Local Market Update – April 2017

While we finally saw an increase in new listings in March, there was an even greater jump in sales. Lack of supply continued to push prices to new record highs. For the fifth straight month, our region has experienced the sharpest home price increases of any major market in the country. While that may be tough news for buyers, here’s the other reality: rents in the city of Seattle have increased 57 percent in the last six years. Brokers are hoping that more sellers will jump into the market this spring to help meet buyer demand.

Eastside

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After setting a price record in February, the Eastside set yet another record in March. The median price for a single-family home sold in March jumped 18 percent to $870,000. The strong appreciation is reflected in this statistic: For the first three months of 2017, the number of homes sold priced at $1 million or more was up 60 percent compared to the same period a year ago. What was once considered a luxury price tag is now the new normal.

King County

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Home prices in King County are growing about twice as fast as the national average. The median price of a single-family home sold in March soared 13 percent over last year to $599,950, an all-time high. Even though new inventory was added, it was snapped up as soon as it came on the market. About 75 percent of homes sold within the first 30 days.

Seattle

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With just two weeks of inventory available, demand in Seattle remains as strong as ever. Packed open houses, multiple offers, and escalation clauses continue to be the norm. The pressure on inventory pushed prices here to yet another all-time high. The median price of a single-family home in the city increased 9 percent over a year ago to $700,000.

Snohomish County

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Snohomish County set a new price record for the second straight month, with the median price of a single-family home up 10 percent from a year ago to $425,000. Supply is very limited, with just over two weeks of available inventory. Buyers looking for some relief from King County’s hefty housing prices are adding to the competition for a limited supply of homes.

Local Market Update – March 2017

Home prices are growing faster in our region than anywhere else in the country. After a brief slowdown last month, home prices in February jumped to new record highs. The reason? The lowest number of homes for sale on record. The surge in prices came well ahead of the normal seasonal spring uptick, adding even greater urgency among buyers competing for already severely limited inventory. It remains to be seen if the predicted hike in interest rates will help moderate the market. For now, sellers are calling the shots.

Eastside

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The Eastside, always the most expensive area in King County, set a new price record in February. The median price for homes sold in February soared 12 percent to $832,000. That’s nearly $100,000 more than the same time last year. With less than one month of available inventory, this seller’s market is expected to continue for quite some time.

King County

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A recent trend of slowing price growth reversed itself in February. The number of homes for sale in King County was at its lowest point since 2000, when records first started being tracked. That is down 25 percent from a year ago. The deep shortage of inventory resulted in a sharp increase in prices. The median price of a single-family home was up 9 percent over last year to $560,000.

Seattle

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The median price of a single-family home in the city increased 5 percent over a year ago to $675,000, another all-time high. Prices here have nearly doubled over the last five years. While areas of King County outside of Seattle are more affordable, prices there are growing even faster. The median price of homes in North, Southwest and Southeast King County all increased by double-digits in February.

Snohomish County

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After a softening of price increases over the past few months, Snohomish County saw record high prices in February. The median price of a single-family home jumped 15 percent as compared to a year ago to $412,500. With less than one month of supply in the county, brokers expect prices to remain strong.

2016 Windermere Foundation Recipients

Every year, the Eastside Windermere Foundation, with representatives from each of the 12 Windermere Real Estate offices on the Eastside, comes together to select the grant recipients of the Eastside Windermere Foundation.

In 2016, we chose a record number of 19 organizations to receive grants created from the support of every Windermere Real Estate transaction from the Eastside. These grants will provide services and support for the community.

Below is a full list of the local organizations the Eastside Windermere Foundation was able to support this year.

Acres of Diamonds

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This grant provides women and children transitional housing and support programs to rebuild lives from domestic abuse and/or substance abuse.

Assistant League

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This grant goes to the Operation School Bell program that provides basic items of clothing to low-income students, grades K-12.

Attain Housing

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This grant provides affordable housing to homeless families with children as well as case management for setting financial and social goals.

Backpack Meals

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This grant provides weekend meals to Bellevue School District students who are homeless and would otherwise go hungry.

Bellevue LifeSpring

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This grant supports the Breaktime-Mealtime Program which provides 80,000 meals to children during school breaks.

Birthday Dreams

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This grant provides birthday celebrations for homeless youth, specifically through their Birthday-in-a-Box Program.

Boys and Girls Clubs of Bellevue

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This grant supports Project Learn after school and summer camp programs at three low-income housing Clubhouses.

Congregation for the Homeless/Valley Renewal Center

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This is a first-time grant recipient. This grant provides food, toiletries, clothing, blankets, etc. to homeless families.

Eastside Academy

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This grant pays for food expenses for homeless and poverty-level students while they attend this alternative school.

Eastside Baby Corner

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This grant provides essentials like diapers and formula to economically disadvantaged children from birth to 12 years.

Hopelink

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This is a first-time grant recipient. This grant supports the Pantry Pack Program which provides lunches to poverty-level children in the 36 Lake Washington School District schools.

Imagine Housing

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This is a first-time grant recipient. This grant will target under 18-year-olds in their Support Services Program that provides affordable housing and life skill case management in East King County.

Issaquah Community Services

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This grant will provide emergency aid in the form of utility payments to low-income families in the Issaquah School District.

Kindering

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This grant provides developmental support, screening, and early intervention therapies to very young children of homeless families.

Lifewire

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This grant supports the Hotel-Motel Voucher Program which provides emergency short-term stays in hotels and motels for victims of domestic violence.

Mamma’s Hands

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This grant supports three Houses of Hope that house mothers and children from abuse and homelessness and helps them develop individual plans to bring changes to their lives.

Royal Family Kids Camp

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This grant supports summer camp for abused, neglected, and abandoned foster children age seven to 11.

Treehouse

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This grant supports the Little Wishes Program which allows foster care youth to participate in extracurricular arts, athletics, and other educational experiences.

Youth Eastside Services

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This is a first-time grant recipient. This grant supports YES Lifeline, a service that provides free mental health counseling and substance abuse treatment to low-income East King County youth and families.

Local Market Update – February 2017

The local real estate market remains very hot with extremely low inventory and prices that are rising faster than anywhere else in the country. However, that rate of price growth appears to be cooling from last year, dropping to its slowest pace in three years. Predictions of more interest rate hikes may further limit price increases. Those considering to sell their home may want to take advantage now of this perfect storm of record-low inventory and record-high prices.

Eastside

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Click image to view full report.

Those looking to buy a home on the Eastside continue to face rising prices and strong competition for limited inventory. With less than a month’s supply of homes, properties here are getting snapped up as soon as they come on the market, and often sell for well over asking price. The median price for homes sold in January climbed 14 percent compared to a year ago to $793,000.

King County

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Click image to view full report.

Buyers scrambling to beat increasing interest rates have depleted an already record-low supply of homes. Fewer than 1,600 single-family homes were on the market in King County in January, beating December’s all-time low. The median price of a single family home was up 7 percent over last year to $525,000, but that is the cheapest home prices have been in 11 months. Time will tell whether that price moderation is an anomaly or the continuation of a trend.

Seattle

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Click image to view full report.

After months of robust increases, Seattle home prices slowed down in January. The median price of a single-family home in the city inched up 3 percent over a year ago to $635,000. Some areas of the city even saw small price drops. That should spell good news for buyers, yet razor thin inventory continues to make it a solid seller’s market.

Snohomish County

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Click image to view full report.

After months of double-digit price increases, Snohomish County may be starting to experience the same market softening as King County. The median price of a single-family home in Snohomish County rose 8 percent as compared to a year ago to $410,000. Tight inventory continues to be a problem. There are 40 percent fewer homes on the market here than the same time last year.

2017 Windermere Eastside Kick-off

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Last week, over 500 brokers from offices across the Eastside (and even Chelan!) gathered at the Hyatt Regency Bellevue for the annual Windermere Eastside Kick-off event to prepare and get motivated for the 2017 housing market. Speakers shared their insights and predictions for the year ahead so our brokers can be better prepared to serve their clients.

Opportunity – Synergy – Endurance

eastsidekickoff-144Kicking off the event was Matt Deasy, owner of Windermere Real Estate/East, Inc., to share three takeaway values and reminders as we prepare to take on the red-hot Seattle real estate market.

Windermere brokers provide value to our clients in three different ways: opportunity, synergy, and endurance. In the greater Seattle area, we are uniquely poised to take advantage of the strong economy and educate our customers on our housing market.

Top Producer Broker Panel

eastsidekickoff-158Next up was a broker panel with some of the Eastside’s top producing brokers moderated by Mike Connolly, owner of Windermere Real Estate/Central, Inc. The broker panel included Nicole Mangina (Bellevue Commons), Jay Agoado (Mercer Island), Ruth Harle (East, Inc.), Clive Egdes (Kirkland – Central), and Tony Butz (East, Inc.). These brokers shared tips, ideas, and personal anecdotes about what has improved and made a positive impact on their businesses.

Technology Update

eastsidekickoff-227Shawn Prutsman, Vice President of Technology with Windermere Services, also spoke on some of the technological updates we can expect this year.

Windermere’s leading tech services help our brokers and customers. Through our innovative tools, we are able to provide outstanding marketing and technological support to help our clients sell their homes quicker, and to help buyers with the selling process.

Economic Forecast

eastsidekickoff-240Matthew Gardner, Windermere Real Estate’s Chief Economist, attended to share his forecast for the 2017 housing market. While he has shared some general reports with predictions, Gardner provided our brokers with an in depth analysis of the economy and the local real estate market. We always appreciate his insight and statistics as we educate our clients on the financial choices they make in the purchase or sale of their homes.

Home Design Trends for 2017

eastsidekickoff-277In a special panel moderated by Peter Hickey, owner of Windermere Real Estate/Northeast, Inc., architecture and design specialists described Northwest home design trends we might be seeing more of this year. This panel featured Sheri Olson of Sheri Olson Architecture, Susan Marinello of Susan Marinello Interiors, Inc., and Brenda Gage with JayMarc Homes.

With a large influx of newcomers to the area, home buyer design interests and trends are shifting. Outgoing trends like microwaves over ranges, and incoming trends like designed mudrooms were hot topics. The three discussed how we will probably see a resurgence in architecture to reflect the environment.

The Right Mindset for 2017

eastsidekickoff-292Then it was time to wrap up the event and get everyone in the right mindset for the new year. Dan Givens with Windermere Professional Development shared his three main ways to help positively approach the new year. The bonus with these steps is they can be used every day and will benefit everyone regardless of where they work in the real estate industry. If you tell yourself you will have fun, meet nice people, and set a goal to help someone solve a problem each day, you will have no choice but to have a positive and successful year.

The Windermere Eastside Kick-off was an inspiring event with useful information to help our brokers prepare for and embrace for the year ahead. We are excited to put this knowledge to good use as we help you navigate the listing or sale of your home in 2017!