June 2020 Seattle Area Real Estate Report

Housing activity in Western Washington shows resiliency as buyers, sellers and brokers adjust to COVID-19 restrictions.

 

“The market has proved to be very resilient,” remarked Northwest Multiple Listing Service director Mike Larson upon reviewing the statistical report for May. “Buyers in Pierce County stepped on the gas last month after a brief, but significant, tap of the brakes in April,” added Larson, the president and designated broker at ALLEN Realtors in Lakewood.

 

Despite the economic downturn and disruptions stemming from the coronavirus pandemic, Northwest MLS member-brokers reported impressive improvement from April to May on some key indicators. The volume of new listings, including single family homes and condominiums, rose 29.2% and pending sales jumped more than 44% systemwide. Not surprisingly, year-over-year comparisons showed sharp declines. The number of new listings fell nearly 33%, total active listings plummeted nearly 36%, pending sales declined 13.5%, and closed sales dropped about 35%. Prices remained in positive territory, rising about 2.3% from a year ago.

 

“The resiliency of the market is amazing,” remarked Dean Rebhuhn, owner of Village Homes and Properties in Woodinville. “I didn’t think I would miss open houses until they could not happen,” he said, referring to limitations on in-person interactions. “The pandemic may be causing buyers to move farther out, wanting to get some space and a useable yard.” Amenities such as parks and trails are also important in current homebuying decisions, he added.

 

Brokers and homebuyers alike seem to be adjusting to restrictions imposed on the real estate industry because of the coronavirus pandemic. “The local real estate market is hot, but it looks different than it traditionally does,” remarked J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. “The constraint on available inventory makes it feel like we’re running out of homes to sell.”

 

Brokers added 9,871 new listings to the MLS database during May, which compares to 14,689 for the same period a year ago. At month-end the selection included 10,357 active listings; that volume was 5,766 fewer than the year ago total of 16,133. Stated another way, at the end of May there was 1.74 months of supply across the 23 counties served by Northwest MLS. Inventory levels ranged from 1.1 months of supply in Thurston County to more than 8 months in San Juan County. Within the four-county Puget Sound region, supply ranged from 1.2 months in Pierce County to 1.74 months in King County.

 

Scott said buyers are “eagerly waiting for each home to come on the market with increased focus on homes in the more affordable and mid-price ranges.”

 

“Anything under $1 million is selling quickly, and most new listings coming to market are going pending in just a few days,” stated Mike Grady, president and COO at Coldwell Banker Bain. Multiple offers seem to be in play on homes in median price ranges. “We don’t think we’ll see a balancing of the market in the short term until more sellers decide to list their homes and until new construction accelerates to meet demand.” He noted activity was showing steady improvement in each passing week and month. “The stories I hear continue to be filled with improving outlooks and activity so we’re cautiously optimistic about what summer will bring.”

 

Larson agreed, saying “Multiple offers and waived inspections are common as we head into the prime selling season. Underwriting requirements have tightened a bit, but rates are still very low.”

 

Commenting on Gov. Jay Inslee’s “Stay Home, Stay Healthy” order in effect since March and the more recent “Safe Start Proclamation,” Northwest MLS director John Deely said the challenge was met with new processes and tools to help comply with social distancing and other protocols. “Brokers jumped in with both feet to produce and use a new live streamed open house feature released by the MLS in late April,” added Deely, the principal managing broker at Coldwell Banker Bain in Seattle. “Buyers could also use virtual tours to view homes, recorded virtual tours, videos, 3-D tours, drone photos and interactive floor plans,” he added. Appointments to show properties under the limitations of a broker and one or two others (depending on the county where the property is located) “were booked solid from dawn to dusk in many areas,” according to Deely. “Multiple offers and a competitive environment prevailed through the month of May. We found many sellers accelerated their plans to sell upon hearing the forecast for an extended “stay home” order. Many buyers were impacted by layoffs or furlough and had to put their home purchase plans on hold for now.”

 

The NWMLS report shows 10,389 pending sales during May, improving on April’s total of 7,207 (up 44%), but down about 13.5% from the year-ago total of 12,006. NWMLS members completed 5,957 transactions during May, a slight improvement from April’s total of 5,866. When compared to a year ago, however, the number of closed sales, at 9,153, marked a decline of about 35%.

 

The median price on last month’s closed sales was $449,950 across the NWMLS coverage area. That compares to the year-ago figure of $440,000 an increase of about 2.3%. Five of the 23 counties in the report had year-over-year price drops: Ferry (-30%), King (-2.8%), Kittitas (-2.95%), Pacific (-12.8%), and San Juan (-17.8%). The biggest increases were in Okanogan County (30.3%) and Grays Harbor County (15.7%).

 

“I don’t think anyone should be surprised that home prices in King County took a ‘breather’ in May,” said Matthew Gardner, chief economist at Windermere Real Estate. “Clearly COVID-19 was the cause for this drop, but I’m confident this is a temporary situation that will be reversed as King County starts to reopen, and fresher inventory comes to market.” The robust increase in listings between April and May combined with pervasively low mortgage rates “tells me prices will resume their upward trend in the coming months,” he added.

 

Leach said when Kitsap County moved into Phase 2 of the governor’s reopening plan, the Kitsap Department of Community Development processed over 400 permits, which he believes “is just the tip of the iceberg as builders rush to meet consumer demand. Builders are now seeing folks who commuted to work looking to purchase homes with an extra den or office as they anticipate the “work from home” aspect is here to stay.”

 

Grady also commented on the slight price drop in King County, saying he believes it’s a reflection of reduced activity in the luxury home market ($2+ million), which disproportionately impacts over price averages. “This may be a reflection of a ‘wait and see’ attitude or just the uncertain times we’re in.” Northwest MLS statistics for King County show a correlation of declining sales in the luxury market and the impact of COVID-19.

 

Read the entire NWMLS Press Release here: 

View the full market report

The report covers:

Seattle residential neighborhoods of West Seattle, South Seattle, Central Seattle, Queen Anne-Magnolia, Ballard-Green Lake, North Seattle, Shoreline-Richmond Beach, and Kenmore-Lake Forest Park.

Eastside residential neighborhoods of South Eastside, Mercer Island, West Bellevue, East Bellevue, East Lake Sammamish, Redmond, Kirkland, Woodinville, and Renton Highlands.

Downtown Bellevue and downtown Seattle condominiums.

 

 


 

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Neighborhoods | Market Reports | Our Team

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

2737 77th Ave SE, Mercer Island, WA 98040 | (206) 232-0446 mercerisland@windermere.com

© Copyright 2020. Information and statistics derived from Northwest Multiple Listing Service.


Posted on June 9, 2020 at 4:11 pm
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May 2020 Seattle Area Real Estate Report

Western Washington housing market adjusting to new ways of operating.

Residential real estate activity around Western Washington reflected expected declines during April with the impact of the coronavirus pandemic taking its toll. A new report from Northwest Multiple Listing Service shows year-over-year (YOY) drops system-wide in new listings, pending sales and closed sales, but prices increased nearly 6.4%.

“With the first full month of post-COVID-19 data in hand, it’s clear the Puget Sound housing market has been hit but not knocked out,” stated Windermere Chief Economist Matthew Gardener. “The normally active spring market is significantly slower than normal due to COVID-19, but it has not come to a halt,” he observed, adding, “In my opinion, it is responding to the current circumstances exactly as expected.”

In comparing April to March in the tri-county area (King, Pierce and Snohomish counties), economist Gardner noted the total number of active listings rose (up 14,8%), but new listings dropped (down 25.5%), which he said suggests sellers may be waiting until the shelter-in-place order is over. In the same area, home prices were essentially flat, which Gardner said, “This tells me that sellers are having realistic expectations about value and buyers, hoping for deep discounts, are not finding them.”

In King County, prices rose 4% from a year ago, from $625,000 to $650,000. Snohomish County prices were up nearly 6% and Pierce County joined Kitsap with a double-digit gain; prices there increased from $355,000 to $397,750 for a 12% gain.
System-wide, prices were up about 6.4%, rising from the year-ago figure of $424,950 to last month’s figure of $452,030. Year-to-date prices are up nearly 9.3% compared to twelve months ago.

“With peripheral areas still showing price increases higher than the Seattle area core, April’s figures highlight the trend of migration to outer suburban areas, along freeway corridors,” suggested James Young, director at the Washington Center for Real Estate Research (WCRER). He also believes the figures illustrate “a continued preference for lower density areas given the likely persistence of distancing measures in the future. The virus has refocused many potential buyers, especially for those owning high-density properties in Seattle and elsewhere, on more space and less density. It makes social distancing easier!”

Young expects the trend of households moving to outer counties will likely accelerate in the coming weeks. “Older households in Seattle and other urban centers will be attracted to lower density areas because it is easier to maintain social distance while possibly gaining more space at a lower price point. As long as older householders in urban areas are able to sell, other counties will continue to see increased prices,” he stated.
Changes in lending practices could influence activity according to some market watchers, including Young. “The biggest factors in mortgage markets are first-time buyers, who may not qualify under new criteria, and jumbo markets,” he remarked.

“Buyers are relying more and more on technology and tools to allow for virtual open houses and viewings. Social distancing, face masks, showings by appointment only and only two people in a home at a time with one of them being the broker are the new norm,” stated Wilson. Like WCRER’s Young, he
said he could imagine homeowners wanting to change their living conditions to accommodate for more room or more outdoor space. “This could well cause a shift in what buyers are looking for in the future.”

Read the entire NWMLS Press Release here.

View the full market report

The report covers:

Seattle residential neighborhoods of West Seattle, South Seattle, Central Seattle, Queen Anne-Magnolia, Ballard-Green Lake, North Seattle, Shoreline-Richmond Beach, and Kenmore-Lake Forest Park.

Eastside residential neighborhoods of South Eastside, Mercer Island, West Bellevue, East Bellevue, East Lake Sammamish, Redmond, Kirkland, Woodinville, and Renton Highlands.

Downtown Bellevue and downtown Seattle condominiums.

 

 


 

Find a Home | Sell Your Home | Property Research

Neighborhoods | Market Reports | Our Team

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

2737 77th Ave SE, Mercer Island, WA 98040 | (206) 232-0446 mercerisland@windermere.com

© Copyright 2020. Information and statistics derived from Northwest Multiple Listing Service.


Posted on May 11, 2020 at 1:33 pm
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April 2020 Seattle Area Real Estate Report

Northwest MLS report for March shows initial disruptions from coronavirus pandemic.

Like many sectors of the economy, residential real estate is experiencing disruption and uncertainty just when the vigorous spring market was ramping up. Not surprisingly, the March activity report from Northwest Multiple Listing Service, which covers 23 counties across Washington state, was mixed as guidelines affecting how brokers conduct business evolved.

Housing activity around Western Washington in March showed the volume of new listings added during the month surpassed February’s total, as did both pending and closed sales. Year-over-year prices increased. However, commenting on the latest report, Northwest MLS brokers emphasized the numbers do not yet reflect the impact the coronavirus pandemic is having on local real estate.

Windermere Chief Economist Matthew Gardner described the numbers for March as “essentially irrelevant given the fact that the economy went into freefall during the month.” He also noted that for a period, real estate was not considered to be an essential service, which he said “suggests that April’s numbers will also not be an accurate representation of the market.”

“As our real estate industry has adapted to the evolving waves rippling from the COVID-19 pandemic, the response from the agents in my office has been to go slow,” stated NWMLS board chairman Robb Wasser, branch manager at Windermere Real Estate/East in Bellevue. “While we have been given the latitude necessary to help clients in pending transactions get to the finish line, the recent revision from the Governor’s Office allowing agents to show homes has been met with significant caution and care within my office,” he added. Read the entire NWMLS Press Release here.

Read the entire NWMLS Press Release here.

View the full market report

The report covers:

Seattle residential neighborhoods of West Seattle, South Seattle, Central Seattle, Queen Anne-Magnolia, Ballard-Green Lake, North Seattle, Shoreline-Richmond Beach, and Kenmore-Lake Forest Park.

Eastside residential neighborhoods of South Eastside, Mercer Island, West Bellevue, East Bellevue, East Lake Sammamish, Redmond, Kirkland, Woodinville, and Renton Highlands.

Downtown Bellevue and downtown Seattle condominiums.

 

 


 

Find a Home | Sell Your Home | Property Research

Neighborhoods | Market Reports | Our Team

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

2737 77th Ave SE, Mercer Island, WA 98040 | (206) 232-0446 mercerisland@windermere.com

© Copyright 2020. Information and statistics derived from Northwest Multiple Listing Service.


Posted on April 14, 2020 at 4:00 pm
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March 2020 Seattle Area Real Estate Report

NWMLS brokers report brisk activity, noting “too early to tell” if coronavirus will soften sales.

Northwest MLS representatives who commented on last month’s activity reported little impact so far from the coronavirus (COVID-19) threat.

“It’s still too early to tell if the broadening effects of the coronavirus will sideline buyers,” said Matthew Gardner, chief economist at Windermere Real Estate. “What we do know is that news of the virus led equity markets sharply lower and this caused mortgage rates to drop significantly. Therefore, the question is whether buyers will put their search on hold until the virus has abated, or if they will decide to move forward so they don’t miss out on near historic low mortgage rates,” he added.

David Maider, broker/owner at Windermere Real Estate/M2 in Everett, agreed with Gardner. “It remains to be seen if the coronavirus scare will have any impact at all on the local real estate market other than to lower interest rates,” he stated.

Member-brokers added 7,786 new listings to the MLS database during February. That was a jump of nearly 25% from the same month a year ago when record snow hindered activity. Compared to January, last month’s inventory improved by 1,269 listings for a gain of nearly 19.5%.

February’s new listings (7,786) were the highest since October, but they fell short of matching demand. Brokers reported 8,355 pending sales (mutually accepted offers) for a YOY gain of more than 21%. Inventory remained tight. At month end, there were 7,655 active listings in the 23 counties included in the MLS report. That was a 32% drop from the year ago total of 11,275. All but two counties (San Juan and Douglas) reported declines. Thurston County had the largest year-over-year drop, at 45.7%, followed by Snohomish (down 42%) and King (down 40.7%).

There is only 1.45 months of supply area-wide, according to Northwest MLS data. It is even more sparse in the four-county Puget Sound region where there is barely over a month’s supply (1.1 months). Snohomish and Thurston counties had the distinction of having the sparsest inventory, with both areas reporting less than a month (0.93) of supply.

“The Snohomish County housing market continued on a torrent pace during February,” said NWMLS director David Maider. Low inventory, a return to historically low interest rates, and plenty of buyer demand are stimulating the activity, according to Maider, owner/broker at Windermere Real Estate M2 in Everett. In many cases, sellers are receiving multiple offers exceeding the asking price, he added.

Read the entire NWMLS Press Release here.

View the full market report

The report covers:

Seattle residential neighborhoods of West Seattle, South Seattle, Central Seattle, Queen Anne-Magnolia, Ballard-Green Lake, North Seattle, Shoreline-Richmond Beach, and Kenmore-Lake Forest Park.

Eastside residential neighborhoods of South Eastside, Mercer Island, West Bellevue, East Bellevue, East Lake Sammamish, Redmond, Kirkland, Woodinville, and Renton Highlands.

Downtown Bellevue and downtown Seattle condominiums.

 

 


 

Find a Home | Sell Your Home | Property Research

Neighborhoods | Market Reports | Our Team

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

2737 77th Ave SE, Mercer Island, WA 98040 | (206) 232-0446 mercerisland@windermere.com

© Copyright 2020. Information and statistics derived from Northwest Multiple Listing Service.


Posted on March 6, 2020 at 2:54 pm
Windermere MI | Posted in Monthly Reports | Tagged , , , , ,

February 2020 Seattle Area Real Estate Report

Home buyers in Western Washington “hit the ground running” in January.

“All indicators point to a vigorous spring market,” suggested broker Dean Rebhuhn when reviewing just-released statistics from Northwest Multiple Listing Service. The report covering 23 counties shows pending sales outgained new listings, record-low inventory that’s down 33% from a year ago, and double-digit price increases.

Matthew Gardner, chief economist at Windermere Real Estate (the largest regional real estate company in the Western U.S.), noted home buyers did not take very much time off during the holidays. “They hit the ground running as soon as the new year kicked off.” (Windermere has 140 offices in the NWMLS market area.)

At the end of January, the MLS database totaled only 7,791 active listings of single family homes and condos, well-below the year-ago figure of 11,687 (down 33.3%). A check of records dating to 2005 shows the selection is at a new low level, shrinking below the previous low of 7,921 reported for February 2018. In fact, for the 15 year span from 2005-2019 (180 months), inventory has dipped below 10,000 listings during only eight of those months.

Measured by months of supply (the ratio of active listings to closed sales), there was 1.54 months of inventory system-wide at the end of January. The selection was even more meager around Puget Sound, ranging from 1.1 months in Pierce County to about 1.3 months in King County.

Read the entire NWMLS Press Release here.

View the full market report

The report covers:

Seattle residential neighborhoods of West Seattle, South Seattle, Central Seattle, Queen Anne-Magnolia, Ballard-Green Lake, North Seattle, Shoreline-Richmond Beach, and Kenmore-Lake Forest Park.

Eastside residential neighborhoods of South Eastside, Mercer Island, West Bellevue, East Bellevue, East Lake Sammamish, Redmond, Kirkland, Woodinville, and Renton Highlands.

Downtown Bellevue and downtown Seattle condominiums.

 

 


 

Find a Home | Sell Your Home | Property Research

Neighborhoods | Market Reports | Our Team

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

2737 77th Ave SE, Mercer Island, WA 98040 | (206) 232-0446 mercerisland@windermere.com

© Copyright 2020. Information and statistics derived from Northwest Multiple Listing Service.


Posted on February 11, 2020 at 6:10 am
Windermere MI | Posted in Monthly Reports | Tagged , , , , ,

January 2020 Seattle Area Real Estate Report

Eager home buyers were plentiful in December but their choices were meager’

“The buyers are out there and are showing up at open houses and making multiple offers on new listings,” was how one industry leader summarized December’s housing activity involving members of the Northwest Multiple Listing Service.

Newly-released figures from Northwest MLS show inventory at the end of December was down 31% from the same month a year ago, with only 8,469 active listings compared to the year-ago total of 12,275. The figures include single family homes and condominiums across the 23 counties in the MLS service area.

Last month marked the sixth straight month of declining inventory, noted James Young, director of the Washington Center for Real Estate Research. MLS figures show inventory peaked in June when the database had 16,680 active listings ̶ about twice as many as December.

Inventory for single family homes and condos (combined) was down by more than 30% in seven counties: Thurston (-54%), Pierce (-38.9%), King (-38.8%), Snohomish (-35.6%), Mason (-32%), Kitsap (-30.6%), and Skagit (-30.5%). System-wide there is only about 1.2 months of supply.
The inventory of single family homes (excluding condos) is especially tight in several counties, notably Thurston (-54%), King (-41.4%), Pierce (-40%), Snohomish (-36.1%), and Kitsap (-34.3%).

Robb Wasser, branch manager at Windermere Real Estate/East and NWMLS director, noted the sharp drop in King County marked the first time since March 2018 that the supply of homes dropped below one month. “Looking all the way back to 2012 when home values first began recovering, King County has only logged six months with supply levels lower than where we currently stand,” he remarked.

Read the entire NWMLS Press Release here.

View the full market report

The report covers:

Seattle residential neighborhoods of West Seattle, South Seattle, Central Seattle, Queen Anne-Magnolia, Ballard-Green Lake, North Seattle, Shoreline-Richmond Beach, and Kenmore-Lake Forest Park.

Eastside residential neighborhoods of South Eastside, Mercer Island, West Bellevue, East Bellevue, East Lake Sammamish, Redmond, Kirkland, Woodinville, and Renton Highlands.

Downtown Bellevue and downtown Seattle condominiums.

 


 

Find a Home | Sell Your Home | Property Research

Neighborhoods | Market Reports | Our Team

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

2737 77th Ave SE, Mercer Island, WA 98040 | (206) 232-0446 mercerisland@windermere.com

© Copyright 2020. Information and statistics derived from Northwest Multiple Listing Service.


Posted on January 11, 2020 at 5:49 pm
Windermere MI | Posted in Monthly Reports | Tagged , , , , ,

Q3 2019 Reports: Market Update

Q3 was the most stable and balanced market we have seen in years. With very low mortgage interest rates compelling buyers to act and fewer homes for sale than we saw last fall (when a flood of homes came to market), buyers and sellers are each finding their own place in a more equitable real estate arena.

 

Approximately 41% of homes for sale in Q3 sold at or above their listed price. This segment was on the market for an average of just seven days and included the most highly desired and well-priced properties in mainstream price points. Of the remaining homes for sale, just over one third underwent a price reduction before resulting in a sale. That number increased steadily as we moved deeper into Q3, ending the quarter with an average of 43% of listed homes with sales occurring following a price reduction.

 

From a home buyer’s perspective, the best properties sold quickly and at a premium. Of the homes that remained on the market, there was ample room for negotiation to a fair price. Q3 home sellers were generally more informed and more likely to price realistically from the start and adjust quickly if they were off target.

 

This more balanced market afforded many more consumers the ability to comfortably complete a sell/buy transaction and with enough time and space to thoroughly conduct due diligence on prospective properties.

 

Click or scroll down to find your area report:

Seattle | Eastside | Mercer Island | Condos | Waterfront

 

Is it a Buyer's or Seller's Market?

 


SEATTLE

The Seattle in-city real estate market slowed from a racetrack inferno to cruising speed over the past year and a half. Prices softened an average of 2% in Q3 with the Central Seattle region feeling the biggest impact (down 7.6% from Q3 2018). The Ballard-Green Lake region had the highest number of Q3 sales (582) while the Lake Forest Park-Kenmore area boasted the most affordable cost per home square foot ($340). When it comes to returns, Lake Forest Park-Kenmore, South Seattle, and Richmond Beach-Shoreline were nearly tied for the strongest five-year growth trend at 73.9%, 73.3% and 73.2% respectively.

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

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EASTSIDE

Stimulated by announced expansion from the top names in tech, the Eastside is the place to be right now. Buyers found far fewer homes for sale—nearly 25% less—in Q3 than they did just one year ago. Sale prices in Kirkland, bolstered by recent announcements from Google and Tableau, were up an average of 15.4% over Q3 2018. Prices near the Microsoft campus, where the Spring District is coming online, where up 3.2%. The West Bellevue market saw a lower Median Sale Price which was attributable to fewer high-end sales in Q3 this year compared to last year. All in all, the Eastside had a very good quarter. Home sellers should be pleased with their returns and home buyers should feel good about purchasing in a robust market.

Eastside Q3 2019 Recap

Click here for the full report and neighborhood-by-neighborhood statistics!

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MERCER ISLAND

Mercer Island experienced continued slowing in the luxury market with fewer waterfront sales (5) than typical in Q3. Conversely, many moderately-priced renovation-ready homes transacted this quarter bringing the overall Q3 Median Sale Price down 4% to $1,678,000. The Island is finally beginning to see a moderate number of building and remodel applications submitted after a two-year lull sparked by major changes in the city’s residential building code. The North End had the highest average cost per square foot ($620) while Mercerdale ($435) was most affordable. First Hill had the shortest average market time with just 5 days and East Mercer had the longest (117 days). Demand remains steady and we expect well-priced, turnkey condition homes to continue to do quite well as we move further into the fall market.

Mercer Island Q3 2019 Recap

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

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CONDOS – SEATTLE & EASTSIDE

Competition from new and pre-sale buildings, aging structures, a larger percentage of affordable units transacting, and urban flight have contributed to the 12.3% Median Sale Price decline in Seattle to $438,500 (from $500,000 in Q3 2018). To be fair, the Five-Year Median Price Trend shows prices up 71.9% since Q3 2014, giving most condo owners a nice cushion to fall back on.

The Median Sale Price was down 1.9% on the Eastside to $471,000 from $480,000. An extremely low number of resale units for sale, coupled with many of the same attributes impacting the Seattle condo market, contributed to the slight softening seen in the Eastside condo market.

Recent changes in Washington condo laws will eventually bring more condos and townhomes online in the next economic cycle, but potential buyers may have to wait 5-7 years to see that morph from concept to reality.

Check out all of these factoids and more in the full condo report.

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WATERFRONT

Seattle had 13 private waterfront home sales in Q3, the highest of which was a $10.6 million Laurelhurst estate on a shy acre with 150 feet on the water. The Eastside (Bellevue-Kirkland) had nine sales in Q3, including a $15.4 million 1925-built Yarrow Point home on 1.15 acres with 100 feet along the water’s edge. Further east, Lake Sammamish had eleven waterfront sales in Q3 ranging from $2.0-4.5 million.

Centrally located to the Seattle-Bellevue metro areas, Mercer Island had five private waterfront sales ranging from a $10.1 million, 2002-built North End home with 124 feet of waterfront on one and a half acres to a $3.6 million, mid-century Eastside home with 85 feet on the water and just over half an acre.

This top-level overview of the entire Seattle-Eastside private waterfront market, including Mercer Island and Lake Sammamish, provides a glance into the trends occurring in our region over time. Interesting, and certainly insightful, it in no way replaces an in-depth analysis on waterfront value provided by a savvy broker with years of local waterfront experience.

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Find a Home | Sell Your Home | Property Research

Neighborhoods | Market Reports | Our Team

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

2737 77th Ave SE, Mercer Island, WA 98040 | (206) 232-0446 mercerisland@windermere.com

© Copyright 2019. Information and statistics derived from Northwest Multiple Listing Service.


Posted on October 14, 2019 at 9:19 am
Windermere MI | Posted in Monthly Reports | Tagged , , , , , , , , , ,

Q2 2019 Reports: Market Update

 

Changes in the home lending environment drove down mortgage interest rates in Q2 to their lowest levels in years, giving buyers more buying power for their money and stimulating demand for available homes on the market.

 

The number of homes for sale is up markedly, especially in Seattle, as is the number of closed sales, with low interest rates and high local incomes taking much of the credit for the market activity. Sale prices have remained modest as buyers feel more cautious about overpaying for a home at or near the cyclical market peak.

 

As stated in earlier reports, the market has much to offer buyers and sellers this year. We believe those looking to make a move in the next few years should do so this year when they can still secure incredibly affordable mortgage financing. Today’s buyers should be prepared to stay in their home at least five years. Home sellers moving to lower cost regions may also benefit from selling now. We know that every situation is unique, and we are here to help you evaluate your personal real estate holdings and purchase strategy.

 

Click or scroll down to find your area report:

Seattle | Eastside | Mercer Island | Condos | Waterfront

 


SEATTLE

The number of homes for sale continued to rise across Seattle. West Seattle and Richmond Beach/Shoreline experienced the greatest velocity in number of sales. Seattle’s overall Median Sale Price was up 4.8% from Q1 to $760,000, but down 5.2% from Q2 2018. The Average $ Per Square Foot was down 5.1% from Q2 last year to $436. North Seattle, Queen Anne/Magnolia and West Seattle all performed better than the average in Q2. Seattle homeowners have seen a 61% increase in the Median Sale Price over the past five years.

Seattle Chart

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

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EASTSIDE

The Eastside cities of Bellevue, Kirkland, and Redmond have become the epicenter of tech growth planned over the next few years. Recent announcements from Amazon, Google, Facebook, and Microsoft, coupled with light rail coming in 2023, have made the Eastside the place to be. The Eastside’s Median Sale Price was up 1.9% from Q1 to $945,000, but down 1.6% from Q2 2018’s peak of $960,305. The five-year Eastside median price trend is up 53% since 2014.

Mercer Island rebounded in Q2 from a poorly performing Q1 while Kirkland and South Eastside fared better than average. A total of 2,334 Eastside home sales closed in Q2, up 1.2% from Q2 2018.

Eastside Chart

Click here for the full report and neighborhood-by-neighborhood statistics!

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MERCER ISLAND

Mercer Island’s Median Sale Price rallied back up in Q2 to $1.8 million after lower than typical sales drove it down to $1.53 in Q1. Eight waterfront sales contributed to the overall increase, as did the total sales velocity of 101 homes sold in Q2—the highest number of sales than in any of the preceding eight quarters.

Mercer Island Chart

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

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CONDOS – SEATTLE & EASTSIDE

Seattle’s condo Median Sale Price was up 5.1% from Q1 to $483,500, but down 7.9% from a peak of $525,000 in Q2 of 2018. The Average $ Per Square Foot was $580. Condos in West Seattle and Lake Forest Park/Kenmore performed best in Q2.

The Eastside’s condo Median Sale Price was up 4.3% from Q1 to $480,000, but down 2.1% from the $490,500 median of Q2 2018. The Average $ Per Square Foot was $453. West Bellevue and Kirkland Condos performed well above condos in other Eastside markets.

Check out all of these factoids and more in the full condo report.

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WATERFRONT

A significant number of private waterfront homes transacted in Q2 2019—fourteen on the Eastside, eight on Mercer Island, and eleven each in Seattle and Lake Sammamish. The highest Q2 sale was a 1998 Yarrow Point home on 115 feet of waterfront sold at $14,250,000 after 22 days on the market. The lowest sale was a 1945 Kennydale area home on 53 feet of Lake Washington waterfront for $1,075,000 on the market for 64 days.

The Eastside and Lake Sammamish both had a very moderate supply of inventory in relation to the number of sales that occurred. Seattle and Mercer Island still had more homes on the market than recent demand has dictated, although the volume of sales in Q2 improved the oversupply of inventory, heating up these markets to their highest levels in some time.

This top-level overview of the entire Seattle-Eastside private waterfront market, including Mercer Island and Lake Sammamish, provides a glance into the trends occurring in our region over time. Interesting, and certainly insightful, it in no way replaces an in-depth analysis on waterfront value provided by a savvy broker with years of local waterfront experience.

 

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Find a Home | Sell Your Home | Property Research

Neighborhoods | Market Reports | Our Team

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

2737 77th Ave SE, Mercer Island, WA 98040 | (206) 232-0446 mercerisland@windermere.com

© Copyright 2019. Information and statistics derived from Northwest Multiple Listing Service.


Posted on July 12, 2019 at 3:41 pm
Windermere MI | Posted in Monthly Reports | Tagged , , , , , , , , , ,

Q1 2019 Reports: How’s the Market?

 

Be forewarned, this quarter’s report looks somewhat dismal. There are two very relevant facts that should be taken into consideration when reviewing it. The first is that Q1 is nearly always the worst performing quarter of any year because the sales completed in Q1 typically went under contract between late November and the end of February—a notably quieter time of year in our seasonal Seattle market.

 

The second aspect to consider is that Q1 of 2018 was an atypically strong quarter and likely marked the peak of the current real estate cycle as buyers approach this year’s spring market with cautious optimism rather than the reckless abandon that we witnessed in the first four months of last year.

 

Since then, mortgage interest rates rose in November to a seven-year high of 4.87% and then subsequently came down to 4.27% in March—creating enough of a stir to get buyers attention. Each 1% increase in mortgage interest rate is equivalent to a 10% increase in home price. Conversely, a half point drop in the rate is comparable to a 5% price reduction.

 

Sellers and buyers are beginning the second quarter on more equal footing than they’ve had since the late 1990’s as we’ve rapidly oscillated between a seller’s market, a buyer’s market, and then a seller’s market again with little breathing room in between. Sellers have enjoyed a seven-year run with double digit annual appreciation most of those years. Buyers have enjoyed record setting low interest rates and can purchase today at what amounts to roughly 60% of the monthly expense of the forty-seven-year average 8.09% mortgage interest rate.

 

The market has much to offer buyers and sellers this year. We believe those looking to make a move in the next few years should do so this year when they can still secure incredibly affordable mortgage financing. Today’s buyers should be prepared to stay in their home at least five years. Home sellers moving to lower cost regions may also benefit from selling now. We know that every situation is unique, and we are here to help you evaluate your personal real estate holdings and purchase strategy.  Need a broker? Check out our team.

 

Click or scroll down to find your area report:

Seattle | Eastside | Mercer Island | Condos | Waterfront

 


SEATTLE

The number of homes for sale more than doubled in Q1 compared to one year ago giving buyers options and compelling sellers to put their best foot forward. Seattle’s overall Median Sale Price was down 5.8% from Q1 2018 to $725,000 and down 1.4% from Q4. The Average $ Per Square Foot was down 1.6% from Q1 last year to $422. Queen Anne-Magnolia and North Seattle were the most impacted markets with the largest decrease in median price. As disappointing as the numbers are, Seattle homeowners have seen a 60% increase in the Median Sale Price over the past five years.

 

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

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EASTSIDE

Continued employment growth and planned expansion on the Eastside have benefitted homeowners as compared to Seattle as Bellevue, Redmond and Kirkland prepare for unprecedented development in the next decade. The Eastside’s Median Sale Price was down 1.8% from Q1 2018 to $927,000, but up 3.9% from Q4. The five-year Eastside median price trend is up 53% over 2014.

East Bellevue, East of Lake Sammamish, and Woodinville performed best in Q1—all with median price increases rather than reductions. A total of 1,209 home sales closed in Q1, which was down significantly from Q4, but down only slightly from the robust Q1 2018.

Click here for the full report and neighborhood-by-neighborhood statistics!

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MERCER ISLAND

Following a 10% Median Sale Price increase in 2018, the Mercer Island median fell 1.9% in Q1 2019 from Q1 2018 and 10.9% from Q4. Fewer luxury sales—only one waterfront sold in Q1—and lower demand contributed to the off quarter. The lower velocity of luxury sales impacted the Average Sale Price even more so than Realistically priced homes in solid condition and with desirable lot amenities and settings will do well in Q2 as they are met with demand from the greatest segment of buyers.

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

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CONDOS – SEATTLE & EASTSIDE

Affordability and access to transportation and amenities continues to drive condo desirability, but a nearly three-fold increase in the number of units for sale and softening apartment rents have tempered demand in some areas.

Seattle’s Condo Median Sale Price was down 4% from Q4 and 10.7% from Q1 2018 to $460,000 following a 12.8% median price increase in 2018. The Average $ Per Square Foot was $577. West Seattle and Queen Anne condos fared better than average while condos prices to the north softened a bit more.

The Eastside’s Condo Median Sale Price was down 5.5% from Q4 and 4.2% from Q1 2018 to $460,000—the same as Seattle—following a 17.2% median price increase in 2018 and a 20.6% increase in 2017. The Average $ Per Square Foot was $431. South Eastside and Mercer Island condos performed better than average while Kirkland condos struggled in Q1.

Check out all of these factoids and more in the full condo report.

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WATERFRONT

The Eastside had more private waterfront activity than Seattle, Mercer Island & Lake Sammamish combined. Seattle and Mercer Island sales were far slower than typical in Q1 with only two sales in Seattle and one sale on Mercer Island reported to NWMLS. Mercer Island had eight Q1 sales in 2017 and five in 2018. Seattle had six Q1 sales in 2017 and 3 in 2018.

The highest Q1 sale was a 1963 Yarrow Point home on 80 feet of waterfront sold at $8,650,000 after only 5 days on the market. The lowest sale was a 1940 Pleasure Point bungalow in South Bellevue with 45 feet of waterfront for $1,560,000 on the market for 7 days. Waterfront homes sold in Q1 tended to either sell immediately or languish on the market for months with very few finding middle ground.

This top-level overview of the entire Seattle-Eastside private waterfront market, including Mercer Island and Lake Sammamish, provides a glance into the trends occurring in our region over time. Interesting, and certainly insightful, it in no way replaces an in-depth analysis on waterfront value provided by a savvy broker with years of local waterfront experience.

Check out the full Waterfront Report for a complete list of waterfront home sales by address and community.

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Find a Home | Sell Your Home | Property Research

Neighborhoods | Market Reports | Our Team

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

2737 77th Ave SE, Mercer Island, WA 98040 | (206) 232-0446 mercerisland@windermere.com

© Copyright 2019. Information and statistics derived from Northwest Multiple Listing Service.


Posted on April 16, 2019 at 12:11 pm
Windermere MI | Posted in Monthly Reports | Tagged , , , , , , , , , ,