September 23rd Seattle Area Housing Report

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Weekly Stats by Neighborhood

With fewer next listings entering the market this week, many areas saw activity flat or very slightly up or down. Market stability is the name of the game this week.

Click here to to view the complete report for all 16 MLS areas

Individual Reports

SEATTLE
West Seattle
South Seattle
Central Seattle
Queen Anne
Ballard/Greenlake
North Seattle
EASTSIDE
South Bellevue
Mercer Island
West Bellevue
East Bellevue
East Lk Sammamish
Redmond
Kirkland
Woodinville
Renton Highlands
CONDOS
Downtown Seattle
Downtown Bellevue

© Copyright 2016, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

September 16th Seattle Area Housing Report

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Weekly Stats by Neighborhood

This week saw a huge uptick in pending sales in all but three MLS areas as sellers benefited from a fall rush of sales in this first full week of September. Perhaps a robust, but balanced, market lay ahead? Certainly there is every indication that demand remains strong. Employment is solid. And…Seattle is ranked as one of the best regions to call home. A winning combination for a sustainable real estate market.

Click here to to view the complete report for all 16 MLS areas

Individual Reports

SEATTLE
West Seattle
South Seattle
Central Seattle
Queen Anne
Ballard/Greenlake
North Seattle
EASTSIDE
South Bellevue
Mercer Island
West Bellevue
East Bellevue
East Lk Sammamish
Redmond
Kirkland
Woodinville
Renton Highlands
CONDOS
Downtown Seattle
Downtown Bellevue

 

© Copyright 2016, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

September 9th Seattle Area Housing Report

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Weekly Stats by Neighborhood

This Labor Day week ended with a flood of new listings to market. Buyers across our region are collectively doing a happy dance as they have more homes to chose from, in fact, upwards of 20% more compared to last week in some neighborhoods. That could accelerate the shift we have begun to see in the market. The message for home sellers: price competitively and/or offer a turnkey ready home or be prepared for longer market times. 

Click here to to view the complete report for all 16 MLS areas

Individual Reports

SEATTLE
West Seattle
South Seattle
Central Seattle
Queen Anne
Ballard/Greenlake
North Seattle
EASTSIDE
South Bellevue
Mercer Island
West Bellevue
East Bellevue
East Lk Sammamish
Redmond
Kirkland
Woodinville
Renton Highlands

 

© Copyright 2016, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

August Seattle Area Housing Report

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Monthly Reports

Housing market still active, with overall direction “positive”

 NWMLS Reports (Sept. 7, 2016) – Home sales in Western Washington continued to outpace year-ago activity, but member-brokers at Northwest Multiple Listing Service say persistent inventory shortages are constraining activity.

Despite a sparse selection in many areas, an expected summer slowdown, and “appraisal conundrums,” Northwest MLS members notched 11,898 pending sales during August, eclipsing the same month a year ago by 1,295 transactions for a 12.2 percent gain. There were 8,628 pending sales in the four-county Puget Sound region — the best August for mutually accepted offers since 2005 when members tallied 8,874 sales.

Brokers added 11,411 new listings to the Northwest MLS database during August, but they presented offers for even more buyers (11,898) to keep inventory below two months of supply. At month-end, there were 18,336 active listings in the MLS system, a decrease of 11.6 percent from a year ago, resulting in only 1.9 months of supply. (Four to six months is generally considered to be a “neutral” or balanced market for buyers and sellers.)

“The market remains just as intense as July,” observed J. Lennox Scott, chairman and CEO at John L. Scott, Inc. “The best opportunity for homebuyers to find a home will be in the next 60 days,” he suggested, explaining the number of new listings coming on the market is likely to drop by 50 percent each month between November and February. “We expect a repeat of conditions from last winter when every available home that came on the market in areas with a shortage of inventory received quick action.”

“Buyers in the Seattle area are plentiful in all price ranges, but the entry-level housing demand continues to be the highest,” reported John Deely, principal managing broker at Coldwell Banker Bain. As an example, he said a recent open house for a condo listing in the South Lake Union area drew more than 100 visitors in a single day. Tech workers continue to dominate the primary buyer demographic, he said, adding that a significant number of their parents are relocating here to purchase properties close to their children.

Buyers in most of the 23 counties served by Northwest MLS can expect to pay more than they would have twelve months ago, with most areas showing double-digit year-over-year price increases. System-wide, the median price for last month’s 9,767 closed sales of single family homes and condominiums was $350,000, up more than 11 percent from the year-ago figure of $315,000.

In King County, the median price on 3,656 sales that closed during August was just under $500,000. That’s up nearly 11 percent from the year ago figure of $450,700, but slightly lower than July’s median sales price of $505,000. Prices on single family homes (excluding condos) that closed in King County jumped 10 percent year-over-year, rising from $499,950 to $550,000.

Condo prices area-wide surged nearly 16 percent from a year ago, rising from $258,750 to $299,950. King County has the highest median sales price at $335,000, which is a 12 percent jump from a year ago. That county also has the most meager supply of condos, with only 28 days or so (0.91 months).

View the full press release

Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service MLS in the Northwest. Its membership of nearly 2,100 member offices includes more than 25,000 real estate professionals. The organization, based in Kirkland, Wash., currently serves 23 counties in Washington state.

 

View the full August 2016 Report by neighborhood

Individual Reports

SEATTLE
West Seattle
South Seattle
Central Seattle
Queen Anne
Ballard/Greenlake
North Seattle
EASTSIDE
South Bellevue
Mercer Island
West Bellevue
East Bellevue
East Lk Sammamish
Redmond
Kirkland
Woodinville
Renton Highlands

MONTHLY SNAPSHOT

Click on each report below to view an overview of the regional data:
Seattle Metro
Eastside
King County
Mercer Island

© Copyright 2016, Windermere Real Estate/Mercer Island. Statistics provided by the North

September 2nd Seattle Area Housing Report

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Weekly Stats by Neighborhood

We observed significant signs of market slowing as we head into this holiday weekend and the unofficial end of the summer market. Absorption (the percentage of active listings that go under contract each week) is a great real-time indicator of the pulse of the market…and one that appears well in advance of when monthly closed sales trends are announced. With a few exceptions, most areas throughout the Seattle-Eastside region saw absorption slow and move into the teens this week. Three neighborhoods remained red hot: East Bellevue with 42% absorption, Ballard-Greenlake with 39%, and North Seattle with 33%. On the other end of the spectrum, Mercer Island had only 5% of its For Sale inventory go under contract this last week. 

It seems likely that we have already seen the peak of our Seller’s Market, or will by this spring, and that a shift in the market is already well underway. This writer’s hope is that we continue the shift slowly and subtly into a more balanced market this fall rather than see the market turn on a dime into a Buyer’s Market. This will help maintain the long-term stability of our local real estate market.

Click here to to view the complete report for all 16 MLS areas

Individual Reports

SEATTLE
West Seattle
South Seattle
Central Seattle
Queen Anne
Ballard/Greenlake
North Seattle
EASTSIDE
South Bellevue
Mercer Island
West Bellevue
East Bellevue
East Lk Sammamish
Redmond
Kirkland
Woodinville
Renton Highlands

 

© Copyright 2016, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

August 26th Seattle Area Housing Report

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Weekly Stats by Neighborhood

An interesting dynamic appeared in this week’s data. Seattle locales generally all saw stable, albeit flat, numbers while most Eastside areas saw decreases pending sales. We’ll continue to watch and see if it becomes a trend. Mercer Island’s $2 million and above market improved nicely with a handful of pending sales while small pockets throughout the region showed signs of turning toward a more buyer-favored market.

Click here to to view the complete report for all 16 MLS areas

Individual Reports

SEATTLE
West Seattle
South Seattle
Central Seattle
Queen Anne
Ballard/Greenlake
North Seattle
EASTSIDE
South Bellevue
Mercer Island
West Bellevue
East Bellevue
East Lk Sammamish
Redmond
Kirkland
Woodinville
Renton Highlands

 

© Copyright 2016, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

August 19th Seattle Area Housing Report

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Weekly Stats by Neighborhood

Balance was the key word this week as many areas saw more new listings than pending sales. And, while a disappointment to some home sellers, balance is much needed to bring stability to our region for the long term…and that benefits us all. 

The Mercer Island $2 million plus market, while still a buyer’s market, improved somewhat this week and was joined by the Redmond $1-1.25 million price point-each now with a 6-month supply of standing inventory on the market. 

Click here to to view the complete report for all 16 MLS areas

Individual Reports

SEATTLE
West Seattle
South Seattle
Central Seattle
Queen Anne
Ballard/Greenlake
North Seattle
EASTSIDE
South Bellevue
Mercer Island
West Bellevue
East Bellevue
East Lk Sammamish
Redmond
Kirkland
Woodinville
Renton Highlands

 

© Copyright 2016, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

August 12th Seattle Area Housing Report

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Weekly Stats by Neighborhood

Listing inventory has remained stable with about the same number of new listings as pending sales in all areas except Ballard-Greenlake, which saw a decline in the number of available homes for sale; and North Seattle, which had a 10% + increase in the number of homes for sale. Renton, East Bellevue, East Lake Sammamish, Kirkland, Woodinville and Ballard-Greenlake where are hotbeds of activity with a significant increase in pending sales over the week prior. 

Only one area, Mercer Island $2 million and above, was a buyer’s market—with 57 homes for sale and few sales in the past month resulting in a 13-month supply of standing inventory on the market. 

Click here to to view the complete report for all 16 MLS areas

Individual Reports

SEATTLE
West Seattle
South Seattle
Central Seattle
Queen Anne
Ballard/Greenlake
North Seattle
EASTSIDE
South Bellevue
Mercer Island
West Bellevue
East Bellevue
East Lk Sammamish
Redmond
Kirkland
Woodinville
Renton Highlands

 

© Copyright 2016, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

July Seattle Area Housing Report

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Monthly Reports

Western Washington real estate brokers see early signs of “a more balanced market”

NWMLS Reports (August 4, 2016) – NWMLS Reports (Aug.4, 2016) – Home prices are still rising but the supply of homes is improving, prompting brokers to suggest some relief is in sight for would-be buyers. “We might actually be starting to move very slowly back toward a more balanced market,” said OB Jacobi, president of Windermere Real Estate, in commenting on July’s figures from Northwest Multiple Listing Service.

The MLS report summarizing last month’s activity shows active listings (including single family homes and condominiums) are at the highest level since September 2015 and the volume of new listings added to inventory topped the 12,000 marked for the third consecutive month.

With inventory shortages apparently easing in some areas, once-sidelined and frustrated house-hunters may be resuming their search, based on the latest statistics. Pending sales for the 23-county service area rose nearly 4 percent compared to a year ago, setting a new high for volume during July.

Member brokers reported 11,657 pending sales system-wide last month, a slight drop from June when they notched 11,995 mutually accepted offers. Despite that dip, the four-county Puget Sound region had its best-ever volume of pending sales for July (8,545), eclipsing last year’s record number (8,248).

“We are experiencing a record breaking market,” exclaimed J. Lennox Scott, chairman and CEO of John L. Scott, Inc. “Last month was the best July in history in the Puget Sound real estate market. We’re in a frenzy hot market with a large backlog of buyers.” He credits improving inventory with spurring sales. “That additional inventory gave us the boost to not only be able to claim an all-time, best ever July, but to also position the last three months as the best in history for [pending] sales activity in the Puget Sound region.”

Some brokers, including MLS director Frank Wilson, expect the robust activity will slow in August as families focus on vacations and back-to-school preparations.

Brokers added 12,178 new listings to the selection during July, which compares to 11,198 additions during the same month a year ago for an improvement of nearly 8.8 percent. At month end, there were 18,287 active listings for sale versus the year-ago figure of 21,069. That represents a year-over-year drop of “only”
13.2 percent; it’s been hovering in the minus-20 ranges for most months since spring 2015.

King, Snohomish and Pierce counties still have less than two months of supply, with double-digit increases in prices compared to a year ago, prompting some buyers to expand their search to outlying areas.

The median price for last month’s 9,466 closed sales of single family homes and condos (combined) was
$350,000. That reflects a jump of 9.6 percent from a year ago when it was $319,250. Within the 23 counties in the report, the median price ranged from $57,950 in Ferry County to $505,000 in King County.

For single family homes (excluding condos), the area-wide median selling price was $358,150, a 9.2 percent gain from a year. King County had the highest median price for single family homes at $555,000. That’s a 14.4 percent year-over-year increase.

Condo prices for July surged 17.3 percent from a year ago, from $260,000 to $305,000. Inventory shortages persist, with less than 1.3 months of supply area wide, and less than a month (0.90) in King County.

Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service MLS in the Northwest. Its membership of nearly 2,100 member offices includes more than 25,000 real estate professionals. The organization, based in Kirkland, Wash., currently serves 23 counties in Washington state.

 

View the full July 2016 Report by neighborhood

Individual Reports

SEATTLE
West Seattle
South Seattle
Central Seattle
Queen Anne
Ballard/Greenlake
North Seattle
EASTSIDE
South Bellevue
Mercer Island
West Bellevue
East Bellevue
East Lk Sammamish
Redmond
Kirkland
Woodinville
Renton Highlands

MONTHLY SNAPSHOT

Click on each report below to view an overview of the regional data:
Seattle Metro
Eastside
King County
Mercer Island

© Copyright 2016, Windermere Real Estate/Mercer Island. Statistics provided by the North

August 5th Seattle Area Housing Report

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Weekly Stats by Neighborhood

Fewer new listings this week have moderated sales activity to date in August, following a very frothy July–very typical for our market here this time of year. After benefiting considerably from this spring’s run up on home prices, sellers would do well to price conservatively now to capture the ‘back-to-school’ home buying crowd before fall sets in.

Click here to to view the complete report for all 16 MLS areas

Individual Reports

SEATTLE
West Seattle
South Seattle
Central Seattle
Queen Anne
Ballard/Greenlake
North Seattle
EASTSIDE
South Bellevue
Mercer Island
West Bellevue
East Bellevue
East Lk Sammamish
Redmond
Kirkland
Woodinville
Renton Highlands

 

© Copyright 2016, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.