Local Market Update – June 2018

Last month brought some long-awaited, positive news for buyers with May posting the most new listings in over a decade. Despite the uptick in inventory, most homes are selling in less than a month. Prices haven’t been impacted either, with the majority of the region continuing to experience double-digit home price increases.

Eastside

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The median home price on the Eastside hit an all-time high of $960, 000 in May; a 10 percent gain over the same time last year. While there were a third more homes for sale in May than a year ago, the area still had only about a month of available inventory. Three to six months is considered a balanced market. Redmond, a city with a population of 64,000, currently has only 51 single-family homes on the market.

King County

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First the good news: Those looking to buy a home in King County in May had almost 1,000 more homes to choose from compared to the previous month. The bad news: That boost in inventory did little to moderate home prices. The median price for a single-family home jumped 15 percent to $726,275, up slightly from the record high set in April.

Seattle

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A strong economy and desirable lifestyle have kept Seattle a leading destination for job-seekers. The ever-increasing demand for housing has sapped supply and sent prices soaring. For 19 months Seattle has led the nation in rising home prices.  May saw the city set yet another record, with the median home price jumping 14 percent to $830,000.

Snohomish County

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Soaring prices in King County combined with rising interest rates make Snohomish County an affordable alternative for those willing to extend their commute time.  The typical home cost $500,000 in May, an increase of 11 percent over the previous year, and down very slightly from last month.

Local Market Update – May 2018

Another month, another record. Despite a slight uptick in inventory that showed the highest level of active listings since last August, both King and Snohomish counties saw home prices in April hit all-time highs. There is less than one month of inventory available in both counties, far below the four to six months of supply that is considered “balanced.” As long as the severe shortage of homes remains, improving supply is unlikely to reverse rising prices.

Eastside

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With the median price on the Eastside hovering at just under $1 million, you’d expect a softening of the market. Instead, sales were strong at every price point. The median price of $943,000 was a slight dip from the record of $950,000, but up 7 percent from last April. That does show some price moderation. According to Windermere Chief Economist Matthew Gardner, mortgage rates are expected to increase modestly in the coming months, which he predicts should further moderate price growth.

King County

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After setting a record in March, the median price of a single-family home in King County hit a new high of $725,000 in April. Prices soared 16 percent over a year ago, an increase of $100,000.  The rising cost of both rental and home prices is taking its toll. According to a new study, 68 percent of King County residents rate the quality of life here as high but 35 percent said the cost of living is the worst problem in the county.

Seattle

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The median cost of a single-family home in Seattle was $819,000, unchanged from March but up 13 percent from a year ago. There doesn’t appear to be any price relief in the near future. The booming job market in Seattle continues to fuel housing demand that far exceeds supply. As a result, home prices are predicted to rise at above-average rates in the coming year.

Snohomish County

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In Snohomish County, the median price of a single-family home exceeded half a million dollars, setting a new record for the region. The typical home cost of $505,975 in April was up 15 percent over the same time last year. Despite record-setting prices, the area continues to draw buyers seeking to find more affordable housing options. Of the 100,000+ people who leave King County each year, the majority move to Snohomish County.

Join Us For The 2018 Windermere Cup Weekend!

 

Windermere Real Estate and the University of Washington are excited to host the women’s crew from the Dutch National Rowing Team and the men’s crews from Oxford Brookes University and the University of British Columbia as the challengers for the 32nd annual Windermere Cup Regatta on Saturday, May 5th.

Enjoy the annual regatta as part of Seattle’s Opening Day of Boating Season followed by the Seattle Yacht Club’s Opening Day Boat Parade. This year’s regatta will include 23 races featuring athletes ages 14-70.

Schedule of Events

 8:30 – 9:00 am Pick up coffee, scones and find your spot along the Montlake Cut or Bridge for the races.
9:40 am Montlake Bridge closes
10:00 am – Noon Windermere Cup Regatta (22 Races)
10:14 am

The Battle of the Brave:
Police vs. Fire Department Race
 12:30 – 1:00 pm Windermere Cup and Cascade Cup Award Ceremony (Stage)
 1:00 – 2:30 pm Masters, Collegiate and Junior’s Award Ceremony (Stage)
 3:00 pm Montlake Bridge Opens

More than 800 athletes earn a spot to compete in this prestigious event, which culminates with the women’s and men’s Windermere Cup races. After the races, fans are invited to join the regatta champions for an awards ceremony and presentation of the Windermere Cup Trophy on the stage located near the finish line at approximately 12:30 p.m.

Admission to this event is free. Viewing is available on the shores of the Montlake Cut or by boats anchored to a log boom in Lake Washington.

 

Party On The Cut

$10 Child Admission | $25 General Admission ($30 at the gate)

The boats hit the water Saturday morning but the party begins Friday night! Kick off Windermere Cup weekend at Seattle’s annual party on the Montlake waterfront featuring three live bands: Brian DiJulio & the Love Jacks, The Groove Surfers and SPIKE & THE IMPALERS! Enjoy live music, food vendors, beer garden, lawn games and more Friday, May 4th from 6-10 PM on the northeast shore of the Montlake Cut. All ages are welcome!

Proceeds from the Party on the Cut will establish rowing scholarships for low income youth through the Windermere Foundation.

Download the App!

Looking to find all the information for the 2018 Windermere Cup in one place while you’re on the go? Download the Windermere Cup 2018 App now! You can access the schedule, stay up-to-date on the events, and more. Go to Google Play Store or IOS App Store, download “CrowdCompass AttendeeHub”, then search for “Windermere Cup 18.”