CHS recently reported on the the sharp rise of all-cash home buyers in the Seattle housing market with some good indicators that the same trend was happening on Capitol Hill. Now we have some data to prove it.
The number of all-cash home buyers on Capitol Hill jumped by 26% in 2013, according to a report from the real estate brokerage firm Redfin. All-cash buyers represented about one third of all home sales on Capitol Hill in 2013.
All-cash home sales are even more prevalent on First Hill, where 42% of all sales were done with non-financed buyers. That’s a sharp increase from 2011 where all-cash transactions represented around 26% of sales.
Since 2008 all-cash buyers have doubled citywide to make up 20% of all sales, according to a report from Polaris Pacific (PDF). Cash buyers are “generally from opportunistic investors and not from trade-up buyers or first-time buyers,” said the report.
Experts have told CHS the rise in all-cash buyers is the result of foreign investors seeking to park money in a safe economy as well as people continuing to search for good real estate investments in the post-housing bubble market.