What’s Happening in the Market in June 2018?

The local real estate market looks like it might finally be showing signs of softening, with inventory up and sales down. More sellers have opted to put their homes on the market. Inventory was up 47 percent in King County and price increases were in the single digits. Despite the increase in inventory and slowdown in sales, it’s still a solid seller’s market. Over half the properties purchased in June sold for more than list price.

Eastside

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A booming economy offered little price relief for buyers looking on the Eastside. In a recent study of economic strength by state, Washington ranked number one in the country. An additional report targeting cities ranks the Seattle-Bellevue-Tacoma market as the nation’s fourth strongest economy. The median price of a single-family home on the Eastside rose 10 percent over a year ago to $977,759 setting another record. There is some good news for buyers. Inventory rose to its highest level in three years, with the number of homes for sale increasing 46 percent from the same time last year.

King County

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The number of homes on the market in King County soared 47 percent from a year ago, the biggest increase since the housing bubble burst. Despite the increase, there is just over one month of available inventory, far short of the four to six months that is considered a balanced market. The median price of a single-family home increased 9 percent over last June to $715,000. That’s down 2 percent from the $726,275 median in May. Home prices haven’t dropped from May to June in King County since the last recession.

Seattle

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Seattle trails only Bay Area cities when it comes to greatest profits for home sellers. That may help explain the surge in inventory in June. For example, the number of homes for sale in the popular Ballard/Green Lake area doubled from a year ago. Even though buyers are finally getting more choices, demand still exceeds supply. Homes sell faster in Seattle than in any other U.S. real estate market. That demand propelled the median price of a single-family home to $812,500; up 8 percent over last June and down from the record $830,000 set in May.

Snohomish County

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The largest jump in home prices in the region came in Snohomish County. While higher-priced markets in King County are seeing increases slowing slightly, the median price of a single-family home here jumped 14 percent to $511,500, a new high for the county. Buyers willing to “keep driving until they can afford it” are finding Snohomish County an appealing destination.

 This post originally appeared on windermere-bellevue.com
Posted on August 8, 2018 at 4:39 pm
Oleg Doukhnevitch | Category: Home Buying, Market Stats, Real Estate News, seattle, windermere | Tagged , , , , , , , ,

How Will the Real Estate Market Respond to Rising Interest Rates?

Let Windermere Real Estate’s Chief Economist Matthew Gardner walk you through what to expect from the real estate market amidst rising interest rates.​

This post originally appeared on windermere-bellevue.com

Posted on August 8, 2018 at 4:27 pm
Oleg Doukhnevitch | Category: Home Buying, Market Stats, Real Estate News, Real Estate Tips, seattle, Uncategorized, windermere, Windermere Bellevue Commons News | Tagged homeless | Tagged , , , , , , , ,

How Facebook and Microsoft multi-million expansion projects are going to change Redmond?

Two IT giants are planning to expand their campuses in Redmond at the same time.

Facebook has spent $106 million on construction and development permits for Oculus offices in Redmond over the last three years. And in 2018 alone, Facebook spent $88.3 million on Oculus -related permits for as many as eight new offices in the area. BuildZoom’s analysis identifies five properties, in particular, all on Willow Road in Redmond, that span more than 90,000 square feet of lab and office space. Those locations are 10545 Willows Rd., 10785 Willows Rd., 9805 Willows Rd., 9845 Willows Rd. and 9461 Willow Road.

Microsoft will construct 18 new buildings on the campus over the next five to seven years,  which currently has 80. It will renovate several other buildings to give them a modern, open feel.

Posted on July 26, 2018 at 4:39 pm
Oleg Doukhnevitch | Category: Market Stats, Real Estate News, seattle | Tagged , , , , ,

Eastside Statistics Slideshow Template – July 2018

Posted on July 18, 2018 at 8:33 pm
Oleg Doukhnevitch | Category: Home Buying, Market Stats, Real Estate News, seattle | Tagged , , , , , , , , , , ,

Eastside Statistics Slideshow Template – July 2018

Posted on July 18, 2018 at 8:32 pm
Oleg Doukhnevitch | Category: Market Stats, Real Estate News, seattle, windermere, Windermere Bellevue Commons News | Tagged homeless | Tagged , , ,

What’s Happening in the Market in May 2018?

Here are the Current stats via “What’s Happening in the Market” for the month of May 2018 for Eastside (based on Residential and Condominium report):

  • Is the market shifting? It is too early to call and the real estate statistics show demand still far exceeding supply, however still low, there has been a significant increase in inventory.
  • Number of properties for sale is increasing:

o             1,230 active properties for sale is the highest number in the past 20 months or since August 2016.

o             Active inventory is up 350 properties or 40% compared to a year ago (May 2018 = 1,230 vs May 2017 = 880)

  • Statistics indicating more demand than supply:

o             Less than one month’s supply of inventory.

             0.9 May 2018 vs 0.6 May 2017 vs 0.8 May 2016 vs 1.1 May 2015

o             Sales prices on closed May sales are up 14% to $859,950 vs $753,750 May 2017.

o             58% of houses sold over list price compared to 62% in April 2018 and 61% in May 2017

The increased inventory means Sellers and listing brokers will need to consider active competition.  Condition, marketing and pricing will be more important with rising inventory.

April-2018-YTD-Residential-Stats.jpg

Posted on June 13, 2018 at 5:17 pm
Oleg Doukhnevitch | Category: Market Stats, Real Estate News, seattle | Tagged , , , , ,

King & Snohomish County Market Stats – April 2018

April 2018 active inventory rose 25% from March 31 2018 and 17% from April 2017.

Historically listings taken and active listings at the end of the month grow from April through July. In addition the majority of the year’s appreciation occurs in the first six months.

What does this mean:

  • Buyers can be a little more picky, more listings are coming, but they still are going to have to be aggressive with their offers
  • 62% sold for over list price and 83.4% sold in less than 15 days. However these are the properties that sold.
  • April 2018 active inventory rose 25% from March 31 2018 and 17% from April 2017.
  • Sellers may want to be cautious about pushing their asking price.

First posted on windermere-bellevue.com.

Posted on June 13, 2018 at 4:42 pm
Oleg Doukhnevitch | Category: Market Stats, Real Estate News, seattle | Tagged , ,

The Oleg Group Vlog

I am excited to share the First Episode of my Vlog. In this video you’ll see what I’ve been up to last month, learn why Kirkland’s residential price went up 32.5% (the highest price change in King County) within a year and why people love this beautiful city.

In the next episodes, I will be showing you other cities in WA state. Subscribe to my Youtube channel and stay tuned for the next episode!

Posted on June 11, 2018 at 7:27 pm
Oleg Doukhnevitch | Category: Real Estate Tips, seattle, windermere | Tagged , ,

February Newsletter

                                 February Newsletter from Oleg Doukhnevitch

Oleg Doukhnevitch February Newsletter

Seattle Real Estate Broker- Oleg Doukhnevitch

 

Posted on February 19, 2018 at 7:28 pm
Oleg Doukhnevitch | Category: Real Estate News, Real Estate Tips, seattle