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 – November 2014

The reason housing prices keep climbing in the Puget Sound region comes down to simple economics: demand is outstripping supply. According to the Census Bureau the Seattle grew by 7.2% last year.  Have you seen the commute times from Everett or Tacoma to Seattle lately?  It is not uncommon for those 30 mile drive to take 90 Minutes! While the city and county grew, the infrastructure, unfortunately, is still the same.
The number of pending sales in the four-county metro area increased nearly 4 percent last month from October 2013, while the number of houses and condos for sale remained unchanged at about 11,580. This is according to a report that the Northwest Multiple Listing Service (NWMLS) issued Wednesday.
We currently have a two month supply of homes in King county. That means that if no new
homes came on the market for two months, we wouldn’t have anything to sell.  Half the homes
that come on the market sell immediately, while the rest take 90 plus days on average.
The bottom line is that your home is worth more today than it was 12 or 24 months ago.  It might very well be as valuable as ever.  We expect the trend to continue into 2015.    If you were waiting for that time to come again, I think it is here!

Seattle Market Update – October 2014

After a bit of a lull in August, prices just took off in September. The median price of single family homes sold in King County in September was up 9.5 percent from last year to $460,000. Prices in Seattle jumped 12.1 percent to $517,000. The Eastside saw home prices increase 6.3 percent to $605,000.

Inventory continues to inch up, but it’s still tight – particularly in neighborhoods close to the city core.  King County has a little more than two months of inventory. Four to six months is considered to be balanced, so we remain solidly in a seller’s market.  It does feel like buyers may be experiencing a little frenzy fatigue. After a summer of weathering multiple offers and escalation clauses, we’re seeing buyers being more discriminating in the home buying process. It’s a good reminder for sellers that even in a hot market, a home needs to be priced correctly to sell.

Luxury home sales have been very strong.  Seattle’s economic boom has attracted a number of highly-paid professionals, and there aren’t enough high-end homes on the market to meet demand.  There has also been a large influx of foreign buyers, particularly from China, that has added to the strength of the luxury home segment.

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

Great Reads – October 2014

Here are a few things we thought you’d like:

Pike Place Market Named Best Farmers Market in U.S.

Another reason to love living in Seattle

Seattle Has Steepest Rent Hikes in the U.S

Now it makes even more sense to buy

Video Tour of $85 Million Beverly Hills Spec House

An over-the-top designer’s dream

Seattle Market Update – July 2014

This may be the greatest market for sellers that I have seen in all the years I’ve been in the real estate business. Strong appreciation, multiple offers and escalation clauses are translating into record prices for homes.

Part of the story is lack of inventory, particularly in neighborhoods close to the city core. Currently there is less than a two-month supply of homes on the market. Four to six months is considered to be a balanced market.

With not enough supply to meet demand, prices continue to go up.   The median price of homes sold in King County in June was $453,500, up  6 percent from a year ago. Home prices on the Eastside increased 6 percent to $630,000. Seattle’s median price was $499,000, up 9 percent from last June.

Sellers: Homes in hot neighborhoods that are well-priced and in good condition can expect multiple offers and escalation clauses. If you’ve been on the fence, I’d jump off. You’d be hard-pressed to find a better time to get top dollar for your home.

Buyers: Competition is tough, so the home search can be frustrating.   Make sure you are fully approved for financing before making an offer. Assume that you will be dealing with multiple offers, and work with your broker ahead of time on strategies for getting the home you want. This is a market where creative negotiating on your broker’s part can really pay off.

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 2014

Tight inventory in King County is taking its toll on the market. The number of listings is down, however, prices are up.

How tight is inventory? King County has only 1.7 months of active listings. A 4-6 month supply is considered balanced, so it is solidly a seller’s market. We have a very motivated group of buyers, but the problem is there aren’t enough sellers. The closer to the city core, the tighter the inventory.The good news: We are starting to see inventory increases. The strong demand seems to be encouraging homeowners  who have considered selling to make the move.

With multiple offers the norm in most cases, sellers can expect strong returns for their property. The median sale price for single family homes sold in Seattle in April was $430,500, up 8 percent over a year ago.

The number of sales is down, but the only thing holding the market back is lack of inventory. Interest rates are still low, but economists are predicting that they will rise this year. If you can find a home you love at a price that works for you, it’s a good time to buy.

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

Great Reads – May 2014

Here are a few interesting things we thought you’d enjoy:

Guide to Seattle’s Best Restaurants

High-End Hoods: Seattle’s Wealthiest Neighborhoods

Rent Vs. Buy Calculator: Have rising rents made buying a better deal?

Guide to Seattle’s Best Restaurants

Foodie blog Tasting Table rates the city’s best eats

High-End Hoods

Seattle area has 11 of the nation’s wealthiest neighborhoods

Rent Vs. Buy Calculator

Have rising rents made buying a better deal?

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