Seattle's iconic skyline stands as a testament to the city's vibrant and dynamic character. Defined by the majestic presence of the Space Needle and a harmonious blend of modern skyscrapers, this skyline holds immense significance in the realm of real estate. The panoramic views offered by luxury condos nestled within this skyline have been a driving force behind the demand for upscale urban living.

Ultimately, the recovery of the luxury home construction sector will depend on a range of factors, including the trajectory of inflation and supply chain issues, the availability of skilled labor, and the economy's overall health. The below article is from Sotheby's International Realty, Luxury Outlook. As a member of the Realogics Sotheby’s International Realty community of brokers, Danny Varona has the resources and access to local experts, unparalleled service and exceptional marketing.

After the initial quarantine of the pandemic, many analysts commented on the outlier trend of residential housing sales. An examination of the data from the Eastside to Bainbridge Island and other areas by Realogics Sotheby's International Realty one year later shows that the lack of inventory and the flood of purchasers was not an isolated incident.

The real estate market had a great start this year. Low inventory, rising median home sales prices, and short time on the market continued these patterns in the second quarter of 2021, putting sellers in the driver's seat. Each quarter, Realogics Sotheby's International Realty analyses five significant areas to see where the market has been and where the trends are leading us.

With 2020 sales volumes rising nearly 70 percent year-over-year to $2.8 billion, Realogics Sotheby’s International Realty congratulates Danny Varona and his team for closing $58,000,000 in luxury residential real estate transactions in 2020. The team ranked #1 top producing team in 2020 within Realogics Sotheby’s International Realty (Kirkland office).

On December 31, when the clock reached midnight, few were surprised to see 2020 expire. But despite the difficulties of the last year, the real estate market remained resilient. It continued to boast median home prices that had continued to grow since the initial lockdown last March, more closed home sales than this period last year, and low inventory for its quarterly reporting in almost all market areas.

Whether you're thinking of buying or selling a home this year, there are perks today that are rarely available, and definitely worth looking into. Here are the top two.

Last Friday, the Bureau of Labor Statistics (BLS) released its latest jobs report. It revealed that the economic shutdown made necessary by COVID-19 caused the unemployment rate to jump to 14.7%.

Here's how Danny Varona is helping buyers and sellers in Seattle stay safe without completely putting off their home buying/selling journey.

At the start of last year, many of the more expensive homes listed for sale hadn’t seen as much interest, since much of the demand for housing over the past few years has come from first-time buyers looking for starter homes. It looks like buyer activity, however, is starting to show a shift in this segment.

Many believe when real estate values are increasing (in cities like Seattle), owning a home becomes less affordable. That misconception is not necessarily true.

Americans are on the move, and the most recent Atlas Van Lines Migration Patterns Survey tracked the 2019 traffic flow from state-to-state. Idaho held on to the top spot of ‘high inbound’ states for the second time since 2017, followed by Washington State.

The success of the Seattle real estate market, like the overall US housing market, is determined by supply and demand. This means we need to look at how many potential purchasers are in the market versus the number of houses that are available to buy. With early 2020 housing data now rolling in, it’s quite evident there are two big stories impacting this year’s residential real estate market

Regardless of the lack of inventory on the in the US and local Seattle market, the U.S. homeownership rate has climbed to a 6-year high. The United States Census Bureau reported that it increased to 65.1% in the fourth quarter of 2019, representing the highest level in the past six years.

There’s more room to entertain a large crowd.

The kitchen is big enough to whip up endless appetizers – yum!

You don’t have to worry about complaints to your landlord when the cheering kicks in!

We’re currently in the longest economic recovery in U.S. history. That has caused some to ask experts to project when the next economic slowdown (recession) could occur. Two years ago, 67% of the economists surveyed by the Wall Street Journal (WSJ) for the Economic Forecasting Survey predicted we would have a recession no later than the end of this year (2020).

If you’re following what’s happening in the current housing market in Seattle, you’ve seen how the lack of newly constructed homes is a major reason there’s a shortage of housing inventory available to today’s buyers.