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Local Market Update – September 2020
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
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on
5 Cool New Smart Home Gadgets From CES 2020
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:
KOHLER SMART SHOWERHEAD WITH SPEAKER
Kohler offers a range of high-tech shower speakers, from basic bluetooth to Amazon-Alexa-enabled. The luxurious showerhead option has a magnetic docking system that holds the speaker — crafted with Harmon Kardon audio tuned to cancel out water noise — right in the center.
BOSCH FRIDGE WITH FOOD RECOGNITION
We’ve all lost food containers to the depths of our refrigerators. While reducing food waste isn’t the top goal for Bosch’s Home Connect Fridge, it’s inventory abilities can certainly help. In partnership with Chefling — a recipe planning app — this fridge keeps track of what you have on hand and can recommend recipes so nothing goes to waste.
LG ThinQ Washing Machine
Working to make your weekly washing a little easier (on you and your water bill), the ThinQ washing machine is equipped with AI that can sense the type of fabric and automatically determine the best cycle for your clothing. As an added bonus, if you have the compatible dryer, the machines can communicate and share the optimal drying settings too.
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.
BALLIE ROLLING BUTLER
Unlike Google Assistant or Amazon Alexa, this AI assistant from Samsung is on the move. It can navigate your home and interact with you and other smart home devices. Like a rolling butler, it can do everything from dim lights to active your Roomba. Outfitted with a camera, Ballie (and you) can keep eyes on what goes on around the house.
This post originally appeared on GettheWReport.com
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.
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.
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.
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
Windermere Foundation Has Raised Over $1.5 Million This Year!
On National Philanthropy Day – we wanted to highlight one of our favorite charities, the Windermere Foundation! We are so glad to be a part of an organization that prioritizes charity and community work!
Windermere offices throughout the Western U.S. have been busy raising money and making donations to non-profit organizations in their local communities that provide services to low-income and homeless families. And their efforts are paying off; so far this year we’ve raised over $1.5 million, bringing the total raised by the Windermere Foundation to $39.5 million since 1989.
Here are just a few examples of how our offices are giving back to their communities:
Fort Collins, Colorado
The Windermere Real Estate office in Fort Collins held its 5th Annual Windermere Foundation Tailgate Party on Friday, September 20. The family-friendly event featured food, drinks, a bouncy house obstacle course, corn hole, face painting, and live music. Over $1,800 was raised for the Windermere Foundation during this event. All proceeds from the tailgate “party with a purpose” benefitted Partners Mentoring Youth and Crossroads Safehouse.
Centralia, Washington
The Windermere office in Centralia, WA sponsored the “Down Home: A Toledo Shindig” event held at Bonanza BBQ on September 14 to benefit Toledo School District students in need. Local businesses and residents came together to donate auction items, food, and volunteer their time. Windermere Centralia office managing broker Paula Burrows, Dan Gorton owner of Bonanza BBQ, and others from the community formed a committee and spearheaded the organization of the fundraising event, seeing a need in the community that was not being met. The Gortons provided the venue and the BBQ. Other sponsors provided additional food items, entertainment, and big-ticket items for the auction. The event raised $34,000 for a fund to help provide basic needs for students in the school district, things that low-income families couldn’t otherwise afford.
Photo Courtesy of Josie Ray Photography
Spokane, Washington
The Windermere office in Spokane, WA held their annual Windermere Shoes and Socks Event at their local Big 5 sporting goods store on August 24. Windermere agents and family members volunteered their time to help 132 children select a pair of shoes and socks. An additional 250 pairs of socks were also donated by Liberty Lake Rotary. In total, the Windermere office donated over $5,400 to provide shoes and socks to local children in need.
Windermere offices are proud to host events in their communities, like the ones mentioned above. These generous donations to the Windermere Foundation further our mission to support low-income and homeless families in the areas where we live and work. If you’d like to help support programs in your community, please click the Donate button.
To learn more about the Windermere Foundation, visit WindermereFoundation.com.
This post originally appeared on the Windermere.com Blog
