Local Market Update – April 2020

 

Windermere is focused on keeping our clients and our community safe and connected. We’re all in this together. Since the early days of COVID-19, our philosophy has been “Go slow and do no harm.” While real estate has been deemed an “essential” business, we have adopted guidelines that prioritize everyone’s safety and wellness.

Like everything else in our world, real estate is not business as usual. While market statistics certainly aren’t our focus at this time, we’ve opted to include our usual monthly report for those who may be interested. A few key points:

  • The monthly statistics are based on closed sales. Since closing generally takes 30 days, the statistics for March are mostly reflective of contracts signed in February, a time period largely untouched by COVID-19. The market is different today.
  • We expect that inventory and sales will decline in April and May as a result of the governor’s Stay Home order.
  • Despite the effects of COVID-19, the market in March was hot through mid-month. It remains to be seen if that indicates the strong market will return once the Stay Home order is lifted, or if economic changes will soften demand.

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.

Stay healthy and be safe. We’ll get through this together.

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

Posted on April 14, 2020 at 11:20 am
Ashley Abolafia | Category: Local Market Update | Tagged , , , , , , , , , , , , , , ,

Local Market Update – March 2020

 

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

Posted on March 11, 2020 at 4:17 pm
Ashley Abolafia | Category: Buying a Home, Local Market Update, Selling a Home | Tagged , , , , , , , , ,

Local Happenings – November & December 2019

NOVEMBER EVENTS:

Seattle’s Beaujolais Nouveau Wine Festival

November 22nd

Beaujolais Nouveau wine is released at midnight each year on the third Thursday of November. Its arrival as the first wine of the harvest sparks worldwide celebrations. We host simultaneous events in Seattle and in Portland on the third Friday of November to commemorate this special tradition. Both events take place on November 22, 2019 this year.

LEARN MORE HERE

Enchant Mischievous

November 22nd – 29th

A world of Christmas wonder awaits as Enchant, The World’s Largest Christmas Light Maze & Market moves inside T-Mobile Park, November 22 – December 29, 2019.

Surrounded by millions of dazzling lights, the memories you make will last well beyond the holiday season. Get lost in the world’s largest light maze. Take photos around the largest Christmas tree the surrounding area. Glide around the ice-skating trail or waltz through the Enchant Christmas Market.

Free admission for children ages 3 and under.

LEARN MORE HERE

Seattle Musicians Access to Sustainable Healthcare

November 22nd – 29th

Seattle, WA., October 1, 2019, Seattle Area non-profit SMASH – Seattle Musicians Access to Sustainable Healthcare – announced their second annual benefit concert, a tribute to the music of Neil Young. SMASH is a nonprofit organization dedicated to keeping the Northwest’s music community healthy by providing health education, advocacy, and access to preventative healthcare. SMASH’s 2018 benefit was a great success and featured the first reunion by Seattle legends Mother Love Bone in over 8 years. The event received kudos from publications like Rolling Stone and Stereogum.

LEARN MORE HERE

GeekCraft Expo Seattle

November 29th

GeekCraft Expo Seattle is a 2-day event being held from 29th November to 1st December 2019 at the Hangar 30 in Seattle, United States. This is a handmade crafts market specializing in handmade, geek-themed crafts of all kinds such as clothing, accessories, toys, home decoration, furniture, art.

LEARN MORE HERE

DECEMBER EVENTS:

Where to see holiday lights in and around Seattle

Throughout December

If you’ve lived around Seattle for a while, you know that, between our high longitude and endless cloud cover, our winters are extremely dark. But there’s an upside: We put up twinkle lights early and often, with many a street tree glowing by the end of October, even before the holiday lights season.

LEARN MORE HERE

76 Seafair Holiday Cruise

December 8th

This heartwarming event takes to the water as independent boaters and charter operators volunteer their boats, crews and time to host approximately 1,500 intellectually disabled guests on a special holiday cruise on Lakes Union & Washington. Over 200 boats will be decked out in lights and holiday cheer at various docks and yacht clubs. Once on board, guests are treated to a snack and beverages provided by Safeway – Albertsons and participating boat owners and skippers. Guest also enjoy entertainment, gifts and visits from Santa Claus as they cruise for two hours through the Montlake Cut to Lake Washington. Simultaneous cruises take place in Bremerton, Tacoma and Olympia.

LEARN MORE HERE


This post originally appeared on GetTheWReport.com

Posted on November 20, 2019 at 3:58 pm
Ashley Abolafia | Category: Local Community | Tagged , , , , , , ,

LOCAL MARKET UPDATE – NOVEMBER 2019

A steady influx of buyers continued to strain already tight inventory throughout the area in October. Home sales were up, as were prices in much of the region. With our thriving economy and highly desirable quality of life drawing ever more people here, the supply of homes isn’t close to meeting demand. Homeowners thinking about putting their property on the market can expect strong buyer interest.

EASTSIDE

As the Eastside continues to rack up “best places” awards, it’s no surprise that the area is booming. Development is on the rise, fueled primarily by the tech sector. The appeal of the Eastside has kept home prices here the highest of any segment of King County. The median single-family home price in October was stable as compared to the same time last year, rising 1% to $900,000.

VIEW FULL EASTSIDE REPORT

KING COUNTY

King County’s 1.74 months of available inventory is far below the national average of four months. Despite the slim selection, demand in October was strong. The number of closed sales was up 5% and the number of pending sales (offers accepted but not yet closed) was up 11%. The median price of a single-family home was down 2% over a year ago to $660,000. However, some areas around the more reasonably-priced south end of the county saw double-digit price increases.

VIEW FULL KING COUNTY REPORT

SEATTLE

Seattle home prices took their largest year-over-year jump in 12 months. The median price of a single-family home sold in October was up 3% from a year ago to $775,000, a $25,000 increase from September of this year.  Seattle was recently named the third fastest-growing city in America.  Real estate investment is surging. A growing population and booming economy continue to keep demand for housing –and home prices—strong.

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

Both the number of home sales and home prices were on the rise in Snohomish County in October. Overall homes sales increased 7%, and the median price of a single-family home rose 5% over a year ago to $495,000.  Supply remains very low, with just six weeks of available inventory.

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com

Posted on November 15, 2019 at 11:56 am
Ashley Abolafia | Category: Buying a Home, Local Market Update, Selling a Home | Tagged , , , , , , , , , , , , , ,

Local Market Update – October 2019

While fall usually brings a decrease in sales activity, the opposite was true in September. The number of listings on the market dropped by double digits and home sales rose. It is still a seller’s market, however prices have stabilized. With interest rates near historic lows and employment levels at historic highs, the housing market is expected to stay strong throughout the fall and winter.

EASTSIDE

Long the most affluent area of King County, the Eastside continues to record the highest home prices in the region. The median price of a single-family home on the Eastside was $928,500 in September, an increase of 4% from a year ago and a decrease of less than 1% from August. The Eastside construction boom continues, indicating that developers remain confident in the strength of the local economy.

VIEW FULL EASTSIDE REPORT

KING COUNTY

The number of homes on the market in King County fell by almost 20% in September when compared to a year ago. However, last fall saw an increase in inventory that was unusual for the time of year. The median price of a single-family home was $660,000, down just 1% from the same time last year. Cities in King County, outside of Seattle, all saw price increases. Sales were up 7% indicating no shortage of buyers.

VIEW FULL KING COUNTY REPORT

SEATTLE

Prices remained relatively stable, with the median price of a single-family home in September dipping 3% over a year ago to $750,000. As tech companies continue to recruit top talent to the area, Seattle’s population keeps booming and demand for housing remains high. While home sales traditionally dip in the fall, the city saw sales increase by 12% in September as compared to last year. Rising rents may push more buyers into the market.

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

Buyers continue to be drawn to Snohomish County thanks to a strong economy and housing costs that are considerably more affordable than King County. That influx of buyers is also driving up prices. The median price of a single-family home in September was $492,500, up from $484,995 the same time last year. At $167,500 less than the median price in King County, it’s a relative bargain.

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com

Posted on October 18, 2019 at 4:06 pm
Ashley Abolafia | Category: Uncategorized | Tagged , , , , , , , , , , , , , , , , , ,