March 2018 Seattle Area Real Estate Report

March 2018 Seattle Area Real Estate Report

MLS figures for March show a surge in both new listings and pending sales compared to February as the spring market heats up. Compared to a month ago, pending sales climbed more than 29 percent (from 7,980 in February to 10,311 in March), while the volume of new listings jumped more than 45 percent from February to March.

Whether defined as $1 million or more or $2 million-plus, Northwest MLS figures confirm sales of luxury homes are surging. A comparison of first quarters show the year-over-year volume of sales of homes priced at $2 million or more is up 30 percent. Members reported 136 such sales during first quarter 2017; this year, the number is 177. For homes priced at $1 million or more, sales rose from 941 during first quarter last year to 1,204 this year, a gain of nearly 28 percent. Read the entire NWMLS Press Release here.

 

 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

View the full market report


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

Q1 2018 Condo Report

Q1 2018 Condo Report

Q1 2018 MARKET REPORT

Condo Report

Still the only affordable option for many homebuyers today, condos have continued to escalate in value with appreciation rates above those of residential homes in many areas. On the Eastside, new condo and townhome developments in Crossroads and Rose Hill drove prices up to new highs in those communities. Richmond Beach and Shoreline benefited from an infusion of new construction standalone condominium ‘homes’ on very small lots.

Check out all of these factoids and more in the full condo report.

 

Published April 2018.

 

ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

February 2018 Seattle Area Real Estate Report

February 2018 Seattle Area Real Estate Report

It’s tough to be a buyer in the Seattle-Eastside real estate market right now! Homebuyers competing at mainstream price points are struggling with the trickle of new listing inventory while also feeling financial pressure from rising interest rates–and reeling from stiff competition from other buyers who are in the same boat. Many sale prices are escalating to truly ridiculous numbers, with buyers also waiving significant rights. Some are even immediately releasing their earnest money deposit to the seller (rather than depositing it into an escrow trust account) as a further incentive.

New data just out shows 65% of all King County home sales involve multiple offers. Interestingly, buyers working with a Windermere broker are 12% more likely to be the selected buyer in multiple offers (determined by the change in buyer market share in multiple offers vs. non-multiple offers). Why is this? Aside from their strong reputation, Windermere brokers also receive extensive training on how to create the most competitive offer and negotiate successfully in a multiple offer situation. This allows them to help position their buyer’s offer to have the greatest appeal to the seller.

An independent survey of NWMLS brokers who closed six or more transactions in the previous year shows that brokers are more confident in completing a transaction with a broker from Windermere than they are with any other real estate company.

Sometimes who you chose to represent you really can make or break your home purchase.

 

 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

View the full market report


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

January 2018 Seattle Area Real Estate Report

January 2018 Seattle Area Real Estate Report
SEATTLE INVENTORY SHORTAGE CAUSES HUGE UPTICK IN PRICES

Prices for King County homes and condos (combined) jumped 20.3 percent year-over-year from January 2017. That’s great from the 1000 foot view but it doesn’t necessary tell you what’s happening in your area.Since real estate is always local, a look at the individual neighborhood reports depicts what is happening on a micro level.

Before you jump into the reports, you might be interested to know King County pending sales dropped 7.5 percent and closings dropped 18.5 percent due to the ongoing shortage of housing that our market continues to grapple with. Total active listings for sale are down nearly 17.6 percent from a year ago….and we thought we had the lowest inventory in history then!

 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

View the full market report


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

2017 Year End Condo Report

2017 Year End Condo Report

2017 YEAR END REVIEW

Condo Report

In desperately short supply, condos have become a favorite, or the only option, for buyers looking for walkability, convenience, and affordability in one nifty little package. Experiencing one of their best years in decades, condo prices flourished in 2017 and will likely see similar gains in 2018. Well-run buildings with reasonable monthly dues, those with all the bells and whistles, and good proximity to essential services are especially popular right now.

Check out all of these factoids and more in the full condo report.


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

What Does Months Supply of Inventory Mean? + Seattle Area Real Estate Report

What Does Months Supply of Inventory Mean? + Seattle Area Real Estate Report

An alternate method to analyze the market is by looking at the Month’s Supply of Inventory. The reverse of Absorption Rate, this number represents how many months it would take for all the homes currently for sale, to sell at the current pace. You can calculate the Month’s Supply of Inventory by dividing the total number of homes for sale by the number of homes sold each month.

For example, if there were 15 homes for sale in December, but only 6 sold (15/6), there is 2.5 month’s supply on the market for sale. Three to six months of supply is average: if the number is smaller, it indicates a seller’s market. If the number is greater, a buyer’s market is likely. The more extreme the mark on the continuum, the stronger the market polarity.

Hint: we do the calculation for you each week in this report and indicate whether the market is balanced, favors one segment, or strongly favors one segment. Easy peasy!

View the full market report


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

December 2017 Seattle Area Real Estate Report

December 2017 Seattle Area Real Estate Report
SEATTLE EXPERIENCES LOWEST INVENTORY LEVELS IN DECADES, MAYBE HISTORY.

Faced with the lowest inventory levels in more than three decades—probably much longer but we’d need to scour through handwritten ledgers to go back any further—prospects for an abundance of new homes for sale to meet the current demand aren’t looking favorable.

The Seattle region needs to become more creative at how it meets the housing needs of its people or its people will head elsewhere. As much as we hate it, higher density, better mass transit to outlying areas, and more effective use of available land and housing will likely have to be part of the discussion.

It’s time to roll up our sleeves and find solutions that work for longstanding residents and newcomers alike.

 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

View the full market report


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

TheMarketTalks.com December 15th Seattle Area Housing Report

TheMarketTalks.com December 15th Seattle Area Housing Report

Ever wonder how the ratio of for sale signs to sold strips affects the real estate market? We call this ratio the Absorption Rate—the rate at which homes sell in a given area and price point. The higher the absorption rate, the faster homes are selling. Absorption rate is calculated by taking the number of homes that sell each month divided by the total number of homes for sale.

For example, if 6 homes sell in December in Central Seattle between $800,000 and $1.2 million, and 15 homes were for sale, the absorption rate is 6/15 or 40%. If 1 home of 15 sells, the absorption rate is 1/15th or 6%. An absorption rate above 30% indicates a seller’s market in which homes are selling fast. Absorption rates below 15% show a buyer’s market, which means homes are selling relatively slowly. Everything in between is deemed a balanced market.

View the full market report

 

© Copyright 2017, Windermere Real Estate/Mercer Island |  (206) 232-0446 mercerisland@windermere.com | 2737 77th Ave SE, Mercer Island, WA 98040. 

Information and statistics derived from Northwest Multiple Listing Service.

November 2017 Seattle Area Housing Report

November 2017 Seattle Area Housing Report
THE SEATTLE AREA EXPERIENCED ONE OF THE BUSIEST NOVEMBERS ON RECORD.

Brokers report brisk activity as we head deeper into December. Indeed, with inventory levels at incredibly low numbers, many sellers decided to take advantage of a rare busy late fall market and we saw a flurry of listings come to market between Nov. 1st and 18th. Buyers jumped on the new inventory creating a very busy November for pending sales.

With all the added inventory (and more) snatched out of the active listing pool, December pickings are few and far between. With fewer buyers searching for homes in December, diligent buyers can use this time to potentially negotiate more favorable pricing on the homes remaining on the market. This can also be a great time of year for buyers with less competitive offer terms (ie. aren’t paying all cash, pre-inspecting or giving up their first born) to compete in ultra-competitive segments.

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

View the full market report

 

© Copyright 2017, Windermere Real Estate/Mercer Island |  (206) 232-0446 | mercerisland@windermere.com | 2737 77th Ave SE, Mercer Island, WA 98040. Information and statistics derived from Northwest Multiple Listing Service.

TheMarketTalks.com December 8th Seattle Area Housing Report

TheMarketTalks.com December 8th Seattle Area Housing Report

Can the real estate market really turn on a dime? The short answer is yes. Supply and demand dictate real estate just like any other market. Turn on the spigot of homes for sale or tamper down the demand and you’ll see a marked reaction. Do both at the same time and you’ll see that dime spinning.

One more note, this typically happens at the micro-level long before market-wide trends occur. So, for example, the red hot East Bellevue market might shift in only one or two price brackets and that shift could be short-term (1 or 2 weeks) or long term.

Blink and you might miss it. But keep your eye on the ball and you can take advantage of temporary slowing in an otherwise hot market.

View the full market report

 

© Copyright 2017, Windermere Real Estate/Mercer Island |  (206) 232-0446 mercerisland@windermere.com | 2737 77th Ave SE, Mercer Island, WA 98040. Information and statistics derived from Northwest Multiple Listing Service.

TheMarketTalks.com December 1st Seattle Area Housing Report

TheMarketTalks.com December 1st Seattle Area Housing Report

Can you predict the future of the real estate market? We think yes. By looking at weekly pending sale vs. active listing data vs. month-old stats pushed out through the media, you can see emerging trends in real-time…long before the headline grubbing competition.

Does that give you a leg up? We think so!

View the full market report

 

© Copyright 2017, Windermere Real Estate/Mercer Island |  (206) 232-0446 mercerisland@windermere.com | 2737 77th Ave SE, Mercer Island, WA 98040. Information and statistics derived from Northwest Multiple Listing Service.

TheMarketTalks.com November 24th Seattle Area Housing Report

TheMarketTalks.com November 24th Seattle Area Housing Report

While most buyers are still pondering 7 different ways to use leftover stuffing, we think now is a great time to talk turkey. The weeks between Thanksgiving and New Years are some of the most advantageous for diligent buyers to buy when the market favors them more than any other time of the year.

But don’t just take our word for it. Check out the real-time data in the report below. Then contact one of our amazing brokers to evaluate the true value of potential homes and ensure that you don’t leave money on the table.

View the full market report

 

© Copyright 2017, Windermere Real Estate/Mercer Island |  (206) 232-0446 mercerisland@windermere.com | 2737 77th Ave SE, Mercer Island, WA 98040. Information and statistics derived from Northwest Multiple Listing Service.

TheMarketTalks.com November 17th Seattle Area Housing Report

TheMarketTalks.com November 17th Seattle Area Housing Report

You’ve been looking in {South Bellevue} for a while now and the market is just plain crazy. Being the savvy buyer you are, you and your broker are watching the weekly stats like a hawk.

Then, low and behold, you notice the market changes from Strongly Favors Sellers to Favors Sellers in your price segment. A potential opportunity to swoop in? Maybe. The indicator warrants taking a closer look and deciding if this is the right time to take a leap. One thing you’ll know for certain, most of the buyers out there are still reading last September’s news while you are actively monitoring the pulse of the market. If I were a gambler, my odds would be on you!

Why a weekly report you might ask? Tracking weekly activity captures trends that occur at the neighborhood and price point level before they reach mainstream data sources.

While monthly data provides a nice historical look-back, its nearly two months’ old just prior to each release. If you’re a buyer or a seller in this frenzied market you know first-hand just how important real-time data is in giving you a competitive edge.

View the full market report

 

© Copyright 2017, Windermere Real Estate/Mercer Island |  (206) 232-0446 mercerisland@windermere.com | 2737 77th Ave SE, Mercer Island, WA 98040. Information and statistics derived from Northwest Multiple Listing Service.

November 10th Seattle Area Housing Report

November 10th Seattle Area Housing Report

Why a weekly report you might ask? Tracking weekly activity captures trends that occur at the neighborhood and price point level before they reach mainstream data sources.

While monthly data provides a nice historical look-back, its nearly two months’ old just prior to each release. If you’re a buyer or a seller in this frenzied market you know first-hand just how important real-time data is in giving you a competitive edge.

View the full market report

 

© Copyright 2017, Windermere Real Estate/Mercer Island |  (206) 232-0446 mercerisland@windermere.com | 2737 77th Ave SE, Mercer Island, WA 98040. Information and statistics derived from Northwest Multiple Listing Service.

October 2017 Seattle Area Housing Report

October 2017 Seattle Area Housing Report
PENDING SALES STILL UP DESPITE MARKET UNCERTAINTY

Proposed tax changes that could affect homeowners and the typical fall slowdown has done little to stem the pending sales activity in the red-hot Seattle-Eastside market. While every neighborhood and price point is its own little island, a quick look through October’s activity shows most segments still favoring sellers as we head into November.

 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

View the full market report

 

© Copyright 2017, Windermere Real Estate/Mercer Island |  (206) 232-0446 | mercerisland@windermere.com | 2737 77th Ave SE, Mercer Island, WA 98040. Information and statistics derived from Northwest Multiple Listing Service.

November 3rd Seattle Area Housing Report

November 3rd Seattle Area Housing Report

The number of homes for sale hit records lows-just when you thought it couldn’t get any lower-with an average of only a one month supply of inventory for sale at all but the highest price points across the Seattle-Eastside region.

View the full market report

 

© Copyright 2017, Windermere Real Estate/Mercer Island |  (206) 232-0446 mercerisland@windermere.com | 2737 77th Ave SE, Mercer Island, WA 98040. Information and statistics derived from Northwest Multiple Listing Service.

October 27th Seattle Area Housing Report

October 27th Seattle Area Housing Report

The Renton Highlands $700,000-$1.25 million and price points above $1.5 million throughout Seattle and the Eastside are favoring buyers this week.

View the full market report

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. Information and statistics derived from Northwest Multiple Listing Service.

October 20th Seattle Area Housing Report

October 20th Seattle Area Housing Report

South Bellevue, Ballard and North Seattle are hot! Most other areas in the region also had a good week, albeit the high end is showing signs of a slowdown.

View the full market report

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. Information and statistics derived from Northwest Multiple Listing Service.

October 13th Seattle Area Housing Report

October 13th Seattle Area Housing Report

Spooky could define the market this week. Marked seasonal slowing is noted in most areas with a few simmering hot spots.

View the full market report

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. Information and statistics derived from Northwest Multiple Listing Service.

October 6th Seattle Area Housing Report

October 6th Seattle Area Housing Report

It’s not just the weather cooling off. Many areas continued to slow as we move further into the fall season. Buyers who chose not to compete in the peak season frenzy may find the temperature is just right now.

View the full market report

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. Information and statistics derived from Northwest Multiple Listing Service.

Q3 2017 Seattle Area Residential Real Estate Report

Q3 2017 Seattle Area Residential Real Estate Report

MERCER ISLAND

The median sale price on Mercer Island increased 13.6% (to $1,460,000) over Q3 of 2016. Time will tell whether recently imposed building restrictions—making the island one of the most restrictive cities in the region to build or remodel—will have an impact on home values.

Mercer Island Report

The highest sale ($5,500,000) was a south end waterfront home built in 2017 with 4.536 square feet on 0.25 acres and sited with 75 feet on low-bank waterfront. The lowest sale was a mid-island 1460 square foot 1954-built home on Island Crest Way listed at $875,000 and sold for $780,000.

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

 

SEATTLE

Appreciation in Seattle outpaced that of the Eastside—a 16.3% increase in the median sale price since Q3 2016 compared to the Eastside’s 13.8%.

Seattle Report

Median sale prices were up Q3 to Q3 as follows: West Seattle (14.3%), Mount Baker-Beacon Hill (20.6%), Madison Park-Capitol Hill (11.4%), Queen Anne-Magnolia (1.5%), Ballard-Greenlake (14.0%), North Seattle (18.2%), Richmond Beach-Shoreline (29.6%), and Lake Forest Park-Kenmore (14.1%).

Seattle’s overall median sale price was $715,000—up 16.3% over Q3 2016.

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

 

EASTSIDE

Bellevue-West of 405 outpaced the pack in Q3 with a median sale price 24.6% higher than Q3 of last year. Bellevue-East of 405 and Kirkland-Bridle Trails fared very well also with prices up 19.7% and 18.5% over the same time.

Eastside Review

The median sale price change Q3 2016 to Q3 2017 breakdown is as follows: Eastside South of I-90 (18.4%), Mercer Island (13.6%), West Bellevue (24.6%), East Bellevue (19.7%), East Lake Sammamish (7.0%), Redmond (16.8%), Kirkland (18.5%), and Juanita-Woodinville (13.9%).
The Eastside’s overall median sale price was $860,000—up 13.8% over Q3 2016.

Click here for the full report and neighborhood-by-neighborhood statistics!

 

 

© Copyright 2017, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing service.

Q3 Seattle Area Condo Report

Q3 Seattle Area Condo Report

Q3 2017 REVIEW

Condo Report

The Q3 median sale price increased a mere 0.6% in Seattle and 24.4% on the Eastside over Q3 2016. While Eastside condos were truly a hotbed of activity, Seattle condos fared better than the numbers appear. This is because a few ultra-high sales and high-end new construction significantly skewed the Q3 2016 median price higher than in any other quarter of 2016. That anomaly aside, Seattle condos have continued to appreciate at a brisk pace.

The total number of condo sales on the Eastside increased to 853 from 785 in Q3 2016, while the number of units sold is Seattle (809) was down 33% from its peak in Q3 of last year. Fewer desirable units available for sale in Seattle continues to be the biggest contributing factor. The Eastside, with plentiful condos for sale, has benefitted from Seattle’s short supply.

In Q3, East Lake Sammamish had the newest condos with an average year built of 1999. The largest 2-bedroom condos, with an average of 1,412 square feet, were in the Downtown/Belltown area. The most affordable condos, with 2-bedroom units sold for an average of $275,000, can be found in the Lake Forest Park-Kenmore neighborhood. The highest priced condos were in Downtown Seattle-Belltown condos sold for an average sale price of $987,000.

This report contains information on condo sales by neighborhood for the entire Seattle-Eastside region. The data includes average sale prices; typical size, bedroom count and age of condo buildings in each area; the number of units sold annually; and the average cost per square foot. While every condo building is unique unto itself, looking at overall prices within a region can show general growth trends.

 

Check out all of these factoids and more in the full condo report.

 

© Copyright 2017, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing service.

September 2017 Seattle Area Housing Report

September 2017 Seattle Area Housing Report
MLS brokers detecting seasonal slowdown in some areas
but expect price hikes to continue in much of Washington

KIRKLAND, Washington (Oct. 5, 2017) – “October will be the best month for selection and availability until late February,” proclaimed J. Lennox Scott when commenting on the latest statistics from Northwest Multiple Listing Service.

MLS figures for September show inventory reached 1.7 months of supply at the end of the month, matching the year-to-date high in February. That level is still well below the 4-to-6 months of supply that many industry analysts use as an indicator of a balanced market.

Scott said buyer intensity for new listings is higher today than a year ago. “We continue to have very strong buyer demand as the typical seasonal slowdown begins for new listings.” Other industry leaders agreed seasonal adjustments are underway.

Member-brokers in the 23 counties served by Northwest MLS added 10,120 new listings to inventory during September, slightly more than the number reported for the same month a year ago (10,029). At the end of the month there were 15,888 listings of single family homes and condos in the MLS database, a drop of 12.4 percent from a year ago when buyers could choose from 18,136 listings.

“The pressure cooker for the housing market continues as the typical seasonal market comes into play for new listings coming on the market,” stated Scott, the chairman and CEO of John L. Scott. He noted new listings during September and October typically shrink 30 percent – and even more during the winter months – when compared to spring and summer months.

Brokers say strong job growth statewide is fueling demand for housing. Washington has added around 83,000 new jobs from August 2016 through August 2017 (not seasonally adjusted), according to the state Employment Security Department.

Like some other months this year, pending sales last month surpassed the number of new listings, putting pressure on prices. Year-over-year median prices for homes and condos surged 12 percent.  View the full press release

Information and statistics compiled and reported by Northwest Multiple Listing
Service. 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 market report

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

Regional Reports

Seattle Homes
Eastside Homes
King County Homes
Mercer Island Homes
Seattle Condos
Eastside Condos
Seattle New Construction
Eastside New Construction

 

© Copyright 2017, Windermere Real Estate/Mercer Island |  (206) 232-0446 | mercerisland@windermere.com | 2737 77th Ave SE, Mercer Island, WA 98040. Information and statistics derived from Northwest Multiple Listing Service.

September 29th Seattle Area Housing Report

September 29th Seattle Area Housing Report

A bit of slowing was observed this week across the entire Seattle-Eastside region. With few exceptions, pending sales were down in nearly every price point. A good time for buyers to swoop in? Quite possibly…

Click here for the full report and neighborhood-by-neighborhood statistics!

Individual Reports
Seattle

West Seattle
South Seattle
Central Seattle
Queen Anne
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Information and statistics derived from Northwest Multiple Listing Service.