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Local Market Update – November 2021

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LOCAL MARKET UPDATE·2 min read As we head towards the end of the year, the housing market traditionally slows down. This year activity was even slower than normal, with record-low inventory and correspondingly fewer sales. Prices aren’t appreciating at the pace they were in the spring, but they continue to be up as compared to a year ago.  While potential home sellers usually wait until after the holiday season to list their homes, those who opt to put their home on the market now can count on strong buyer interest. With the number of buyers far outstripping supply, inventory is at historic lows. King County as a whole has less than two weeks of inventory. The supply of homes is especially strained on the Eastside where there was just one week of inventory at the end of October – 61% fewer homes were on the market than the same time last year. Snohomish County is starved for supply as well, with just over one week of inventory. The entire county had just 492 single-family homes for sale at the end of October. Strong buyer demand has kept prices steady. Most areas saw home prices increase from a year ago but remain fairly flat over the past few months. The median price of a single-family home in King County rose 11% from twelve months ago, increasing from $745,000 to $824,270. Within the county, the Eastside experienced the greatest gain. Home prices soared 30% to $1,365,000, inching above the previous all-time high of $1,364,000 set in June of this year.  Prices in Seattle registered the smallest gain at 6%, up from $800,000 a year ago to $850,000. Homes that sold in the North, Southeast and Southwest parts of the county saw price gains ranging from 16% to 20%. Buyers may find some relief with condominiums. The median price of a condo in King County was $459,970, an increase of 3% from the prior year.  Tight inventory kept prices strong in Snohomish County. The median price of a single-family home jumped 20% in October to $695,000.  Like most of King County, home prices In Snohomish County have been fairly flat over the past few months. Have home prices plateaued? Will strong buyer demand continue? The real estate market can change quickly. Whether you’re looking to buy or sell, your broker can provide you with the most current data so you can make the […]

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Local Market Update – October 2021

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LOCAL MARKET UPDATE·2 min read Despite a boost in new listings, inventory remained as tight as ever in September. The shortage of homes for sale combined with pent-up buyer demand and low interest rates kept prices high as compared to the same time last year. However, home prices over the past few months appear to be leveling out. The market traditionally slows down as we move into the holiday season, so price appreciation should continue to cool through the rest of the year. Home prices in most of the region continued their pattern from the past few months – up from a year ago but falling slightly from the prior month.  The median price of a single-family home in King County in September was $825,600, an increase of 10% from last year, down from the $850,000 median in August. Seattle’s median price rose 4% year-over-year to $850,000, a slight drop from $875,000 last month. The Eastside was the exception to the trend of cooling prices. How hot is the market? 70% of homes sold there over the list price, and 86% sold in under two weeks. The median home price on the Eastside soared 26% from a year ago to $1,310,000, basically flat from $1,300,000 in August. Snohomish County’s median price jumped 18% from a year ago to $675,000, down from $694,900 the prior month. Some of the greatest price increases occurred in areas that have traditionally been more affordable. According to Matthew Gardner, chief economist at Windermere Real Estate, “We continue to see a migration of buyers to suburban markets which has resulted in significant year-over-year price growth in areas such as Shoreline, Auburn, Skyway, Woodinville, and Burien. It’s likely that buyers are drawn to these areas because housing is more affordable than in the urban neighborhoods closer to Seattle and Bellevue.” More homes were available at the end of September than in August, but low inventory continues to pose challenges for buyers. In King County there were 40% fewer homes on the market than the same time last year. The condo market, which was negatively impacted by COVID-19, has come roaring back as buyers look for more affordable alternatives to single-family homes. Condo sales were up 20% over last year, and inventory is being rapidly depleted. There were 50% fewer condo listings at the end of September than the year prior. In Snohomish County, the tight supply of […]

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Local Market Update – September 2021

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LOCAL MARKET UPDATE·2 min read Price appear to be cooling, according to Windermere Chief Economist Matthew Gardner. In King County, the median list price was lower in August than in July, and the median sales price also dipped slightly from the prior month. “I believe this is because we are hitting a price ceiling and that the rabid pace of home price appreciation will continue to cool as we move through the rest of the year,” said Gardner. While up by double digits year-over-year, home prices in August did cool off slightly throughout the region as compared to July. The median single-family home in King County last month sold for $850,000, up 14% from a year ago, and a drop from the record-high $871,000 set in July. Seattle saw the median price rise 6% from a the same time last year to $875,000, down from $896,500 the prior month. Home prices on the Eastside were up 24% year-over-year to $1,300,000, a dip from the $1,330,563 median price in July. Snohomish County’s median price jumped 25% from a year ago to $694,900, just shy of July’s median of $700,000. While a slight softening of home prices may be welcome news for buyers, inventory is still a big problem. King County has under three weeks of available homes for sale. Lack of inventory is especially severe on the Eastside. At the end of August there were just 278 homes for sale in the entire area, 62% fewer than the same time a year ago. And 85% of homes sold in less than two weeks. As companies continue to invest in large office projects on the Eastside, demand for homes is expected to continue to rise. Snohomish County reported the smallest supply of homes of any county in Eastern Washington, about two weeks. The Puget Sound area as a whole remains well below the four-to-six weeks of inventory that is considered a balanced market, favoring neither buyer nor seller. An uptick in condo sales indicates that in-city living is on the rise again. In King County, the number of closed sales were up 20% in August compared to a year ago. The median condo price on the Eastside rose 14% to $544,000. The supply there remains tight, with just two weeks of inventory. Seattle offers much more choice, with six weeks of inventory available. Condo prices there dropped slightly year-over-year to $480,000. With Amazon looking to […]

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Local Market Update – August 2021

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LOCAL MARKET UPDATE·2 min read The typical summer slowdown brought some good news for those looking to buy a home. While prices are still on the rise, there are more homes to choose from and multiple offers are down as compared to earlier this year. This easing, however, is slight, and the market continues to be very competitive for buyers. While there was a small increase in homes for sale in July, inventory remains very tight. The region as a whole has just about a two week supply. And demand isn’t likely to ease up any time soon. The economy here is strong, and despite plenty of talk of an urban exodus due to the pandemic and the rise of remote work, our population grew steadily over the past year. The blistering competition may have cooled a bit, but home prices are still heading up. The median single-family home in King County last month sold for a record-high $871,000, up about 20% from last July. In Seattle, the median price jumped 11% from a year ago to $896,500, down from a $919,000 peak in May. Home prices on the Eastside shot up 32% year-over-year to $1,330,563, just shy of the record set in June. Lack of inventory has propelled the particularly steep price hikes, with 90% of homes there selling for over list price. At the end of July there were just 350 single-family homes for sale on the Eastside. Seattle had more than double that amount of inventory. The limited supply of homes in Snohomish County also sent prices soaring. The median home there sold for $700,000, a 22% jump from a year ago, but down slightly from the all-time high in June. Condos remain a more affordable option. And with employers saying that they’ll want employees working in the office at least part-time, an increase in condo sales indicate that buyers are looking at in-city living again. More plentiful inventory gives buyers more choices as well. The Eastside has about three weeks of available condo inventory; Seattle nearly two months. The median condo price on the Eastside was up 12% over a year ago to $558,000. Seattle’s median price was essentially unchanged from last year at $492,000. What’s happening in your neighborhood? Whether you are thinking of buying or selling — or just curious — your broker can provide you with the latest data about specific neighborhoods and answer any […]

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Local Market Update – July 2021

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LOCAL MARKET UPDATE·2 min read Is there finally hope for homebuyers? The number of listings rose slightly throughout the region in June, but it’s not clear if that trend will continue. Supply is still far short of demand, and the Puget Sound region remains one of the hottest housing markets in the country. Despite the uptick in inventory, many homes continue to sell within days and for over asking price. As tech companies like Amazon and Microsoft lease large office spaces and hire thousands of employees, demand for homes in our region isn’t expected to lag any time soon. With more buyers chasing a limited supply of homes, the market still heavily favors sellers. The median price of a single-family home in King County rose 19% from a year ago to $860,000, down slightly from the all-time high of $869,975 set in May. Seattle saw home prices increase 11% year-over-year to $890,444, also down from May’s record price of $919,000. Home prices on the Eastside, however, continued to trend up. The median home price in June soared 40% over last year to $1,364,000, surpassing the previous high set in March. With inventory the tightest of any area of King County — the Eastside had just 288 homes for sale at the end of June —  prices are expected to remain strong. Snohomish County also hit new records, with the median home price jumping 32% over a year ago to an all-time high of $716,000. The number of homes for sale in the county declined more than 44% from a year ago, leaving it with only about 10 days of inventory, the lowest of all the counties served by Northwest MLS. Much of the demand is being driven by buyers who can continue to work from home, and are opting to buy outside of King County where housing is more affordable. Condos are another more affordable option for buyers wanting to stay in King County. Condo inventory is relatively more plentiful, and prices aren’t escalating at the same pace as other homes. And the median price of $462,500 is nearly half that of a single-family home. As a result, condo sales here continued to boom, with closed sales up 79% over the same time last year (that compares with a 39% increase in the sale of single-family homes for the same period). Market shifts can happen quickly, and your best strategy is to be well […]

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Preparing Your Equestrian Property for Sale

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by Windermere Staff Selling a horse property is quite different to selling your typical single-family home and can present some unique challenges. Therefore, when marketing a property like this, there are certain things to consider in order to achieve a successful sale. Because equestrian properties aren’t usually located in heavily populated areas, when buyers take the time to visit your property, you need to do everything you can to make a lasting impression. Having an equestrian property is a major responsibility, but if you convey to interested buyers the value and joy it can bring, it will help with getting your property sold. Here are some ways you can prepare your equestrian property for sale. Sell the Lifestyle How your property is described and positioned in the marketing assets is key. You are selling a lifestyle, so it’s worthwhile to talk up the experience that comes from owning such a unique property. Elaborate on nearby vets, feed lots, co-ops and grocery stores. Describe the nearby trail rides and point out if there are neighborhood riding clubs.  Paint the picture of what a potential buyer’s life could look like when they buy your property. Will they be enjoying the sunset on the patio overlooking the pasture? Does a stream trickle by the patio creating a relaxing ambiance? Can you watch the horses play in the field from the bedroom window? These are the visuals images that can capture a buyer’s imagination. Organize your Documents There are certain legal documents and records that come with owning and operating an equestrian property. Make sure you have the title and any land surveys or improvement location certificates ready to go as you prepare the property for sale. In addition to legal documents, make sure your agricultural records are current and updated. This includes plant health analyses, well permits, water or mineral rights, grazing leases or anything relating to natural resources on your property. Many buyers will ask to see records of past water and utility bills as well. This will make the process that much easier when you know the logistics have been taken care of. Stage for Buyers More than likely, the buyers who are touring your property either own horses or have been around equestrian properties before. Therefore, you will want to make sure the property appeals to horse owners. This includes making sure your fencing is intact, locks are secure, the […]

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Local Market Update – June 2021

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LOCAL MARKET UPDATE·2 min read May was a record-breaking month for the real estate market. Inventory hit all-time lows, and home prices reached record highs. With the supply of homes so tight, this sizzling seller’s market is expected to continue throughout the summer. High demand hammered inventory in May. While the number of new listings increased, homes sold within days, leaving the market with just a few weeks of available inventory. There were 43% fewer homes on the market in King County at the end of May as compared to a year ago.  The supply of homes was particularly dire on the Eastside where inventory was down 71%, leaving just 239 single-family homes for sale across the entire area, which stretches from Issaquah to Woodinville.  Snohomish County saw the same trend, with inventory down 60% year-over-year.  With the local economy remaining strong and population continuing to grow, don’t expect demand to slow down any time soon. With inventory so scarce, it was yet another record-breaking month for home prices.  The median price of a single-family home in King County last month jumped 29% to an all-time high of $869,975. Home prices in Seattle soared 20% to a record $919,000. The Eastside posted a median price of $1,298,475, down slightly from its all-time high, but soaring 37% from a year ago. Slim supply and high demand resulted in 78% of homes on the Eastside selling for over the list price. A 62% jump in pending condo sales in King County indicates that some buyers are opting for a more affordable home option.  At a median price of $459,000, condos look like a relative bargain when compared to single-family homes.  Snohomish County home values rocketed up as well. With some of the tightest inventory in the region, home prices there shot up 35% to a record $697,000.   It’s a challenging market for buyers, and it looks like it will continue to be that way for quite some time.  Now more than ever, you need a broker who can help you set your priorities, strategize your options and negotiate successfully on your behalf.  And sellers need someone who really understands this fast-changing market and who can create a plan to get you the greatest return on your investment. The charts below provide a brief overview of market activity. Every Monday, Windermere Chief Economist Matthew Gardner provides an update on the US economy and housing market. […]

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Local Market Update – May 2021

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LOCAL MARKET UPDATE ·2 min read A sizeable increase in new listings in April offered some good news for buyers, but it was matched by an even greater increase in sales. With supplies depleted, and homes being snapped up within days, nearly every area saw double-digit price gains. The current forecast as we head towards summer: the market remains as hot as ever. Despite the influx of new listings, inventory in the region remains one of the tightest in the country. At the end of the month there were 43% fewer homes on the market in King County than there were a year ago. Snohomish County had 49% less inventory, and has just 519 single-family homes for sale in the entire county. There were only 309 homes for sale on the Eastside, which stretches from Renton to Woodinville.  Demand is so outstripping supply that 95% of the homes that sold last month on the Eastside sold within two weeks. In Seattle that number was 84%. Home prices hit record highs in April, with nearly every area seeing double-digit price increases. The median price of a single-family home in King County last month was $830,000. Snohomish County’s median price soared to $675,000. Seattle’s median home price hit $875,000.  All were new records. At $1.3 million, the median price on the Eastside was down slightly from its all-time high in March, but up a whopping 39% from the same time last year. In another show of the strength of the market, 82% of homes on the Eastside sold for over the list price. That compares with 60% of homes in Seattle. The Seattle market remains strong, however price appreciation there has slowed relative to other areas of King County and inventory has crept up. Condos present one bright spot for buyers. Price growth has been slower and inventory has been higher than for single-family homes. The $460,000 median price for a condo in King County is 45% less than the median price of a single-family home there. Needless to say, this is a challenging market for buyers. With multiple offers and escalation clauses the norm, it’s critical to work with your broker on a plan to consider all possible scenarios when looking to buy a home.  If you’re thinking about selling, it’s an ideal time to get a maximum return on your property before the prospect of rising interest rates starts to moderate […]

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Local Market Update – April 2021

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LOCAL MARKET UPDATE ·3 min read Despite a bump in new listings the supply of homes still can’t keep up with the demand. The result? Multiple offers, escalation clauses, and record-breaking prices. If you’re considering selling your home, you’d be hard pressed to find a more lucrative market than what we have today. March marked the first post-COVID/pre-COVID comparison, and the results were dramatic. The drop in the number of listings was profound.  In King County there were 54% fewer single-family homes on the market at the end of March than the same time a year ago.  The Eastside had 68% fewer listings. There were just 216 homes for sale on the Eastside, which stretches from Issaquah to Woodinville. Extensive new investments there, including Amazon’s plan to add 25,000 jobs in Bellevue, will only increase demand for housing. North King County, which includes Richmond Beach and Lake Forest Park had just 26 homes for sale. In Seattle, the 498 listings there represents a drop of 18% from a year ago.  Despite the comparatively greater number of listings, Seattle still has only two weeks of available inventory.   The situation was even more dire in Snohomish County. With the number of homes for sale down 68%, the county has just one week of inventory. So why is inventory so low?  The pandemic certainly has played a part. People now working from home have bought up properties with more space in more desirable locations.  Nervousness and uncertainty about COVID compelled many would-be sellers to postpone putting their home on the market. Downsizers who may have moved into assisted living or nursing homes are staying in place instead. But there are other factors as well. For more than a decade, less new construction has been built relative to historical averages, particularly in the suburbs. Interest rates have also been a factor. Windermere Chief Economist Matthew Gardner noted, “I think a lot of the urgency from buyers is due to rising mortgage rates and the fear that rates are very unlikely to drop again as we move through the year, which is a safe assumption to make.”  Homeowners who refinanced when rates were at record lows are staying in their homes longer, keeping more inventory off the market. And those same low interest rates have compelled many homeowners who bought a new home not to sell their previous one, but to keep it as a rental […]

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Give Blood to Give Back

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  All in, for community.   This month, Windermere and I are doing our part to give back to our communities. We’re partnering with Bloodworks Northwest for an important blood drive and are encouraging clients and friends like you to take part. Recent heavy demand in local hospitals has drawn down our region’s life-saving supply of blood. That’s where you and I come in. The Bloodworks-Windermere drive runs April 1 – 30. To donate blood at any Bloodworks center or pop-up location, please sign up here or call 800.398.7888. Please make sure to use sponsor code WRE when you arrive at your donation appointment. Be assured that Bloodworks Northwest is taking every precaution to make the donation process as safe and simple as possible. Measures such as increased social distancing in their centers, donations by appointment and only allowing donors over the age of 16 ensure that we can all stay safe while we do our part to give back to our communities. Please join Windermere and me as we give blood to give back. schedule.bloodworksnw.org

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