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!

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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!

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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

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

Where is the Inventory??

The market continues to be as hot as we can remember since the crash in 2008. This is primarily driven by lack of houses on the market. The amount of homes for sale is down 50% from a year ago, and it seems to be shrinking every day. We are seeing multiple offers in all price ranges all over the City of Seattle. If you are looking for a home and are frustrated, you are not the only one.

In Laurelhurst there are only 9 homes on the market over a wide price range ($689,000 to $4,100,000). Bryant/Hawthorne Hills/View Ridge again only 9 homes available. Montlake/Portage Bay/ Roanoke Park only 5 homes. Typically this time of year that we start to see inventory increase as new homes come on the market, as people wait until after the Holidays and into the Spring Season, but this year does seem a little different as houses seem to be selling faster than they can come on the market.

If you are considering selling, now is a good time.