What I’m Seeing – June 2020

 

As restrictions ease, real estate is normalizing, also. New sales in King County were the same last week as a year ago. Inventory remains limited so it’s an excellent time to sell. For buyers, competition is highly dependent on the area and price point. Being conditionally approved for a mortgage (rather than simply pre-approved) can greatly increase the odds of a successful outcome. Please contact me if you need a referral to a trusted lender or would like a complimentary market analysis. I’d be happy to help.

 

BY THE NUMBERS

Click the images below to download your neighborhood’s recent real estate figures!

 

EASTSIDE

SEATTLE

KING COUNTY

SNOHOMISH COUNTY


Posted on June 12, 2020 at 8:27 pm
Sheri Putzke | Posted in Local Market News, Statistics | Tagged , , , , , , , , , ,

What I’m Seeing – May 2020

The big news this month is that builders are back to work! With low-interest rates and some builders offering incentives, now is a great time to consider new construction.

The resale market is very price-sensitive with well-priced listings moving quickly. Bullish Sellers, on the other hand, are seeing extended market time even in our low-inventory environment.

There are some great opportunities for buyers, but due to safety concerns, many Sellers are requesting lender pre-approval before they allow their home to be shown. Please contact me for a referral to a trusted loan officer.

Finally, a word caution for Sellers considering forbearance: there is likely to be a negative impact on your credit for doing so that could prevent your ability to refinance for at least a year. Please be sure to read all documents thoroughly and check with a reliable resource before signing. Let me know if I can help.

BY THE NUMBERS

Click the images below to download your neighborhood’s recent real estate figures!

 

EASTSIDE

SEATTLE

KING COUNTY

SNOHOMISH COUNTY


Posted on May 12, 2020 at 9:54 pm
Sheri Putzke | Posted in Local Market News, Statistics | Tagged , , , , , , , , , ,

What I’m Seeing – April 2020

I hope everyone is well and making the best of staying home. As with everything during this time, real estate is changing and evolving as we go. Governor Inslee recently deemed real estate as an essential service, so long as required precautions are followed. Showings are by appointment only and with a total of 2 people in the home at a time, including the agent. I feel fortunate to be able to work and I take the protection of my clients and the public very seriously.

In terms of the market, although the pace has slowed a bit, well-presented and appropriately priced homes continue to sell quickly, sometimes with more than one offer. That said, the buyer pool has understandably shrunk, decreasing the previously intense demand and creating an opportunity for serious buyers looking to take advantage of less competition and favorable interest rates.

As always, I’m here to help, please don’t hesitate to reach out with questions. In the meantime, stay safe and be well. Home has never been a more meaningful place to be.

BY THE NUMBERS

Click the images below to download your neighborhood’s recent real estate figures!

 

EASTSIDE

SEATTLE

KING COUNTY

SNOHOMISH COUNTY


Posted on April 13, 2020 at 6:15 pm
Sheri Putzke | Posted in Local Market News, Statistics | Tagged , , , , , , , , , ,

What I’m Seeing – March 2020

Naturally the most frequent question I’m getting lately is about how the coronavirus is impacting our local market.  So far, traffic remains brisk and multiple offers with escalations continue for well-presented listings. Savvy buyers are taking advantage of the increased buying power that historically low interest rates afford. Investors looking for a reprieve from stock market volatility are also looking to real estate for stability. Inventory remains extremely tight and demand strong.  My advice to my Sellers is to proceed as planned. We are taking appropriate preventive measures by providing hand washing stations at my listings and cleaning surfaces for open houses. As we are all aware, the situation is evolving rapidly.

I am monitoring real estate activity closely and welcome your questions  – please don’t hesitate to reach out to me!

BY THE NUMBERS

Click the images below to download your neighborhood’s recent real estate figures!

 

EASTSIDE

SEATTLE

KING COUNTY

SNOHOMISH COUNTY


Posted on March 12, 2020 at 6:00 am
Sheri Putzke | Posted in Local Market News, Statistics | Tagged , , , ,

What I’m Seeing – February 2020

Interest rates dropped again prompting buyers to leap off the fence resulting in multiple offers for well-priced, turnkey properties. Sellers – this is your sweet spot! Inventory is increasing daily but we are still far short of meeting buyer demand. Savvy sellers are rushing to get their homes on market and take advantage of this seasonal opportunity.  I have some great listings with more in the pipeline – call me or stop by my open houses to check them out!

BY THE NUMBERS

Click the images below to download your neighborhood’s recent real estate figures!

 

EASTSIDE

SEATTLE

KING COUNTY

SNOHOMISH COUNTY


Posted on February 13, 2020 at 4:49 am
Sheri Putzke | Posted in Local Market News, Statistics | Tagged , , , ,

What I’m Seeing – January 2020

2020 is off to a great start! We normally see a bit of a lull in January, but my open house traffic is already up significantly this month. In particular, I’m seeing heightened activity in the “affordable” range (under $1M). Extremely tight inventory and excellent rates are motivating buyers off the fence in what is shaping up to be a brisk Spring market. Buyers – it’s critical to get pre-approved before starting your search so you are shopping within your budget and are ready to offer when the perfect home comes along. Reach out to me for a referral to a trusted loan officer. Sellers – timing is everything!  To plan ahead for the Spring market, contact me now for a complimentary listing consultation.

BY THE NUMBERS

Click the images below to download your neighborhood’s recent real estate figures!

 

EASTSIDE

SEATTLE

KING COUNTY

SNOHOMISH COUNTY


Posted on January 15, 2020 at 5:35 am
Sheri Putzke | Posted in Local Market News, Statistics | Tagged , , , ,

Local Market Update – December 2019

Favorable interest rates and soaring rents boosted activity in the housing market in November. More buyers competing for less inventory kept home prices strong. With the supply of homes far short of demand, sellers can expect well-priced properties to sell quickly this winter.

EASTSIDE

With just over a month of available inventory, demand on Eastside remains very strong. Sales are brisk, with 45% of single-family homes selling in 15 days or less and 20% of homes selling for over list price. The median single-family home price in November rose 2% from a year ago to $900,000 and was unchanged from October.

VIEW FULL EASTSIDE REPORT

KING COUNTY

With more buyers vying for fewer homes, King County remains a solid seller’s market. While inventory traditionally shrinks in the winter, this November saw the number of new listings at historic lows. Demand was strong, with the number of closed sales up 12% over the same time last year. The median home price ticked up 3% over the prior year to $661,000 and was unchanged from October. The strong market sent prices higher in the more affordable price ranges, with some areas in South King County seeing double-digit increases.

VIEW FULL KING COUNTY REPORT

SEATTLE

Activity in Seattle was very strong in November. The number of closed sales was up 29% over the same time last year. With just over one month of homes available for sale, the city is starved for inventory. Seattle homes prices have ebbed and flowed slightly from month to month for much of this year. The median price of a single-family home sold in November was off 3% from a year ago to $735,000.

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

With an increasing number of buyers driving to affordability, the Snohomish County housing market remains robust. Inventory is very tight and continues to fall. The county finished November with just over one month of supply. The median price of a single-family home rose 5% over a year ago to $495,000. That figure is unchanged from October.

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com


Posted on December 15, 2019 at 3:06 am
Sheri Putzke | Posted in Statistics | Tagged , , , , , , ,

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


Posted on November 15, 2019 at 5:00 am
Sheri Putzke | Posted in Statistics | Tagged , , , , , , ,

The Gardner Report – Third Quarter 2019

The following analysis of the Western Washington real estate market is provided by Windermere Real Estate Chief Economist, Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere agent.

Economic Overview

Washington State employment has softened slightly to an annual growth rate of 2%, which is still a respectable number compared to other West Coast states and the country as a whole. In all, I expect that Washington will continue to add jobs at a reasonable rate though it is clear that businesses are starting to feel the effects of the trade war with China and this is impacting hiring practices. The state unemployment rate was 4.6%, marginally higher than the 4.4% level of a year ago. My most recent economic forecast suggests that statewide job growth in 2019 will rise by 2.2%, with a total of 88,400 new jobs created.

Home Sales Activity

  • There were 22,685 home sales during the third quarter of 2019, representing a slight increase of 0.8% from the same period in 2018 and essentially at the same level as in the second quarter.
  • Listing activity — which rose substantially from the middle of last year — appears to have settled down. This is likely to slow sales as there is less choice in the market.
  • Compared to the third quarter of 2018, sales rose in five counties, remained static in one, and dropped in nine. The greatest growth was in Skagit and Clallam counties. Jefferson, Kitsap, and Cowlitz counties experienced significant declines.
  • The average number of homes for sale rose 11% between the second and third quarters. However, inventory is 14% lower than in the same quarter of 2018. In fact, no county contained in this report had more homes for sale in the third quarter than a year ago.

 

Home Prices

  • Home price growth in Western Washington notched a little higher in the third quarter, with average prices 4.2% higher than a year ago. The average sales price in Western Washington was $523,016. It is worth noting, though, that prices were down 3.3% compared to the second quarter of this year.
  • Home prices were higher in every county except Island, though the decline there was very small.
  • When compared to the same period a year ago, price growth was strongest in Grays Harbor County, where home prices were up 22%. San Juan, Jefferson, and Cowlitz counties also saw double-digit price increases.
  • Affordability issues are driving buyers further out which is resulting in above-average price growth in outlying markets. I expect home prices to continue appreciating as we move through 2020, but the pace of growth will continue to slow.

Days on Market

  • The average number of days it took to sell a home dropped one day when compared to the third quarter of 2018.
  • Thurston County was the tightest market in Western Washington, with homes taking an average of only 20 days to sell. There were six counties where the length of time it took to sell a home dropped compared to the same period a year ago. Market time rose in six counties, while two counties were unchanged.
  • Across the entire region, it took an average of 38 days to sell a home in the third quarter. This was down 3 days compared to the second quarter of this year.
  • Market time remains below the long-term average across the region and this trend is likely to continue until more inventory comes to market, which I do not expect will happen until next spring.

Conclusions

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors. I am leaving the needle in the same position as the first and second quarters, as demand appears to still be strong.

The market continues to benefit from low mortgage rates. The average 30-year fixed rates is currently around 3.6% and is unlikely to rise significantly anytime soon. Even as borrowing costs remain very competitive, it’s clear buyers are not necessarily jumping at any home that comes on the market. Although it’s still a sellers’ market, buyers have become increasingly price-conscious which is reflected in slowing home price growth.

 

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

This post originally appeared on the Windermere.com Blog.


Posted on November 8, 2019 at 4:59 am
Sheri Putzke | Posted in Statistics | Tagged , , , , , , ,

Local Market Update – October 2019

While fall usually brings a decrease in sales activity, the opposite was true in September. The number of listings on the market dropped by double digits and home sales rose. It is still a seller’s market, however prices have stabilized. With interest rates near historic lows and employment levels at historic highs, the housing market is expected to stay strong throughout the fall and winter.

EASTSIDE

Long the most affluent area of King County, the Eastside continues to record the highest home prices in the region. The median price of a single-family home on the Eastside was $928,500 in September, an increase of 4% from a year ago and a decrease of less than 1% from August. The Eastside construction boom continues, indicating that developers remain confident in the strength of the local economy.

VIEW FULL EASTSIDE REPORT

KING COUNTY

The number of homes on the market in King County fell by almost 20% in September when compared to a year ago. However, last fall saw an increase in inventory that was unusual for the time of year. The median price of a single-family home was $660,000, down just 1% from the same time last year. Cities in King County, outside of Seattle, all saw price increases. Sales were up 7% indicating no shortage of buyers.

VIEW FULL KING COUNTY REPORT

SEATTLE

Prices remained relatively stable, with the median price of a single-family home in September dipping 3% over a year ago to $750,000. As tech companies continue to recruit top talent to the area, Seattle’s population keeps booming and demand for housing remains high. While home sales traditionally dip in the fall, the city saw sales increase by 12% in September as compared to last year. Rising rents may push more buyers into the market.

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

Buyers continue to be drawn to Snohomish County thanks to a strong economy and housing costs that are considerably more affordable than King County. That influx of buyers is also driving up prices. The median price of a single-family home in September was $492,500, up from $484,995 the same time last year. At $167,500 less than the median price in King County, it’s a relative bargain.

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com


Posted on October 13, 2019 at 12:27 am
Sheri Putzke | Posted in Statistics | Tagged , , , , , ,