King & Snohomish County Market Stats – July 2017

Eastside (based on Residential Homes):

Eastside (based on Condominium Homes):

 


Posted on August 8, 2017 at 12:14 pm
Bellevue Commons | Posted in Windermere Bellevue Commons News |

The Gardner Report – 2nd Quarter 2017

The Gardner Report | Western Washington Q2 2017

 

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 me.

ECONOMIC OVERVIEW


The Washington State economy has been expanding at a rapid pace but we are seeing a slowdown as the state grows closer to full employment. Given the solid growth, I would expect to see income growth move markedly higher, though this has yet to materialize. I anticipate that we will see faster income growth in the second half of the year. I still believe that the state will add around 70,000 jobs in 2017.

Washington State, as well as the markets that make up Western Washington, continue to see unemployment fall. The latest state-wide report now shows a rate of 4.5%—the lowest rate since data started to be collected in 1976.

I believe that growth in the state will continue to outperform the U.S. as a whole and, with such robust expansion, I would not be surprised to see more people relocate here as they see Washington as a market that offers substantial opportunity.

HOME SALES ACTIVITY


  • There were 23,349 home sales during the second quarter of 2017. This is an increase of 1.1% from the same period in 2016.
  • Clallam County maintains its position as number one for sales growth over the past 12 months. Double-digit gains in sales were seen in just three other counties, which is a sharp drop from prior reports. I attribute this to inventory constraints rather than any tangible drop in demand. The only modest decline in sales last quarter was seen in Grays Harbor County.
  • The number of homes for sale, unfortunately, showed no improvement, with an average of just 9,279 listings in the quarter, a decline of 20.4% from the second quarter of 2016. Pending sales rose by 3.6% relative to the same quarter a year ago.
  • The key takeaway from this data is that it is unlikely we will see a significant increase in the number of homes for sale for the rest of 2017.
Annual Change in Home Sales

HOME PRICES


  • Along with the expanding economy, home prices continue to rise at very robust rates. Year-over-year, average prices rose 14.9%. The region’s average sales price is now $470,187.
  • Price growth in Western Washington continues to impress as competition for the limited number of homes for sale remains very strong. With little easing in supply, we anticipate that prices will continue to rise at above long-term averages.
  • When compared to the same period a year ago, price growth was most pronounced in San Juan County where sale prices were 29.2% higher than second quarter of 2016. Eight additional counties experienced double-digit price growth.
  • The specter of rising interest rates failed to materialize last quarter, but this actually functioned to get more would-be buyers off the fence and into the market. This led to even more demand which translated into rising home prices.
Western Washington Heat Map
Annual Change in Home Sale Prices

DAYS ON MARKET


  • The average number of days it took to sell a home in the quarter dropped by 18 days when compared to the same quarter of 2016.
  • King County remains the tightest market; homes, on average, sold in a remarkable 15 days. Every county in this report saw the length of time it took to sell a home drop from the same period a year ago.
  • Last quarter, it took an average of 48 days to sell a home. This is down from the 66 days it took in the second quarter of 2016.
  • Given the marked lack of inventory, I would not be surprised to see the length of time it takes to sell a home drop further before the end of the year.
Average Days on Market

CONCLUSIONS


Market Speedometer
This speedometer reflects the state of the region’s housing market using housing inventory, price gains, home sales, interest rates, and larger economic factors. For the second quarter of 2017, I moved the needle a little more in favor of sellers. To define the Western Washington market as “tight” is somewhat of an understatement. Inventory is short and buyers are plentiful. Something must give, but unless we see builders delivering substantially more units than they have been, it will remain staunchly a sellers’ market for the balance of the year. Furthermore, increasing mortgage rates have failed to materialize and, with employment and income growth on the rise, the regional housing market will continue to be very robust.

ABOUT MATTHEW GARDNER


Matthew Gardner is the Chief Economist for Windermere Real Estate, specializing in residential market analysis, commercial/industrial market analysis, financial analysis, and land use and regional economics. He is the former Principal of Gardner Economics, and has more than 30 years of professional experience both in the U.S. and U.K.

Posted on July 26, 2017 at 12:45 pm
Bellevue Commons | Posted in Windermere Bellevue Commons News | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

King & Snohomish County Market Stats – June 2017

What’s Happening in the Market

Eastside (based on Residential Homes):

  • Market times fall (Down 12-13% Year over year)
  • Demand is still at a somewhat frenzied pace.

The summer swoon may be upon us as June numbers show that listings outpaced the pending’s for the first time in quite a while, but don’t count on it lasting long.  The predictors don’t favor this trend as home prices are still on the rise to the tune of 16% Year over Year and homes that are turn key are generating a great deal of excitement/ Multiple offers. It has also become crystal clear over the last 12 Months that overpricing a home in this market is the kiss of death for a Seller getting the most for their home & the best qualified Buyers.  It is clear that offer prices and terms are solely being made by Buyers based on the Days on Market and the interest that others have in the property.


Posted on July 26, 2017 at 12:39 pm
Bellevue Commons | Posted in Market Stats, Windermere Bellevue Commons News |

You’re invited to our Yappy Hour!

Yappy Hour with Drawings in Support of Seattle Humane

 

Wine, snacks, drawings and much more! Your furry friends are invited too! There’s not a better way to spend a Thursday afternoon than joining us for our Yappy Hour. We gather to support Seattle Humane – a great organization which cares about animals regardless of age, ability, circumstance or geography.

 

Enter to Win a Weekend Trip to Leavenworth!

You’ll have the opportunity to reserve your spot on Seattle Human’s Walk of Fame by purchasing a brick or paver with your personalized message! And if you reserve your spot, you have a chance to win a weekend trip to beautiful Leavenworth! Don’t miss this opportunity.

 

 

 


Posted on July 11, 2017 at 3:54 pm
Bellevue Commons | Posted in Windermere Bellevue Commons News |

REAL ESTATE OPEN HOUSE by Boys & Girls Clubs of Bellevue

The Boys & Girls Clubs of Bellevue is a GREAT Resource for Your Clients!

The Boys & Girls Clubs of Bellevue is committed to providing high quality programs for youth ages 2 – 18 at 12 sites located throughout Bellevue. This fall we’ll also have a new Club at Jing Mei Elementary.

The Club staff will be on hand to share information about their programs, locations and answer questions.

Mark your calendars for Monday! Great informational Real Estate Open House happening on Monday at the Main Club! Tell your friends.
Monday, June 19th
3pm – 4:30pm
Main Clubhouse 209 100th Avenue NE, Bellevue

For more information contact Michèle Heffron 425.777.9122 or mheffron@bgcbellevue.org 

 


Posted on June 16, 2017 at 4:20 pm
Bellevue Commons | Posted in Windermere Bellevue Commons News |

Community Service Day 2017 – Windermere Bellevue Commons

Windermere Community Service Day – June 9th, 2017

 

This year Windermere Community Service Day is on June 9th, 2017. On this day, our brokers and staff at Bellevue Commons will be doing a variety of projects at Little Bit Therapeutic Riding Center; we’ve been volunteering at this great organization for the past 17 years.

Last year we painted the caretaker’s home (the whole house!), took care of rain garden maintenance, weed whacked, and washed windows. The brokers also washed the horses’ paddock fencing and arena fencing.

Little Bit Therapeutic Riding Center improves the bodies, minds, and spirits of children and adults with disabilities through equine-assisted therapies and activities, and to be an inspiration and educational resource to the therapeutic riding profession, both regionally and nationally.

Watch this video to learn more about Little Bit.


Posted on May 25, 2017 at 9:45 am
Bellevue Commons | Posted in Windermere Bellevue Commons News | Tagged , , , , , , , , ,

King & Snohomish County Market Stats – May 2017

What’s Happening in the Market

Eastside (based on Residential and Condominium report):

  • Closed median price at an all-time high of $748,944, up 20% from a year ago

 

  • Price appreciation is being driven by low supply and high demand.  Eastside months’ supply of inventory is less than three weeks, the lowest ever!

 

  • 748 active listings as of 4/30/17.  Down 33% from the year before and 48% from two years before.

 

  • Scarcity has buyers paying above list price on 65% of the sales that closed in April.

 

  • What was the cost of waiting on year (April 2016 vs April 2017) to buy?  $123,944 in median price.  $9,026 per year in payment.


Posted on May 24, 2017 at 4:03 pm
Bellevue Commons | Posted in Market Stats, Windermere Bellevue Commons News | Tagged , , , , , , , , , , , , , , , , , , , , , , ,

Meydenbauer Bay Park construction has begun

Meydenbauer Bay Park construction

The City of Bellevue has started the construction of Meydenbauer Bay Park. We’re excited to see how it would improve the connection between Bellevue’s bustling downtown and its scenic Lake Washington waterfront.

With a quarter mile of waterfront, the 10-acre park considerably expands the current Meydenbauer Bay Beach Park. A large public swimming beach, pedestrian pier, historic whaling building and new beach house will make the park a destination for residents and visitors.

Rendering of Meydenbauer Bay Park

“We are one step closer to fulfilling a 30-year council vision,” said Mayor John Stokes. “This project is a testament to the patience and tenacity of city leaders who wouldn’t give up on their dream of increasing waterfront access and connections to the heart of our city.”

Key elements of the project include:

  • Relocation and expansion of the public swimming beach
  • Construction of a new beach house with restrooms and showers
  • A curvilinear pedestrian pier and hand-carry boat launch
  • Pedestrian, pathways and picnic areas
  • Remodeling the historic Whaling Building to include accessible restrooms, a small meeting room and boat rentals
  • Shoreline restoration to improve ecological functions
  • Parking and overlooks

Meydenbauer Bay, the site of a small village in the early 1900s, has a rich history. From 1914 to 1952, the inlet was the off-season home to a whaling fleet that plied Puget Sound.

The new park responds to the community’s long-held interest in additional public water access. Despite Bellevue’s 14 miles of shoreline along Lake Washington and Lake Sammamish, total shoreline in public ownership is limited to approximately 1.6 miles, or 12 percent, with the majority along Lake Washington.

IMCO General Construction will work primarily west and northwest of 99th Avenue Northeast to connect with and expand the existing park between Lake Washington Boulevard and the Meydenbauer Bay shoreline. Meydenbauer Beach Park will be closed during the project, and the Bellevue Marina will remain open.

Construction is expected to be completed in late fall 2018.

This article was first released by City of Bellevue.


Posted on May 24, 2017 at 3:45 pm
Bellevue Commons | Posted in Bellevue News | Tagged , , , , , , , , , , , , , , , , , , , , , , , ,

The Gardner Report – First Quarter 2017

The Gardner Report – First Quarter 2017

Economic Overview

I’m happy to report that Washington State continues to add jobs at a steady rate. While the rate of growth is tapering, this is because many markets are getting close to “full employment”, during which time growth naturally slows. That said, I believe that the state will add around 70,000 jobs in 2017. Washington State, as well as the markets that make up Western Washington, continues to see unemployment fall and I anticipate that we will see this rate drop further as we move through the year. In all, the economy continues to perform at or above average levels and 2017 will be another growth year.

Home Sales

  • There were 15,652 home sales during the first quarter of 2017. This is an increase of 9.5% from the same period in 2016, but 20.7% below the total number of sales in the final quarter of 2016.
  • With an increase of 45.5%, sales in Clallam County grew at the fastest rate over the past 12 months. There were double-digit gains seen in an additional 10 counties, suggesting that demand remains very robust. The only modest decline in sales was seen in Grays Harbor County.
  • The number of homes for sale showed no improvement at all, with an average of just 6,893 homes for sale in the quarter, a decline of 33% from the previous quarter and 25% from the first quarter of 2016. Pending sales rose by 2% relative to the same quarter a year ago.
  • The key takeaway from this data is that 2017 will offer little relief to would-be home buyers as the housing supply remains severely constrained.

Home Prices

  • With demand continuing to exceed supply, home prices continued to rise at above-average rates. Year-over-year, average prices rose by 9.5% but were 1.1% lower than in the final quarter of 2016. The region’s average sales price is now $409,351.
  • Price growth in Western Washington is unlikely to taper dramatically in 2017 and many counties will continue to see prices appreciate well above their long-term averages.
  • When compared to the same period a year ago, price growth was most pronounced in Kittitas County, which rose by 19.6%. Double-digit price growth was seen in an additional 10 counties. The only market where the average price fell was in the ever-volatile San Juan County.
  • It is clear that rising interest rates have not taken much of a sheen off the market.

Days on Market

  • The average number of days it took to sell a home in the first quarter dropped by 16 days when compared to the first quarter of 2016.
  • King County remained the tightest market, with the average time to sell a home at just 31 days. Island County was the only area where it took longer to sell a home than seen a year ago; however, the increase was just one day.
  • In the first quarter of the year, it took an average of 70 days to sell a home. This is down from the 86 days it took in the first quarter of 2016, but up from the 64 days it took in the final quarter of last year.
  • Given woefully low levels of inventory in all Western Washington markets, I do not expect to see the length of time that it takes to sell a home rising in 2017. In fact, it is likely that it will continue to drop.

Conclusions

This speedometer reflects the state of the region’s housing market using housing inventory, price gains, home sales, interest rates, and larger economic factors. For the first quarter of 2017, I moved the needle a little more in favor of sellers. The rapid increase in mortgage rates during the fourth quarter of 2016 has slowed and buyers are clearly out in force.

This article originally appeared on the Windermere.com blog.


Posted on May 18, 2017 at 8:35 am
Bellevue Commons | Posted in Market Stats, Windermere Bellevue Commons News | Tagged , , , , , , , , , , , , , , , , , , , , , , , , ,

3 Charts That Shout, ‘List Your Home Today!’

3 Charts That Shout, ‘List Your Home Today!’ | MyKCM

In school, we all learned the theory of supply and demand. When the demand for an item is greater than the supply of that item, the price will surely rise.

SUPPLY

The National Association of Realtors (NAR) recently reported that the inventory of homes for sale stands at a 3.8-month supply. This is considerably lower than the 6-month supply necessary for a normal market.

3 Charts That Shout, ‘List Your Home Today!’ | MyKCM

 

DEMAND

Every month NAR reports on the number of buyers out in the market looking for homes, which is also known as buyer traffic. As seen on the map below, buyer demand in March was strong or very strong in 45 out of 50 states nationwide, and Washington, DC.

3 Charts That Shout, ‘List Your Home Today!’ | MyKCM

Many buyers are being confronted with a very competitive market in which they must compete with other buyers for their dream homes (if they are even able to find a home they wish to purchase).

Listing your house for sale now will allow you to capitalize on the shortage of homes for sale in the market, which will translate into a better pricing situation.

HOME EQUITY

Many homeowners underestimate the amount of equity they currently have in their homes. According to a recent Fannie Mae study, 37% of homeowners believe that they have more than 20% equity in their homes. In reality, CoreLogic’s latest Equity Report tells us that 78.9% actually do!

3 Charts That Shout, ‘List Your Home Today!’ | MyKCM

Many homeowners who are undervaluing the equity they have in their homes may feel trapped, which may be contributing to the lack of inventory in the market.


Posted on April 26, 2017 at 10:04 am
Bellevue Commons | Posted in Home Selling, Windermere Bellevue Commons News | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,