Market Updates February 10, 2021

Local Market Update – February 2021

This winter’s real estate market is looking more like a typical spring market. Sales were up, competition was fierce and prices continued to rise.

Lack of inventory still presents a huge issue. At the end of January there were only 1,055 single-family homes on the market in all of King County, 33% fewer than a year ago. If that wasn’t tight enough, Snohomish County had only 298 single-family homes for sale, 63% fewer than a year ago. Condos remain a bright spot for buyers frustrated by the frenzied market. January saw a nearly 50% increase in the number of condos for sale in King County. However, the increase in inventory didn’t translate into a drop in price. The median condo price was flat for the county, up 10% in Seattle and up 7% on the Eastside. Those looking for a relative bargain should consider Southwest and Southeast King County where the median condo prices were $254,275 and $269,900 respectively.

The large imbalance between supply and demand sent prices higher. Home prices here are climbing at the second-fastest rate in the nation. The median price of a single-family home in King County was $725,000, a 15% jump from a year ago. Seattle home prices increased 10% to $791,471. Inventory on the Eastside was down 58%, sending the median home price soaring 29% to $1.15 million. Snohomish County saw prices rise 18% to $599,990, well surpassing its previous high of $575,000.

While low interest rates take some of the sting out of rising prices, multiple offers over asking price have become the norm and are expected to continue. The easing of COVID restrictions may add yet more competition. Both King and Snohomish counties have moved into Phase 2 of the Healthy Washington plan, which allows open houses to resume with up to 10 people socially distanced.

All signs point to this strong seller’s market continuing for some time. The person who represents you as a buyer can make the difference in owning a home or not. Brokers are advising buyers to create a plan that prioritizes their wish list and sets realistic expectations in this hyper-competitive market.

The charts below provide a brief overview of market activity. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here.

EASTSIDE

VIEW FULL EASTSIDE REPORT

KING COUNTY

VIEW FULL KING COUNTY REPORT

SEATTLE

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com

Market Updates January 11, 2021

Local Market Update – January 2021

The end of 2020 marked a most unusual year, and the real estate market was no exception. While homes sales usually take a holiday during December, this year saw the continuation of an exceptionally strong and competitive market. New listings, closed sales and home prices all went up. With supply nowhere close to meeting demand, the strong market is expected to extend into 2021.

Inventory continues to be the biggest challenge for buyers. While King County had a 62% increase in new listings compared to a year ago, homes were snapped up quickly, leaving the county with just over two weeks of available inventory at the end of the month. The supply of single-family homes was down 35% year-over-year. Buyers considering a condo had far more choices. Inventory was up 45%, but at about five weeks of available units the condo market is still significantly short of the four month supply that is considered balanced. Inventory in Snohomish County was even more strained, with the month end showing only a one-week supply of homes. At the end of December there were only 373 homes on the market in all of Snohomish County, a 63% drop from a year ago. With inventory this tight, it’s more important than ever for buyers to work with their agent on a strategic plan for getting the home they want.

Low inventory and high demand continued to push prices upward. The median single-family home price in King County was up 10% over a year ago to $740,000. Price increases varied significantly by area. Seattle home prices were up 10%. The traditionally more affordable area of Southwest King County, which includes Federal Way and Burien, saw prices jump 15%. And on the Eastside, the most expensive market in King County, home prices soared 17% — the largest increase of any area in the county. Home prices in Snohomish County rose 12% to $573,495, just shy of its all-time high of $575,000.

With 2021 ushering in a new record low for interest rates, and inventory at its tightest in recent memory, 2021 is expected to remain a very competitive market.

Windermere Chief Economist Matthew Gardner’s prediction: “As we move into 2021, I expect continued strong demand from buyers, but unfortunately, the likelihood that there will be any significant increase in inventory is slim. As a result, I believe prices will continue to rise, which is good news for sellers, but raises concerns about affordability. This, combined with modestly rising mortgage rates, could end up taking some steam out of the market but overall, I expect housing to continue being a very bright spot in the Puget Sound economy.”

The charts below provide a brief overview of market activity. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here.

EASTSIDE

VIEW FULL EASTSIDE REPORT

KING COUNTY

VIEW FULL KING COUNTY REPORT

SEATTLE

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com

Market Updates December 10, 2020

Local Market Update – December 2020

Nothing about 2020 is normal, and that includes real estate trends. The housing market typically slows significantly during the holiday season, but that is not the case this year. Buyer interest is strong, sales are up, and prices have followed suit.

A recent report ranked our area as the most competitive real estate market in the country, with 71% of homes selling within two weeks. While the number of new listings in November were up compared to a year ago, there just wasn’t enough inventory to meet the current surge in demand.

In King County there were 37% fewer single-family homes on the market – 1,621 homes this November vs. 2,592 a year ago. Inventory in Snohomish County is even more strained. At the end of the month there were just 416 homes for sale as compared to 1,204 a year ago, a 65% drop. Both counties had about a two week supply of homes at the end of November. A four month supply of inventory is considered balanced. Buyers in the market for a condominium in King County had much more options. Condo inventory was up 39% over last year.

The inventory-starved market sent home prices higher. The median single-family home price in King County was up 10% over a year ago to $730,500. Home prices in Snohomish County rose 14% to $566,000. In a survey of homebuyers looking for a home during Covid-19, 82% said they would go over budget to get their ideal home. Record-low interest rates have helped soften the blow of soaring prices a bit. According to Freddie Mac, rates on a 30-year fixed-rate mortgage fell to their lowest level, at 2.71%, for the 14th time this year.

With low inventory and high demand, buyers need to be ready to compete. That means being pre-approved or willing to offer cash, and working with an agent on a plan that includes counter-offers, escalation clauses and other strategies to help win the sale. As many consider working remotely long-term, our home has become more important to us than ever.

The charts below provide a brief overview of market activity. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here.

EASTSIDE

VIEW FULL EASTSIDE REPORT

KING COUNTY

VIEW FULL KING COUNTY REPORT

SEATTLE

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com

Market Updates November 10, 2020

Local Market Update – November 2020

The number of people who can work remotely may be changing the way we view our homes, but one trend has not changed. The local housing market in October remained unseasonably hot. And that doesn’t show signs of changing any time soon.

October saw continued low inventory and record-level sales, with the number of sales exceeding that of 2019 year-to-date.

While new listings are on the rise, they are being snapped up quickly and many homes are selling in a matter of days. In King County there were 38% fewer single-family homes on the market as compared to a year ago. Snohomish County had 59% fewer listings. A four-month supply of homes for sale is considered a balanced market, but King and Snohomish counties currently have less than one month of supply.

With supply unable to keep up with demand, home prices are escalating at double-digit rates. The median single-family home price in King County rose 14% over a year ago to $745,000. Prices in Snohomish County jumped 17% year-over-year to a record high of $579,972. About half the homes that closed in October sold for over the asking price as compared to about a quarter of the homes the same time last year.

The real estate market here is uncommonly resilient. Growing employment in major tech industries and an enviable quality of life have made our region one of the fastest growing areas in the country. With interest rates remaining at record lows, we may well skip the traditional slowing in the winter market altogether.

The charts below provide a brief overview of market activity. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here.

EASTSIDE

VIEW FULL EASTSIDE REPORT

KING COUNTY

VIEW FULL KING COUNTY REPORT

SEATTLE

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com

Market Updates October 14, 2020

Local Market Update – October 2020

While daily life may seem unpredictable, the local real estate market remains extremely stable. Activity in September acted more like the traditional peak spring market with home sales soaring and prices hitting record highs. Inventory remains very tight and new listings are selling quickly in every price range.

There just aren’t enough homes on the market to meet demand. King County had about half the inventory of a year ago. Snohomish County had 63% fewer available homes. On the other hand, the number of condos on the market in King County jumped by 24% over last September. Brokers attribute the flood of new inventory to COVID remote workers looking to trade their in-city condo for more living space. Despite the increase in inventory, condo prices rose 8% in September and pending sales — the best indicator of current demand — shot up 36% over the same period last year.

The slim supply of single-family homes means bidding wars and all-cash offers were the norm, driving prices to record highs. King County saw the third consecutive month of record-setting values. The median home price hit $753,600 in September, a 14% jump over last year. Prices in Snohomish County soared 16% from a year ago to $569,997, just shy of its all-time high of $575,000. For both counties, half the homes sold for over list price in September as compared with just a quarter of the homes a year ago.

The market doesn’t show signs of cooling off any time soon. In September the greater Northwest area saw the highest number of transactions since June 2018. Pending sales were up 32% in King County and 29% in Snohomish County. Interest rates continue to be at historic lows. With the area posting some of the fastest population growth in the country, expect the market to stay unseasonably hot.

The charts below provide a brief overview of market activity. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here.

EASTSIDE

VIEW FULL EASTSIDE REPORT

KING COUNTY

VIEW FULL KING COUNTY REPORT

SEATTLE

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on

Market UpdatesSeptember 11, 2020

Local Market Update – September 2020

August saw the lowest number of homes for sale in more than 20 years and the lowest mortgage rates on record. Sparse inventory and high demand pushed home prices to new highs.

  • With pending sales outpacing new listings, inventory continues to shrink. King and Snohomish counties each have about a two-week supply of available homes. Four to six months of inventory is considered a balanced market, favoring neither buyers nor sellers.
  • The region saw the second consecutive month of record-setting price growth with home prices experiencing double-digit increases as compared to a year ago.
  • Fierce competition among buyers has made multiple offers the norm. In King County, 46% of home sold for more than the list price. Last August that number was 24%. In Snohomish County, 58% of homes sold above list price as compared to just 28% the prior year.

The charts below provide a brief overview of market activity. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here.

EASTSIDE

VIEW FULL EASTSIDE REPORT

KING COUNTY

VIEW FULL KING COUNTY REPORT

SEATTLE

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on

Market Updates August 13, 2020

Local Market Update – August 2020

While the pace of daily life may seem slow right now, the local real estate market has had an unusually busy summer. The number of new listings in July was up, sales increased, and home prices followed suit. • While overall inventory is at historic lows, more sellers put their homes on the market. New listings of single-family homes in King County jumped more than 25% from a year ago. Snohomish County saw a 7% increase in new listings. • Pent-up buyer demand fueled sales activity in July. The number of pending sales was up 17% over a year ago in King County, and up 13% in Snohomish County. • With buyers snapping up new listings as soon as they hit the market, total available inventory dropped to a 10-year low for the month. • The lack of inventory is benefiting sellers, and multiple offers are now common at every price point. As a result, single-family home prices rose 7% in King County and 15% in Snohomish County. The charts below provide a brief overview of market activity. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here.

EASTSIDE

VIEW FULL EASTSIDE REPORT

KING COUNTY

VIEW FULL KING COUNTY REPORT

SEATTLE

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com

Market Updates May 26, 2020

Local market Update – May 2020

We hope you are weathering the new normal as best as you can. With everyone spending more time than ever at home, real estate has taken on a whole new importance. For those who are interested, here is a brief update on how COVID-19 continues to affect our local market:

  • Business was better than expected under the Stay Home order. COVID-19 did reduce real estate sales in April as compared to a year ago, however the number of sales rose steadily each week of the month. Sales growth continued in early May and we expect sales to increase slowly week by week.
  • The number of new listings dropped, suggesting that would-be sellers are waiting until the shelter-in-place order is over to put their home on the market. With local technology companies continuing to hire, buyers will continue to face competition for limited inventory in the coming months.
  • Home prices remain stable, with the median price of homes sold in April up slightly from a year ago. Sellers appear to be pricing homes realistically and buyers are not finding deep discounts.

The monthly statistics below are based on closed sales. Since closing generally takes 30 days, the statistics for April are mostly reflective of sales in March. Next month’s data will offer a more telling trend of the effect of the virus on the local housing market. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here. As our current situation evolves, know that the safety of everyone remains our top priority.

EASTSIDE

VIEW FULL EASTSIDE REPORT

KING COUNTY

VIEW FULL KING COUNTY REPORT

SEATTLE

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com

Uncategorized May 11, 2020

Coronavirus Protections for Home Sellers

Before you decide to sell, be sure to seriously consider the risks of putting your home on the market right now.

❱ While open houses generate interest and traffic, groups are hard to control, and we want to practice “social distancing” when we can. We recommend only allowing showings by appointment; this ensures that only serious buyers enter your home, reducing possible spreading of the virus.

❱ Consider vacating the property from list date to offer review date by staying with family or friends or at a short-term rental.

❱ Wipe down surfaces following every showing of your home.

❱ If you start to feel sick or have knowledge that you have been in contact with someone suspected to have COVID-19, take your home off the market immediately.

❱ Ask your agent to pre-screen buyers before they enter your home to ensure they aren’t ill and have not potentially been exposed to the virus.

❱ Place a placard in the entry of your home requesting that any person who has recently been ill or may have been in the company of someone who is suspected to have COVID-19 to not enter your home.

❱ Provide hand sanitizer throughout your home.

❱ It’s common for sellers to provide protective booties for buyers who tour the home; consider also providing disposable gloves.

❱ Leave interior doors open so that buyers who tour the home don’t have to touch the handles when entering rooms.

❱ Disinfect your home with proper cleaning supplies after every open house.

Gardener ReportUncategorized December 12, 2019

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.