July 6th Seattle Area Market Report

Fewer homes on the market coupled with a busy holiday weekend have left the supply of homes for sale further diminished. All evidence suggests many new listings will be coming to market beginning this week. This replenishment is much needed to keep our market moving steadily forward.

Buyers and sellers are likely to more carefully consider their future plans in light of ongoing Coronavirus (COVID-19) developments. Early indications show that Realtors and their clients have done a good job mitigating exposure risk during home showings to keep all parties safe.

See what is happening in your neighborhood. Check out our weekly report by price segment for the entire Seattle-Eastside market.

 

View the full July 6th Seattle-Eastside residential market report



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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 July 6, 2020 at 1:27 pm
Julie Barrows | Category: Weekly Insight | Tagged , , , , , , , , , , ,

June 29th Seattle Area Market Report

The number of homes for sale continues to challenge buyers in our local real estate market. This has resulted in an extreme seller’s market in mainstream price points across the region. Mortgage rates, teetering around 3% for a 30-year fixed loan, coupled with pent up demand from cooped-up buyers finally able to get out and see homes has contributed to record buyer demand.

See what is happening in your neighborhood. Check out our weekly report by price segment for the entire Seattle-Eastside market.

 

View the full June 29th Seattle-Eastside residential market report



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

Posted on June 29, 2020 at 2:26 pm
Julie Barrows | Category: Weekly Insight | Tagged , , , , , , , , , , ,

June 22nd Seattle Area Market Report

A severe shortage of available homes for sale has tipped the supply and demand scale in seller’s favor. See what is happening in your neighborhood. Check out our weekly report by price segment for the entire Seattle-Eastside market.

 

View the full June 22nd Seattle-Eastside residential market report



Mercer island blog, windermere mercer island, windermere real estate, seattle blog, live on mercer, live on guides, community information, neighborhood information, real estate, mercer island community, mercer island community blog, mercer island blogger, mi reporter, mercer island real estate info,
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 June 24, 2020 at 3:37 pm
Julie Barrows | Category: Weekly Insight | Tagged , , , , , , , , , , ,

June 15th Seattle Area Market Report

Many neighborhoods are reporting a higher volume of sales in the past week than in the week prior. Our new data set compares this week to both the week prior and the same week of the year prior.

A new indicator we are tracking, Days on the Market Before a (Pending) Sale is a great gauge of the speed of the market, especially when looking at an entire neighborhood overview. Note that deviations from the normal trend occur when a property that has been on the market for a lengthy time finally sells.

Real estate activity has been off the charts the past few weeks. See what is happening in your neighborhood. Check out our weekly report by price segment for the entire Seattle-Eastside market.

Real estate has been deemed an essential business activity with specific limitations and using appropriate protocols for social distancing. Realtors and their clients are still conducting most of their interactions remotely.

View the full June 15th Seattle-Eastside residential market report



Mercer island blog, windermere mercer island, windermere real estate, seattle blog, live on mercer, live on guides, community information, neighborhood information, real estate, mercer island community, mercer island community blog, mercer island blogger, mi reporter, mercer island real estate info,
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 June 15, 2020 at 3:34 pm
Julie Barrows | Category: Weekly Insight | Tagged , , , , , , , , , , ,

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.

 

 


 

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 June 9, 2020 at 4:11 pm
Windermere MI | Category: Monthly Reports | Tagged , , , , ,

June 8th Seattle Area Market Report

Real estate activity has been off the charts the past few weeks. See what is happening in your neighborhood. Check out our weekly report by price segment for the entire Seattle-Eastside market.

Real estate has been deemed an essential business activity with specific limitations and using appropriate protocols for social distancing. Realtors and their clients are still conducting most of their interactions remotely.

View the full June 8th Seattle-Eastside residential market report



Mercer island blog, windermere mercer island, windermere real estate, seattle blog, live on mercer, live on guides, community information, neighborhood information, real estate, mercer island community, mercer island community blog, mercer island blogger, mi reporter, mercer island real estate info,
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 June 8, 2020 at 5:01 pm
Julie Barrows | Category: Weekly Insight | Tagged , , , , , , , , , , ,

June 1st Seattle Area Market Report

See what is happening in Seattle real estate this week. Check out our neighborhood by neighborhood weekly report by price segment for the entire Seattle-Eastside market.

Real estate has been deemed an essential business activity with specific limitations and using appropriate protocols for social distancing. Realtors and their clients are still conducting most of their interactions remotely.

Activity was extremely strong even given the major holiday week. Extreme low mortgage interest rates are likely a key factor in current buyer demand.

View the full June 1st Seattle-Eastside residential market report



Mercer island blog, windermere mercer island, windermere real estate, seattle blog, live on mercer, live on guides, community information, neighborhood information, real estate, mercer island community, mercer island community blog, mercer island blogger, mi reporter, mercer island real estate info,
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 June 1, 2020 at 6:08 pm
Julie Barrows | Category: Weekly Insight | Tagged , , , , , , , , , , ,

May 25th Seattle Area Market Report

Activity was extremely strong even given the major holiday weekend. Extreme low mortgage interest rates are likely a key factor in current buyer demand. See what is happening in Seattle real estate this week. Check out our neighborhood by neighborhood weekly report by price segment for the entire Seattle-Eastside market.

Real estate has been deemed an essential business activity with specific limitations and using appropriate protocols for social distancing. Realtors and their clients are still conducting most of their interactions remotely.

View the full May 25th Seattle-Eastside residential market report



Mercer island blog, windermere mercer island, windermere real estate, seattle blog, live on mercer, live on guides, community information, neighborhood information, real estate, mercer island community, mercer island community blog, mercer island blogger, mi reporter, mercer island real estate info,
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 28, 2020 at 12:24 pm
Julie Barrows | Category: Weekly Insight | Tagged , , , , , , , , , , ,

May 18th Seattle Area Market Report

See what is happening in Seattle real estate this week. Check out our neighborhood by neighborhood weekly report by price segment for the entire Seattle-Eastside market.

Real estate has been deemed an essential business activity with specific limitations and using appropriate protocols for social distancing. Realtors and their clients are still conducting most of their interactions remotely.

NWMLS data indicates that KeyBox Activity for the week ending May 20, 2020 is 82% of the same week in 2019. The report tracks how often keyboxes are opened each day and compares the numbers to gain general trends in showing activity each week.

View the full May 18th Seattle-Eastside residential market report



Mercer island blog, windermere mercer island, windermere real estate, seattle blog, live on mercer, live on guides, community information, neighborhood information, real estate, mercer island community, mercer island community blog, mercer island blogger, mi reporter, mercer island real estate info,
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 22, 2020 at 9:04 am
Julie Barrows | Category: Weekly Insight | Tagged , , , , , , , , , , ,

May 11th Seattle Area Market Report

See what is happening in Seattle real estate this week. Check out our neighborhood by neighborhood weekly report by price segment for the entire Seattle-Eastside market.

Real estate has been deemed an essential business activity with specific limitations and using appropriate protocols for social distancing. Realtors and their clients are still conducting most of their interactions remotely.

NWMLS data indicates that KeyBox Activity is 68% of normal (compared to this time last year). The report tracks how often keyboxes are opened each day and compares the numbers to gain general trends in showing activity each week.

View the full May 11th Seattle-Eastside residential market report



Mercer island blog, windermere mercer island, windermere real estate, seattle blog, live on mercer, live on guides, community information, neighborhood information, real estate, mercer island community, mercer island community blog, mercer island blogger, mi reporter, mercer island real estate info,
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 2:56 pm
Julie Barrows | Category: Weekly Insight | Tagged , , , , , , , , , , ,