Local Market Update • September 16, 2020

Local Market Update – September 2020

by Team Abolafia

August saw the lowest number of homes for sale in more than 20 years and the lowest mortgage rates on record. Sparse inventory and high demand pushed home prices to new highs.

With pending sales outpacing new listings, inventory continues to shrink. King and Snohomish counties each have about a two-week supply of available homes. Four to six months of inventory is considered a balanced market, favoring neither buyers nor sellers.
The region saw the second consecutive month of record-setting price growth with home prices experiencing double-digit increases as compared to a year ago.
Fierce competition among buyers has made multiple offers the norm. In King County, 46% of home sold for more than the list price. Last August that number was 24%. In Snohomish County, 58% of homes sold above list price as compared to just 28% the prior year.

The charts below provide a brief overview of market activity. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here.

EASTSIDE

VIEW FULL EASTSIDE REPORT

KING COUNTY

VIEW FULL KING COUNTY REPORT

SEATTLE

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

VIEW FULL SNOHOMISH COUNTY REPORT

This post originally appeared on

Local Market Update • August 11, 2020

Local Market Update – August 2020

by Team Abolafia

While the pace of daily life may seem slow right now, the
local real estate market has had an unusually busy summer. The number of
new listings in July was up, sales increased, and home prices followed
suit.

• While overall inventory is at historic lows, more sellers put their homes on
the market. New listings of single-family homes in King County jumped more than
25% from a year ago. Snohomish County saw a 7% increase in new listings.

• Pent-up buyer demand fueled sales activity in July. The number of pending
sales was up 17% over a year ago in King County, and up 13% in Snohomish
County.

• With buyers snapping up new listings as soon as they hit the market, total
available inventory dropped to a 10-year low for the month.

• The lack of inventory is benefiting sellers, and multiple offers are now common
at every price point. As a result, single-family home prices rose 7% in King
County and 15% in Snohomish County.

The charts below provide a brief overview of market activity. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here.

EASTSIDE

VIEW FULL EASTSIDE REPORT

KING COUNTY

VIEW FULL KING COUNTY REPORT

SEATTLE

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

VIEW FULL SNOHOMISH COUNTY REPORT

This post originally appeared on GetTheWReport.com

Buying a Home • Local Market Update • Selling a Home • March 11, 2020

Local Market Update – March 2020

by Team Abolafia

The novel coronavirus (COVID-19) has not yet dampened demand in the housing market. Traffic at open houses remains heavy. Buyers who had waited last year for a drop in prices have now seen several months of home prices increases. With demand far outstripping supply and record low interest rates, the market heading into spring looks hotter than ever.

EASTSIDE

Buyers that may have been in wait-and-see mode at the end of 2019 jumped off the fence in February. Pending sales (offers accepted but not yet closed) jumped 27%, snapping up already-tight inventory. 55% of homes on the market sold in 15 days or less. The median home price jumped 9% over a year ago to $985,000, an increase of $58,000 from the prior month. Development on the Eastside continues to surge and includes the recent groundbreaking for a 600-foot tower in Bellevue and a proposed 11-acre mixed-use project.

VIEW FULL EASTSIDE REPORT

KING COUNTY

The tight housing market here got even tighter. There were 40% fewer homes on the market in King County in February than there were in January. The median home price rose 3% over the prior year to $675,000, up from $630,525 in January. With mortgage rates and the local unemployment rate both hitting record lows, demand isn’t likely to drop any time soon.

VIEW FULL KING COUNTY REPORT

SEATTLE

With just six weeks of available inventory, competition for homes in Seattle remains fierce. Multiple offers were the norm, and 34% of homes purchased in February sold for over the listing price. The median price for a single-family home in February was $730,500, unchanged from a year ago and up from $719,950 in January.

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

The numbers in Snohomish County tell the story. There were 42% fewer listings in February than a year ago, and 42% more pending sales. With inventory at under a month of supply, there just aren’t enough homes to meet demand. That scarcity translated into higher prices, with the median price of a single-family home rising 8% over a year ago to $515,000.

VIEW FULL SNOHOMISH COUNTY REPORT

This post originally appeared on GetTheWReport.com

Uncategorized • February 25, 2020

5 Cool New Smart Home Gadgets From CES 2020

by Team Abolafia

An international springboard for consumer tech, the CES conference this year did not disappoint, with plenty of new technologies, gadgets galore and even innovative food products (plant-based Impossible pork, anyone?).

A veritable smorgasbord of smart home tech was on full display for every space, from garages and walkways to under-sink cabinets and showerheads. Here are seven new smart home products that caught our attention:

HUB FREE SMART SWITCHES (THAT DON’T NEED A NEUTRAL WIRE)

GE Lighting is swinging for the fences with it’s smart home lighting lineup — from color-changing bulbs to motion-sensing switches. It’s latest offering includes three-wire and hub-free switches that are available in 5 different designs, are well-priced, include dimming and motion-sensing functionalities. Most impressively, only need three wires to connect (line, load, and ground), making them an excellent option for older homes.

Local Market Update • February 17, 2020

Local Market Update – February 2020

by Team Abolafia

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

For Your Home • February 16, 2020

Incorporate Pantone’s Color of 2020 into Your Home

by Team Abolafia

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

Uncategorized • February 12, 2020

New Smart Mailbox Aims to Deter “Porch Pirates”

by Team Abolafia

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

Local Community • January 24, 2020

Local Happenings – January & February 2020

by Team Abolafia

Checkout all these fun events around the area in January & February!

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

Buying a Home • Local Market Update • Selling a Home • December 17, 2019

Local Market Update – December 2019

by Team Abolafia

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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

For Your Home • December 4, 2019

Four Holiday Décor Trends to Inspire You This Season

by Team Abolafia

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