Our Eastside Market Review is now available for the third quarter of 2016.
You can read the full report online by clicking the image below.
Windermere and the Seattle Seahawks have come together to help #tacklehomelessness in our community.
As part of that campaign, offices on the Eastside are participating in Windermere’s “We’ve Got You Covered” winter drive.
From October 17 through November 14, we are collecting new hats, scarves, gloves/mittens, and warm socks for YouthCare, a non-profit that provides support and services to homeless youth throughout the Puget Sound area.
Each night in Seattle, nearly 1,000 young people are homeless. Please help them stay warm during the cold winter months by dropping off your donation to one of our offices during the drive.
Eastside Windermere Office Locations
Visit the Windermere.com blog for more information.
At a time of year when sales traditionally slow down, September saw particularly strong sales growth. Home prices rose yet again compared to the same time last year, but they remain below the peak of several months ago. And inventory, while still low, is at its highest level in two years. The local real estate market continues to be one of the hottest in the country, but there are signs that prices may be rising more slowly than they did in the first half of the year.
Home prices on the Eastside remain very strong. The September median price of $750,000 was a healthy 10 percent increase over last September. Inventory remains very low with just over a month supply of homes. Demand in this sought-after market continues to overwhelm the number of properties available for sale.
Home prices are typically lower in the fall, and that was the case in King County for September. The median price of homes sold in September was $538,000, down from the market peak earlier this summer. That number reflects a 10 percent increase over a year ago, which represents a significantly higher appreciation rate than the national average.
Inventory in Seattle remains very tight, but is up slightly from a year ago. While multiple offers are still common – particularly for entry-priced homes — some agents are reporting fewer offers than in the past. The median price of a single-family home in Seattle was $630,000 in September, an increase of 10 percent over the previous year.
Home prices in Snohomish County climbed 11 percent in September as compared to a year ago. The median price of a home was $395,000, just below the all-time high of $405,000 set in July. The area continues to see an influx of buyers trying to find a more cost-effective option to the comparatively high housing prices in King County.
Contrary to some predictions, Millennials are making owning a home a priority. While they’re buying their first home a bit later than prior generations, they’re embracing the long-term value that home ownership brings.
1) Millennials are dominating the first-time homebuyer category today.
The median age of first-time homebuyers is 31, according to a National Association of Realtors study.
2) The vast majority of Millennials think owning a home is important.
According to a Merrill Lynch study, 81% of Millennials agree that “homeownership is an important part of the American Dream.”
3) Most Millennials consider owning a home more sensible than renting for both financial and lifestyle reasons.
In a survey by Fannie Mae, Millennials who own a home prefer owning over renting for these reasons:
A strong local economy, rising rents and low interest rates have all helped Millennials reach the tipping point and take the plunge into the American Dream of home ownership.
Your Windermere Real Estate broker can help first-time buyers find the best home for their needs. Reach out with any questions you have, or forward this to a first-time homebuyer you know.
The Fall 2016 issue of Windermere Living showcasing residences and destinations from across the West is now available! Windermere Living is the exclusive listings magazine published by Windermere Real Estate.
Read the online version by clicking on the image below.