Local Market Update – February 2020

New jobs and low interest rates continue to fuel the housing market boom. While January is traditionally a slower month for activity, the new year saw steady buyer demand. With the number of sales exceeding new listings, all indicators point to a strong spring market.

EASTSIDE

The tech industry on the Eastside continues to grow rapidly. Microsoft and Alibaba both have significant expansions underway. Amazon expects to increase its workforce in Bellevue to 15,000 in the next few years, a sevenfold increase from today. As the economy continues to grow, inventory keeps being squeezed. There were 47% fewer single-family homes on the market in January than the year prior. Home prices have been stabilizing for some time, fluctuating slightly from month to month. In January the median home price slipped 2% over a year ago to $892,000.

VIEW FULL EASTSIDE REPORT

KING COUNTY

The number of single-family homes on the market in King County was down nearly 44% from a year ago. That lack of inventory has resulted in more multiple offers and the return of review dates, where sellers identify a date to review all offers. Strong competition for a small supply of homes boosted the median home price 3% over the prior year to $630,525.

VIEW FULL KING COUNTY REPORT

SEATTLE

The jobs outlook in Seattle for 2020 remains robust, and demand for homes continues to outstrip supply. Traffic at open houses in January reflected that demand, with one central Seattle homes priced in the $1.2 million range drawing more than 300 visitors. Home prices in the city have been relatively stable for the past 12 months. That remained the case in January where the median price for a single-family home inched up 1% over last year to $719,950.

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

With 35% less inventory than last January, competition among buyers in Snohomish County is fierce and multiple offers have become the norm. The median price of a single-family home soared 12% over a year ago to $509,950. Home prices have been playing catch up, increasing at a much faster pace over the past year than King County. While the prices gap has closed, the median price here is still nearly 20% less than King County.

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com


Posted on February 17, 2020 at 2:42 pm
Ashley Abolafia | Posted in Local Market Update | Tagged , , , , , , ,

Incorporate Pantone’s Color of 2020 into Your Home

Image Source: Pantone

Classic Blue has officially been anointed Pantone’s 2020 “Color of the Year”.  Pantone says it picked this color because of its ability to instill calm, confidence, and connection as we cross the threshold into a new decade. A dependable color, Classic Blue is timeless, and enduring, making it a great addition to just about any room in your home.

Here are some ways to add this stunning shade of blue to your home:

 

Furniture

Image Source: Stacy Zarin Goldberg 

Add a splash of color to any room with Classic Blue furniture, such as these dining room chairs, which express a sense of tradition and elegance, as well as unexpected boldness.

 

Tile Work

Image Source: Stacy Zarin Goldberg 

Geometric patterns are all the rage this year, so why not liven up your kitchen backsplash with tiles that incorporate the color of the year? Here’s an example that achieves this through bold, colorful design that doubles as a piece of art.

 

Cabinets

Image Source: Davonport Kitchen Designers and Remodelers. 

If geometric tile isn’t your thing, the are other ways to bring your kitchen to life with this stunning shade of blue. If you’re not in a position to purchase all new cabinets, simply paint your current cabinets for a more affordable update.

 

Walls

Image Source: Stacy Zarin Goldberg

Whether it’s built-ins, panels, or an accent wall, Classic Blue can make your furniture and décor pop. Consider this color when you paint your living room or bedroom as a way to encourage calm and confidence in your favorite spaces.

 


This post originally appeared on the Windermere.com Blog


Posted on February 16, 2020 at 8:27 am
Ashley Abolafia | Posted in For Your Home | Tagged , , , , , , , ,

New Smart Mailbox Aims to Deter “Porch Pirates”

There’s sadly no denying that the Greater Seattle area region, ranked fifth in Safewise’s “Top 10 Major Metros for Package Theft” list and second in “Amazon package stolen” Google searches, is rampant with “porch pirates” (thieves who target homes and steal packages left on doorsteps).

Now, a smart mailbox is looking to help residents in the Puget Sound region keep their deliveries safe.

Danby Appliances has announced the Greater Seattle Area will be their U.S. launch site of its new Parcel Guard Smart Mailbox.

With this new theft-resistant mailbox, delivery drivers and mail carriers will be able to place packages in an anti-theft drop slot. Danby Parcel Guard locks the slot and sends a notification through the Parcel Guard app that the package is secure. Additional features include wireless connectivity for up to five users on Apple iOS and Android devices, a live motion-activated IP camera, two-way voice communication, tamper alarm, and weight monitor.

Danby Parcel Guard was named a Product of the Year in Canada, one of the Top 5 Most Innovative Products at the Consumer Electronics Show earlier this year, and a Global Innovation Award runner-up from the International Housewares Association.

In the Puget Sound region, Danby Parcel Guard can be found online at mass market and specialty retailers, including Amazon, Best Buy, Costco, Home Depot, Wayfair, and danbyparcelguard.com.

 


This was originally posted on 425 Business by Antoinette Alexander. 

And on GettheWReport.com


Posted on February 12, 2020 at 5:08 pm
Ashley Abolafia | Posted in Uncategorized | Tagged , , , , , , ,

Matthew Gardner – Will There Be A Recession in 2020?

Windermere Chief Economist, Matthew Gardner, answers the most pressing question on everyone’s minds: Will there be a recession in 2020? Here’s what he expects to see.


This post originally appeared on the Windermere.com Blog


Posted on January 27, 2020 at 1:31 pm
Ashley Abolafia | Posted in Buying a Home, Local Market Update, Selling a Home | Tagged , , , ,

Local Happenings – January & February 2020

WA State Parks Free Day

January 20th

Explore the natural winter wonderland of one of our state’s many expansive parks with free admission (no Discover Pass required) in honor of Martin Luther King Jr. Day. Learn more about State Parks Free Days here.

FIND A PARK HERE

MLK Day Celebration

January 20th

This year marks the 38th Annual Dr. Martin Luther King, Jr. Day! The day will begin at 8:30 AM at Garfield High School with an Opportunity Fair and Workshops, developed to inspire us to affect change in ourselves and our community. Our Rally Program starting at 11 AM, followed by the March to City Hall at 12:30, demands that our politicians and civic leaders use their 20/20 vision to see us and to make change in our city.

LEARN MORE HERE

Tacoma Home & Garden Show

January 23rd, 24th, 25th & 26th

It’s never too early to begin planning your home refresh or gardening! A vibrant marketplace with 250+ booths to explore and several unique feature displays to enjoy, the Home & Garden Show at the Tacoma Dome is the perfect place to shop for home-related products and services, get inspired for your next home project, connect with industry experts, and enjoy informative presentations from renowned local and international home professionals.

LEARN MORE HERE

11th Annual Belgian Beer Fest

January 25th

The Washington Beer Commission’s 11th Annual Belgian Fest will take place at Seattle Center’s Fisher Pavilion highlighting Belgian-style beers crafted by Washington breweries. Featured beer styles include Tripels, Dubbels, Saisons, Wits, Abbeys and Lambics. In keeping with this unique style, all of the beers are brewed with Belgian yeast.

LEARN MORE HERE

Lunar New Year Celebration in Bellevue

February 1st

The Bellevue Collection, Seattle Chinese Culture and Arts Association, and the Overseas Community Affairs Council – Republic of China (Taiwan) welcomes in the 2020 Lunar New Year with a celebration featuring numerous traditional and contemporary cultural demonstrations including martial arts, music, dance, visual arts and food sampling. The festival is open to audiences of all ages and includes fun, complimentary activities for all to participate in.

LEARN MORE HERE

A Night Like This! at Teatro Zinzanni

Now through February 16th

A Night Like This is filled with classic elegance, show stopping entertainment, and mouthwatering bites wrapped in an evening so enchanting you may never want to leave!  Christine Deaver as Penelope Wilde spins tall tales from her exotic travels to the Seven Seas. The staff dreams big, two star-crossed lovers find magic in the air, hoops spin, ballerinas dance, the chef longs for a 5 star review, and Master of the House, Cunio pulls you in with his powerhouse vocals.

GET TICKETS HERE

Pike Brewing Chocofest 2020

February 9th

Fall in love with sips, sweets, and savory bites at Pike Brewing Company’s Chocofest! This culinary adventure celebrates Valentine’s Day with unlimited bites from premiere local restaurants and talented chocolatiers alongside delicious sips from Pike Brewing, local cidermakers, craft wineries, and distilleries. Chocofest benefits local nonprofit Long Live the Kings, who work to restore wild salmon and support sustainable fishing in the Pacific Northwest.

LEARN MORE HERE

More Valentine’s Day Events

Warm up your winter with a fun run for charity, romantic cruise, hearty laughs or indulgent wine and chocolate pairings, all in the name of love.

February 8: Dash through the streets of Fremont in your most festive undergarments to support a good cause in Cupid’s Undie Run. (Seattle)

February 13-15: Come aboard the love boat and gaze upon our gorgeous city from the water while enjoying a delicious 4-course meal during this Valentine’s Day cruise. (Seattle and Kirkland)

February 14-15:  Though Shakespeare said that music is the food of love, we think it may actually be laughter, as proven by this Comedy of Love Improv where spontaneous scenes rife with passion, lust, heartbreak and everything in between will be created based on audience suggestions. (Seattle)

February 15-16: Whisk away to Bainbridge Island for a quick weekend getaway-meets-staycation. Indulge in elegant wine and chocolate pairings while visiting 5 island wineries.

 


This post originally appeared on GettheWReport.com


Posted on January 24, 2020 at 8:09 am
Ashley Abolafia | Posted in Local Community | Tagged , , , , , , , ,

The Gardner Report – Q4 2019 Western Washington

The following analysis of the Western Washington real estate market is provided by Windermere Real Estate Chief Economist, Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact us!



ECONOMIC OVERVIEW

Employment in Washington State continues to soften; it is currently at an annual growth rate of 1.7%. I believe that is a temporary slowdown and we will see the pace of employment growth improve as we move further into the new year. It’s clear that businesses are continuing to feel the effects of the trade war with China and this is impacting hiring practices. This is, of course, in addition to the issues that Boeing currently faces regarding the 737 MAX.

In the fourth quarter of 2019 the state unemployment rate was 4.4%, marginally lower than the 4.5% level of a year ago. My most recent economic forecast suggests that statewide job growth in 2020 will rise 2.2%, with a total of 76,300 new jobs created.

HOME SALES

  • There were 18,322 home sales registered during the final quarter of 2019, representing an impressive increase of 4.7% from the same period in 2018.
  • Readers may remember that listing activity spiked in the summer of 2018 but could not be sustained, with the average number of listings continuing to fall. Year-over-year, the number of homes for sale in Western Washington dropped 31.7%.
  • Compared to the fourth quarter of 2018, sales rose in nine counties and dropped in six. The greatest growth was in Whatcom County. San Juan County had significant declines, but this is a very small market which makes it prone to extreme swings.
  • Pending home sales — a barometer for future closings — dropped 31% between the third and fourth quarters of 2019, suggesting that we may well see a dip in the number of closed sales in the first quarter of 2020.

HOME PRICES

  • Home price growth in Western Washington spiked during fourth quarter, with average prices 8.3% higher than a year ago. The average sale price in Western Washington was $526,564, 0.7% higher than in the third quarter of 2019.
  • It’s worth noting that above-average price growth is happening in markets some distance from the primary job centers. I strongly feel this is due to affordability issues, which are forcing buyers farther out.
  • Compared to the same period a year ago, price growth was strongest in San Juan County, where home prices were up 41.7%. Six additional counties also saw double-digit price increases.
  • Home prices were higher in every county contained in this report. I expect this trend to continue in 2020, but we may see a softening in the pace of growth in some of the more expensive urban areas.

DAYS ON MARKET

  • The average number of days it took to sell a home dropped four days compared to the third quarter of 2019.
  • For the second quarter in a row, Thurston County was the tightest market in Western Washington, with homes taking an average of 29 days to sell. In nine counties, the length of time it took to sell a home dropped compared to the same period a year ago. Market time rose in four counties and two were unchanged.
  • Across the entire region, it took an average of 47 days to sell a home in the fourth quarter. This was up nine days over the third quarter of this year.
  • Market time remains below the long-term average across the region, a trend that will likely continue until we see more inventory come to market — possibly as we move through the spring.

CONCLUSIONS

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

The housing market ended the year on a high note, with transactions and prices picking up steam. I believe the uncertainty of 2018 (when we saw significant inventory enter the market) has passed and home buyers are back in the market. Unfortunately, buyers’ desire for more inventory is not being met and I do not see any significant increase in listing activity on the horizon. As such, I have moved the needle more in favor of home sellers.

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

This post originally appeared on the Windermere.com Blog.


Posted on January 23, 2020 at 6:58 pm
Ashley Abolafia | Posted in The Gardner Report | Tagged , , , , ,

Local Market Update – January 2020

2019 ended with too many buyers chasing too few homes. December marked the sixth straight month of declining supply. The severe shortage of homes, historically low interest rates, and strong job growth are predicted to keep the local housing market strong in 2020. In a region starved for inventory, sellers can expect significant interest in new listings.

EASTSIDE

Homes sold briskly on the Eastside in December in all categories, including the luxury market. The number of listings were down nearly 50% from a year ago and the area had under a month of available inventory. That lack of inventory helped bump the median price of a single-family home up 4% from a year ago to $949,000, which is a $49,000 increase from November.  New large scale developments and a strong economic forecast indicate that the housing market will remain healthy.

VIEW FULL EASTSIDE REPORT

KING COUNTY

King County continues to be a seller’s market. Inventory in December was down nearly 40% compared to a year ago and ended the month with below one month supply. The median price of a single-family home rose 6% over the prior year to $675,000, up slightly from November. More affordable areas saw much higher increases. Southeast King County – which includes Auburn, Kent and Renton – saw home prices jump 16% over the previous year.

VIEW FULL KING COUNTY REPORT

SEATTLE

Numbers tell the story in Seattle. Inventory was down 25%, while the number of closed sales increased 19%. Strong demand here has kept the housing market solid, with prices fluctuating slightly month-to-month for much of 2019. The median price of a single-family home sold in December increased 2% from a year ago to $727,000. That was slightly down from $735,000 in November.

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

While the median home price in Snohomish County is less than that in King County, the gap continues to close. Buyers willing to trade a longer commute for a lower mortgage have kept demand and prices strong. Inventory here was off 36% in December as compared to a year ago. The median price of a single-family home rose 9% over a year ago to $510,000, an increase of $15,000 from November.

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com


Posted on January 14, 2020 at 1:22 pm
Ashley Abolafia | Posted in Buying a Home, Local Market Update, Selling a Home | Tagged , , , , , ,

WINDERMERE FOUNDATION DONATES $100,000 TO SEATTLE CHILDREN’S HOSPITAL

The Windermere Foundation’s recent contribution to Seattle Children’s Hospital‘s Homelessness Prevention Fund and Children’s Emergency Patient Fund will help 40 families secure stable housing and retain ownership of their homes this holiday season.

“No parent should have to choose between having a place to live and having a healthy child,” said Christine Wood, Executive Director of the Windermere Foundation. “Our goal is to help take on some of the financial burden of housing and
living expenses so they can focus on their child’s health.”

The Homelessness Prevention Fund provides low-income families with financial support to help cover imminent expenses, repairs, and other needed services. The one-time payment can spare a family from eviction or other hardships triggered by shelter insecurity.

“There are 104 children and 74 parents and guardians who will be able to stay in their homes during the holidays thanks to the Windermere Foundation’s generous donation,” said Roosevelt Travis, Director of the Department of Social Work at Seattle Children’s. “It is truly life changing.”

Additionally, a portion of the donation was directed to the Children’s Emergency Patient Fund which provides modest sums to cover food, utilities, transportation and other essentials to more than 2,000 families each year.

Over the years, Windermere donations to this fund have been used to pay for hotel vouchers, gas cards, and, in the saddest cases, funeral expenses.

“When I am contacted by Children’s seeking funding, I know not every situation is going to have a happy ending,” said Christine Wood. “We’re just grateful that we have the opportunity to relieve some of the burden for these families during what is a very difficult time in their lives.”

Since its establishment 30 years ago, the Windermere Foundation has raised over $40 million to support local low-income and homeless families, and Windermere has donated a total of $318,000 directly to Seattle Children’s Hospital since 2006. The Foundation is currently the 17th largest corporate philanthropist in the Puget Sound, as ranged by the Puget Sound Business Journal.

To learn more about the Windermere Foundation, please visit www.windermerefoundation.com


Read the full Windermere Foundation press release here.

A version of this story was first published on Inman.com (Note: subscription required)


Posted on January 9, 2020 at 2:51 pm
Ashley Abolafia | Posted in Local Community, Windermere Foundation | Tagged , ,

Local Market Update – December 2019

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Favorable interest rates and soaring rents boosted activity in the housing market in November. More buyers competing for less inventory kept home prices strong. With the supply of homes far short of demand, sellers can expect well-priced properties to sell quickly this winter.

EASTSIDE

With just over a month of available inventory, demand on Eastside remains very strong. Sales are brisk, with 45% of single-family homes selling in 15 days or less and 20% of homes selling for over list price. The median single-family home price in November rose 2% from a year ago to $900,000 and was unchanged from October.

VIEW FULL EASTSIDE REPORT

KING COUNTY

With more buyers vying for fewer homes, King County remains a solid seller’s market. While inventory traditionally shrinks in the winter, this November saw the number of new listings at historic lows. Demand was strong, with the number of closed sales up 12% over the same time last year. The median home price ticked up 3% over the prior year to $661,000 and was unchanged from October. The strong market sent prices higher in the more affordable price ranges, with some areas in South King County seeing double-digit increases.

VIEW FULL KING COUNTY REPORT

SEATTLE

Activity in Seattle was very strong in November. The number of closed sales was up 29% over the same time last year. With just over one month of homes available for sale, the city is starved for inventory. Seattle homes prices have ebbed and flowed slightly from month to month for much of this year. The median price of a single-family home sold in November was off 3% from a year ago to $735,000.

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

With an increasing number of buyers driving to affordability, the Snohomish County housing market remains robust. Inventory is very tight and continues to fall. The county finished November with just over one month of supply. The median price of a single-family home rose 5% over a year ago to $495,000. That figure is unchanged from October.

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com


Posted on December 17, 2019 at 7:12 am
Ashley Abolafia | Posted in Buying a Home, Local Market Update, Selling a Home | Tagged , , , , ,

Four Holiday Décor Trends to Inspire You This Season

The holiday season is here and for many of us, that means it’s time to deck the halls. If you’re looking for some inspiration and a place to start, here are some ideas that are certain to get everyone in the spirit.

 

A Tree of a Different Color

Photo Credit: Left – Lushome, Center – HGTV, Right – Christmas365

For many, there’s nothing more quintessential during the holidays than a Christmas tree decked out in ornaments. But acquiring a tree can be challenging and expensive. Moreover, housing a tree consumes time and space. That’s why we love the idea of an alternative tree. There are plenty of options you can buy online or create yourself using things you probably already have around the house. And if you miss the smell of a real tree, try a scented candle or essential oils.

 

The Season of Lights

Photo Credit: Amara

There’s something perpetually charming about twinkling lights. Whether you’re wrapping them around your front porch or adorning your fireplace mantle, extra lights deliver a warm glow during the holiday season. Getting creative and adding light to otherwise unexpected places, including bookcases, around headboards, or even in glassware, is a great way to keep everything looking merry and bright.

 

Act Natural

Photo Credit: Better Homes & Gardens

Not all holiday climates are built alike. If you’re expecting a white Christmas, you’re probably used to pine trees and winter brush, but for those of you located in regions where the mercury doesn’t drop, sprinkling in natural elements can transform your home into a wintery oasis. Holly and pine needles add a traditional touch, or consider a wreath of olive branches with some sleigh bells interspersed.

 

Bring it All Home at Dinner

Photo Credit: Amara

When decorating for the holidays, don’t forget the table! A sprig of holly adds a festive touch to your place settings. And instead of the traditional centerpiece, try placing candles in glass vases or mason jars to give your tablescape that added touch of holiday pizzazz.

 


This post originally appeared on the Windermere.com Blog


Posted on December 4, 2019 at 3:36 pm
Ashley Abolafia | Posted in For Your Home | Tagged , , , , , , , ,