Seattle Market Update March 2015

Real Estate continues to skyrocket throughout the Seattle Market with Eye-popping sales figures
happening daily.  Both NE and NW Seattle show a less than one month supply of inventory active on the
Market.  A three month supply of homes is considered a strong market for sellers.  Of the 82 homes sold
in NE Seattle over the last 30 days, 59 were sold at or above the listing price.
The Maider & Knowles Team continues to invest in your neighborhood and was a proud sponsor for the
Laurelhurst Elementary School Auction this past weekend.  2015 marks the 15th consecutive year for
sponsorship.  Additionally, we continue to sponsor a little League Baseball team in the Majors Division.
This year’s team is being coached by Stu and Dale Ford.  Good luck guys!   Let’s go Laurelhurst.com!!!

Seattle Market Update – August 2014

Inventory is edging up. More sellers put their homes on the market last month compared to a year ago, but there is still less than two months of inventory in King County. And hot markets like Ballard, Green Lake and North Seattle have only about a month of inventory. Four to six months is considered to be balanced, so the market continues to favor sellers. The summer heat has put the brakes on somewhat, but we still are in a fast paced market.

This enormous demand for homes close to the city center has resulted in rising prices. The median home price in King County in July was up 8 percent over last year to $468,000. Seattle saw prices jump 17 percent to $543,500. On the Eastside, home prices were up 10 percent from a year ago to $624,900.

We continue to see multiple offers and bidding wars in highly desirable neighborhoods. A Seattle Times analysis shows that almost 40 percent of homes in King County sold for more than list price between April and June. There just isn’t enough inventory of the right homes in the right locations to satisfy demand. As I write this there are just 28 homes for sale in Green Lake, and 11 homes on the market in Laurelhurst.  Needless to say, whether you’re looking to move up or fly the empty nest, it’s a great time to sell a home.

Want to know what’s happening in your neighborhood? Check out our monthly Neighborhood Report for:

Laurelhurst

Windermere

View Ridge

Sand Point Country Club

Bryant

Wedgwood

Capitol Hill

Madison Park

Montlake

Portage Bay

Seattle Market Update – February 2014

Jan 2014 home prices rise

The 2014 real estate market got off to a strong start. Positive job growth and still-low interest rates added up to solid sales and sizable appreciation.

Inventory in King County was up slightly, but still remains tight with about 2.4 months of supply. A 4-6 month supply is considered balanced; a supply below four months tips the scale to a seller’s market. We are seeing lots of buyers looking, but not enough of the right inventory to meet demand.  This is particularly true for move-up buyers looking for move-in ready homes in neighborhoods close to downtown Seattle.

With inventory low, it’s not surprising that prices are up.  Single-family home sales in King County reached a median price of $410,000 in January, up 17 percent over the prior year.

The luxury market had a stellar year. The number of $1 million+ properties sold in 2013 was up nearly 40 percent over 2012.

The Seattle area’s strong job and population growth should keep the market strong through 2014. Zillow ranks the Seattle area as the nation’s second hottest housing market in 2014, just behind Salt Lake City. They forecast home prices in the Seattle area to rise 5.9 percent in the coming year.

Want to know what’s happening in your neighborhood? Check out our monthly Neighborhood Report for:

Laurelhurst

Windermere

View Ridge

Sand Point Country Club

Bryant

Wedgwood

Capitol Hill

Madison Park

Montlake

Portage Bay

The market in Seattle today is a head scratcher. Certain homes are selling quickly while others are requiring sellers to be patient.

Entry-level priced homes are particularly hot. New construction and turn-key homes are moving well, however there is scant inventory in those categories. Waterfront inventory is down, which has increased demand. However, buyers making a seven figure purchase are choosy about amenities and savvy with negotiations.

Compared to a year ago, the number of transactions are up, and home values are significantly higher. The median price of homes sold in Seattle in October was up 13% over last year. Inventory spiked mid-year but it has come back down again – not to the levels of the first quarter of 2013, but well below 2011-2012 inventory.

The gusty weather has blanketed the area with fallen leaves and branches. Make sure and check that your gutters and downspouts are clear. Have a happy and safe holiday season!

<!–[if !mso]> <! st1\:*{behavior:url(#ieooui) } –>

Seattle Market Update – November 2013

The real estate market in Seattle today is a head scratcher. Certain homes are selling quickly while others are requiring sellers to be patient.

Entry-level priced homes are particularly hot. New construction and turn-key homes are moving well, however there is scant inventory in those categories. Waterfront inventory is down, which has increased demand. However, buyers making a seven figure purchase are choosy about amenities and savvy with negotiations.

Compared to a year ago, the number of transactions are up, and home values are significantly higher. The median price of homes sold in Seattle in October was up 13% over last year. Inventory spiked mid-year but it has come back down again – not to the levels of the first quarter of 2013, but well below 2011-2012 inventory.

The gusty weather has blanketed the area with fallen leaves and branches. Make sure and check that your gutters and downspouts are clear. Have a happy and safe holiday season!

Want to know what’s happening in your neighborhood? Check out our monthly Neighborhood Report for:

Laurelhurst

Windermere

View Ridge

Sand Point Country Club

Bryant

Wedgwood

Capitol Hill

Madison Park

Montlake

Portage Bay

The market in Seattle today is a head scratcher. Certain homes are selling quickly while others are requiring sellers to be patient.

Entry-level priced homes are particularly hot. New construction and turn-key homes are moving well, however there is scant inventory in those categories. Waterfront inventory is down, which has increased demand. However, buyers making a seven figure purchase are choosy about amenities and savvy with negotiations.

Compared to a year ago, the number of transactions are up, and home values are significantly higher. The median price of homes sold in Seattle in October was up 13% over last year. Inventory spiked mid-year but it has come back down again – not to the levels of the first quarter of 2013, but well below 2011-2012 inventory.

The gusty weather has blanketed the area with fallen leaves and branches. Make sure and check that your gutters and downspouts are clear. Have a happy and safe holiday season!

<!–[if !mso]> <! st1\:*{behavior:url(#ieooui) } –>

Seattle Market Update – October 2013

As we enter the fall season, the real estate market continues to thrive. The health of our local economy is driving the King County real estate market.While interest rates and inventory have risen over the last 90 days, we continue to see many transactions at all price levels.

New construction and move-in ready homes continue to be in highly sought after by buyers.  Builders are extremely active acquiring  lots and tear-down homes to meet demand for new construction.  Inventory of waterfront and high-end homes remains low, creating strong competition among buyers looking to upgrade.

We appreciate being able to help our clients over the many years we’ve been involved in the Seattle market.  If you have any questions, big or small, with regards to real estate please do not hesitate to call.

Want to know what’s happening in your neighborhood? Check out our monthly Neighborhood Report for:

Laurelhurst

Windermere

View Ridge

Sand Point Country Club

Bryant

Wedgwood

Capitol Hill

Madison Park

Montlake

Portage Bay

Local Finds – October 2013

Tom: Jak’s has the best happy hour around.

Seattle Market Update – July 2013

Great selling conditions have continued into the summer months. However, we are starting to see some opportunities over the last few weeks for buyers. The hot summer heat and rising interest have cooled this mad market.

Transactions traditionally slow down in the summer months, and while that has been true this summer, the market is still active and inventory continues to be tight. According  to the Northwest Multiple Listing Service, King County has 1.4 months of inventory (which means that all homes currently listed for sale would be sold in 1.4 months if no new listings came on the market.) We expect inventory to increase, and those sellers who will be listing their homes in the future will have the advantage of setting their price off of comparable listings that have seen healthy boosts in value.

The most important advice that we can give to sellers is this:  be realistic with your asking price. Yes, it’s a sellers market and prices are going up. And yes, buyers are willing to pay market value or more for a home if needed. However, homes that are priced too high tend to sit and play the price drop game.

If you’re looking to buy, come prepared. Talk with your financial advisor and/or mortgage provider and get pre-approved. If you see a home you like, make an offer as soon as possible. If you wait, the home will likely sell. With most desirable homes receiving multiple offers, we’re also advising buyers to find out what sellers are looking for aside from price.

Want to know what’s happening in your neighborhood? Check out our monthly Neighborhood Report for:

Laurelhurst

Windermere

View Ridge

Sand Point Country Club

Bryant

Wedgwood

Capitol Hill

Madison Park

Montlake

Portage Bay

Seattle Market Update – May 2013

April was a very active month for the Seattle housing market. Inventory is increasing…and so are prices.

Rising home values have enticed sellers to put their homes on the market. April saw the highest month of new listings since June 2011. While buyers now have more homes to choose from, the influx of new inventory is still is not meeting demand. Multiple offers are the new norm for any home that is priced correctly.

Homes in King County continued to appreciate . In April, the median selling price of a single family home was 11% more than a year ago. We’re in the peak selling season now, and expect to the strong activity to continue through the summer.

Want to know what’s happening in your neighborhood? Check out our monthly Neighborhood Report for:

Laurelhurst

Windermere

View Ridge

Sand Point Country Club

Bryant

Wedgwood

Capitol Hill

Madison Park

Montlake

Portage Bay

Seattle Market Update – April 2013

March was another incredible month for the Seattle housing market. Inventory and interest rates remain low and the trend of multiple offers and escalating home prices has continued. Properties that sat in 2012 are now being snapped up by eager buyers.

We have seen houses receive 10 or more offers, and sell for 10-20% above asking price. The market for $1 million+ properties is getting stronger, although it’s not as brisk as the market for homes priced at the neighborhood median

Want to know what’s happening in your neighborhood? Check out our monthly Neighborhood Report for:

Laurelhurst

Windermere

View Ridge

Sand Point Country Club

Bryant

Wedgwood

Capitol Hill

Madison Park

Montlake

Portage Bay

Seattle Market Update – March 2013

The 2013 real estate market is starting off with a boom. Houses are selling faster and for considerably more money now than they have over the last several years. The lack of quality inventory and extremely low interest rates have made home buying desirable again.

First time buyers, as well as developers, have decided that now is the time to dip into the market. Prices are still lower than our 2007 levels, which was the market peak locally, but are slowly making  their way back.

Want to know what’s happening in your neighborhood? Check out our monthly Neighborhood Report for:

Laurelhurst

Windermere

View Ridge

Sand Point Country Club

Bryant

Wedgwood

Capitol Hill

Madison Park

Montlake

Portage Bay