December 2019 Seattle Area Real Estate Report

“November Surprise” brings “plenty of buyers,” uptick in home sales, prices.

Brokers with Northwest Multiple Listing Service reported “plenty of buyers” competing for sparse inventory during November, which ended with a 7% year-over-year increase in pending sales. The volume of mutually accepted offers rose even more (9.2%) in the tri-county Puget Sound region consisting of King, Pierce and Snohomish counties, with Snohomish leading that list with a jump of about 12%.

Median sales prices also jumped compared to both a year ago and to October. For November’s 7,216 closed sales (which were up 5.5% from a year ago), the area-wide sales price was $434,900, a gain of about 10% from the same month a year ago. Compared to October, last month’s price on sales of single family homes and condos (combined) jumped 3.5%.
King County’s median price of $612,000 led all other counties, but prices there edged up just over a percentage point compared to a year ago.

“As we head into the winter months we’re seeing the normal tapering off of demand, but there are still plenty of buyers in the market so I don’t expect things to slow down too much,” remarked OB Jacobi, president of Windermere Real Estate. “Looking forward, home prices will likely end the year higher than last year, but not by much. Price growth should pick up some steam again in 2020 thanks to low interest rates and continued demand for homes,” 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.

 


 

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

Posted on December 11, 2019 at 4:18 pm
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November 2019 Seattle Area Real Estate Report

Sparse supply spurring more competition among motivated home buyers in Western Washington.

“People are moving here, home prices will continue to increase, inventory shortages will occur. That’s our future,” remarked Dick Beeson, principal managing broker at RE/MAX Northwest in Gig Harbor, upon viewing the October statistics from Northwest Multiple Listing Service.

Active listings of homes and condos totaled 14,379, the lowest level since April. Compared to a year ago, last month’s selection declined more than 21% and was down 10% from September, according to the new report from Northwest MLS. The year-over-year and month-to-month volume of new listings also declined last month. On a positive note, MLS figures show system-wide gains in October’s pending sales (up nearly 5.6%), closed sales (up 4.1%) and prices (up nearly 7.7%) compared to a year ago.

“The most recent data certainly appears to bolster the idea of a ‘new normal,’ as we see the same trends continuing,” stated Mike Grady, president and COO of Coldwell Banker Bain. “Inventory is staying between 1.7 and 2.3 months and median sales prices are stabilizing” in many areas, he noted, adding,

“Couple this with continuing positive economic news locally — including a positive forecast for job creation, interest rates at all-time lows, and several new condo projects in the pipeline (instead of apartments) given the legislature’s change this year in the construction defects laws – all these point to a new definition of a ‘balanced market’ of only two months of inventory instead of 4-to-6 months.”

OB Jacobi, president of Windermere Real Estate, also commented on the meager supply. “’Tis the season for the number of homes for sale to start dropping, and we don’t expect to see a significant influx of new inventory until spring. That said, there are still plenty of buyers out there, so this drop in listings will lead to increased competition and will likely cause home price growth to increase modestly through the end of the year.”

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

Posted on November 12, 2019 at 10:18 am
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October 2019 Seattle Area Real Estate Report

Northwest MLS brokers say transition to fall creating opportunities for buyers.

Northwest Multiple Listing Service brokers reported year-over-year gains in pending sales, closed sales and prices, but its report summarizing September activity also showed an 18% drop in inventory compared to a year ago.

“The transition into the fall housing market creates opportunities for homebuyers,” suggested J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. “Although there are fewer listings than what buyers find during peak summer months, there is also less competition” for the available inventory, he added.

While the intensity of sales activity is typically lower for new listings in the fall and winter, Scott noted “It appears we are headed toward a more intense winter market than last year.” He said he expects the number of unsold listings will continue to decrease once the winter “clean-up” of inventory begins.

At the end of September, MLS brokers reported 15,982 total active listings, down more than 18% from the same month a year ago when the selection totaled 19,526 listings. Only three of the 23 counties served by Northwest MLS – Clark, San Juan and Whatcom – had year-over-year gains in inventory, while 18 counties had double-digit drops. Thurston County reported the sharpest shrinkage, at nearly 35%.

“September’s housing market was a bit of a roller coaster, up in certain areas and down in others,” commented OB Jacobi, president of Windermere Real Estate.. Within the four-county Puget Sound region, Pierce County prices rose more than 10% thanks to high demand and low inventory, he noted. “Buyers continue to be drawn to the area thanks to more affordable housing costs, but this influx is also driving up prices,” he remarked.
MLS data show the median price for last month’s home sales in Pierce County ($379,950) was $213,800 less than the median price in King County ($593,750). A comparison of single family prices (excluding condos) reveals a $275,500 difference between the two counties.

“In King County, prices were down nearly 2.7% while pending sales rose nearly 10%. This tells us there is no shortage of buyers in the Greater Seattle area,” stated Jacobi. He also said home prices normally start to taper off this time of year, “so this isn’t a major cause for concern.” Within King County, prices rose in four of the six sub-markets; only Seattle (down 3.2%) and Vashon (down almost 28%) reported drops.

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

Posted on October 14, 2019 at 2:37 pm
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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
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September 2019 Seattle Area Real Estate Report

Home buyers seeking affordability are expanding search outside Greater Seattle job centers.

Depleted inventory continues to frustrate would-be buyers in Western Washington. Many of these potential homeowners are expanding their search beyond the major job centers in King County, according to market watchers who commented on the latest statistics from Northwest Multiple Listing Service.

The MLS report summarizing August activity shows less than two months of supply system-wide, and only about 1.6 months of supply in the four-county Puget Sound region. The sparse selection is pushing up prices. For last month’s sales of single family homes and condos across the 23 counties served by Northwest MLS, prices rose nearly 6.2% compared to a year ago.

“Areas immediately outside the Puget Sound region and along the I-5 corridor continue to see double-digit house price growth,” noted James Young, director of the Washington Center for Real Estate Research (WCRER) at the University of Washington. He attributes the increase to high demand in these areas “due to first-time homebuyers who struggle to afford housing in King and Snohomish counties as well as from existing homeowners cashing out of Seattle and King County.”

“The August numbers offered a few interesting nuggets,” stated OB Jacobi, president of Windermere Real Estate. “The Seattle area housing market is still coming off the ‘sugar high’ that we saw last summer, but homes sales and prices are stabilizing, which is reassuring to both buyers and sellers.”

Jacobi also noted buyers are drawn to areas outside King County in search of affordability. “Pierce County is now experiencing what King County did 24 months ago where a surplus of buyers and lack of supply are pushing up home prices. Snohomish County also saw a big bump with a massive 16% increase in pending sales year-over-year. This tells us the secret is clearly out that housing in the counties to the north and south of Seattle is more affordable.”

The median price for the single family homes and condos that sold last month in King County was $615,000, slightly higher than the year-ago figure of $610,000. In Snohomish County, last month’s median sales price was $470,000, up about 1.8% from the year-ago price of $461,832. The Pierce County price of $369,000 is $246,000 lower than King County. It’s up 6.1% from a year ago.

For all counties combined, prices are up nearly 6.2%, rising from the year-ago figure of $405,000 to last month’s figure of $429,925. Compared to January’s area-wide median price of $381,900, prices are up nearly 12.6%. Brokers reported 9,392 closed transactions during August, a slight 1.12% improvement over the same month a year ago.

Prices for single family homes (excluding condos) rose 6% from a year ago, while condo prices ticked up by only about 2%.

Brokers expect favorable conditions for both buyers and sellers in the coming months.

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

Posted on September 9, 2019 at 4:03 pm
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August 2019 Seattle Area Real Estate Report

Northwest MLS brokers report mixed activity during July, as volume of closed sales reaches 12-month high.

July provided mixed messages on housing activity, noted one industry veteran when commenting on the latest report from Northwest Multiple Listing Service. The newly released MLS figures show last month’s closed sales reached a 12-month high. Member-brokers also reported the number of new listings (11,193) nearly matched pending sales (11,139).

A closer look at new listing activity shows last month’s total was down from both the previous month (-6.7%) and the same month a year ago (-8.2%). The total number of active listings of single family homes and condos, at 16,787, was about the same as June’s inventory (16,680) and the selection of a year ago (16,773 listings). A comparison of the 23 counties in the Northwest MLS report shows about half the counties have more inventory than a year ago, and half have less.

System-wide there is 1.76 months of inventory, with King, Kitsap, Mason, Pierce, Snohomish and Whatcom counties all reporting less than two months of supply.

Pending sales declined slightly from June (11,139 versus 11,573) but showed a 1.6 % gain on the year-ago total of 10,965 mutually accepted offers.
Closed sales were up from both the previous month and the same month a year ago. Northwest MLS brokers tallied 9,540 closed sales last month – the highest volume since June 2018 when they reported 10,072 completed transactions.

Year-over-year (YOY) prices rose nearly 3.6%, but declined about 2.9% from June. The area-wide median price for July’s completed transactions was $429,900; a year ago it was $415,000. Eighteen of the 23 counties in the latest report showed year-over-year price appreciation.

The median price of a single family home (excluding condos) that sold last month was $440,000, up 3.5% from twelve months ago. Only four counties reported year-over-year price drops, including King County where prices were down 2.7%. Condo prices also sagged compared to a year ago, but by less than one percent. The area-wide median price for condo sales that closed during July was $350,000.

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

Posted on August 14, 2019 at 7:08 am
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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
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July 2019 Seattle Area Real Estate Report

Buyers getting “some relief” as key indicators point to strong summer for housing market.

Inventory, pending sales and prices all increased during June compared to a year ago, according to the latest report from Northwest Multiple Listing Service. The same report, which covers 23 counties in Washington state, shows year-over-year drops area-wide in both the volume of new listings and closed sales.

OB Jacobi, president of Windermere Real Estate, commented on a considerable rise” in the number of listings priced above $1.5 million in King County. “This could be because of the changes to the Washington State Real Estate Excise Tax (REET) that take effect in 2020, which will significantly impact the tax burden of sellers whose homes sell for more than $1.5 million. I suspect we’ll see even more owners of higher priced homes trying to sell in the coming months in order to avoid the hike in taxes they’ll have to pay starting next January,” he stated.

The new tax measure changes the REET rate from a flat 1.28 percent of the selling price to a graduated rate for real property sales, with exceptions for timberland and agricultural land.

“As long as interest rates stay low and people seek value outside of King and Snohomish counties, house prices should continue their upward momentum,” stated James Young, director of the Washington Center
for Real Estate Research (WCRER) at the University of Washington.

House hunters had a broader selection to consider as inventory at month end totaled 16,800 active listings, about 9.5 percent larger than at the same time a year ago. Brokers added 11,977 new listings during the month, a drop from both a year ago when they added, 13,153 new listings, and from May, when they added 14,689 new listings.

Commenting on the latest report from Northwest MLS, WCRER’s Young said “The perfect storm of low interest rates and falling inventory continues along the I-5 corridor, with double-digit house price increases also continuing.”

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

Posted on July 11, 2019 at 8:48 am
Windermere MI | Category: Monthly Reports | Tagged , , , , ,

June 2019 Seattle Area Real Estate Report

Home buyers are “better off,” but market is heating up.

The housing market in western Washington may not be as hot as it was last spring, but it is heating up, suggested one industry leader in commenting on the latest statistics from Northwest Multiple Listing Service.

Matt Deasy, president of Windermere Real Estate/East, Inc. said his analysis of single family home sales in King County reveals 7 out of 10 properties that sold during May had 15 or fewer days on the market. He also noted more than half the listings (55 percent) in the county sold for at or above list price, the highest ratio since July 2018.

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

Posted on June 12, 2019 at 7:33 am
Windermere MI | Category: Monthly Reports | Tagged , , , , ,

May 2019 Seattle Area Real Estate Report

Northwest MLS housing report for April signals good news for home buyers.

Housing activity during April signaled good news for buyers in Western Washington as inventory continued to grow, the rate of price increases was slowing in many
areas (and even decreasing in a few counties), and mortgage rates remained low.

Northwest Multiple Listing Service statistics for last month show a 28.5 percent overall increase in active listings compared to the same month a year ago, a 5.8 percent gain in pending sales, and a 2.4 percent rise in median prices for sales of single family homes and condos that closed during April. The volume of closings dipped slightly (down 1.9 percent).

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

Posted on May 9, 2019 at 7:13 am
Windermere MI | Category: Monthly Reports | Tagged , , , , , ,