Local Market Update August 2019

The real estate market continued to moderate in July. Inventory rose and home values softened, providing buyers with increased selection and more favorable pricing. With strong job growth and interest rates holding at below 4 percent, brokers expect the market to remain solid through fall.

EASTSIDE

The market remains strong on the Eastside. The current tech boom continues to fuel demand, buoyed by Google’s recent plans to build out another office in Kirkland. An increase in inventory gives buyers more time to find the right home for their budget. The median price of a single-family home on the Eastside was $925,000 in July, down 2 percent from the same time last year.

VIEW FULL EASTSIDE REPORT

KING COUNTY

Home prices in King County continued to ease. Buyers took advantage of lower prices and new inventory to boost home sales in July. The median price of a single-family home was $680,000, a 3 percent decline from the same time last year. More moderately-priced areas in the south end of the county saw continued price growth.

VIEW FULL KING COUNTY REPORT

SEATTLE

It’s no surprise that Seattle is the top city in the country where millennials are moving. Apple plans to add 2,000 jobs in Seattle. The first of 4,500 Expedia employees will start moving into Interbay soon. While demand here is expected to stay strong, prices continue to cool. The median price of a single-family home was $755,000, down 6 percent from a year ago and a decrease of 3 percent from June. Southeast Seattle, which generally has more affordable homes, saw the median home price rise 9 percent over the same time last year.

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

Inventory remains very tight in Snohomish County. The number of listings on the market were up 6 percent over last year, and the county has only six weeks of available supply – far short of the four to six months that is considered balanced. The median price of a single-family home in July was $502,000 – up slightly from the median of $495,000 a year ago.

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com

Posted on August 13, 2019 at 1:38 pm
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Eastside Market Update December 2018

The real estate market continued to improve for buyers in November.  Interest rates dropped slightly, price increases slowed and inventory soared. It’s important to note that inventory increases, while significant, are being compared to the record low supply of last year. We’re still far short of the inventory needed for a truly balanced market, however buyers have greater choice and less competition than they’ve had in years. Sellers who price their home according to current market conditions continue to see strong interest. Heading into the holiday season, there’s something for everyone to celebrate.

Posted on December 13, 2018 at 12:27 pm
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King & Snohomish County Market Stats – August 2017

 

What’s Happening in the Market

Eastside (based on Residential Homes):

Low Inventory

The Real Estate market in August 2017 showed signs of slowing down, but it was interesting to see as home inventory fell, homes under $1.5M on the eastside were still selling at a fast pace while the upper end Buyers were being much pickier.

 

Less Sail-Fails

Another interesting thing to note was that Sale fails were continuing to drop which is a credit to more qualified Buyers and tighter contracts that are required when competing in a multiple offer situations.  It also was because of the pre-inspections being done before writing offers instead of requiring Buyers to find deficiencies and then renegotiate the terms of the contract.

Posted on September 14, 2017 at 12:00 pm
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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
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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
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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
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King & Snohomish County Market Stats – March 2017

What’s Happening in the Market

  • Closed median price at an all-time high of $736,500, up 20% from a year ago.

 

  • Price appreciation is being driven by low supply and high demand.  Eastside month’s supply of inventory is less than three weeks (0.7 months), the lowest ever.

 

  • 737 active listings as of 3/31/17.  Down 21% from last year and 42% from the year before.

 

  • Scarcity has buyers paying above list price on 61% of the sales that closed in March.

 

  • What was the cost of waiting on year (March 2016 vs March 2017) to buy?  $120,400 more in median price. Interest rates up .51%.  $769 a month more for the same home.

Posted on April 12, 2017 at 9:18 am
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Buying a Home this Spring? Be Prepared for Bidding Wars

Buying this Spring? Be Prepared for Bidding Wars | MyKCM

Traditionally, spring is the busiest season for real estate. Buyers come out in force and homeowners list their houses for sale hoping to capitalize on buyer activity. This year will be no different!

Buyers have already been out in force looking for their dream homes and more are on their way, but the challenge is that the inventory of homes for sale has not kept up with demand, which has lead to A LOT of competition for the homes that are available.

A recent Bloomberg article touched on the current market conditions:

“It’s the 2017 U.S. spring home-selling season, and listings are scarcer than they’ve ever been. Bidding wars common in perennially hot markets like the San Francisco Bay area, Denver and Boston are now also prevalent in the once slow-and-steady heartland, sending prices higher and sparking desperation among buyers across the country.”

Sam Khater, Deputy Chief Economist at CoreLogic went on to explain why buyers are flocking to the market in big numbers:

“In today’s market, many buyers think the trough in [interest] rates is over. If you don’t get in now, it’s just going to be worse later. Rates will be higher, prices will be higher, and maybe inventory selection will be lower.”

In some markets, “thirty-five percent of properties are selling within the first week or two of hitting the market.” Homes are selling at a rapid clip in places like:

  • Denver, CO
  • Seattle, WA
  • Oakland, CA
  • Grand Rapids, MI
  • Boise, ID
  • Madison, WI
  • Omaha, NE
Source: keepingcurrentmatters.com

Posted on April 5, 2017 at 8:38 am
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King & Snohomish County Market Stats – February 2017

What’s Happening in the Market

Home sales continue to be slightly above last year’s totals in the areas tracked in this report.  We are continuing to see double digit price increases spread out from the core of Bellevue and Seattle due to the somewhat exorbitant prices now demanded from the metro area Sellers.

Low Inventory

Inventory hit an all-time low in February which at last count was 3 weeks of inventory if nothing new came on the market.  (That’s weeks, not months!) We do expect to see an increase in listings in March and April, but Sellers are still wary of putting their home on the market with nowhere to go. Buyers and Buyers agents are having to be creative with their offers as we are seeing at least 50% of the sales occurring are done in multiple offer situations. We don’t expect this to change anytime soon!

Posted on March 9, 2017 at 10:39 am
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How Much Did Residential Home Prices Rise in 2016?

King County Residential Home Price-Increase in 2016

King County Residential home prices increased an average of 12.7%. Here is the list of median home price-increase in different areas.

Shoreline/Richmond Beach $439,725–> $503,393
Lake Forest Park $432,250–> $505,350
Ballard $587,000–> $655,000
North Seattle $575,000–> $679,950
Queen Anne/Magnolia $780,500–> $882,500
Central Seattle $689,999–> $774,995
SODO/Beacon Hill $420,000–> $501,975
West Seattle $450,000–> $511,500
Southeast Seattle $441,500–> $500,000
Kirkland/Rosehill $801,000–> $899,500
Redmond $650,000–> $709,793
West Bellevue $1,751,000–> $1,948,000
East Bellevue $638,950–> $730,000
East Lake Sammamish $645,000–> $736,001
South Bellevue/Newcastle $713,000–> $788,888
Mercer Island $1,195,000–> $1,315,000
Juanita/Woodinville/Bothell/Duvall $525,000–> $610,000

 

All data compiled from information supplied by Northwest Multiple Listing Association on 1/01/2017 Accuracy of information herein is not guaranteed.
This information was only taken of single-family homes, and does not include condominiums or vacant land.

Posted on February 1, 2017 at 9:21 am
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