Windermere Bellevue Commons News • April 10, 2020

Local Market Update April 2020

by Bellevue Commons

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.

This post originally appeared on GetTheWReport.com

Now More Than Ever, “We’re All in, for you”

by Bellevue Commons

Staying Connected Through COVID-19. All In, For You. In these times of social distancing, we are finding creative ways to stay connected. We have never been more “All in” for our clients and our communities.

Bellevue News • Windermere Bellevue Commons News • April 2, 2020

Spring Issue of Windermere Living Now Available

by Bellevue Commons

The latest issue of Windermere Living is now available. Check out featured listings and fashion inspired decor, tips to host an oyster and champagne dinner, stunning public gardens to visit this spring, life on the water and more! Read the full magazine here!

Bellevue News • Bellevue Real Estate • Windermere Bellevue Commons News • April 2, 2020

The Costello Team is Making Masks for Health Care Workers

by Bellevue Commons

WBC agents, The Costello Team and little Costellos have been making masks for healthcare workers at Evergreen Health. They are being donated during the COVID-19 outbreak to protect, doctors, nursers and other essential staff at Evergreen Health. Thanks for your time and contributions, Costellos. Every little bit helps in fighting this coronavirus.

Bellevue News • Community Support • Local Love • Windermere Bellevue Commons News • March 23, 2020

Supporting Local Businesses During the COVID-19 Outbreak

by Bellevue Commons

Many small businesses have been impacted by COVID-19 due to mandated closures and customers staying at home. We can help them by doing things like:

Order take-out from restaurants that offer it, and pick up directly if possible rather than 3 rd-party delivery to avoid fees charged back to the restaurant.
Buy gift cards from service providers like hair salons (gift them or use them later).
Buy locally whenever possible, and look for online stores from local providers.
If you can afford to continue paying service providers who can’t work but depend on your income, do.
Check into online services and classes offered by local fitness studios, tutors, financial planners and more.
Tip delivery people generously if you can. They’re on the front lines of exposure. (And of course if you feel sick, avoid direct contact with them.)

Bellevue News • Bellevue Real Estate • Kirkland Real Estate • Market Stats • Windermere Bellevue Commons News • March 13, 2020

Local Market Update March 2020

by Bellevue Commons

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

Community Support • Local Love • Windermere Bellevue Commons News • March 9, 2020

Love Doughnuts? Seattle’s Top Pot Doughnuts Interview Right Here

by Bellevue Commons

On the latest episode of the Windermere Home podcast, our host Brian Bushlach speaks with Mark Klebeck, Co-Founder of Top Pot Doughnuts. At Top Pot, they go all in by only crafting recipes using the best ingredients and precise techniques to create the highest quality doughnut. However, the attention to detail does not stop there because every Top Pot location is uniquely designed and decorated to create a one of a kind experience. A Top Pot location is the perfect spot to engage with clients and discuss their home buying or selling needs! Listen HERE.

Design • Home Imrovement • Home owner tips • Windermere Bellevue Commons News • February 24, 2020

Designing Your Home Office

by Bellevue Commons

Photo source: Canva

Working from home is an aspiration for many of us, but to do so effectively takes effort. A disorganized space at home can be just as troublesome as a hectic office. The most disciplined telecommuters will tell you that you need a structured routine and organization in order to be successful.

Having a designated workspace is one of the most important elements to your success when you make the switch to telecommuting. Even if you live in a small space, you need to find a balance between home and office. People who work from home often have a difficult time separating their work hours from their non-work hours because it’s so easy to keep at it late into the night. But maintaining a balance and shutting down the computer is important for overall wellbeing. What are some other must-haves for a successful home office? Here are the top five:

Natural Light – Study upon study tells us that natural light is needed to boost productivity and mood. Make sure to set your desk up as close to a window as you can. If being near a window isn’t an option, a natural light lamp is the next best thing. It helps balance your body clock and leaves you feeling rested and refreshed.
To-Do List or Planner – Start each day off by making a to-do list outlining what you need to get done before the end of the workday. Make sure to set a realistic time frame in which all of that should be completed, so you can check each one off the list and feel immense accomplishment once you’ve completed them all.
Storage – If you have a big enough space, put in a large bookshelf where you can organize everything (think storage boxes). It reduces clutter and looks stylish. Using your walls and cabinetry is the most efficient use of space.
Calendar – Many people tend to rely on digital calendars these days because of their convenience. When all of your devices sync together and pop up with reminders, you never have to worry about missing an appointment. However, many people find that it helps to keep a paper calendar handy too so you can easily view your whole month at a glance. Choose which options works best for you by playing with both options, or something in between and see which one lets you be more productive with the least amount of stress.
Space for Inspiration – It doesn’t matter what field you work in, having a source of inspiration in your workspace is essential. Whether it’s a photo of your family, your dream car, or that vacation you’ve been dying to take, having that inspiration right in front of you provides a constant reminder of why you do what you do.

Originally published on the Windermere Blog

Market Stats • New Year • Windermere Bellevue Commons News • January 22, 2020

Western Washington Real Estate Market Update Q4 2019

by Bellevue Commons

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 your Windermere agent.

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.

Bellevue News • Forecasts • Home Buying • Home Selling • Market Stats • Windermere Bellevue Commons News • January 15, 2020

Local Market Update January 2020

by Bellevue Commons

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.