Market Reports January 12, 2024

How’s the Market? Annual Review of Seattle Area Real Estate

Median home sales prices across the region saw a year-over-year dip compared to 2022, with prices settling just above their 2021 levels. That being said, most homes still sold within the first 10 days on the market and either at or above the listing price. Today’s higher rates, in concert with constricted inventory, have slowed the total number of sales. Should rates ease like experts are predicting, however, we will see more people enter the market and hopefully more listings will follow. (Read more about that in our full 2024 forecast).

 

Click or scroll down to find your area report:

Seattle  |  Eastside  |  Mercer Island  |  Condos  |  Waterfront

 


SEATTLE

Would you like the good news or the bad news? Bad: Overall home prices slid in the city by 7%. Good: 57% of all homes sold in the first 10 days and for 104% of list price. While we may have backed off of our head spinning pandemic list/sale percentages, we’re still going strong. To us what this means is: if you’re considering selling there is probably a buyer ready and waiting to make you an offer. It just won’t be quite as lucrative as it might have been in 2022. It could be a lot worse given the high cost of money in 2023. Homeowners certainly came out ahead and Seattleites have our chronically low inventory and stable job market to thank for this!

We finished the year with sales down 23%, a figure made a lot less scary by the fact that listings were also down city wide by 24%. North Seattle east of I-5 saw the most stable prices, only losing 2% at a median price of $976,000. Queen Anne/Magnolia lost 10%, closing out the year at $1,263,000. It’s also interesting to note that 65% of homes sold for list price or better. This means we have mostly well counseled homeowners with reasonable expectations of what the market will bear.

If you’re in the market for a new home in 2024, Q1 is a great time! Inventory hasn’t been this low since 2012. If the cost of money goes down—as many experts are predicting—and more people decide to purchase, it could get very competitive very quickly! Beat the rush!

 

Seattle Metro Listings vs. Sales

 

Seattle Metro Median Sales Price

 

Seller's or Buyer's Market? Seattle Metro Months of Inventory

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

Seattle Metro Annual Market Report

 

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EASTSIDE

The Eastside median sales price was down by 4% as we closed out 2023. This is in large part due to the interest rates. It certainly isn’t supply and demand: Total listings were down 29% while sales only dipped 18% YOY. That’s staggering. Buyers and Sellers did not seem to be aligned in their estimation of the market: only 55% of homes sold for at or above list price while 45% needed a reduction or negotiation prior to accepting an offer. While this sounds balanced, it’s out of the norm compared to our historic data.

Sammamish was the strongest overall area with a whopping 1217 sales (25% of the total 4954) and the lowest median price dip of 3%; $1,400,000 in 2023 v. $1,450,000 in 2022. Mercer Island was the hardest hit with a 12% drop in median price to $2,239,000—the lowest since 2020. Corrections are healthy for the long-term health of a real estate market. We’re not sure how long this one will last; all signs are pointing to continued low inventory. It seems to be a game of chicken with the interest rates that could lead to massive pent-up demand.

If you’re in the market for a new home in 2024, Q1 is a great time! Inventory is at its absolute 15 year low (6,140 listings compared to a high of 10,880 in 2010) which means we are poised for a market flip. If the cost of money goes down—as many experts are predicting—and more people decide to purchase, it could get very competitive very quickly! Beat the rush!

 

Eastside Listings vs. Sales

 

Eastside Median Sales Price

 

Seller's or Buyer's Market? Eastside Months of Inventory

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

Greater Eastside Market Report

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MERCER ISLAND

The Island saw just 289 new listings last year, only 60% of the peak 488 in 2013. There are some numbers that show we had very realistic homeowners in 2023: a 78% absorption of listings, (222 sales, up from 218 in 2022) and 98% list/sale price. When buyer and seller expectations meet, magic happens. The median price in 2023 was $2,239,000 back to around the same level as 2021—if you remember, this was a 30% increase from $1,700,000 in 2020.

Condos on the Island are off 8% to $620,000 from the 2022 high of $674,000, this is a strong showing. For the previous 4 years (2018-21) median prices were in the $500’s. There were only 33 sales Island-wide, the lowest number of total sales in 15 years. Listings were down as well: the lowest level since 2012. The metrics show that the market was strong, even with the dip in median sales price: 19 days on market, 99% list/sale price ratio, on average only 4 listings were active at one time. These are all signs of a constricted inventory/sellers’ market, which is what will eventually drive prices higher.

All in all, MI is holding strong to the price gains made during the pandemic. We are bullish on our market in 2024 as interest rates are easing. Time will tell.

 

Mercer Island Listings vs. Sales

 

Mercer Island Median Sales Price

 

Seller's or Buyer's Market? Mercer Island Months of Inventory

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

Mercer Island Annual Market Report

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CONDOS – SEATTLE & EASTSIDE

Whew! What a year! The major condo headline for both Eastside and Seattle condos: Prices hold steady while demand dips 25%! While this is sensationalized, it’s true. Likely due to the fact that inventory was also down by 20%, which means that supply and demand remained aligned and shielded homeowners from what could have been a massive hit to their bottom lines.

On the Eastside, when the dust settled, prices are down by 1%. The largest drop in median price was East Bellevue losing 11% while Kirkland soared above all other neighborhoods with double digit gains (up 19%). Other areas of note: West Bellevue topped the charts with a median sale price of $880,000! This is higher than the $876,000 residential median sale price in the city of Seattle.

Speaking of Seattle, the condo market in the city reminds us of The Little Engine That Could. Chugging merrily along despite having the odds stacked against it: I think I can! Overall, the city posted a 5% gain year over year with record high median sales price of $546,000. Downtown saw the highest overall unit volume at 439 total sales, while Greenlake/Ballard boasted the highest overall gain in median price at 15% appreciation. All good news, finally.

Check out area-by-area details the full condo report.

 

Condo Report: Seattle / Eastside Annual Review

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WATERFRONT

While Seattle and the Eastside both posted fewer waterfront sales in 2023 than in 2022, Lake Sammamish saw a big 40% year-over-year jump in sales. Mercer Island’s sales increased by a more modest 10%.

The highest waterfront sale of 2023 was $20 million for a breathtaking Evergreen Point estate on 115 feet of prime low-bank shoreline. Listed by Windermere and truly unique with a custom home designed by Hal Levitt, it sold its first day on the market (and well above the $18.5m asking price!).

The most modest waterfront sale was a 1,749 sq. ft. Lake Sammamish home sold by the owner for $1.62 million. It featured 25 feet of lakefront and big lake/mountain views.

Click here for the full waterfront report with top sales for the entire Seattle-Eastside private waterfront market, including Mercer Island and Lake Sammamish. The data is interesting and insightful (but cannot replace an in-depth waterfront analysis with your trusted professional).

 

Waterfront Report: Seattle / Eastside Annual Review

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Windermere Mercer Island

 

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 2024, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing Service and Trendgraphix, and deemed accurate but not guaranteed. Seattle cover photo courtesy of Team RAREnorthwest and Baylee Reinert with Clarity NW Photography. Eastside cover photo courtesy of Donna Cowles and Kelly Morrissey with Clarity NW Photography. Mercer Island cover photo courtesy of the Oordt Ceteznik Realty Group and Clarity NW Photography. Condo cover photo courtesy of Fred Fox and Brandon Larson with Clarity NW Photography. Waterfront cover photo courtesy of Anni Zilz and Andrew Webb with Clarity NW Photography.

 

Living & Community November 7, 2023

2023 Holiday Happenings Around the Sound

The rain is back, the days are dark…who is ready to beat the gloom? Below are some Seattle-area favorites to brighten your spirits. You can bundle up and bask in breathtaking outdoor light shows, or relax and enjoy from the comfort of a cruise ship or theater seat…

 

Winterfest at Seattle Center

305 Harrison Street, Seattle, WA 98109
www.seattlecenter.com/winterfest

Map  |  Guidebook

Image courtesy of seattlecenter.com


 

The Nutcracker by Pacific Northwest Ballet

McCaw Hall | 321 Mercer St, Seattle
pnb.org/nutcracker/
click here to get tickets

Image courtesy of pnb.org


 

Garden d’Lights at Bellevue Botanical Garden

12001 Main Street, Bellevue WA 98005
http://gardendlights.org
click here to get tickets
(must be purchased online)

  • Dates/Times: Open nightly Nov. 25, 2023 – Dec. 31, 2023 | 4:30 – 9:00 pm
  • Cost: $8 per person (ages 10 and under are free)
  • Promotions: Discounted$5 ticket nights Nov. 27-30 and Dec. 4-7.
  • Parking: Premium parking is $5 per car in the Garden’s lot as space allows OR park for free at Wilburton Hill Park
  • Food: Hot drinks and snacks are available for purchase
  • Holiday Closures: December 25
https://bellevuebotanical.org/wp-content/uploads/2021/10/032_D-Lites_LH0A4170_M_Burton_2018-scaled.jpg

Image courtesy of bellevuebotanical.org


 

Snowflake Lane at the Bellevue Collection

Bellevue Way & NE 8th Street, Bellevue WA 98004
http://snowflakelane.com/

Image courtesy of snowflakelane.com


 

Christmas Ship Festival

Launch locations include Seattle Waterfront – Pier 55, Shilshole Bay Marina, Hyatt Regency Lake Washington, Lake Union Park (MOHAI), AGC Marina, Carillon Point Marina, and Kirkland City Dock.

www.argosycruises.com
click here to get tickets

Image courtesy of argosycruises.com


 

Westlake Center Tree Lighting & Holiday Activities

401 Pine St., Seattle, WA 98101 (Westlake Park)
https://downtownseattle.org/events/holidays/


 

Zoolights at Point Defiance Zoo & Aquarium

5400 N Pearl St, Tacoma, WA 98407
www.pdza.org/event/zoolights
click here to get tickets

https://www.pdza.org/wp-content/uploads/2018/05/Hero-zoolights-1440x500.jpg

Image courtesy of https://www.pdza.org


 

WildLanterns at Woodland Park Zoo

West Entrance: 5500 Phinney Ave. N, Seattle, WA 98103
South Entrance: 750 N 50th St, Seattle, WA 98103
www.zoo.org/wildlanterns
Click here to get tickets  |  Map

  • Dates/Times: Open nightly Nov. 10, 2023 – Jan. 14, 2024 | 4:00 – 9:00 pm.
  • Cost: $25.95 – $36.95 per person (ages 2 & under are free).
  • Promotions: Zoo members get 20% off tickets; Holiday Senior Stroll on Nov 14 from 4-6 pm with 40% off for ages 65+
  • Parking: $6 parking is available in all lots after 3:30 pm (here is a map). Park by the West Entrance (Penguin, Otter, or Bear Lot) if you are purchasing your tickets in person—the South Gate (Hippo Lot) is only for those who already have tickets.
  • Food: Refreshments are available at food kiosks throughout, plus the Pizza Corner at 1899 Grove, and Gather & Graze Café (with covered seating provided). You are also welcome to bring your own food & non-alcoholic beverages.
  • Special Activities: Tianyu Cultural Performances in the PACCAR Auditorium, Zoomazium, ZooStore, Carousel. Sensory-Friendly Nights on 11/15, 12/6 & 1/11.
  • Closures: Most Mondays (open Dec. 11 & 18 + Jan 1); Nov. 23, Dec. 24 & 25.

Image courtesy of zoo.org


 

But wait, there’s more…

Holiday theatrical & musical shows

“A Christmas Carol” at ACT Theatre

Magic in the Market

The Great Figgy Pudding Caroling Competition

Leavenworth Village of Lights

Santa Train in North Bend

 


 

Windermere Mercer Island

 

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 2023, Windermere Real Estate/Mercer Island.

Living & Community August 8, 2023

2023 Football & Hockey Schedules, Recipes & Tips…

Football is BACK and hockey is coming in hot! Scroll down for printable schedules, tailgating hacks (including how to pack the perfect cooler!), and favorite gameday recipes. Fans of all ages will also love our printable football and hockey bingo sheets.

Need to brush up on your sports lingo? Check out Wikipedia’s handy football and hockey glossaries. You can say impressive things like, “Are they running a 3-4 defense?” and “It’s not icing unless the puck passes the goal line…”




 

Windermere Mercer Island

 

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 2023, Windermere Real Estate/Mercer Island.

Living & Community July 24, 2023

Extended! Kicks for Kids Shoe Drive August 1st-21st

Help us give kids the confidence they need to start the school year right! Windermere Mercer Island invites you to participate in our Kicks for Kids back-to-school sneaker drive. It connects low-income youth in our local communities with new shoes for the upcoming school year. Through August 21st, we’ll be accepting donations 3 ways:

 

  • Bring new or gently used sneakers (toddler/youth sizes) to our office at 2737 77th Ave SE, Ste. 100, Mercer Island. We’ll enter your name into a raffle for a delectable prize from Island Treats, and we’ll also match the first 100 pairs of shoes donated!

 

 

 


This year, we’re partnering once again with KidVantage (formerly Eastside Baby Corner), an amazing organization that helps kids thrive by providing resources and essentials with their 70+ partner agencies—many of which are school districts.

 

Help us make sure every child has a new pair of shoes for school!

 

 

Amazon Wish List: https://www.amazon.com/hz/wishlist/ls/2CS39QR9QBFOO?ref_=wl_share

 

All in, for our community. Windermere Mercer Island.

 


 

Windermere Mercer Island

 

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 2023, Windermere Real Estate/Mercer Island.

Living & Community June 14, 2023

2023 Seattle & Eastside Farmers Markets: Locations, Times & More

Summer is just around the corner, and so are these farmers markets! Spend an evening or weekend finding your new favorites among the tents. Think it’s all about kale? Think again. Most offer live entertainment along with a mouth-watering variety of local brews, cheese, bread, meat/seafood, honey, hand roasted coffee, and other hidden gems (in addition to the freshly picked fruits & veggies).

Seattle Metro

Greater Eastside

 

When's it in Season?


 

Seattle Metro

 

Ballard

Seattle’s first year-round Farmers Market, selling produce exclusively from Washington state farmers along the historic cobblestone stretch of Ballard Ave.

Sundays, 9am – 2pm | Year-Round
5345 Ballard Ave NW | Seattle
sfmamarkets.com/visit-ballard-farmers-market/

Photo courtesy of sfmamarkets.com

 

Capitol Hill (Broadway)

Come for Sunday brunch from food vendors who source ingredients from local, WA state farms (many of whom you’ll also meet selling their wares at the market). Live music and street performers often make an appearance, too.

Sundays, 11am – 3pm | Year-Round
Tuesdays, 3pm – 7pm (July 11 – September 26, 2023)
E Barbara Bailey Way | Seattle
seattlefarmersmarkets.org/chfm

Photo courtesy of do206.com

 

Columbia City

With everything from freshly harvested Asian greens to Ethiopian eats, come check out the immense variety King County’s most diverse zip code has to offer. Bring your bounty to adjacent Columbia Park for a picnic.

Wednesdays, 3pm – 7pm | May 3 – Oct 11, 2023
37th Ave S | Seattle
seattlefarmersmarkets.org/ccfm

Photo courtesy of SouthSeattleEmerald.com

 

Lake City

This celebrated North End seasonal market offers unique finds grown and prepared by local farms and food artisans. Enjoy kids’ activities, too!

Thursdays, 3pm – 7pm | June 8 – Oct 5, 2023
NE 125th St & 28th Ave NE | Seattle
seattlefarmersmarkets.org/lcfm

Photo courtesy of enjoylakecity.org

 

Lake Forest Park

With an emphasis on fresh, locally grown food, this market is an epicurean’s delight. Browse hard cider, baked goods, preserves, meat, pasta, sauces, and prepared foods along with the locally harvested fruits and veggies. There is also one “Crafts Market” each summer featuring local artisans.

Sundays, 10am – 2pm | May 14 – Oct 15, 2023
17171 Bothell Way NE | Lake Forest Park
www.thirdplacecommons.org/farmers-market

Photo courtesy of www.thirdplacecommons.org

 

Madrona

Located in one of Seattle’s most diverse neighborhoods, you’ll find artisan foods as well as seasonal produce from Washington state farmers, fishers, and ranchers.

Fridays, 3pm – 7pm | May 12 – Oct 27, 2023
MLK Way & E Union St | Seattle
sfmamarkets.com/madrona-farmers-market

Photo courtesy of sfmamarkets.com

 

Magnolia

This popular Saturday market is nestled in the tree-lined Magnolia Village. In addition to seasonal fruits and veggies, you’ll find sweet & savory pies, fresh bread, flowers, and more!

Saturdays, 10am – 2pm | June 3 – Oct 14, 2023 + Harvest Market on Nov 18, 2023
W McGraw St & 33rd Ave W | Seattle
seattlefarmersmarkets.org/mfm

Photo courtesy of pinterest.com

 

Phinney

A popular gathering spot for both the Phinney Ridge and Greenwood communities, this market is right next door to a playground and offers live music in addition to the great mix of fresh produce and prepared food.

Fridays, 3pm – 7pm | June 2 – Sept 29, 2023
6761 Phinney Ave N | Seattle
seattlefarmersmarkets.org/pfm

Photo courtesy of wikipedia.org

 

Pike Place

No introduction needed…make it a day with great restaurants, eateries and retail shops, too.

Daily, 9am – 6pm | Year-Round (Closed Thanksgiving & Christmas)
Pike Place between Pine & Virginia St | Seattle
(206) 682-7453
pikeplacemarket.org

Photo by Daniel Schwen

 

Queen Anne

Seattle’s only independent farmers market, offering food, chef demos, live music, and children’s activities.

Thursdays, 3pm – 7:30pm | June 1 – Oct 12, 2023 + Harvest Markets on 10/28, 11/18 & 12/16
Queen Anne Ave N & W Crockett St | Seattle
qafm.org

Photo courtesy of qafm.org

 

Shoreline

Starting this year in their NEW location at the Shoreline Park & Ride, this market offers kids’ programs and live music in addition to its fresh Washington produce, organic meats, bread, honey, and prepared foods. Check out the schedule for info about vendors and entertainment.

Saturdays, 10am – 2pm | June 3 – Oct 7, 2023 + Harvest Markets on 10/28 & 12/16
18821 Aurora Ave N | Shoreline
shorelinefarmersmarket.org

Photo courtesy of www.shorelineareanews.com

 

University District

Seattle’s only independent farmers market, offering food, chef demos, live music, and children’s activities.

Saturdays, 9am – 2pm | Year-Round
University Way NE (the “Ave”) between 50th & 52nd | Seattle
seattlefarmersmarkets.org/udfm

Photo courtesy of pinterest.com

 

Wallingford

Located in Meridian Park, you can shop with the whole fam and then enjoy a picnic or playtime at the award-winning playground.

Wednesdays, 3pm – 7pm | May 24 – Sept 27, 2023
4800 Meridian Ave N | Seattle
sfmamarkets.com/visit-wallingford-farmers-market/

Photo courtesy of sfmamarkets.com

 

West Seattle

A South Seattle weekend destination, this market is set in the vibrant West Seattle Junction and features up to 70 vendors during the summertime peak. Great community atmosphere celebrating Washington grown food and ingredients.

Sundays, 10am – 2pm | Year-Round
California Ave SW & SW Alaska | Seattle
seattlefarmersmarkets.org/wsfm

Photo courtesy of westseattleblog.com

 


Greater Eastside

 

Bellevue – Crossroads

East Bellevue’s market features fruits, veggies & dairy products from Washington state farms along with handmade soaps, candles, greeting cards, herbal wellness products, and more. Don’t missed the locally roasted coffee and handmade ice cream sandwiches, too!

Tuesdays, 12pm – 6pm | June 6 – Sept 26, 2023
15600 NE 8th St | Bellevue
https://crossroadsbellevue.com/music-events/crossroads-farmers-market/

Photo courtesy of crossroadsbellevue.com

 

Bellevue – Downtown

Set in the heart of Downtown Bellevue, this market offers goods exclusively produced within Washington state—from seasonal fruits & veggies to flowers, fresh meats, artisan goods, and prepared cuisine. The Kids’ POP club empowers kids to know where their food comes from and make healthy eating choices.

Thursdays, 3pm – 7pm | May 18 – Oct 19, 2023
1717 Bellevue Way NE | Bellevue
Spring District: First Wednesday of the month, May – October
12167 NE 14th Terrace | Bellevue
bellevuefarmersmarket.org

Photo courtesy of eatbellevue.com

 

Carnation

Set in the heart of the Sno-Valley farming district, you’ll find plenty of freshly picked produce along with live music and educational activities for the kids.

Tuesdays, 3pm – 7pm | June, July & August 2023 (closed July 4th)
Tolt-MacDonald Park, 31020 NE 40th St | Carnation
Map
carnationfarmersmarket.org

Photo courtesy of carnationfarmersmarket.org

 

Duvall

Nestled alongside the scenic Snoqualmie River, this friendly market features local eggs, jams, fresh roasted coffee, arts, crafts, and baked goods in addition to the seasonal veggies, fruits, and plant starts. Live music, picnic shelters and a playground make this a fun family destination.

Thursday, 3pm – 7pm | May 4 – October 12, 2023
Taylor Landing at 16201 Main St NE | Duvall
duvallfarmersmarket.org

Photo courtesy of duvallfarmersmarket.org

 

Issaquah

Located at the historic Pickering Barn, this picturesque venue offers a variety of fresh farm and food-based products, concessions, and local artisans.

Saturdays, 9am – 2pm | May 6 – Sept 30, 2023
Pickering Barn, 1730 10th Ave NW | Issaquah
www.issaquahwa.gov/778/Farmers-Market

Photo by Saifu Angto, courtesy of google.com

 

Kirkland – Downtown

This stunning setting on the Lake Washington shoreline turns shopping into a day at the beach. Peruse local produce and goods, then go for a swim or stroll along Moss Bay. Perfect for a picnic, too!

Wednesdays, 3pm – 7pm | June 7 – September 27, 2023
Marina Park, 25 Lakeshore Plaza | Kirkland
kirklandmarket.org

Photo courtesy of kirklandmarket.org

 

Kirkland – Juanita

Set in beautiful Juanita Beach Park on Lake Washington, you’ll find as many as 30 vendors offering farm fresh local produce, herbs, honey, nuts, flowers, plants, baked good, handcrafted items, and prepared cuisine. Make it a date with live music and a picnic at the beach. There’s a great playground for the kids, too.

Fridays, 3pm – 7pm | June – Sept, 2023
Juanita Beach Park, 9703 NE Juanita Dr | Kirkland
www.kirklandwa.gov

Photo courtesy of yelp.com

 

Mercer Island

Come on down for quality local Washington state produce, cheese, fish, meat, bread, and more. Check out the live music schedule, too!

Sundays, 10am – 2pm | June 4 – Oct 8, 2023
7700 SE 32nd St | Mercer Island
www.mifarmersmarket.org

Photo courtesy of www.mifarmersmarket.org

 

North Bend

This relaxed market enjoys live music and a spectacular Mount Si view. Vendors offer fresh produce, berries, honey, flowers, baked goods, hand-crafted items, and delicious prepared foods. Two playgrounds plus play fields and a covered picnic shelter make this a fun hangout spot. Leashed pets are welcome, too!

Thursdays, 4pm – 8pm | June 8 – Sept 7, 2023
Si View Park, 400 SE Orchard Dr | North Bend
www.siviewpark.org/farmers-market.phtml

 

Redmond

Going strong since 1976, the Redmond Saturday Market offers a huge selection of vendors and dazzling array of produce, flowers, cheeses, preserves, salmon, tea, and handmade goods such as pottery and soaps. You’ll love the ready-to-eat foods, too.

Saturdays, 9am – 2pm | May 13 – Oct 28, 2023
9900 Willows Rd | Redmond
www.redmondsaturdaymarket.org

 Photo by Jeff, courtesy of google.com

 

Renton

Find exclusively Washington-produced fruits, veggies, handmade goods, arts, crafts and more right in the heart of downtown Renton at Piazza Park. Food trucks, live music, and kids’ activities such as the “Healthy Kids Corner” make this a fun spot to liven up your Tuesday.

Tuesdays, 3pm – 7pm | June – Sept, 2023
Piazza Park, 233 Burnett Ave. S | Renton
www.rentonfarmersmarket.com

Photo courtesy of yelp.com

 

Sammamish

Each Wednesday, the Sammamish Commons plays host to a variety of local farmers, nurseries, bakeries, artisans, food vendors, and more. Live music and kids’ activities, too!

Wednesdays, 4pm – 8pm | May – Sept, 2023
Sammamish Commons, 801 228 Ave SE | Sammamish
www.sammamishfarmersmarket.org

Photo courtesy of sammamishfarmersmarket.org

 

Woodinville

Come check out downtown Woodinville’s newly renovated Schoolhouse District and find produce grown in the state of Washington (and picked fresh for that morning!). You’ll also have an array of boutique baked goods, sauces, cider, artisans, and more to peruse. Check out the calendar for live entertainment, music, demos, and other activities.

Saturdays, 10am – 3pm | May – Sept, 2023
13205 NE 175th St | Woodinville
woodinvillefarmersmarket.com

 

 


 

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 2022-2023, Windermere Real Estate/Mercer Island.

Living & Community June 13, 2023

Our Favorite Summer Festivals

The sun is here and the whole PNW is celebrating!  Whether it’s a fair close to home or an excuse to pack up the fam for a destination festival, we hope you get out and make the most of these fun events…

 

JUNE

JULY

AUGUST

SEPTEMBER

 

 


 

JUNE

 

Fremont Fair

One of Seattle’s biggest events, this bohemian-inspired festival features 300+ craft vendors, food, beer garden, dog parade, music, and the Solstice Parade (including the unofficial but famous naked bide ride).

Saturday, June 17 & Sunday, June 18, 2023

West of Fremont Ave N, on N 35th St. and N 34th St.

Parade: Begins at the intersection of N. 36th St. and Leary Way, and winds through downtown Fremont, ending at Gasworks Park.

fremontfair.com

Photo courtesy of fremontfair.com

 

Seattle PrideFest

Held in two locations (Capitol Hill & Seattle Center) this year with beer gardens, food, performances, and dancing in the Seattle Center fountain.

Saturday, June 24th – Capitol Hill
310 Broadway E | Seattle

Sunday, June 25th – Seattle Center
305 Harrison St | Seattle

seattlepridefest.org

Photo courtesy of seattlepridefest.org

 


JULY

 

SeaFair Summer Fourth

Seattle’s biggest fireworks show plus live music, family activities & beer gardens. Watch the show from free open seating or reserve a front row seat.

Tuesday, July 4th, 2023
Gates Open at 3pm, Fireworks at 10:15pm

Gas Works Park

Lake Union Park

seafair.org/summerfourth

Photo courtesy of seafair.org/summerfourth

 

Redmond Derby Days

Redmond’s bike-themed summer event including bicycle races, kids bike parade, carnival rides, drone light show, craft fair, arts festival, food, cornhole tourney, and live music.

Friday, July 14th & Saturday, July 15th, 2023

15670 NE 85th St, Redmond

redmond.gov/derbydays

Photo courtesy of redmond.gov

 

Ballard Seafood Fest

Live music, salmon BBQ, kids entertainment, vendors, and excellent craft beer. Don’t miss the Festi-Bowl skateboard events at Ballard Commons Park on Saturday, the 15th.

Friday, July 14th – Sunday, July 16th, 2023

2208 NW Market St | Seattle (on Market St from Leary to 24th Ave NW, and on Ballard Ave from Market St to 22nd Ave NW)

seafoodfest.org

Photo courtesy of Andrew Jacob Media and seafoodfest.org

 

Kirkland Uncorked

Sip local wine, beer or cocktails and listen to live music in beautiful Marina Park on the water. There’s also a street fair with crafts, art, food, dog modeling contest (!), and more. Buy tickets here (proceeds benefit the Homeward Pet Adoption Center).

Friday, July 14th – Sunday, July 16th, 2023

25 Lakeshore Plaza | Kirkland

kirklanduncorked.com

Photo courtesy of kirklanduncorked.com

 

West Seattle Summer Fest

Live bands, arts & crafts booths, outdoor cafes, beer garden, and fun Kids Zone with inflatables.

Friday, July 14th – Sunday, July 16th, 2023

The Junction, 4210 SW Oregon St | Seattle

westseattlesummerfest.com

Photo courtesy of westseattlesummerfest.com

 

Mercer Island Summer Celebration

Parade and lively street fair at Mercerdale Park followed by a waterfront fireworks show at Luther Burbank Park.

Saturday, July 15th, 2023
Fireworks at 10pm

Mercerdale Park Fair: 3009 77th Ave SE | Mercer Island

Luther Burbank Park (Fireworks): 2040 84th Ave SE | Mercer Island

mercerisland.gov/summercelebration

 

Renton River Days

Summer bazaar, parade, rubber duck derby, live music, food trucks, beer/wine gardens, activity zone, drone show, volleyball & basketball tourneys, and 5k/10k Fun Walks on the Cedar River Trail.

Friday, July 21st – Sunday, July 23rd, 2023

1055 S Grady Way | Renton

rentonriverdays.org

Photo courtesy of patch.com

 

Bite of Seattle

200 vendors, 50+ music performances (including Sir Mix-a-Lot!), 3 beer gardens, wine garden, & more.

Friday, July 21st – Sunday, July 23rd, 2023

Seattle Center, 305 Harrison St  | Seattle

biteofseattle.com

Photo courtesy of biteofseattle.com

 

Sequim Lavender Weekend

Celebrate all things lavender with tours of local farms, live music, and 150 street fair booths highlighting NW crafts & food.

Friday, July 21st – Sunday, July 23rd, 2023

Carrie Blake Park, 500 N Blake Ave | Sequim

lavenderfestival.com

Photo courtesy of seattleandsound.com

 

Timber! Outdoor Music Festival

In addition to a wide range of local musicians, discover adventures like bat/bird finding expeditions, hiking, biking, tree climbing, nature painting/photography, yoga, 5K run, coffee walk, obstacle course, stargazing, fika (a Swedish morning tradition), shibori shirt dyeing, and lots of kids activities. Enjoy great food & local brews, too.

Thursday, July 27 – Saturday, July 29, 2023

Get tickets here

Tolt-MacDonald Park, 31020 NE 40th St | Carnation

timbermusicfest.com

Video courtesy of Timber! Outdoor Music Festival

 

Bellevue Arts Fair

Shop from over 300 artists showcasing their handmade arts & crafts. Kids Fair, food trucks, stage performances, and free Bellevue Art Museum exhibitions, too!

Friday, July 28th – Sunday, July 30th, 2023

Bellevue Square, 510 Bellevue Way NE | Bellevue

bellevuearts.org/artsfair

Photo courtesy of bellevuearts.org/artsfair

 


AUGUST

 

Seafair Weekend

Seattle’s iconic festival featuring a spectacular airshow, hydroplane races, classic car show, live music, local food/beverages, and log boom party for boaters.

Friday, August 4th – Sunday, August 6th, 2023

Get tickets here

Genesee Park, 4316 S Genesee St | Seattle

seafair.org

Photo courtesy of seafair.org

 

Watershed

If you’re a country music fan, then this destination festival at the Gorge is for you. Three days of live bands plus carnival rides, food, drinks, and camping.

Friday, August 4th – Sunday, August 6th, 2023

Get tickets here

The Gorge Ampitheatre, 754 Silica Rd NW | Quincy

watershedfest.com

Photo courtesy of watershedfest.com

 

Festival at Mount Si

This street fair in scenic North Bend offers music, a parade, 5K fun run, cherry pie eating contest, and even a live chili cookoff (not to mention food and craft vendors!). Make it a day and visit the outlet mall or go hiking while you’re at it.

Saturday, August 12th & Sunday, August 13th, 2023

Si View Park, 400 SE Orchard Dr | North Bend

festivalatmtsi.org

Photo courtesy of festivalatmtsi.org

 

Chief Seattle Days

A celebration of the Suquamish people honoring Chief Seattle since 1911, this festival is now open to the public and includes canoe races, a salmon bake, 5k fun run, market, games, traditional songs & dances, and a gravesite honoring for Chief Seattle.

Friday, August 18th – Sunday, August 20th, 2023

7235 NE Pkwy | Suquamish

Gravesite Honoring of Chief Seattle: 7076 NE South St | Suquamish

chiefseattledays.org

Photo courtesy of chiefseattledays.org

 

CHOMP Local Food Festival

A King County celebration of all that is local, sustainable, fresh…and delicious. Spend the day at beautiful Willowmoor Farm in Marymoor Park and support area farms. Live music, local food vendors, all-ages activities, and zucchini races, too!

Saturday, August 19th, 2023 from 10am to 6pm

Marymoor Park, 6046 West Lake Sammamish Pkwy NE | Redmond

chomplocal.org

Photo courtesy of chomplocal.org

 

Evergreen State Fair

Held each year during the 11 days leading up to Labor Day (for the past 114 years!), this fair offers a little of everything—a fun carnival with rides/games, food, shopping, contests, live events, and more.

August 24th – September 4th, 2023

(Closed Wednesday, August 30th)

Get tickets here

14405 179th Ave SE | Monroe

evergreenfair.org

Photo courtesy of Evergreen State Fair

 

THING: Music, Arts & Other Things

The ultimate destination festival, this 3-day event takes place amongst scenic sound views at Port Townsend’s historic Fort Worden (it’s even got a lighthouse!). In addition to an epic music lineup, you’ll also find art installations, workshops, and activities for all ages.

Friday, August 25th – Sunday, August 27th, 2023

Get tickets here

200 Battery Way | Port Townsend

thingnw.org

Photo courtesy of THING

 


SEPTEMBER

 

Washington State (Puyallup) Fair

A September tradition, peeps all around the Sound flock to “Do the Puyallup.” You’ll find your favorite carnival rides, a concert series, rodeo, petting farm, and a plethora of exhibits & vendors.

September 1st – 24th, 2023

Get tickets here

110 9th Ave SW | Puyallup

thefair.com

Photo courtesy of thefair.com

 

Bumbershoot

Seattle’s biggest music festival and a 50-year tradition. This year you’ll find a great music lineup along with everything art, dance, performances, roller skating, and…a cat circus.

Saturday, September 2nd – Sunday, September 3rd, 2023

Get tickets here

Seattle Center, 305 Harrison St | Seattle

bumbershoot.com

Photo courtesy of seattlecenter.com

 

Mercer Island Art UnCorked

Discover Washington wine, beer & cider while you browse local artists at this outdoor event in Mercer Island’s Greta Hackett Outdoor Sculpture Gallery. Tasting garden, artist booths, live music, food trucks, and more.

Friday, September 8th, 2023 | 5-8 pm

Get tickets here

78th Ave SE & Sunset Hwy | Mercer Island

mercerislandartuncorked.com

 Photo courtesy of mi-reporter.com

 

Fremont Oktoberfest

Celebrate 100+ beers and ciders along with games, Texas Chainsaw Pumpkin Carving, and Dogtoberfest. Strictly 21+…unless you’re a dog.

Friday, September 22nd – Sunday, September 24th, 2023

Get tickets here

3503 Phinney Ave N | Seattle

fremontoktoberfest.com

Photo courtesy of fremontoktoberfest.com

 

 


 

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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 2023, Windermere Real Estate/Mercer Island.

Market Reports April 13, 2023

How’s the Market? Q1 2023 Review of Seattle Area Real Estate

The first quarter of 2023 saw a price correction compared to last year’s spike, with year-over-year median prices down by 9% in Seattle and 14% on the Eastside.  That being said, prices are already beginning to climb again with steady growth since the beginning of the year.  Buyer demand remains strong despite higher interest rates—competitively priced, well-presented homes are still fetching multiple offers.

 

Click or scroll down to find your area report:

Seattle  |  Eastside  |  Mercer Island  |  Condos  |  Waterfront

 


SEATTLE

For those who purchased a home in Seattle this quarter, it likely felt like there were more options and inventory with a minor rebalance on price. While transactions were down 28% year over year, we also saw median sales price was down from $925,000 to $830,000 since last quarter, which is a 9% adjustment. A down correction in pricing gave relief to buyers feeling the pinch and stress of rising interest rates to 6.5%. Rates have doubled the past 1.5 years but, considering the limited supply of homes for sale, the drop in home prices hasn’t been severe.

 

Neighborhoods like Lake Forest Park saw growth in their number of transactions (up 15%); other neighborhoods like Madison Park and Capitol Hill had nearly half the homes for sale compared to last year. It’s no surprise that as interest rates rise and affordability changes, buyers are casting a wider net to other parts of Seattle to the north. Keep an eye on neighborhoods like Shoreline, Kenmore and Lake Forest Park. Desirable prices paired with accessible transit is a bonus for those who are being asked to return to the office.

 

Multiple offers are apparent in some neighborhoods (price & presentation is key!) and we did experience 30% of homes sell above their listing price. If the shortage of inventory remains and interest rates drop slightly, we could see the frequency of multiple offers increase.

 

Seattle Metro Listings vs. Sales

 

Seattle Metro Median Sales Price

 

Seller's or Buyer's Market? Seattle Metro Months of Inventory

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

Seattle Metro Market Report

 

↑ Back to top


EASTSIDE

The Eastside was struck by job layoffs in the tech sector, rising interest rates and new property listings (28% more homes than last quarter!) but pending sales remained low compared to the previous year. Transaction volume was much like Seattle’s, with a decline of 22%. Mercer Island was the only community that stayed steady (no increase) in the number of transactions year over year.

 

Interestingly, while prices are down to a median of $1,400,000 year over year, this is a slight 2% increase from last quarter’s median of $1,380,000. 20% of the properties on the Eastside also sold above their listing price (most of these homes were in Bellevue) while sellers needed a shift in expectations with a whopping 58% of homes needing a price improvement to find their buyer. The list price vs. sold price percentage was 97% which means if you were a seller who listed your home at $1,000,000, you would expect to sell for $970,000 this quarter. Again, price and presentation matter and 41% of sellers who did this well sold in the first 10 days.

 

Buyers who are shopping for homes on the Eastside continue to be hyper focused on the school districts, turn-key properties and are serious about locking in their interest rate now, with the hopes of refinancing later this year when economists predict rates could decrease. If rates drop below 5.5% coupled with low inventory levels, we could see the frequency of multiple offers increase.

 

Eastside Listings vs. Sales

 

Eastside Median Sales Price

 

Seller's or Buyer's Market? Eastside Months of Inventory

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

Greater Eastside Market Report

↑ Back to top


MERCER ISLAND

Even though there were just 39 residential transactions on Mercer Island this quarter, that number has stayed perfectly steady year over year. Over half of these homes sold in the first 10 days on the market, which is no surprise as demand has stayed robust.

 

13% of listings sold above their listing price, but this wasn’t concentrated on a certain community; four homes located on First Hill, Mid-Island plus the South & North Ends respectively, each received multiple offers this quarter. Q1 of 2022 saw a median price of $2,540,000 with just one home listed under $1,500,000. This quarter, the median price is $2,233,000 (a 12% decline) while six homes sold under $1,500,000! Due to the decline in prices and a slower start to the year, many sellers needed a shift in expectations with a whopping 67% of homes needing a price improvement to find their buyer.

 

We haven’t seen the number of new listings in the double-digit figures since Q2 of 2022, and it’s very possible we won’t experience that same level of inventory this year. Baby boomers are holding onto their homes with the benefit of their remarkably low 2.75% interest rate, and families are staying put to finish out the school year.

 

Our advice still stands: if you’re thinking about waiting for lower rates AND lower prices, you might be dreaming. Enjoy the fantastic Island inventory now, lock in your rate and consider refinancing later this year or next spring when economists predict rates will shift down.

 

Mercer Island Listings vs. Sales

 

Mercer Island Median Sales Price

 

Seller's or Buyer's Market? Mercer Island Months of Inventory

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

Mercer Island Market Report

↑ Back to top


CONDOS – SEATTLE & EASTSIDE

Seeing first time homebuyers come back to the market or considering an investment? Buying a condo in Seattle or on the Eastside is a fantastic opportunity, especially as many companies are calling their employees back to the office at least 3 days per week. It’s very possible transaction volume will be up next quarter, but for now, transactions were down 44% year over year. With that said, 465 units sold in Seattle; 347 units sold on the Eastside which isn’t all doom and gloom.

 

Just like North Seattle is heating up with residential sales, Lake Forest Park, Shoreline, Ballard and North Seattle condos outpace the rest of Seattle, up 10% on average. These areas are experiencing new construction townhomes that are especially desirable to first time homebuyers. Boutique builders are offering a trendy design palette (have you seen the Scandinavian-style design with light woods and sleek finishes?) paired with all the “bells and whistles” that city dwellers appreciate, like dog washing stations, artificial turf, and EV chargers.

 

For the Eastside, Redmond condos stayed the steadiest, down just 17% year or year. Kirkland was the only neighborhood to experience a price bump, up 11% to a median price of $693,000.

 

The Seattle condo median price has declined just 1% year over year to $515,000, while the Eastside experienced a 12% adjustment to $550,000. This is a $530,000 average when comparing both areas. With interest rates doubling the past 1.5 years and buyers considering a condo unit under the umbrella of a condo association, shoppers will be very particular about their monthly dues assessment and what’s included for those monies as both interest rates and dues have such a dominant effect on their overall buying power. Condos continue to be a necessary niche in our marketplace!

 

Check out area-by-area details the full condo report.

 

Condo Report for Seattle & Eastside

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WATERFRONT

There were 17 privately-owned waterfront home sales in the greater Seattle-Eastside region in Q1 2023 (Eastside-7; Seattle-6; Lake Sammamish-2; Mercer Island-2). This is exactly on par with last year, when we also saw 17 sales in Q1 2022.

 

The highest sale was for a Medina Northwest Contemporary on 115 feet of low-bank waterfront that sold above list price for $20m. The most affordable waterfront was a unique triplex with 1920-1930 era beach cottages on a private boardwalk near the Ballard Locks—a buyer snagged it below list price for $1.9m.

 

This brief overview of the entire Seattle-Eastside private waterfront market, including Mercer Island and Lake Sammamish, illustrates the trends occurring in our region over time. This data is interesting and insightful but cannot replace an in-depth waterfront analysis with your trusted professional.

 

Waterfront Report: Seattle/Eastside

↑ Back to top


 

Windermere Mercer Island

 

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 2023, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing Service and Trendgraphix, and deemed accurate but not guaranteed. Mercer Island cover photo courtesy of Petra Varney and Clarity Northwest Photography.

Living & Community February 9, 2023

Property Tax Relief Programs in King County

More than 26,000 low-income seniors and disabled people in King County who qualify for a tax exemption haven’t claimed it…are you or your family member one of them?

If you are homeowner, make $58k or less per year, and are either age 61+ or retired due to disability, there is a good chance you qualify. You can even retroactively apply for the exemption for the prior 3 years!

Scroll down for details on this exemption plus 4 other property tax relief programs that King County offers.

In another county? Here is the full list of income thresholds for every county in Washington State, and here is another link to view the programs each county offers.

 

Senior/Disabled Property Tax Exemption


WHAT IS IT?

A reduction in King County property tax for seniors, people with disabilities, and disabled veterans.


WHO QUALIFIES?

  • Seniors age 61+

or

  • Those who cannot work due to a disability

or

  • Veterans with service-related disabilities

YOU MUST…

  • Own your home
  • Have occupied it as a primary residence at least 6 months out of the year

INCOME LIMIT

  • $58,423 maximum annual household income in the previous year

WAYS TO APPLY

  • Click here to apply online
  • Call 206-296-3920
  • Ask your local senior center if they help with applications

 

Senior/Disabled Property Tax Deferral


WHAT IS IT?

The ability for seniors & disabled people to defer unpaid property tax/special assessments, including back taxes for as long as you’ve owned the home. Deferred taxes + any accumulated interest then become a lien on the property until it’s repaid.


WHO QUALIFIES?

  • Seniors age 60+

or

  • Those who cannot work due to a physical disability

YOU MUST…

  • Own your home and have lived in it for more than 9 months in a calendar year
  • Meet an equity requirement

INCOME LIMIT

  • $67,411 maximum annual household disposable income

HOW TO APPLY

  • Call 206-263-2338

 

MORE TAX RELIEF PROGRAMS…

 

Limited Income Deferral

WHAT IS IT?

The ability to defer the second installment of your property taxes/special assessments (normally due October 31st) if you are a low-income homeowner. The deferred taxes plus interest become a lien on the property until they’re repaid.


YOU MUST…

  • Have owned your property for 5 years
  • Be living in the home as of January 1st of the application year AND more than 9 months during that year
  • Meet an equity retirement
  • Have already paid the first half of your taxes (due April 30th)

INCOME LIMIT

  • $57,000 maximum annual household income in the previous year

HOW TO APPLY

  • Call 206-263-2338

 

Homeowner Improvement Exemption


WHAT IS IT?

Relief from tax increases caused by major additions or remodels.


YOU MUST…

  • Own a detached single family dwelling (including mobile homes)
  • File your claim for exemption with the assessor BEFORE construction is complete

HOW TO APPLY

  • Call 206-263-2338

 

Flood & Storm Damage Property Tax Reduction


WHAT IS IT?

Tax relief for property damaged by something beyond the owner’s control. Eligible properties receive a reduction of assessed value resulting in lower property taxes. In addition, taxpayers can receive an exemption to keep taxes lower for the 3 years after they rebuild.


YOU MUST…

  • Have your property on the assessment roll as of January 1st in the year it was damaged
  • Have property that was destroyed, OR was in a declared disaster area and reduced in value by more than 20% as a result of the disaster

HOW TO APPLY


 

For more information on any of these programs, visit the King County Assessor’s tax relief page. You can also find info for other counties on the WA Dept of Revenue website.

 


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 2023, Windermere Real Estate/Mercer Island.

Market Reports February 1, 2023

Q4 2022 Western Washington Economic & Real Estate Update

The following analysis of select counties of the Western Washington real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere Mercer Island agent.

 

Regional Economic Overview

Although the job market in Western Washington continues to grow, the pace has started to slow. The region added over 91,000 new jobs during the past year, but the 12-month growth rate is now below 100,000, a level we have not seen since the start of the post-COVID job recovery. That said, all but three counties have recovered completely from their pandemic job losses and total regional employment is up more than 52,000 jobs. The regional unemployment rate in November was 3.8%, which was marginally above the 3.7% level of a year ago. Many business owners across the country are pondering whether we are likely to enter a recession this year. As a result, it’s very possible that they will start to slow their expansion in anticipation of an economic contraction.

Western Washington Home Sales

In the final quarter of 2022, 12,711 homes sold, representing a drop of 42% from the same period in 2021. Sales were 34.7% lower than in the third quarter of 2022.

Listing activity rose in every market year over year but fell more than 26% compared to the third quarter, which is expected given the time of year.

Home sales fell across the board relative to the fourth quarter of 2021 and the third quarter of 2022.

Pending sales (demand) outpaced listings (supply) by a factor of 1:2. This was down from 1:6 in the third quarter. That ratio has been trending lower for the past year, which suggests that buyers are being more cautious and may be waiting for mortgage rates to drop.

A bar graph showing the annual change in home sales for various counties in Western Washington from Q4 2021 to Q4 2022. All counties have a negative percentage year-over-year change. Here are the totals: Jefferson at -19.9%, Skagit at -27.7%, Mason -30.7%, Lewis -30.9%, Clallam -34.3%, Whatcom -36.3%, Kitsap -38.5%, Snohomish -40.3%, Island -42%, Grays Harbor -42.3%, King -43.1%, Thurston -45.8%, San Juan -46.8%, Pierce -46.9%.

Western Washington Home Prices

Sale prices fell an average of 2% compared to the same period the year prior and were 6.1% lower than in the third quarter of 2022. The average sale price was $702,653.

The median listing price in the fourth quarter of 2022 was 5% lower than in the third quarter. Only Skagit County experienced higher asking prices. Clearly, sellers are starting to be more realistic about the shift in the market.

Even though the region saw aggregate prices fall, prices rose in six counties year over year.

Much will be said about the drop in prices, but I am not overly concerned. Like most of the country, the Western Washington market went through a period of artificially low borrowing costs, which caused home values to soar. But now prices are trending back to more normalized levels, which I believe is a good thing.

A map showing the real estate home prices percentage changes for various counties in Western Washington. Different colors correspond to different tiers of percentage change. Grays Harbor and Whatcom Counties have a percentage change in the -6.5% to -3.6%+ range, Clallam, Jefferson, King, and Skagit counties are in the -3.5% to -0.6% change range, Snohomish and Pierce are in the -0.5% to 2.4% change range, Mason, Thurston, Island, and Lewis counties are in the 2.5% to 5.4% change range, and San Juan County is in the 5.5%+ change range.

A bar graph showing the annual change in home sale prices for various counties in Western Washington from Q4 2021 to Q4 2022. San Juan County tops the list at 6.9%, followed by Lewis at 4.8%, Thurston at 3.8%, Island at 3.7%, Mason at 3.5%, Snohomish at 0.8%, Pierce at -0.2%, Clallam at -1%, Skagit at -2.1%, Jefferson at -2.5%, King at -3.1%, Whatcom at -4.1%, Kitsap at -5.3%, and finally Grays Harbor at -6.5%.

Mortgage Rates

Rates rose dramatically in 2022, but I believe that they have now peaked. Mortgage rates are primarily based on the prices and yields of bonds, and while bonds take cues from several places, they are always impacted by inflation and the economy at large. If inflation continues to fall, as I expect it will, rates will continue to drop.

My current forecast is that mortgage rates will trend lower as we move through the year. While this may be good news for home buyers, rates will still be higher than they have become accustomed to. Even as the cost of borrowing falls, home prices in expensive markets such as Western Washington will probably fall a bit more to compensate for rates that will likely hold above 6% until early summer.

A bar graph showing the mortgage rates from Q4 2020 to the present, as well as Matthew Gardner's forecasted mortgage rates through Q4 2023. After the 6.79% figure in Q4 2022, he forecasts mortgage rates dipping to 6.27% in Q1 2023, 6.09% in Q2 2023, 5.76% in Q3 2023, and 5.42% in Q4 2023.

Western Washington Days on Market

It took an average of 41 days for homes to sell in the fourth quarter of 2022. This was 17 more days than in the same quarter of 2021, and 16 days more than in the third quarter of 2022.

King County was again the tightest market in Western Washington, with homes taking an average of 31 days to find a buyer.

All counties contained in this report saw the average time on market rise from the same period a year ago.

Year over year, the greatest increase in market time was Snohomish County, where it took an average of 23 more days to find a buyer. Compared to the third quarter of 2022, San Juan County saw average market time rise the most (from 34 to 74 days).

A bar graph showing the average days on market for homes in various counties in Western Washington for Q4 2022. King County has the lowest DOM at 31, followed by Kitsap at 45, Island and Snohomish at 35, Whatcom, Thurston, and Skagit at 36, Pierce at 37, Clallam at 38, Jefferson at 40, Mason at 43, Grays Harbor at 46, Lewis at 49, and San Juan at 74.

Conclusions

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

The regional economy is still growing, but it is showing signs of slowing. Although this is not an immediate concern, if employees start to worry about job security, they may decide to wait before making the decision to buy or sell a home. As we move through the spring I believe the market will be fairly soft, but I would caution buyers who think conditions are completely shifting in their direction. Due to the large number of homeowners who have a mortgage at 3% or lower, I simply don’t believe the market will become oversupplied with inventory, which will keep home values from dropping too significantly.

A speedometer graph indicating a balanced market, barely leaning toward a seller's market in Western Washington in Q4 2022.

Ultimately, however, the market will benefit buyers more than sellers, at least for the time being. As such, I have moved the needle as close to the balance line as we have seen in a very long time.

About Matthew Gardner

Matthew Gardner - Chief Economist for Windermere Real Estate

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

 


This article originally appeared on the Windermere blog January 26th, 2023. Written by: Matthew Gardner.

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Market Reports December 14, 2022

Matthew Gardner’s Top 10 Predictions for 2023


This video shows Windermere Chief Economist Matthew Gardner’s Top 10 Predictions for 2023. Each month, he analyzes the most up-to-date U.S. housing data to keep you well-informed about what’s going on in the real estate market.


1. There Is No Housing Bubble

Mortgage rates rose steeply in 2022 which, when coupled with the massive run-up in home prices, has some suggesting that we are recreating the housing bubble of 2007. But that could not be further from the truth.

Over the past couple of years, home prices got ahead of themselves due to a perfect storm of massive pandemic-induced demand and historically low mortgage rates. While I expect year-over-year price declines in 2023, I don’t believe there will be a systemic drop in home values. Furthermore, as financing costs start to pull back in 2023, I expect that will allow prices to resume their long-term average pace of growth.

2. Mortgage Rates Will Drop

Mortgage rates started to skyrocket at the start of 2022 as the Federal Reserve announced their intent to address inflation. While the Fed doesn’t control mortgage rates, they can influence them, which we saw with the 30-year rate rising from 3.2% in early 2022 to over 7% by October.

Their efforts so far have yet to significantly reduce inflation, but they have increased the likelihood of a recession in 2023. Therefore, early in the year I expect the Fed to start pulling back from their aggressive policy stance, and this will allow rates to begin slowly stabilizing. Rates will remain above 6% until the fall of 2023 when they should dip into the high 5% range. While this is higher than we have become used to, it’s still more than 2% lower than the historic average.

3. Don’t Expect Inventory to Grow Significantly

Although inventory levels rose in 2022, they are still well below their long-term average. In 2023 I don’t expect a significant increase in the number of homes for sale, as many homeowners do not want to lose their low mortgage rate. In fact, I estimate that 25-30 million homeowners have mortgage rates around 3% or lower. Of course, homes will be listed for sale for the usual reasons of career changes, death, and divorce, but the 2023 market will not have the normal turnover in housing that we have seen in recent years.

4. No Buyer’s Market But a More Balanced One

With supply levels expected to remain well below normal, it’s unlikely that we will see a buyer’s market in 2023. A buyer’s market is usually defined as having more than six months of available inventory, and the last time we reached that level was in 2012 when we were recovering from the housing bubble. To get to six months of inventory, we would have to reach two million listings, which hasn’t happened since 2015. In addition, monthly sales would have to drop below 325,000, a number we haven’t seen in over a decade. While a buyer’s market in 2023 is unlikely, I do expect a return to a far more balanced one.

5. Sellers Will Have to Become More Realistic

We all know that home sellers have had the upper hand for several years, but those days are behind us. That said, while the market has slowed, there are still buyers out there. The difference now is that higher mortgage rates and lower affordability are limiting how much buyers can pay for a home. Because of this, I expect listing prices to pull back further in the coming year, which will make accurate pricing more important than ever when selling a home.

6. Workers Return to Work (Sort of)

The pandemic’s impact on where many people could work was profound, as it allowed buyers to look further away from their workplaces and into more affordable markets. Many businesses are still determining their long-term work-from-home policies, but in the coming year I expect there will be more clarity for workers. This could be the catalyst for those who have been waiting to buy until they know how often they’re expected to work at the office.

7. New Construction Activity Is Unlikely to Increase

Permits for new home construction are down by over 17% year over year, as are new home starts. I predict that builders will pull back further in 2023, with new starts coming in at a level we haven’t seen since before the pandemic.

Builders will start seeing some easing in the supply chain issues that hit them hard over the past two years, but development costs will still be high. Trying to balance homebuilding costs with what a consumer can pay (given higher mortgage rates) will likely lead builders to slow activity. This will actually support the resale market, as fewer new homes will increase the demand for existing homes.

8. Not All Markets Are Created Equal

Markets where home price growth rose the fastest in recent years are expected to experience a disproportionate swing to the downside. For example, markets in areas that had an influx of remote workers, who flocked to cheaper housing during the pandemic, will likely see prices fall by a greater percentage than other parts of the country. That said, even those markets will start to see prices stabilize by the end of 2023 and resume a more reasonable pace of price growth.

9. Affordability Will Continue to Be a Major Issue

In most markets, home prices will not increase in 2023, but any price drop will not be enough to make housing more affordable. And with mortgage rates remaining higher than they’ve been in over a decade, affordability will continue to be a problem in the coming year, which is a concerning outlook for first-time buyers.

Over the past two years, many renters have had aspirations of buying but the timing wasn’t quite right for them. With both prices and mortgage rates spiraling upward in 2022, it’s likely that many renters are now in a situation where the dream of homeownership has gone. That’s not to say they will never be able to buy a home, just that they may have to wait a lot longer than they had hoped.

10. Government Needs to Take Housing More Seriously

Over the past two years, the market has risen to such an extent that it has priced out millions of potential home buyers. With a wave of demand coming from Millennials and Gen Z, the pace of housing production must increase significantly, but many markets simply don’t have enough land to build on. This is why I expect more cities, counties, and states to start adjusting their land use policies to free up more land for housing.

But it’s not just land supply that can help. Elected officials can assist housing developers by utilizing Tax Increment Financing tools, whereby the government reimburses a private developer as incremental taxes are generated from housing development. There are many tools like this at the government’s disposal to help boost housing supply, and I sincerely hope that they start to take this critical issue more seriously.

 


About Matthew Gardner

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

 


This article originally appeared on the Windermere blog November 14th, 2022. Written by: Matthew Gardner.

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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 2022, Windermere Real Estate/Mercer Island.