Home BuyingHome UpdateMarket StatsReal Estate NewsReal Estate TipsSpringwindermereWindermere Bellevue Commons NewsWindermere Bellevue Commons News | Tagged homeless July 24, 2023

Seattle and Bellevue Real Estate Market Update | June 2023

Seattle, known for its stunning landscapes, thriving job market, and cultural attractions, has seen some interesting developments in its real estate sector. The median sale price in Seattle currently stands at $905,000, reflecting a significant decrease of 12% Year-to-Date (YTD). We’ll explore the factors behind this decline and discuss the potential implications for buyers and sellers. Moving east to Bellevue, located in the desirable Eastside region, we’ll examine the real estate market dynamics in this area as well. With its proximity to major tech companies and picturesque surroundings, Bellevue has been a sought-after destination for homebuyers. The median sale price in Eastside, specifically Bellevue, currently sits at $1,450,000. However, like Seattle, the market has experienced a decrease of 9% YTD, indicating shifting trends and opportunities. Throughout this video, we’ll delve into the reasons behind these price adjustments, exploring factors such as supply and demand, economic conditions, and any regulatory changes that may have influenced the market. We’ll provide expert analysis and discuss the potential impact of these trends on buyers, sellers, and the overall real estate landscape.

Home BuyingHome UpdateMarket StatsReal Estate NewsReal Estate TipsseattlewindermereWindermere Bellevue Commons News July 24, 2023

Bellevue & Eastside Real Estate Market Update: Latest Trends in April 2023

As of April 2023, the real estate market in Bellevue, WA has seen a decline of 17% compared to the same period a year ago. However, there has been a positive trend in prices since January 2023, with prices starting to climb up again. This makes it an opportune time for potential buyers to enter the market before prices potentially rise to the level seen in April 2022, where the median price for a home was $1.8 million.

Home BuyingMarket StatsReal Estate NewsReal Estate TipsseattleWindermere Bellevue Commons NewsWindermere Bellevue Commons News | Tagged homeless July 24, 2023

Seattle & Bellevue Real Estate Market Update: February 2023

Seattle & Bellevue Real Estate Market Update: February 2023

In February 2023, Seattle and Bellevue, WA continue to be strong housing markets. With a population of 3.9 million, the Seattle-Tacoma metropolitan area is the 15th largest in the United States. The area continues to benefit from its diverse economy, which is driven by technology, manufacturing, and health care. The Seattle-Bellevue housing market remains competitive. Home prices have increased by 2% percent in the past year, with an average listing price of $803,750.

windermereWindermere Bellevue Commons News March 18, 2020

How will the Coronavirus impact the Housing Market? Update March 16, 2020

Windermere Chief Economist Matthew Gardner has been following the situation closely, watch this video for his thoughts on how COVID-19 will impact the national housing market and economy.

Home BuyingMarket StatsReal Estate NewsReal Estate TipsseattleWindermere Bellevue Commons News March 11, 2020

What’s Happening in the Market? March 2020 stats

As expected we have seen a dramatic increase in Sold prices for February 2020 numbers over the same time last year.  This is primarily due to the 4th Quarter correction in 2018 of homes that closed in February 2019.   Market times are falling and Multiple offers are heating up as February 2020 saw more than a 1/3 of the homes sell for over asking price by an average of 5%.  Inventory has now dipped to 0.8 Months and even though some Buyers & Sellers have put their Real Estate decisions on hold due to current uncertainties (Virus/Stock Market/Economy) we are still seeing strong activity. This might well be the case for some time to come as interest rates are at an all-time low (3.47%), prices continue to rise and jobs keep flowing into area at a steady pace

Home BuyingMarket StatsReal Estate NewsReal Estate TipsWindermere Bellevue Commons News February 12, 2020

January 2020 What’s Happening in the Market Stats

 

As expected, the market has drastically picked up due to extremely low inventory and heighted Buyer activity that had been holding off purchasing during the holidays.  Since these stats are not a rolling 12 month average they are going to appear skewed due to the small sample size, but they do show year over year with many areas growing significantly from January 2019.  Pretty much every market has been on fire with Multiple offers on just about everything available for sale.  The Days on Market (DOM) have dramatically gone up, but that is primarily due to homes selling that had been on the market for a while that Sold over the holidays.  We expect to see the DOM fall significantly over the next couple months as most new listings are now selling in under 14 days & in many cases less than a week.   (Pro Tip- Buyers be prepared to put your best foot forward & Sellers to make sure their home is parade ready to get the highest dollar!)

 

Home BuyingMarket StatsReal Estate NewsWindermere Bellevue Commons News January 7, 2020

December 2019 “What’s Happening in the Market” Stats

The increased amount of viewership of listings on Realtor.com in January 2019 shows that Buyer interest is absolutely heightened in January around the Puget Sound more than any place due to the limited inventory and the shear amount new jobs being created in our marketplace.  This trend shows there is no better time to list a property than now, when the Buyers are actively looking.

“December 2019 stats show that we are creeping in on the highs we saw in 2018 in most areas and in several other areas prices have already surpassed the previous year.  Inventory is now below 1 month which means if there weren’t anymore listings coming on the market there would be nothing to buy in 4 weeks.  December 2019 Pendings were up 11% over last December and it appears that momentum is going to carry into a very busy January 2020.  Sellers are in an great position right now and those listings that are positioned correctly (Price/Condition) are once again looking at multiple offers.”

– Inventory across the NWMLS at the end of December was down 31% from last December.

– Inventory in King County was down 38.8% (Condo and Residential Combined) while Single family was down 41.1%. Currently sitting at 0.9 Months across King, Kitsap, Snohomish and Pierce counties.

– Median Prices across the Puget Sound (4 Counties- King, Kitsap, Snohomish and Pierce) were up 10% while King county rose 3%.  This is primarily due to much more New Construction up North and down South.

– Closed sales across the NWMLS in December were up 11% from last December.

– King County is starting to see Multi-Million-dollar sales being purchased with cash at a much higher rate than the previous couple years.

– Rental Properties are very tight as anything New is being reserved prior to being finished.

– Opportunities for Buyers prior to the Spring market are starting to dwindle and Sellers waiting for the Spring market may see an inordinate amount of competition.

– January 2020 may turn out to be the start of the New Spring Market!

Real Estate News December 11, 2019

What’s Happening in the Market?

Buying/Borrowing Power is now up 12% due to extremely low interest rates (Roughly 3.70%) compared to this time last year while prices are continuing to climb and have reached 2018 prices in most areas. November pendings were up 20% over last November effectively reducing available properties towards all-time lows where we are currently standing at 1.2 months of inventory. There doesn’t seem to be any relief in the near future with a flood of new tech jobs entering the marketplace, but Buyers are still being very selective about purchasing properties that are in turn key condition.

First posted at windermere-bellevue.com

Home BuyingMarket StatsReal Estate NewsReal Estate TipsseattlewindermereWindermere Bellevue Commons NewsWindermere Bellevue Commons News | Tagged homeless November 20, 2019

Local Market Update November 2019

A steady influx of buyers continued to strain already tight inventory throughout the area in October. Home sales were up, as were prices in much of the region. With our thriving economy and highly desirable quality of life drawing ever more people here, the supply of homes isn’t close to meeting demand. Homeowners thinking about putting their property on the market can expect strong buyer interest.

EASTSIDE

As the Eastside continues to rack up “best places” awards, it’s no surprise that the area is booming. Development is on the rise, fueled primarily by the tech sector. The appeal of the Eastside has kept home prices here the highest of any segment of King County. The median single-family home price in October was stable as compared to the same time last year, rising 1% to $900,000.

VIEW FULL EASTSIDE REPORT

KING COUNTY

King County’s 1.74 months of available inventory is far below the national average of four months. Despite the slim selection, demand in October was strong. The number of closed sales was up 5% and the number of pending sales (offers accepted but not yet closed) was up 11%. The median price of a single-family home was down 2% over a year ago to $660,000. However, some areas around the more reasonably-priced south end of the county saw double-digit price increases.

VIEW FULL KING COUNTY REPORT

SEATTLE

Seattle home prices took their largest year-over-year jump in 12 months. The median price of a single-family home sold in October was up 3% from a year ago to $775,000, a $25,000 increase from September of this year.  Seattle was recently named the third fastest-growing city in America.  Real estate investment is surging. A growing population and booming economy continue to keep demand for housing –and home prices—strong.

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

Both the number of home sales and home prices were on the rise in Snohomish County in October. Overall homes sales increased 7%, and the median price of a single-family home rose 5% over a year ago to $495,000.  Supply remains very low, with just six weeks of available inventory.

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com

Market StatsReal Estate News October 16, 2019

September 2019 Windermere Statistics: EASTSIDE (based on Residential and Condominium report):

• Sales are good (pending sales up 9% for September vs last year 931 vs 857). Inventory is down 21% from a year ago (1,713 vs 2,161).
• Sales up and inventory down is good for sellers, but it does not feel too good. Prices are flat. Only 18% of September closings were for over list price compared to 60% in the hot hot markets (spring of 2017 & 2018). Finally, about half (46.8%) of properties that sold, sold with less than 15 days of Days on Market. List price must be close to value to sell.
• Interest Rates, Interest Rates, Interest Rates… 3.61% vs 4.63% from a year ago (page 5).
A one percent change in interest rate is a 10% change in purchase price.
• Competing for a listing? (share from page 2)
1. What are the odds of selling 3 in 4 (75% for trailing 12 months), 1 in 4 are not selling.
2. Percentage of Pending Sales that don’t close is 1 in 8 (14% for trailing 12 months)
Who you hire matters!

 

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