more about our region’s housing trends, whichever way they end up going, in the weeks and months ahead. Stay tuned.

Originally reported by Mike Rosenberg in the Seattle Times, “More Seattle-area home sellers lower list prices as market cools way down,” August 6

Data gathered from realtor.com and the Northwest Multiple Listing Service

By MBAKS Marketing Coordinator Chancellor Wallin

In decades past, public health crises brought to mind a very different picture than what’s painted today. Before shelter-inplace, school closures, and social distancing, the most serious threats facing the American public existed outside our homes.

Now, a new set of risks have emerged.

If the COVID-19 pandemic taught us anything, it was how to spend a lot of time with the most important person in each of our lives—ourselves. While we were stuck at home in a world with an uncertain future, the pandemic brought with it an unintended side effect: an increase in the prevalence of anxiety, depression, and substance abuse disorders worldwide.

MBAKS community partner Valley Cities Behavioral Health Care knows this better than anyone. Jessica Forshee, clinic manager of the Kent branch, described how the past two and half years changed their operations.

“Our clinics never closed throughout the pandemic. While our care became accessible and flexible with telehealth, it also flooded. The past two years have been a constant balancing act between supporting our staff and clients. But we never closed our doors.”

Established in 1967, Valley Cities is a nonprofit organization that has been providing care to people of all ages for over 50 years. With a dozen clinics scattered all over the greater Seattle area, Valley Cities offers comprehensive outpatient and inpatient treatment in direct response to the changing needs of the communities they exist in.

Today their services include licensed mental health care counseling and substance use disorder treatment, outreach to unhoused and displaced members of our community, and specialized care that delivers counseling and family support to veterans and their loved ones.

At the core of their philosophy is the belief that the resiliency and strength of the human spirit can overcome the obstacles that confront the people who walk through their doors or dial in to their phone lines. But, unlike many traditional mental health care providers, their belief in a holistic approach supports individuals in reaching their highest potential.

Working collaboratively with over 25 community partners, Valley Cities is integral to the King County mental health care system. They believe recovery is a road with many different exits and that every patient has different needs and obstacles—and understanding these is key to providing care that works.

Rejecting prescriptive treatment means some of their services aren’t what you’d expect. Resume building, professional development, and community connections all make the list. This intersectional approach means that behavioral health treatment doesn’t always entail therapists and prescriptions. It’s not enough to cure someone of their depression or anxiety if their environment is cultivating bad or unsafe habits and behaviors.

Valley Cities comprises teams of nurses, grant writers, and case workers—talented professionals from all different backgrounds with a singular purpose: helping give back to our community. These passions aligned in the fall of this year to forge yet another community partnership: MBAKS’ Painting a Better Tomorrow.

Jessica explained, “It’s important to make our clients feel like our space is welcoming, soothing, and calming so they feel safe enough to access care. That’s exactly why we looked for programs and grants to create spaces of belonging.”

Built in the 1990s, the Kent clinic is one of Valley Cities’ most prominent offices— servicing the entirety of south Seattle with the biggest capacity and staff the organization has to offer. Over the years, the priority has been on keeping their care accessible and open; cosmetic and decorative repairs, while necessary, fell to the wayside.

That’s why on November 5, MBAKS staff, members, and volunteers took to the walls of the Valley Cities Kent office to provide a fresh coat of paint— and a promise. While our means may be different, for a moment, our ends aligned for the same goal—Caring about the people around us. And that’ll be a promise worth keeping.

Interested in learning more about the Valley Cities mission? Whether you’d like to donate, volunteer, or be a part of others’ recovery journey, Valley Cities is always looking for those passionate about the cause. There’s a multitude of ways to help, just as Valley Cities believes there are many ways to care. Learn more at valleycities.org/volunteer.

Washington, DC—(RealEstateRama)—Juli Bacon, owner of JB Consulting Systems LLC and Bacon Maintenance Services LLC in Woodinville, Wash., was recently sworn in as the 2017 chair of the National Association of Home Builders (NAHB) Professional Women in Building (PWB) Council.

“Ensuring that women understand they have a place at the table and helping them find a way to get to that place at the table in construction is really important to me,” said Bacon. “We have a lot of young women wanting to know how to get there and my goal as the PWB chair is to help them in the most efficient way possible.”