The Winter 2018 issue of Windermere Living showcases a number of fantastic articles, including the latest trends in kitchen designs, “under-the-radar” ski resorts, and update on the Luxury real estate market from Windermere Chief economist, Matthew Gardner, as well as pages upon pages of beautiful homes!
Windermere Living is an exclusive listings magazine published by Windermere Real Estate. Read the online version by clicking on the image below.
Increased inventory, slower sales and more price reductions all point to a balancing market—welcome news for price-shocked buyers. Sales prices are up from last October and down from the all-time high reached this spring. Despite the slowdown, it’s important to point out that we’re only moving back toward what a normal market looks like. King and Snohomish counties each have over two months of available inventory. While that is double the inventory of a year ago, it’s far short of the four to six months supply that is considered a balanced market. Sellers looking to list their home now can be sure there remains plenty of interest among home buyers.
The median home on the Eastside sold for $890,000 in October, up 5 percent from a year ago and unchanged from the previous month. While year-over-year price increases were in the single digits for the Eastside overall, several areas, including Kirkland, Woodinville and Mercer Island, experienced double-digit price gains. Buyers are still having to pay a premium for desirable Eastside properties. However, with more choices and less buyer urgency, sellers need to price their home correctly to maximize their chances of getting the best possible return.
Inventory in King County for all homes, both single-family and condominium, soared 102 percent over last October. The increase was due to an influx of new listings and the fact that homes are now taking longer to sell than at the peak of the market this spring. While buyers now have more breathing room to make their decisions, the 2.4 months of inventory in King County is still far from a balanced market. The median price of a single-family home in October was $670,999, an increase of 7 percent from the same time last year, and virtually unchanged from August and September. South King County showed larger increases, with prices rising more than 10 percent from a year ago in Auburn, Kent and Renton.
In October, the median price of a single-family home in Seattle was $750,000, up 2 percent from last October and down slightly from last month. While inventory doubled over a year ago, Seattle falls behind most areas of King County in supply with just under two months of inventory available. Demand is predicted to stay high, with Seattle’s population projected to grow at twice the national rate next year. That said, buyers are in the position to be able to negotiate. A recent analysis named Seattle as one of the top markets in the country where it makes the most sense to buy this winter.
Inventory in Snohomish County soared 65 percent in October as compared to a year ago. The area now has 2.4 months of inventory, about the same relative supply as King County. As with most of the Puget Sound area, the increase in inventory was due to a higher number of sellers listing their homes and fewer sales. Year-over-year, the median price of a single-family home sold in October in Snohomish County grew 8 percent to $473,000. The median price in September was $485,000.
Congratulations to our Seattle-area agents for representing a disproportionate share of clients on this year’s Puget Sound Business Journal list of Top 25 Most Expensive Home Sales. In the Seattle-Eastside luxury market, Windermere outperformed all other real estate companies, including participating in over half of the region’s most expensive sales, generating top returns for their sellers, and reaching closings at nearly double the pace of other agents. We’re proud of the expertise of our agents and look forward to seeing their diligent work continue to be recognized as they define luxury real estate.
The Fall 2018 issue of Windermere Living showcases a number of fantastic articles, including an exposé on small-town living in the San Juan Islands, autumn-inspired design trends, an exclusive interview with California designer Nathan Turner, as well as pages upon pages of beautiful homes!
Windermere Living is the exclusive listings magazine published by Windermere Real Estate. Read the online version by clicking on the image below.