Homes for Under a Million

The Seattle real estate market continues to be one of the hot topics in the nation.  As prices rise and inventory remains low, many first-time home buyers are in bidding wars for their dream home (or close to their dream home). Queen Anne has become Seattle’s first neighborhood to have a median home price of $1 million dollars and Capitol Hill is not far behind at $890,000. Condominium sales are also struggling with inventory, down 24 percent from a year ago. The median sales price for condos last month was $328,675, which is an increase of 9.6 percent from a year ago. Some think there is no chance of finding a home under a million dollars, but here are some for you to consider!

3030 80th Ave SE, Mercer Island

Available for $499,950

20012 27th Dr SE, Bothell

Available for $700,000

2721 1st Ave, Belltown

Available for $309,000

3116 164th St SW, Lynnwood

Available for $255,000

Ewing and Clark is Seattle’s oldest real estate company. Our agents are experts in the market and have been for many years. Contact us today and we can make the home buying process feel like a breeze.

Seattle Just Keeps Growing

In spite of the building boom in downtown Seattle, there have been very limited options for buying a home, versus renting. Resembling giant glass Rubik’s cubes stacked 41 floors high, the Nexus Seattle condominiums will be taking ground at 1200 Howell Street in the Denny Triangle. The building will feature 382 units, varying in size and price, ranging from $300,000 to $3.5 million. Sections of the building are twisted to face different directions, views will vary depending which floor the home is located on.

According to the Nexus website, 80% of the units have already been reserved as of this past November (2016). Underscoring the market’s desire for permanent housing and the influx of people for high-paying tech jobs downtown, hundreds of buyers lined up to pay a $5,000 refundable deposit to be guaranteed a spot at a priority presales event on June 4th last year. Some people even camped out overnight to be first in line.

Burrand Group, the Canadian company that owns the site, plans to break ground this month to begin construction. The Nexus building will be within walking distance of at least two large-tech work campuses in the South Lake Union area. An article with Puget Sound Business Journal states a fitness center, common co-working space, the option of renting a guest room, and a rooftop terrace will be some of the amenities available.

As of October 2016, the median price for a downtown Seattle condo was $650,000. The median price for a 1-bedroom rental is currently $1,820 per month, reflecting the 40% hike in rent over the past 5 years. Seattle is now in the top ten of most expensive apartment markets in the United States, as of April 2016.

Washington State Home Sales Soar Past Previous Highs

sold-sign2015 may have been an interesting year for many reasons, but in the world of Washington real estate, it sure felt like the good old days.

Not since the way-back-when of 2007 had so many homes and condominiums sold in the Evergreen State. According to the Northwest Multiple Listing Service, 2015 saw a whopping 88,331 homes changed hands last year, about  14% more sales than in the previous year. Those who have done the math say that works out to about 75,975 single family homes and 12,356 condominiums, valued at  approximately $34 billion, about 23% more than the dollar volume sold the year before. Those impressive figures make 2015 one of the best years for Washington State real estate in recent memory.

The last time this state saw real estate figures like that was in 2007, before the bubble burst and sent the country into what is not-so-affectionately known as The Great Recession. Even in 2007, the figures only added up to about 82,197 sales valued at $32.3 billion, according to the Northwest Multiple Listing Service.

Furthermore, despite a ‘lower inventory’, so to speak, prices and number of sales continue to grow. In King County, the median home price was $480,000 and more than 26,600 homes sold. Compare that to a median price of  $440,000 and 26,600 homes sold, in 2014 and you’ll notice a jump of close to 10%. Snohomish and Pierce counties can top those figures with growth figures for both median home price and number of homes sold over last year at nearly 16.80% ($355,000, up from $326,360 with 11,303 homes sold) and 17.39% ($249,950, up from 230,000 with more than 13,200 homes sold) respectively.

Overall, region-wide, the growth was about 8.8% from 2014, with a median price for single family homes and condominiums at about  $310,000, up from $285,000  last year.

Numbers like this are a positive and encouraging sign for the state of the  real estate market and the country’s economy as a whole. Let’s just hope nothing comes along and tries to ‘burst our bubble’ this time.

Dramatic Growth In Seattle-Area Luxury Homes Market

Luxury home available on Mercer Island

Luxury Mercer Island home available for $10,998,000

It’s no secret that Seattle’s housing market is one of the strongest in the nation, but what is a little surprising is the growth in the luxury homes sector. According to a recent story by the Puget Sound Business Journal, 537 homes sold for more than $1 million in just four Bellevue ZIP codes alone over the past year, 108 more than 2014 and an increase of 25 percent. 60 homes sold for over $3 million in those areas, up 43 percent over last year.

In Seattle as a whole, 901 homes have sold for $1 million or more so far in 2015, compared to 689 in 2014, according to statistics from the Northwest Multiple Listing Service. Of those sales, more than a quarter (241) occurred in the Central Seattle area comprising the neighborhoods south of the ship canal, north of I-90, and east of downtown. Most were clustered on North Capitol Hill and in the neighborhoods bordering Lake Washington, such as Madison Park, Washington Park, and Leschi. The most expensive sale of the year (so far) was a 9,820-square-foot estate on McGilvra Boulevard in Washington Park that fetched $5.75 million, followed by a lakefront Cape Cod-style home in Washington Park, which sold for $5.195 million. The PSBJ article states that sales of homes priced $1 million or higher in Ballard and Green Lake are up a whopping 200 percent.

The Seattle area’s growing job market is cited as one of the main drivers of the luxury home sales market, as is strong interest from international buyers, especially from China. With tech companies flocking to Seattle and Eastside job centers, they bring with them highly paid executives who may seek out luxury homes. The PSBJ article states that “Luxury homes are bellwethers of a thriving economy and growing job market. They are the ultimate proof of a prosperous and strong residential real estate sector.”

If you’re interested in Seattle’s luxury homes market, please contact one of our residential agents today.

No Slowdown Predicted For Market During Holiday Season

As we head into the holidays, real estate experts in the area predict that the Puget Sound market will not see the typical slowdowns associated with the season. Listings often drop off during this time of year, as potential sellers are more focused on holiday events, but with sustained demand for homes in our region, the next few months are going to be a great time to sell a home. The area comprising King, Kitsap, Pierce, and Snohomish counties saw the highest number of pending sales in a decade in October, and those high sales volumes are predicted to continue.

Though median sales prices for single-family homes are down in King County on a monthly basis, from $490,250 in September to $480,000 in October, prices are up by 7 percent over the year, according to statistics from the Northwest Multiple Listing Service. Similarly, Seattle’s market saw prices dip slightly from $571,000 in September to $555,000 in October, but rose by almost 8 percent over October 2014. However, some neighborhoods within Seattle saw significant monthly gains, such as Queen Anne and Magnolia, where the median price rose from $699,950 in September to nearly $800,000 in October.

Inventory continues to slide, as there were 10 percent fewer homes on the market in King County in October than in September, and 32 percent fewer than this time last year. Since inventory historically drops anyway at this time of year, the supply of homes could become especially tight, likely prompting an increase in prices. Though well-priced homes are selling quickly, overpriced homes are seeing longer stints on the market, emphasizing the need for an experienced real estate agent who can establish a listing price that will garner your home the most attention possible.

These statistics were gathered from the Northwest Multiple Listing Service, but were not compiled or published by that organization.

King County Home Prices Bounce Back in August

1After the median selling price for a single-family home in King County dropped to $485,000 in July, prices bounced back to just a hair under $500,000 in August, representing a 14.4 percent annual gain, and the biggest yearly gain of any month in 2015. Inventory in King County was also up slightly from July, and now stands at 1.36 months’ worth of supply, the most inventory we’ve seen since February, according to statistics from the Northwest Multiple Listing Service. In contrast, median prices within the sub-market of Seattle stayed essentially flat last month, having dropped by just $500 from $575,500 in July to $575,000 in August. However, that is a 15 percent increase over August 2014.

Inventory in Seattle followed King County’s lead and increased by a small increment to .91 month’s supply, up from .74 months’ worth in July. Lack of inventory continues to put pressure on the market in the Puget Sound region, with total listings down 29.7 percent in King County and down 32.7 percent in Seattle since this time last year. “The biggest challenges our buyers face are lack of inventory and the quality of homes to choose from,” MLS director George Moorhead said in a statement. Some believe this continued double-digit price growth combined with lack of available properties is not sustainable and that we may see a slowdown in the market as we enter the fall season, when inventory historically drops by about half.

The area condo market has made great strides over the year, especially in Seattle, where the median price rose from $299,000 in August 2014 to $395,000 this year – a staggering 32 percent. Prices increased more modestly countywide, but still showed strong growth with a 19 percent rise.

If you are interested in buying or selling a home in the Seattle area, contact your local real estate agent today!

Only 2% of Seattle Renters Plan To Buy Within Year

371 ProspectSeattle is home to one of the nation’s highest homeownership confidence rates, according to Zillow’s recently released Housing Confidence Index (ZHCI), but our region’s soaring home prices could be causing renters to think twice about entering the home-buying market. According to a Zillow report, only two percent of renters in Seattle are planning to purchase a home in the next year, which is far below the national average of 11.4 percent and the lowest rate among the top 20 metro areas. Miami led all metros with 21 percent of renters planning to buy in the upcoming year, despite a healthy 8.9 percent year-over-year home value increase.

The Seattle Times cited another statistic from Zillow stating that even among renters making $90,000+ per year, 48 percent said they were not planning to buy in the next five years. In the most recent census data available (from 2013), the biggest growth in the rental market was from those making $100,000+ per year. Though some of Seattle renters’ hesitation may largely have to do with discouragement over the high prices and bidding wars that have become the new normal, many are consciously choosing renting for the flexibility it allows. With the plethora of luxury apartment buildings sprouting all over Seattle, many offering amenities akin to those at high-end hotels, renting, and avoiding the obligations of home ownership, is looking more and more appealing to many.

But just because renters are staying out of the fray doesn’t mean no one’s buying, in fact, quite the opposite. Even with almost a third fewer listings this August than August 2014, pending sales and closed sales in King County were both up this August compared to a year ago, according to statistics from the Northwest Multiple Listing Service. After a slight dip in home prices in July, the median price for a single-family home in King County bounced back to just a hair under $500,000 at $499,950 in August. The Seattle area’s market also rose from 10th to 2nd on Zillow’s Housing Confidence Index.

If you are interested in buying or selling a home in the Seattle area, contact your local real estate agent today!

Home Tips: Prepare Your House For Fall

Fall has truly begun in Seattle this week, with leaves changing color seemingly overnight, and warm temperatures giving way to crisp fall air. Before you begin cozying up inside for the months ahead, there are several things you can do to prepare your home and yard for wet, cold weather. Here are some tips for making sure you and your house make it through the cold season unscathed:

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  • If you’re handy and can safely do it yourself, make sure your gutters are clear of leaves and debris. If not, hire a professional to do it for you.
  • Make sure your roof is in good shape. The last thing you want is a roof leak in the middle of the rainy season!
  • Trim back shrubs and bushes at the base of your house. Anything that can trap water near your home’s foundation is a recipe for water damage, so make sure your landscaping directs water away from your house.
  • Make sure your home is air- and water tight. In addition to saving you money on energy costs, making sure your house is sealed up makes it more comfortable and prevents potential water damage. Make sure your windows and doors are weatherstripped and are sealing tightly, and if drafts are still sneaking in under your doors, consider using a “door snake” for additional insulation.
  • If you have a fireplace, have the inside and chimney cleaned and inspected by a professional, and give the exterior a good scrubbing yourself. Porch.com has some great tips on how to clean your fireplace here.OLYMPUS DIGITAL CAMERA
  • Winterize your outdoor faucets and pipes. Read tips on winterization here from Seattle Public Utilities.
  • Make sure your smoke and carbon monoxide detectors are functioning correctly. Washington state law states that you must have a carbon monoxide detector installed outside of each sleeping area and on each floor of your house. Fall leaves
  • Do some yard maintenance to ensure safety. Since it will most likely be dark when you leave your house in the morning and when you come home in the evening, consider installing outdoor lights. Solar-powered options cost you nothing in energy costs, and many models switch on automatically at dusk and turn off at dawn. No brainer. Also, make sure your walkways and porches are free of cracks, moss, and leaves that can make them slippery.

Prices Down In King Co., But Sales Are Strong

1Home prices in the Puget Sound housing market showed signs of cooling in July, but sales volumes were on par with the blazing temperatures we saw for much of the month. While the number of closed sales of single-family homes in King County held relatively steady from June to July, there were 266 more closed sales this July than during the same month in 2014, despite there being 1,311 fewer active listings than a year ago, according to statistics from the Northwest Multiple Listing Service. The median sold price for a home in King County actually fell from $500,000 in June to $485,000 in July, but prices were still up 3.63 percent on a yearly basis. The median sales price for single-family homes in Seattle showed no change from June to July, holding steady at $575,000.

Though that may seem like a modest yearly increase compared to the 10 percent year-over-year price increase in June, median prices in many sub-markets in King County are growing at much higher rates. Prices in west Auburn in southwest King County grew by nearly 25 percent over the year, and Kirkland saw a yearly increase of almost 18 percent. The city of Seattle saw median prices rise by 5.9 percent to $575,000. Even the West Bellevue area made up of communities including Medina, Hunt’s Point, and Clyde Hill, which is home to the county’s highest median price of $1,537, 500, saw prices rise 14.4 percent over last July.

King County’s supply of homes actually increased slightly over the month, from 1.18 months’ worth in June to 1.22 months’ worth in July, but that is still far below the ‘balanced’ range of 4-6 months’ of inventory. Some areas, especially neighborhoods within Seattle, are scraping by with under a month’s worth of homes. The northwest Seattle neighborhoods of Ballard, Green Lake, Fremont, and surrounding areas have just half a month’s supply; and northeast Seattle is doing just slightly better with 0.6 months’ worth of homes available.

Despite the slight drop in home prices over the month, the continued lack of inventory means it is still a great time to sell. If you’re interested in buying or selling a home in the Seattle area, contact your local real estate agent today!

Price Growth In Seattle Area Slows In May

1S&P/Case-Shiller released its monthly home price index this Tuesday, and the numbers show that home prices in the Seattle metro area have reached a minor lull in the traditionally busy buying season, with the index up just 1.4 percent in May from April. Average prices stayed the same from April to May, whereas prices grew by 0.6 percent from March to April. The weaker than expected gains still reflect a 7.4 percent increase from last year, on par with year-over-year gains in April. The median price in the Seattle area is still 6 percent below the 2007 peak.

David Blitzer, chairman of the index committee, said in a statement that first-time home buyers are partially to blame. “First-time buyers provide the demand and liquidity that supports trading up by current homeowners. Without a boost in first-timers, there is less housing market activity, fewer existing homes being put on the market, and more worry about inventory,” he said.

Though the Case-Shiller index showed an overall gain of 7.4 percent from last year the most notable jump was still in the most affordable homes. There was a 10.7 percent gain in homes sold under $296,017 and only a 6.7 percent gain in houses sold over $471,764.

Data from CoreLogic shows that only 2.18 percent of homes mortgaged in King and Snohomish counties are delinquent by 90 days or more. A sharp decline from last year’s 3.26 percent delinquency rate, and the July 2012 peak of 6.68 percent.  This decline has helped to ground home prices.

Though gains have slowed for the current month, it is anticipated that the stagnation will not continue in the coming months according to Stan Humphries, Zillow Chief Economist.

If you are looking to buy or sell a home in the Seattle area, contact your local real estate agent today!