What I’m Seeing – July 2020

The past few weeks I’ve had the pleasure of working with buyers across the price-spectrum – from investors looking for $300k condos to buyers in the $2M+ range. Inventory remains tight across the board. Sellers that have pre-inspected, prepped/staged their homes, and priced them appropriately, are getting a great response. However, if a property is overpriced or ill-prepared, it’s likely to sit. The good news is that savvy sellers can benefit from the critical inventory shortage and patient, well-prepared buyers have an opportunity to find hidden gems. Whether trying to determine the best price to sell your home or how to prevail as a buyer in a multiple offer situation, working with an experienced Realtor is key. I’d love to help.

On another note, if your mortgage is over 3.5% on your primary residence, you may benefit from refinancing as interest rates hit a new low this week. Please contact me if you need a referral to a trusted lender.

 

BY THE NUMBERS

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

 

EASTSIDE

SEATTLE

KING COUNTY

SNOHOMISH COUNTY

Posted on July 11, 2020 at 1:44 am
Sheri Putzke | Category: Local Market News, Statistics | Tagged , , , , , , , , , ,

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 | Category: 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 | Category: 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 | Category: 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 | Category: 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 | Category: 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 | Category: Local Market News, Statistics | Tagged , , , ,

Local Market Update – December 2018

The real estate market continued to improve for buyers in November.  Interest rates dropped slightly, price increases slowed and inventory soared. It’s important to note that inventory increases, while significant, are being compared to the record low supply of last year. We’re still far short of the inventory needed for a truly balanced market, however buyers have greater choice and less competition than they’ve had in years. Sellers who price their home according to current market conditions continue to see strong interest. Heading into the holiday season, there’s something for everyone to celebrate.

Eastside

>>>Click image to view full report.

The Eastside economy continues to be very strong. Heavy investment in commercial construction from companies such as Vulcan boost expectations that the area will continue to thrive.  The median price of a single-family home in November hit $885,000 on the Eastside. Although an increase of 4 percent from a year ago, home prices have remained steady since this fall. With continued demand and only 2.4 months of inventory, the market has a long way to go to becoming balanced.

King County

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Price increases continued to slow in King County. The median single-family home price was $643,913 in November, an increase of 2 percent over a year ago. South King County, where the most affordable homes in the county are located, saw significantly greater increases compared to a year ago. North King County also posted greater increases than the county overall. Inventory has skyrocketed as the number of homes for sale in King County more than doubled year-over-year. While that’s good news for buyers, there is only 2.1 months of available inventory in the county, slightly down from October and not nearly enough to meet demand.

Seattle

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The median price of a single-family home in Seattle was $760,000 in November. This is up 3 percent from a year ago and slightly up from October. Inventory jumped 177 percent year-over-year however, at just two months of supply, the Seattle area has the tightest inventory in King County. With the city’s strong economy and lifestyle appeal, that’s not expected to change any time soon. Forbes recently named Seattle as the best place for business and careers in the nation. U.S. News & World Report ranked the University of Washington among the top ten universities in the world with Money Magazine rating Seattle the #5 Best Big City to Live In.

Snohomish County

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Inventory in Snohomish County continued to climb, surging 88 percent in November as compared to a year ago. That said, the area has fewer homes for sale than King County with just 1.8 months of inventory. This is still far short of the four to six months of supply that is considered a balanced market. The median price of a single-family home sold in November was up 6 percent from last year to $470,000, virtually unchanged from October.

This post originally appeared on the WindermereEastside.com blog.

Posted on December 13, 2018 at 7:01 pm
Sheri Putzke | Category: Local Market News, Statistics | Tagged , , , , , , ,

Local Market Update – October 2018

It appears that balance is slowly returning to the local housing market. Home price growth slowed in September. Inventory continued to climb, but is still far short of the four to six months that indicate a normal market. Homes are staying on the market longer, giving buyers the breathing room to make the right choice for their situation.  With our region’s healthy job growth, and demand still exceeding supply, it’s likely to take some time to move to a fully balanced market.

Eastside

>>>Click image to view full report.

Home price increases moderated into the single-digits in September. The median price of a single-family home on the Eastside was up 4 percent from the same time last year to $890,0000 but down from a median price of $935,000 in August. Inventory increased significantly and price drops jumped. While the market is softening, the recent expanded presence of Google and Facebook on the Eastside means demand should stay strong.  In addition, the area’s excellent school system continues to be a large draw for buyers both locally and internationally.

King County

>>>Click image to view full report.

Inventory was up 68 percent year-over-year in King County due to a higher number of sellers listing their homes and fewer sales.  There is now more than two months of inventory in the county, a number we haven’t seen in nearly four years. Despite the increase, there is a long way to go to reach the four to six months of inventory that is considered balanced.  In September, the median price of a single-family home was $668,000; an increase of 7 percent from the same time last year and virtually unchanged from August.

Seattle

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Inventory in Seattle surged in September from a year ago. Only San Jose, CA saw the number of homes for sale rise faster than Seattle last month. The median home price in September was $775,000. Up slightly from the $760,000 median price in August and a 7 percent increase from last year. The double-digit price growth of past years appear to be waning and overzealous sellers who listed their homes at unrealistically high prices have been forced to reduce them. Bidding wars have declined and the typical well-priced house is now selling right at asking price.

Snohomish County

>>>Click image to view full report.

While not nearly as dramatic as the case in King County, inventory in Snohomish County was up 40 percent. The area has just over two months of inventory with home prices moderating. The median price of a single-family home increased 8 percent over a year ago to $485,000. That’s down from the $492,000 median reached in August and $26,000 less than the peak of the market reached in spring.

This post originally appeared on the WindermereEastside.com Blog.

Posted on October 8, 2018 at 11:39 pm
Sheri Putzke | Category: Statistics | Tagged , , , , , , , , , , , ,

Local Market Update – July 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

>>>Click image to view full report.

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

>>>Click image to view full report.

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 the WindermereEastside.com Blog.

Posted on July 10, 2018 at 9:26 pm
Sheri Putzke | Category: Local Market News | Tagged , , , , , , , , , , ,