Local Market Update – August 2017

Instead of experiencing the typical summer seasonal slowdown, the real estate market in July was as hot as the weather. For yet another month, our area had the distinction of seeing home prices rise faster than any other market in the country. Buyers were hit with a double whammy – soaring prices and the continuing lack of inventory. Despite the rising prices, most homes are selling in about a week. Brokers are hoping to see the return to a more balanced market soon.

Eastside

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While down from its record in June, the median price of a single-family home on the Eastside soared 15 percent from a year ago to a $860,000. The median price in West Bellevue was $2.3 million, making it the most expensive area in King County. Even at that price point, competition is steep. Of the 71 homes that sold in West Bellevue in July, 40 percent sold in a week or less.

King County

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For the first time, the median home price in King County grew more than $100,000 in a year. That translated into a median home price of $658,000, a whopping 19 percent increase over the same time last year, and another new high. Tight inventory was a big contributor. There were 18 percent fewer homes for sale than last July. 

Seattle

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With just two weeks of inventory, the supply of homes of homes for sale in Seattle just can’t keep up with demand from new residents to live close to the city. In the desirable, close-in Ballard neighborhood, there are currently only 17 single-family homes on the market. Prices are up accordingly. The median price for a single-family home in Seattle increased 15 percent over a year ago to $748,500, essentially unchanged from the peak in June.

Snohomish County

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While still a relative bargain when compared to King County, Snohomish County has been playing catch-up. Prices have regularly increased by double digits over the previous year. July was no exception. The median price of a single-family home jumped 12 percent over the same time last year to $453,000, another record high.

Windermere Hosts Third-Annual Washington Waterfront Home Tour

When you picture your best life, does it include entertaining shore-side? Launching a boat from your back steps? Or fishing in your pajamas? If you dream of a waterfront life then you’re in luck! That’s because on June 24-25 we are hosting the third-annual Washington Waterfront Home Tour. More than 80 homes from the San Juan Islands to Lake Sammamish are available to tour by boat, bike, or car. Properties are priced from $595,000 to $20 million. While you might think a waterfront home is out of your budget, there are actually properties that fit a wide variety of needs, styles, and budgets.

Here are a few examples of what you can expect to see this weekend on the tour:

Oak Harbor Charmer:


https://www.windermere.com/listing/WA/Oak-Harbor/2185-West-Beach-Rd-98277/54079653

Spectacular in Seward Park:


https://www.windermere.com/listing/WA/Seattle/7740-Seward-Park-Ave-S-98118/54556875

Enchanted Estate in Friday Harbor:


https://www.windermere.com/listing/WA/Friday-Harbor/-98250/54552772

 

A map of the homes and their open house hours can be found on the Washington Waterfront Home Tour website. Most will be held open from 1 p.m.-4 p.m. on June 24 and 25. The listing details will note the availability; for those listed as “by appointment only,” you can contact the agent for a private tour.

Follow the fun on the Windermere Real Estate Facebook page, and share your own photos while you tour these beautiful homes by tagging your pictures on Instagram and Twitter with #WAWaterfront.

 

In addition to Windermere, the Washington Waterfront Home Tour is being sponsored by Penrith Home Loans.

 

This blog post originally appeared on the Windermere.com blog.

It’s Time for the Bellevue Farmers Market!

Opening day for the Bellevue Farmers Market is nearly here! Mark your calendars for Thursday, May 18th in the parking lot of Bellevue Presbyterian Church.

The Bellevue Farmers Market has been a staple on the Eastside for nearly 13 years, and Windermere Real Estate has proudly sponsored since it began in 2004. This farmers market was created as a way to support the farmers who work hard to provide us with food.

The market’s mission is to fully support the farmers and the hard work they do every year and each season. It also gives the growing, urban Bellevue a chance to break away from the fast-paced city life. The food is so fresh and wonderful, usually harvested or made that morning or the day before. You can’t always get food that fresh from the grocery stores!

Starting this year the Bellevue Farmers Market will be accepting Fresh Bucks. Fresh Bucks is a program that matches EBT/SNAP benefits (food stamps) dollar for dollar up to $10 every market day and can be spent on fresh fruits and vegetables. More information can be found on the market website here and on the Fresh Bucks website.

A returning favorite this year is the Power of Produce Club. Also known as POP Club, this fun and educational club will run at the market every week from June 8th-August 24th, and each week a new activity is offered for kids to playfully learn more about nutrition, agriculture, and healthy living. You can sign up and find out more about POP Club online.

Plan your trip to the Bellevue Farmers Market and make sure you’re following them on Facebook and Instagram!

Local Market Update – September 2016

While homes prices were up by double-digits compared to a year ago, the market frenzy that has affected most of this year is showing some signs of moderating. With the exception of the Eastside, prices for most of the region were down from their peak. Home sales generally outpaced the same period a year ago, but a shortage of inventory continues to tip the advantage in favor of sellers.

Eastside

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Click image to view full report.

Bucking the trend of moderating prices, the Eastside saw the median home price soar 14 percent over last year to a new record high of $769,000. That eclipses the previous peak of $760,000 in May of this year. Very tight inventory in this highly desirable market was reflected in flat sales growth compared to a year ago.

King County

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Click image to view full report.

King County saw home prices moderating for the second month in a row. The median price of homes sold in August was $550,000. That represents an increase of 10 percent over last year, but a drop from the high of $570,500 in June.

Seattle

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Click image to view full report.

The median price of a single-family home in Seattle was $625,000 in August. While down from the record high of $666,500 in June, that represents a healthy 9 percent increase over the same time last year. Demand continues to exceed the supply of inventory, particularly for entry-level homes.

Snohomish County

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Click image to view full report.

Snohomish County’s August median home price of $400,000 was just shy of the record-high of $405,000 set in July. The median price here is $150,000 less than King County, making Snohomish County a more affordable option for buyers willing to trade a longer commute time for lower housing costs.