March 24th Seattle Area Housing Report

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Weekly Stats by Neighborhood

Sales increased this week at many price points in nearly every neighborhood throughout the Seattle-Eastside region. The $2 million and above price point continues to have more supply than demand, but otherwise the market very much favors home sellers.

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
Downtown Seattle Condos
EASTSIDE
South Bellevue
Mercer Island
West Bellevue
East Bellevue
East Lk Sammamish
Redmond
Kirkland
Woodinville
Renton Highlands
Downtown Bellevue Condos

 

© Copyright 2017, Windermere Real Estate/Mercer Island |  (206) 232-0446 | mercerisland@windermere.com | 2737 77th Ave SE, Mercer Island, WA 98040.  Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

March 17th Seattle Area Housing Report

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Weekly Stats by Neighborhood

News of substantial expected mortgage interest rate increases in 2017 may motivate buyers further to purchase while rates are low. Every 1% increase in interest rates equates to about a 10% reduction in purchasing price for the same monthly payment. So if you purchased a $600,000 home at 3.5% interest it would be about the same monthly payment as a $540,000 home at 4.5% interest.

The market quieted this Saint Patrick’s Day week as most neighborhoods saw a status quo result instead of the upward momentum we had been experiencing. Fewer homes available on the market was likely the primary cause of this stagnation. 

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
Downtown Seattle Condos
EASTSIDE
South Bellevue
Mercer Island
West Bellevue
East Bellevue
East Lk Sammamish
Redmond
Kirkland
Woodinville
Renton Highlands
Downtown Bellevue Condos

 

© Copyright 2017, Windermere Real Estate/Mercer Island |  (206) 232-0446 | mercerisland@windermere.com | 2737 77th Ave SE, Mercer Island, WA 98040.  Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

February 2017 Seattle Area Housing Report

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Monthly Reports

Housing inventory reaches record low, but brokers expect spring bounce

KIRKLAND, March 6, 2017) – Home buyers are in a spring mood, but sellers are still hibernating, suggested one broker while commenting about the latest statistics from Northwest Multiple Listing Service. Figures for February and feedback from brokers indicate record-low inventory is spurring multiple offers, rising prices, fewer sales, and frustrated house-hunters.

Year over-year pending sales (mutually accepted offers) declined for the first time since March 2016, falling 8.9 percent. Eight counties, including King and Snohomish, reported double-digit drops in pending sales as the volume of new listings couldn’t keep pace with demand.

During the past three months, brokers have added 17,572 new listings to inventory, down only 5.7 percent when compared to the same three-month period of a year ago. During the latest December-to-February time frame, MLS members reported 22,393 pending sales, far outpacing the number of new listings.

“Our robust market has created extreme conditions, and we’re seeing frenzy hot activity on each new listing coming on the market,” reported J. Lennox Scott, chairman and CEO of John L. Scott. “We’re also experiencing some of the lowest inventory levels on record,” he noted.

In fact, a check of Northwest MLS records dating to 2004 shows no other month when the number of active listings dipped below the 10,000 mark – until last month.

At the end of February, there were 9,091 active listings in the Northwest MLS system, which encompasses 23 counties. That represents a drop of nearly 25 percent from the year-ago total of 12,107.

“Home sellers and buyers are complaining equally about the current market’s low inventory,” remarked MLS director George Moorhead, designated broker at Bentley Properties. “Sellers are frustrated when they cannot find another home to match their current needs, or when a home goes off market so fast that the option of a contingent sale is not even considered,” he stated.

Buyers have been grumbling about the market for the past two years, Moorhead said. “That mood has escalated into a panic as other buyers up the ante – at times to a level that even causes real estate professionals to shake their heads,” he remarked.

Brokers believe seasonality is a factor, with several saying they are expecting an uptick in listings.

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 FEBRUARY 2017 combined report by neighborhood

INDIVIDUAL NEIGHBORHOOD REPORTS

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

MONTHLY SNAPSHOT REPORTS

SINGLE-FAMILY HOMES
Seattle Metro
Eastside
King County
Mercer Island
CONDOS
Seattle Metro
Eastside
NEW CONSTRUCTION
Seattle Metro
Eastside

© Copyright 2017, Windermere Real Estate/Mercer Island |  (206) 232-0446 | mercerisland@windermere.com | 2737 77th Ave SE, Mercer Island, WA 98040.  Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

March 10th Seattle Area Housing Report

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Weekly Stats by Neighborhood

This week saw the market shift even more extremely to the seller’s favor as inventory diminished even further (as if that were even possible). Our market continues to lavish sellers with a dream list of terms as buyers scramble to compete for the limited supply of homes for sale.

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
Downtown Seattle Condos
EASTSIDE
South Bellevue
Mercer Island
West Bellevue
East Bellevue
East Lk Sammamish
Redmond
Kirkland
Woodinville
Renton Highlands
Downtown Bellevue Condos

 

© Copyright 2017, Windermere Real Estate/Mercer Island |  (206) 232-0446 | mercerisland@windermere.com | 2737 77th Ave SE, Mercer Island, WA 98040.  Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

March 3rd Seattle Area Housing Report

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Weekly Stats by Neighborhood

This week saw a significant uptick in new listing activity in many areas and price points. A sign of things to come? We can only hope! 

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
Downtown Seattle Condos
EASTSIDE
South Bellevue
Mercer Island
West Bellevue
East Bellevue
East Lk Sammamish
Redmond
Kirkland
Woodinville
Renton Highlands
Downtown Bellevue Condos

 

© Copyright 2017, Windermere Real Estate/Mercer Island |  (206) 232-0446 | mercerisland@windermere.com | 2737 77th Ave SE, Mercer Island, WA 98040.  Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

February 24th Seattle Area Housing Report

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Weekly Stats by Neighborhood

This week saw a significant uptick in new listing activity in many areas and price points. A sign of things to come? We can only hope! 

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
Downtown Seattle Condos
EASTSIDE
South Bellevue
Mercer Island
West Bellevue
East Bellevue
East Lk Sammamish
Redmond
Kirkland
Woodinville
Renton Highlands
Downtown Bellevue Condos

 

© Copyright 2017, Windermere Real Estate/Mercer Island |  (206) 232-0446 | mercerisland@windermere.com | 2737 77th Ave SE, Mercer Island, WA 98040.  Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

February 17th Seattle Area Housing Report

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Weekly Stats by Neighborhood

Increased pending sales have further diminished the supply of homes for sale-leaving slim pickings for buyers-especially at price points below $1 million in core metro neighborhoods of Seattle and all of Bellevue. Word on the street among local realtors is that many new listings are coming to market next week. While very welcome news to the ravished home shoppers out there, it falls desperately short of the inventory needed in the market to keep us from teetering into the abyss of an unsustainable seller’s 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
Downtown Seattle Condos
EASTSIDE
South Bellevue
Mercer Island
West Bellevue
East Bellevue
East Lk Sammamish
Redmond
Kirkland
Woodinville
Renton Highlands
Downtown Bellevue Condos

© Copyright 2017, Windermere Real Estate/Mercer Island |  (206) 232-0446 | mercerisland@windermere.com | 2737 77th Ave SE, Mercer Island, WA 98040.  Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

February 10th Seattle Area Housing Report

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Weekly Stats by Neighborhood

Pending sales were up in more than half of the region’s neighborhoods. Diminished inventory of available homes for sale continues to be a huge obstacle for home buyers. With local employers such as Amazon adding more than 110,000 workers, regionally and across the globe, and a shortage of buildable land, it’s no wonder housing supply is so tight.

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
Downtown Seattle Condos
EASTSIDE
South Bellevue
Mercer Island
West Bellevue
East Bellevue
East Lk Sammamish
Redmond
Kirkland
Woodinville
Renton Highlands
Downtown Bellevue Condos

© Copyright 2017, Windermere Real Estate/Mercer Island |  (206) 232-0446 | mercerisland@windermere.com | 2737 77th Ave SE, Mercer Island, WA 98040.  Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

January 2017 Seattle Area Housing Report

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Monthly Reports

Brokers report “high velocity” market, but with hope for homebuyers

KIRKLAND, Washington (Feb. 6, 2017) – Western Washington’s “high velocity” market continued during January with the number of pending sales (7,745) outgaining the number of new listings (6,507), according to new figures from Northwest Multiple Listing Service.

“Properties are moving through the market at an unusually fast pace,” remarked John Deely, chairman of the board at Northwest MLS and the principal managing broker at Coldwell Banker Bain. “Although we have a high number of new listings, they are moving into a pending or sold status within the typical 30-day reporting period. This phenomenon causes a low active listing count,” he added.

Brokers added 6,507 new listings to inventory last month (163 fewer than during the same period a year ago), while year-over-year pending sales jumped by 492 transactions for a gain of about 6.8 percent. New listing volume was the highest monthly total since October when members added 7,591 properties.

At month-end, there were 9,752 active listings in the MLS service area, which encompasses 23 counties. That total was 2,605 fewer than the year-ago volume of 12,357, a decline of 21 percent. Only three counties (Ferry, Jefferson and Kitsap) reported improvements in the number of active listings compared to the same month last year.

Measured by months of inventory, the selection is at historic lows in many counties. At month end, there was just under 1.7 months of supply system-wide, which compares to the year-ago figure of about 2.5 months of supply. Both King and Snohomish counties have less than one month of supply.

“If home buyers were hoping that January would start to bring more balance to the housing market, they’re going to be sorely disappointed. The number of homes for sale remains at record lows, and the growth in pending sales tells us that sellers are still firmly in the driver’s seat,” said OB Jacobi, president of Windermere Real Estate.

MLS director George Moorhead echoed Jacobi, pointing to five years ago when buyers could choose from 5,378 listings of single family homes in King County versus last month’s selection of 1,569 listings. “The real question is whether there will be relief in the near future, and the unfortunate answer is no,” said Moorhead, the designated broker at Bentley Properties, citing the combination of new jobs, a shortage of new homes, and a reluctance of sellers to list their home for fear of not being able to find their next one.

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 JANUARY 2017 combined report by neighborhood

INDIVIDUAL NEIGHBORHOOD REPORTS

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

MONTHLY SNAPSHOT REPORTS

SINGLE-FAMILY HOMES
Seattle Metro
Eastside
King County
Mercer Island
CONDOS
Seattle Metro
Eastside
NEW CONSTRUCTION
Seattle Metro
Eastside

© Copyright 2017, Windermere Real Estate/Mercer Island |  (206) 232-0446 | mercerisland@windermere.com | 2737 77th Ave SE, Mercer Island, WA 98040.  Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

February 3rd Seattle Area Housing Report

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Weekly Stats by Neighborhood

Opportunity exists for buyers who get to the game early. We are seeing some properties go under contract with few or no competing offers.

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
Downtown Seattle Condos
EASTSIDE
South Bellevue
Mercer Island
West Bellevue
East Bellevue
East Lk Sammamish
Redmond
Kirkland
Woodinville
Renton Highlands
Downtown Bellevue Condos

© Copyright 2017, Windermere Real Estate/Mercer Island |  (206) 232-0446 | mercerisland@windermere.com | 2737 77th Ave SE, Mercer Island, WA 98040.  Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.