The Seattle Bubble has their analysis for the August numbers from the NWMLS. Things are still trucking along. What struck me in this was actually the quoted bit from the MLS saying that 1/3 appraisals are coming in low. That…surprises me. I’ve been hearing about low appraisals here and there, but haven’t run into one or heard nearly enough to suspect they were that common. Granted, cash offers usually don’t have an appraisal, but while cash is a significant portion of the market right now, not enough that I’d expect it to hide the fact that a third of the appraisals are coming in significantly low. On the one had, woah. On the other, I’m glad to see there’s a check in place on pricing in the market and that it’s getting triggered that often.
Curbed Seattle did a great writeup on the “missing middle” of Seattle’s market. It’s been true that there’s no such thing as a starter home in Seattle for a while. Starter-condo, maybe, but single-family home? Nope. The fact that the rental market isn’t really stepping in to fill that gap is a significant part of what’s driving people out of Seattle and into the surrounding areas. I see a lot of people going further north, up to Mountlake Terrace, Lynnwood, Everette, and Lake Stevens, but there’s a significant southern movement, too.