It was another month of record-setting home prices in June as the area yet again took the prize for the hottest real estate market in the country. In a bright spot for buyers, the number of new listings added in June was the highest total for any single month since May 2008. While inventory is still low, the pace of sales is slowing and the number of multiple offers are down, suggesting that we may soon see a slight reprieve from the last year of rapid-fire growth.
The median price of a single-family home on the Eastside soared 19 percent from a year ago to a new record-high of $885,000. Despite that increase, multiple offers—while down—are still common. With most buyers presenting offers on multiple properties before purchasing a home, working with a broker to create a strong strategic plan, clear negotiating parameters, and a streamlined offer are critical for success.
The median price of a single-family home in King County climbed 14 percent over a year ago to a new record of $653,000. Inventory remains extremely tight, and homes are selling very quickly. According to a broker analysis, 80-to-90 percent of sellers in the Puget Sound area are accepting offers on their homes within 30 days of listing. In hot neighborhoods, that number can be just a few days.
Seattle home prices are rising at the fastest rate in nation. U.S. Census data shows Seattle is gaining about 1,100 residents week. With supply unable to keep up with soaring demand, prices just keep climbing. The median price for a single-family home in Seattle jumped 13 percent over a year ago to $750,000. The increase in the number of $1 million-plus homes in the city was among the highest in the country.
Buyers looking to get more home for their dollar continue to make the move north to Snohomish County. Demand is so high that new construction homes are selling before they’re built, with many new homes not even hitting the market. The median price of a single-family home sold in June increased 14 percent over the same time last year to $450,000, unchanged from last month’s record high.
Yes, it’s true.
We’ll need an additional 98,000 homes in the Seattle area by 2030 according to a new report from the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA). We have seen many comparisons of the yearly and monthly increases in dwelling spaces, but now we have a glimpse of how much growth will occur in the next 13 years.
The Daily Journal of Commerce notes this study relies “in part on research from Axiometrics, which has reported an annual construction of 5,884 units for the past five years.” Construction would have to increase a staggering 19 percent in order to keep up with the demand and our area’s growing population.
The report continues saying, “Future demand will be created by factors including an aging population, immigration and the decline in home purchases.” Seattle is now ranked 11th out of 50 metro areas in terms of the apartment demand by 2030. Currently, we have about 406,000 apartments, and that will have to increase 24 percent to meet the anticipated demand.
Read the full article on the Seattle Daily Journal of Commerce.
The hottest real estate market in the country just keeps getting hotter. Despite a large number of new listings, home prices in the Puget Sound area continued to set records in May. According to a Seattle Times article, “For the first time since the 2007 housing bubble, every county in the central Puget Sound region has set a new median home price record.” Brokers hope this news will help entice more sellers to put their homes on the market.
While down just slightly from its record high last month, the median price of a single-family home on the Eastside was up 15 percent from a year ago to $875,000. With just three weeks of inventory, those looking to buy a home can continue to count on a highly competitive market. It is key for buyers to work with a broker on a buying strategy, and to be willing to act quickly to make an offer.
King County is starved for inventory. The number of homes for sale in the county dropped 20 percent from a year ago. The good news: The number of new listings year-over-year grew for the first time in 2017. The bad news: They’re getting snapped up as soon as they come on the market. The median price of a single-family home in King County jumped 13 percent over a year ago to a new record of $632,000.
Seattle is the fastest growing city in the country, and that demand is driving prices ever higher. That demand combined with razor-thin inventory has resulted in Seattle topping the nation in bidding wars. As a result, it’s no surprise that home prices here set yet another record in May. The median price for a single-family home in Seattle soared 14 percent over a year ago to $729,000.
A steady stream of buyers being priced out of King County have set their sights north in hopes of finding a more affordable house payment. While home prices here are indeed less, that gap has been slowly closing. The median price of a single-family home jumped 15 percent over the same time last year to $450,000, an all-time record.
Last week, I visited the Financial Fitness NW studios to share my expertise on buying new construction homes, and what the process typically looks like. If you missed my live broadcast, you can listen to it here. I would love your feedback!
The local real estate market—already the hottest in the country—set yet another price record in April. The number of homes for sale dropped 27 percent compared to a year ago, the lowest amount of inventory ever recorded for a spring month. The historically low supply of homes is making competition among buyers fierce. Sellers are in the enviable position of being able to structure sales agreements to include concessions such as rent-backs and longer closing time so they can take the time to find their next home.
The median price of a single-family home on the Eastside reached an all-time high of $880,000 in April, a 21 percent jump over last April. That represents an increase of $150,000 over a year ago, the largest dollar increase on record. With our strong economy and growing population, brokers are not predicting a slowdown any time soon.
Inventory in King County just keeps getting tighter. There are just 1,900 homes on the market here. That compares to nearly 8,000 in April 2011. As buyers bid up existing homes, prices have escalated sharply. The median price of a single-family home jumped 16 percent from the same time last year to $625,000.
Seattle set a record for home prices for the third straight month. The median price of a single-family home rose 13 percent over the same time last year to $722,250. Like the rest of King County, lack of inventory was the driver. In one of the city’s hottest markets, Ballard, there are just 19 single-family homes on the market.
Home prices in Snohomish County are rising at their fastest pace in four years. The median price of a single-family home soared 17 percent from a year ago to $440,000. While that increase is substantial, prices here are still 30 percent less than in King County.
Now that spring has sprung, let’s clear the cobwebs and get your home ready! Here is our quick guide to spring home maintenance:
Inspection top to bottom: Now that the weather is temperate you will want to check on how your home weathered the winter. Check the roof for leaks, the gutters for damage, and the siding for cracks. You will also want to inspect your basement or foundation for any shifts. Make repairs now to prevent further damage.
Clean out the gutters: April showers bring May flowers… so clear out the gutters to keep rain from pooling on your roof or near your foundation.
Pest control: Spring is mating season for eight legged critters, so sweep out cobwebs, clear debris, and check the nooks and crannies. If you live in an area prone to dangerous species like brown recluse or black widows, you may want to contact your local pest control, but otherwise household spiders do help eliminate other bugs.
Check your basement and attic for signs of other infestations. For more information on pest control go here: http://www.windermere.com/blogs/windermere/categories/living/posts/when-things-go-bump-in-the-night
HVAC system: If you have an air conditioner now is the time to check to make sure it is ready before summer gets here and everyone else is clamoring for maintenance. Now is a good time to check your home air filters and replace or upgrade to keep allergens at bay.
Clear the clutter: Do a sweep around the house and get rid of junk that you don’t use! Take a little time each week to tackle a room. Closets, playrooms, and basements can be especially daunting, but getting rid of old stuff and refreshing your space will go a long way!
Deep clean: On a nice day open the windows, dust, wipe, scrub, and clean. You will get a nice work out and your home will look and feel so fresh after a winter of being cooped up.
Update your décor: Add a splash of color to your home with small embellishments. Add a colorful vase, a lighter throw for your sofa, pretty pastel pillows, or spring-time candles, to upgrade your living space.
Take it outdoors: Let your throw rugs, curtains, and other tapestries air our outside. Shake off the dust, spot clean what you can and let everything bask in the sun for an afternoon.
Don’t forget the back yard: It may not be time to start up the grill, yet, but you can get started on your outdoor entertaining checklist. Check your lawn, and if you have some spare spots start filling in with seed. Check your outdoor plants, prune, plant bulbs, start to replenish soil for your garden, and mow, so you are ready to start when the season allows.
Speaking of the grill – if you have a gas grill you will want to pull this out and perform a maintenance check. Clean everything up and check to make sure all the gas lines are clear, as these can get clogged after sitting idle all winter. Make sure the grill is clear of spiders too, as they can build webs in the tubes, causing damage to your grill. You can start to bring out your garden furniture too, or clean it up if you left it covered outside all winter. Because before you know it, it’ll be barbecue season!
This blog originally appeared on the Windermere.com blog.
While we finally saw an increase in new listings in March, there was an even greater jump in sales. Lack of supply continued to push prices to new record highs. For the fifth straight month, our region has experienced the sharpest home price increases of any major market in the country. While that may be tough news for buyers, here’s the other reality: rents in the city of Seattle have increased 57 percent in the last six years. Brokers are hoping that more sellers will jump into the market this spring to help meet buyer demand.
After setting a price record in February, the Eastside set yet another record in March. The median price for a single-family home sold in March jumped 18 percent to $870,000. The strong appreciation is reflected in this statistic: For the first three months of 2017, the number of homes sold priced at $1 million or more was up 60 percent compared to the same period a year ago. What was once considered a luxury price tag is now the new normal.
Home prices in King County are growing about twice as fast as the national average. The median price of a single-family home sold in March soared 13 percent over last year to $599,950, an all-time high. Even though new inventory was added, it was snapped up as soon as it came on the market. About 75 percent of homes sold within the first 30 days.
With just two weeks of inventory available, demand in Seattle remains as strong as ever. Packed open houses, multiple offers, and escalation clauses continue to be the norm. The pressure on inventory pushed prices here to yet another all-time high. The median price of a single-family home in the city increased 9 percent over a year ago to $700,000.
Snohomish County set a new price record for the second straight month, with the median price of a single-family home up 10 percent from a year ago to $425,000. Supply is very limited, with just over two weeks of available inventory. Buyers looking for some relief from King County’s hefty housing prices are adding to the competition for a limited supply of homes.
The typical winter cooldown is over and it seems like a scorching spring housing market is already underway in the greater Seattle area.
Recent statistics reported by The Seattle Times show “home prices in Seattle have nearly doubled over the last five years,” while the number of homes for sale has hit its lowest point since available records began in 2000.
Home prices in King County jumped up 6.7 percent last month from the month before giving us the biggest one-month jump since early 2015 according to The Seattle Times. The biggest increase, the report continues, hit the suburbs. This sharp increase comes after a few months of slower price growth that is typical of winter months.
Does this symbolize an early start to the spring market? When you combine these high prices with low inventory, an abysmal 1,400 homes available across King County last month, it would seem so.
Our inventory has become so low that fewer people are even wanting to sell their homes. KOMO News reports that our housing market is now facing “seller gridlock” because owners are not selling since they do not have any good options available for buying or upgrading their homes. KOMO also explains homes are being purchased faster than new listings can even hit the market.
According to the same article, not many expect the typical springtime increase in inventory to meet the demand our area is currently facing and could be facing for some time.
Key advice many are sharing is to get started in the spring market sooner rather than later. Right now is the perfect time for sellers to get the most out of their home and take advantage of current market conditions.
Home prices are growing faster in our region than anywhere else in the country. After a brief slowdown last month, home prices in February jumped to new record highs. The reason? The lowest number of homes for sale on record. The surge in prices came well ahead of the normal seasonal spring uptick, adding even greater urgency among buyers competing for already severely limited inventory. It remains to be seen if the predicted hike in interest rates will help moderate the market. For now, sellers are calling the shots.
The Eastside, always the most expensive area in King County, set a new price record in February. The median price for homes sold in February soared 12 percent to $832,000. That’s nearly $100,000 more than the same time last year. With less than one month of available inventory, this seller’s market is expected to continue for quite some time.
A recent trend of slowing price growth reversed itself in February. The number of homes for sale in King County was at its lowest point since 2000, when records first started being tracked. That is down 25 percent from a year ago. The deep shortage of inventory resulted in a sharp increase in prices. The median price of a single-family home was up 9 percent over last year to $560,000.
The median price of a single-family home in the city increased 5 percent over a year ago to $675,000, another all-time high. Prices here have nearly doubled over the last five years. While areas of King County outside of Seattle are more affordable, prices there are growing even faster. The median price of homes in North, Southwest and Southeast King County all increased by double-digits in February.
After a softening of price increases over the past few months, Snohomish County saw record high prices in February. The median price of a single-family home jumped 15 percent as compared to a year ago to $412,500. With less than one month of supply in the county, brokers expect prices to remain strong.
For the past 28 years, the Windermere Foundation has been helping those in need in our communities through donations to local organizations that provide services to low-income and homeless families. In 2016, the Windermere Foundation raised over $2.2 million in donations, bringing the total to over $33 million raised since it started in 1989.
Last year, 35 percent of the donations to the Windermere Foundation came from agent commissions. That’s because every time you use a Windermere agent to buy or sell a home, they make a donation to the Windermere Foundation. The other 65 percent came from additional donations made by Windermere agents, employees and the community. Because of these donations, the Windermere Foundation was able to fulfill 664 grants and help 410 organizations that provide help to those in need.
And every dollar donated is put to good use! As you can see from the infographic below, even small donations make a big impact and help us fund things like food bank meals, school supplies for underprivileged students, and resources for children in crisis.
If you’d like to help support programs in your community, please click the Donate button.
To learn more about the Windermere Foundation, visit http://www.windermere.com/foundation
This article originally appeared on the Windermere.com blog.