February Newsletter – Real Estate Market Update

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2018 is starting off with a bang!

On listing appointments I often hear “Spring is the best time to sell a house, that’s when one gets the highest price, and when my garden looks the best.”

This hasn’t been proven true in most years, this year included.

As quoted by my firm’s Lake Union managing broker in the latest Northwest Multiple press release: “Sellers that have put their properties on the market early this year have less competition and are seeing multiple offers. Open houses are experiencing heavy traffic with hundreds of potential buyers attending,” reported Deely.”

Home Buyers Still Competing for Sparse Inventory in Western Washington, Driving Up
Prices – Especially for Sought-After Condominiums

Latest Press Release

February 5, 2018

Current Statistics | Market Recaps

KIRKLAND, Washington (February 5, 2018) – “The Seattle area real estate market hasn’t skipped a beat with pent-up demand from buyers is stronger than ever,” remarked broker John Deely in reacting to the latest statistics from Northwest Multiple Listing Service. The report on January activity shows a slight year-over-year gain in pending sales, a double-digit increase in prices, and continued shortages of inventory.

Deely, the principal managing broker at Coldwell Banker Bain in Seattle and a board member at Northwest MLS, noted a shift in the ratio of pending sales to new listings in King County.

Member brokers added 6,805 new listings of single family homes and condominiums to the system-wide database last month for a gain of about 4.6 percent from a year ago. During the same period, they reported 7,820 pending sales. In King County, the number of new listings outgained pending sales for the first time since September:

King County (SFH+Condos) Jan-18 Dec-17 Nov-17 Oct-17 Sep-17
New Listings 2326 1165 2102 3088 3856
Pending Sales 2282 1850 2831 3533 3514
Difference 45 -685 -729 -445 342

Read more here…

 

Appreciation Rates, Sales

The most impressive appreciation rates between the three counties in January were West Bellevue, Kirkland, Bainbridge, Edmonds, Lynnwood and University Place. The latter show how some buyers are travelling further from the Seattle core to find available inventory and prices.

Appreciation Rates

The trend of low inventory continues because potential sellers don’t know where they are going to go. This is causing many to consider ageing in place. In some cases, the baby boomer generation is either moving in with their children, or inviting their childrn to move in with them, and so remodeling their homes to include aditional dwelling units.

That said, it is possible to sell high in Seattle, and buy low within ten to thirty minutes of Seattle. Thanks to a friend and client, I have been researching north to Stanwood, Camano, Whidbey, Anacortes, and Bellingham, or east to Kingston, Poulsbo or Sequim.


On a lighter note, it is almost Valentines Day! Think chocolate, wine and dine!

Here are a few ideas between our three counties!


Valentines Day

 

Are you looking for something to do? Here are some upcoming events:

Feb 9 – Valentine’s Concert – Burien

Feb 10 – Makers Market – Mi Amor – Everett

Feb 10 – Gig Harbor

Feb 15 – Art Walk Edmonds; stop by our Edmonds office to see this fun art by local children! I’ll be perusing galleries and would love some company!
Art Walk Edmonds Coldwell Banker Bain

* Newsy Links – see what has been happening in real estate.

* The most recent Northwest MLS Press Release

* Reports for various areas are below – if you would like one for your neighborhood please let me know!

Ballard

Magnolia

Queen Anne

Eastern Side of West Seattle

Central Part of West Seattle

Western Side of West Seattle

Bellingham

Port Townsend

* The Multiple Listing Service gave us a new tool, “InfoSparks”! I ran a report using: Seattle, Residential, all price ranges: InfoSparks Report for “Seattle”


Relocation and referrals

Because of our national and international network within Coldwell Banker, I can help you, a friend or relative with their move by finding a real estate professional on both sides. We will call and interview brokers to try to make sure they are the right fit.

Edmonds Floor Time
Referrals can make up the bulk of my business and are not only a compliment but also much appreciated. I also will partner with brokers in our network when listing property outside the greater Seattle and Eastside area, such as in the San Juan Islands and on the Olympic Peninsula.