Seattle Real Estate Trends: August 2016

I am still in awe of that amazing Seahawks win on Sunday. Let’s keep it up! Go Hawks!

Let’s take a look at what happened in Seattle’s August real estate market in key neighborhoods: Continue reading

Seattle Real Estate Trends: July 2016

We have had a slight increase in inventory in many neighborhoods which is much-needed.  Let’s take a look at what happened in Seattle’s July real estate market in key neighborhoods.

Inventory and Pendings

Below we compare the number of active listings (supply) and pendings (demand) for several of the key Seattle neighborhoods including Central Seattle, Queen Anne and Magnolia, Belltown and Downtown, Ballard and Greenlake, and North Seattle. Our table includes single family residences as well as condos comparing July 2015 and 2016.

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Overall, Seattle’s inventory of active listings increased 916 in June to 1,081 last month.  Pendings were down slightly (from 1,237 in June to 1,107 last month).

Median Sales Prices

Seattle’s median sales price for both residential and condos grew from $506,000 last July to $583,250 last month (represents a 15.3% gain). Looking at residential and condos separately, residential prices are up 14.0% ($560,000 to $638,585) and condo prices are up 12.1% ($410,000 to $459,475).

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List Price to Sales Price

When the list price to sales price is over 100%, this is usually an indicator of multiple offers. For all of Seattle, last July’s list price to sales price ratio was 103.4% as opposed to 104.4% this last month.

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I can’t believe we are only a few weeks away from the Seahawks pre-season! I am very excited! If you would like additional information on our market, please contact me – your Seattle Home Guy – at sold@windermere.com or give me a call: (206) 226-5300.

Seattle Real Estate Trends: June 2016

Summer is beautiful in the Pacific Northwest and although we have had a rainy start to summer 2016, I have high hopes that the sun will come out and smile on Seattle in the coming weeks. Is this a weather prediction or just my joy at seeing that Felix is coming off the disabled list? We shall see! Let’s take a look at what happened in Seattle’s real estate market in key neighborhoods this past June: Continue reading

Seattle Real Estate Trends: May 2016

The cranes are busy, buyers are out shopping, and if we could get Felix Hernandez off the DL, we would really be cookin’! Let’s see what happened in Seattle’s real estate market in key neighborhoods this May.

Continue reading

Seattle Housing Market Update – Frenzy Pace Slowing Down??

SEATTLE HOUSING MARKET UPDATE

April 2016 was another GREAT MONTH FOR SEATTLE REAL ESTATE!!!

The median price of a Seattle home is now $625,000. 

The median price of a Seattle home is up 14% vs April 2015.

There were 807 pending sales in April, which is down 10% from twelve months ago when 892 pending sales were reported. Continue reading

Seattle Real Estate Trends: March 2016

I am glad to see the number of homes on the market picking up as there are a lot of buyers out there who need to buy homes! I have ten listings and six of them pended in about seven days. The others haven’t been on the market yet a week but I expect them to go fast.

Let’s see what happened in Seattle’s March real estate market in key neighborhoods: Continue reading

Seattle Housing Market Update – March Record Breaking Month

SEATTLE HOUSING MARKET UPDATE

 

March 2016 was another RECORD SETTING MONTH FOR SEATTLE REAL ESTATE!!!

The median price of a Seattle home is now $627,000.  This is a new record.

The old record was set in February 2016 at $625,000.

The median price of a Seattle home is up 23% vs March 2015.

Continue reading

Seattle Real Estate Trends: February 2016

Mariners baseball is starting in just a few weeks, the tulips are up, and all my listings are pending! Let’s see what happened in Seattle’s February real estate market in key neighborhoods:

Inventory and Pendings

Below we compare the number of active listings (supply) and pendings (demand) for several of the key Seattle neighborhoods including Central Seattle, Queen Anne and Magnolia, Belltown and Downtown, Ballard and Greenlake, and North Seattle. Our table includes single family residences as well as condos comparing February 2015 and 2016.

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Median Sales Prices

Median sales prices are up quite dramatically in some areas comparing February 2015 versus February 2016 numbers. See the tables below!

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With the number of sales dropping in some areas due to lack of inventory, median sales price adjustments may get more pronounced. For example, in North Seattle, the number of sales dropped from 81 last February to 65 this February. However, in Ballard/Greenlake, the sales went from 119 last year to 189. Belltown went from 23 last year to 40 this year. Queen Anne/Magnolia was about at par with 69 sales last year and 71 this year. Central Seattle went from 105 to 83.

In Ballard/Greenlake, there were several lower-priced properties that sold that might be skewing the median a bit. The Cove at Verdian counted for 8 of the 189 sales, all under $239,000. In addition the Vik condo project accounted for 64 sales, ranging from to $261,900 to $755,900.

Just like in Belltown last summer with the Ensignia project, as inventory is low and a buildings-worth of new product comes on the market, I expect median home prices to skew based on the pricing in the development.

The median home price for February in all of Seattle for both residential and condos was $511,000, which is 16.1% above last February’s $440,000. February had 695 listings available on the market and as of this writing, there are 747 active listings, which is good for our market.

If you would like to learn more about what is happening in your neighborhood, let’s talk! Please contact me – your Seattle Home Guy – at sold@windermere.com or give me a call: (206) 226-5300.

Seattle Real Estate Trends – January 2016

It already feels a little spring-like in Seattle. Trees are beginning to bloom, the days are getting longer, and the real estate market never even took a breath in the winter. Let’s see what happened in Seattle’s January real estate market in key neighborhoods:

Inventory and Pendings

Below we compare the number of active listings (supply) and pendings (demand) for several of the key Seattle neighborhoods including Central Seattle, Queen Anne and Magnolia, Belltown and Downtown, Ballard and Greenlake, and North Seattle. Our table includes single family residences as well as condos comparing January 2015 and 2016.

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Median Sales Prices

Prices are mostly up looking at January 2015 versus January 2016 numbers. See the tables below!

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The median home price for January in all of Seattle for both residential and condos was $520,000, which is 15.0% above last January’s $452,000. I was glad to see the amount of available inventory go up in January, from 548 in December to 659 this month. Last January actually had fewer listings than December, so it was good to see this shift as buyers are out in droves.

If you are thinking of a move this year, let’s talk! Please contact me – your Seattle Home Guy – at sold@windermere.com or give me a call: (206) 226-5300.

What To Know When Buying an Older Home in Seattle

Oh the charm of Downtown Ballard! The allure of Phinney Ridge! The dramatic views of the Greenlake neighborhood! There are so many amazing older homes in this city and you may be craving a Craftsman or beholding a bungalow. However, before you fall in love with an older home, there are a few things to keep in mind before you become the new steward of an older home in Seward Park:

Wiring – Wiring has got to be one of the biggest challenges when dealing with an older home. Some of the house may be rewired, some of it may still be knob-and-tube, and some may be in dangerous disrepair. I say dangerous because house fires are something to be concerned about when we are looking at a home with older wiring. If you are considering a home and aren’t sure about the status of the wiring, it might be a good idea to call in a separate electrical inspector so you can make a plan for repairs or rest assured.

Plumbing – If wiring is #1 then plumbing is #2. Plumbing may be even more problematic because it is more difficult to replace and repair than electrical in many cases. Older pipes may not be up to code, may be corroded, and can leak. Furthermore, some older pipes may contain lead. Again, it is a good idea to call in a separate plumbing inspector to learn more about your plumbing systems.

Sewer Pipes – Speaking of plumbing, homeowners are responsible for maintaining the sewer pipe from their home to the sewer pipe in the street. Many pipes have issues, cracks, and roots sneaking in disrupting the flow. This can be a very expensive repair and I recommend a sewer scope for many would-be homeowners.

Insulation – Houses of the past were not insulated well – if at all – making heating bills downright terrifying! However, innovations in energy efficiency may help ward off those drafts. Blow-in insulation and insulating in crawlspaces and attics may be an option. This may be an extra expense to incur but well worth it when the power or gas bill comes!

Windows – Many homes these days have had the single-pane/storm windows replaced with modern windows, but not all homes. According to energy.gov, having a storm window on a single-pane window can reduce heat loss up to 50%, but many older homes are missing storm windows or they no longer fit in the allotted space. Older wood single-pane windows do have charm, so depending on whether or not you want to keep them, I suggest being aware of your heat loss prevention options.

Chimney – If you plan on having a fire in your wood-burning fireplace, I also suggest having the chimney inspected. Years of creosote, rain, and earthquakes are not kind to chimneys and chimney fires are something to watch out for.

Permits – Have improvements been done to the home? Were all the correct permits obtained and final inspections done? This is something to be on top of because you don’t want to buy a home, love the back patio addition, and then learn it was not permitted, finally inspected and does not meet code.

Oil Tanks – Many homes in Seattle used to utilize oil as a heating source. There may be remnants of that oil system today on your property.

Lead Paint – Before the 1970s lead was used in some types of paint. Of course now we know the dangers, but we didn’t then. However, lead paint may be lurking in an older home, so before you begin any renovation work, you need to know how to deal with it. Additionally, if you have flaking paint you need to seal it up. It is not unusual to have leaded paint in a home, but it is important to know how to safely work with it if you do.

Older homes in Seattle can be full of character and charm. Getting to know the home and having multiple inspections is key to eliminating as many surprises as you can so you can thoroughly enjoy it! If you would like to learn more, give me a call at (206) 226-5300 or send an email to sold@windermere.com!