November Real Estate Report

The Seattle real estate market shows no signs of slowing its hot streak of growth due to high demand, limited inventory and significant development projects that are snapped up almost immediately after completion. We are at the top of the list of major U.S. cities with the highest home price increases:

“The Seattle metro right now we are seeing it’s the second fastest moving market among the large markets in the U.S. with almost 12 percent annual home value appreciation,” said Zillow Chief Economist Svenja Guddell, after the company issued a new market report.

Home Available in Anacortes, WA

Average sale prices are distinctly higher this year for both residential home sales, exemplifying the local market demand.

In November 2017, residential home sales were more than double those from this month last year; 461 homes were listed last month, while 221 homes were put on the market in November 2016. Average sale prices were also more than double this year, with an average home sale of $800,000 as compared with the $390,000 average in November 2016. Top home sale prices are much more variable, and the highest-priced home to sell last month was $6,200,000. Last year in November, the highest sale price was $8,000,000, with the next highest home sold that month priced at $2,804,000.

Home Available in Washington Park, Seattle

There were significantly fewer listings for condominium sales this November as compared with the same month last year. In 2016, 451 condos were put on the market, while 221 were listed in November 2017. The average sale price for condominiums sold in November 2017 dropped $209,000 from last year, to $470,000 from $679,000. The highest-priced condo sold last month was $2,800,000, down $1.5 million from the highest-priced condo sold in November last year: $4,300,000.

Home Available in Denny Blaine, Seattle

Seattle offers a total of 363 active listings and 634 listings pending sale.

With such a highly competitive market, professional knowledge and guidance is crucial when you’re looking for your new home in Seattle. Our team of experienced, customer-focused brokers and leasing agents can help you navigate the process and find your next dream home. Contact us to get started!

This data is pulled from the NWMLS including neighborhoods Arboretum, Ballard, Beacon Hill, Belltown, Belvedere Terrace, Bitter Lake, Blue Ridge, Broadmoor, Broadview, Broadway, Capitol Hill, Cedar Park, Central Area, Columbia City, Crown Hill, Denny Blaine, Downtown, Dunlap, East Union, Eastlake, First Hill, Fort Lawton, Fremont, Georgetown, Green Lake, Greenwood, Haller Lake, Hawthorne Hills, Interbay, International District, Iverness, Jackson Park, Jefferson Park, Judkins, Lake City, Lake Union, Laurelhurst, Leschi, Licton Springs, Loyal Heights, Madison Park, Madison Valley, Madrona, Magnolia, Magnolia Bluff, Maple Leaf, Matthews Beach, Meadowbrook, Montlake, N. Beacon Hill, North Beach, North Capitol Hill, Northgate, Olympic Hills, Olympic Manor, Phinney Ridge, Pinehurst, Pioneer Square, Portage Bay, Queen Anne, Ravenna, Roanoke Park, Roosevelt, Safeco Field, Sand Point, Seattle, Sodo, South Lake Union, Sunset Hill, The Highlands, Times Square, University District, Victory Heights, View Ridge, Wallingford, Washington Park, Wedgwood, Westlake, Whittier, Windermere, and Woodland Park.

Lakeside in Edmonds

This sunny, Lake Ballinger waterfront home sits at the end of a quiet cul de sac. A level, three quarters of an acre lot creates a quiet respite for the end of the workday or playing hooky on a summer afternoon. Beyond the formal entry, one’s eyes are immediately drawn to the wall of east facing windows with the spacious yard and lake beyond. The bright and open living and dining rooms wrap around a mid-century, corner, brick fireplace. An admirable kitchen couples the dining room and layout accommodates more casual meals or social connection to whoever is playing chef that day.

A practical laundry/mudroom connects the spacious two-car garage to the kitchen. Sizable, and equipped with a number of built-ins, this room is able to serve many purposes while keeping your clutter conveniently tucked away.

A substantial bonus room also carries the ability to flex with your lifestyle, whether it be spacious office, media room, romp and play room, or all of the above.

The master suite is equipped with walk-in closet, full bath including 2 vanities, soaking tub, and separate shower, and an additional room for reading, nursery, crafts, etc…  A second bedroom and full bath are just down the hall from the master and a third bedroom with en-suite three-quarter bath is also nearby.

Outside a generous deck borders much of the lake side of the home and is accessed easily from kitchen, dining, and living rooms. A simple field of grass separates the house & deck from the waterfront and dock. So spacious your Thanksgiving family football game could take place right off the kitchen! OR be ready for summer soirees with a croquet set, volley-ball net, canoe and paddle boards!

With a picturesque setting, convenient location/simple commute, big windows, and rooms both spacious and flexible, this home doesn’t challenge anyone’s needs or desires. Make your lifestyle choice a reality!

Looking For a Home With a View?

Gallery

This gallery contains 33 photos.

According to the Seattle Times, a recent study by the University of Washington asked newcomers and long-term residents what they value most about the Seattle area. All answered “the natural beauty of the region”! So we can all agree we … Continue reading

Real Estate News from Ewing and Clark

The heat is really rising this month and the inventory in the real estate market is still low. For the first time in the King County area, the median home price has increased over $100,000 in just one year. The country had its hottest month of July in the last 17 years, with prices rising 18.6 percent from a year ago. Seattle and the Eastside did show a slight drop in median prices compared to our record-setting June, but were still up 15 percent from last year. Seattle’s median home price is $749,000 and the Eastside is $860,000. Condo median price in Downtown Seattle actually saw a slight drop compared to the prior year ($462,000 vs $465,000).  The condo price drop in Downtown Seattle was due to the Insignia condo which was completed in 2016.  In July 2016, the Insignia accounted for over 25% of the condos sold (105 units) at a median price of $695,900.

Check out our new listings all over Washington State. Click on the photos below to see more!

Extraordinary, sweeping panorama of City skyline, Space Needle, Mt Rainier, Elliott Bay, and Alki Point. MLS#1158119

Newly refreshed 3 bedroom and 2.5 bath 2 story home in Auburn. New paint inside and out, new carpets and appliances. MLS# 1175853

Stuart Silk designed modern residence on the shores of Lake Washington in Washington Park. Sublime, meaningful design exudes serenity & sophistication. MLS# 1176637

Remarkable low bank architectural residence w/sandy beachfront on 3.5+ acres in Anacortes. MLS# 1174896

A boater’s paradise: new dock, boathouse, sandy beach & ramp! Just outside the Locks on Shilshole Bay offers gorgeous views of the Bay, Locks, boating activity & wildlife. MLS# 1173593

Sophisticated, open design- a modern longhouse, w/cathedral ceilings, beautiful wood carpentry, huge windows taking in peaceful, breathtaking views in Sequim, WA. MLS# 1142395

Contact Ewing and Clark for any of your real estate needs.

 

 

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.

Sell Your Home This Spring With These Seven Tips

Spring has sprung in beautiful Seattle, and if you’re looking to sell your home, there may be no better time to do so. Think about it, what a lovely time to showcase your home and really put its best foot forward, so to speak? Here are some tips to get your home looking picture perfect for a Springtime sale.

  1. Spring Cleaning
    Nothing says Spring more than a good old fashioned Spring cleaning, and that may be just what your home needs (probably, even if you’re not going to sell it) to get it in tip top shape. Go through those boxes of STILL unpacked home goods, linens and clothes that have sat in a closet or attic since move-in day and get rid of whatever you don’t need or use anymore (trust me, charitable organizations are just as grateful for the donation this time of year as they are in winter).  Get the windows washed, floors scrubbed and everything looking clean and clutter-free. Plus, you’ll have the added bonus of a much easier move after you sell, if there’s less stuff to pack!
  2. Get Your Garden On
    Spring is an excellent time to make your yard look its absolute best. Slip on some gardener’s gloves and pull a few weeds, plant new flowers, prune trees and bushes and make sure any leftover leaves from winter are raked up and the grass is mowed. Potential buyers are definitely going to check out your yard, and just like a delicious meal, presentation is everything. Do your best to seed patchy grass, lay down beauty bark or simply add rock edging to flower beds. Adding more colorful flowers can make a big difference in how appealing your home looks too. It’s the little touches that can make a big difference.

  3. Create A Patio Worth ‘Sitting A Spell’ On
    Once the yard is looking good, it’s time to turn your attention to any outdoor living space your home offers. Simple improvements like clean, well-kept patio furniture with bright and colorful pillows and a few nicely potted plants can create a lovely and inviting outdoor space as well as help to evoke images of enjoying the Summertime there, in a home-buyer’s mind. That’s the kind of image that may just get you an offer. Also, it’s a good idea to stage the patio area with a pitcher and glasses of a refreshing beverage on the patio table when showing the home, especially on a nice sunny day.
  4. De-Gunk the Driveway
    A very simple yet often overlooked way to add extra curb appeal and freshen your homes appearance is with a good power wash to the driveway and any sidewalks outside. Moss, oil stains and other undesirable things can collect on paved surfaces outside of your home and make it look neglected or just plain grungy. A nice power wash should do the trick and rid those surfaces of any ‘blemishes’, instantly boosting the overall ‘put-together’ look of your home.
  5. Let There Be Light
    We are blessed this time of year with much more abundant sunlight than just about any other time of year (save for summer, of course). Why not take advantage of it by opening your house up to more light? Weather permitting, open windows and patio doors to let in plenty of light, fresh air, and maybe even the oh-so-Springy scent of freshly cut grass and flowers.  Use light the way ladies use lipstick for a night out, as an easy finishing touch that adds immense appeal, quickly and easily.
  6. Make Sure Things Are Up to Snuff
    Hiring an inspector to give your place the old once over is usually a good idea, no matter how well maintained it may be. If you have even a tiny inclination that something may need to be fixed before it hits the market, you should have a pro take a peek. Plus, getting things fixed and in great condition can significantly drive up the selling price of your home, which is generally a good thing. Your realtor (or a potential realtor) should be able to help you find a professional in your area to conduct an inspection.

7. All The Home’s A Stage
Staging can play a BIG part in attracting a buyer. Just as garden improvements and      landscaping are hugely important for the outside of your home, staging is key for the inside of your home. Regardless of whether you’re currently living in the home, or moved into your new abode, you want to create a space that’s warm, inviting and, well, homey. People need to be able to picture themselves living their daily lives there, so making it feel like home is important. Add a vase of fresh flowers to the dining table, a basket of fresh apples to the kitchen counter, have art on the walls (but not too much, and try to minimize the presence of personal or family photos) and fun throw pillows/blankets on the couches. You can even add the scent of fresh laundry or freshly baked cookies (a scented candle should do the trick) to get an extra edge, as our sense of smell is most directly tied to memory and scents like that can ‘take you home’ in an instant.

With these tips, the task of readying your home for sale should be a little bit easier. Remember to take it easy though. Don’t try to bite off more than you can chew and do it all in one weekend. Home buying and selling can take time, and you should take the time needed to get all your ducks in a row before you put that sign out in the yard. Preparing your home for the market can be a breeze if you just take it one step at a time to get your home looking it’s best, and, with any luck, it will be someone else’s home in no time!

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.

Seattle Condos Appreciating Faster Than Homes

Madison Tower cropped

Featured condo – 1000 1st Ave., Unit 2202, Seattle, 98104

Condominium property values were some of the hardest hit after the housing crash, with the typical condo in the U.S. losing a third of its value. But according to a recent Zillow survey, condos are finally making a long-awaited comeback and are appreciating more quickly than single-family homes in many U.S. markets, including Seattle’s.

According to statistics from the Northwest Multiple Listing Service (NWMLS), the median sales price for a condo in Seattle in October was $368,000, up 23 percent over the year, compared to an 8 percent price increase for single-family homes. Condos in many neighborhoods within the city saw much higher rates of appreciation. Prices increased by 55 percent in Southeast Seattle (Columbia City, Rainier Valley, Seward Park), and by 45 percent in both Beacon Hill and the Ballard/Green Lake/Phinney Ridge area. Prices for condos in Seattle’s most expensive market, comprising Downtown and Belltown, rose by 34 percent over the year to a median of $539,000, and Queen Anne condo prices are the highest in a decade.

The condo market may be especially attractive to first-time home buyers, who are largely being priced out of Seattle’s expensive single-family market. Condos are often more affordable and lower maintenance, and many offer the urban lifestyle that young professionals are increasingly attracted to. Seattle’s condo market is also suffering from a lack of inventory with only 1.18 months’ worth of supply available (compared to the 4-6 months’ worth that is generally considered a ‘balanced’ market) which could be another factor helping drive price increases. Currently, there are 107 condos on the market in Downtown Seattle, ranging from $209,900 for a 447-square-foot unit at Vine and Western, to $9,990,000 for the 6,758-square-foot full-floor penthouse at the Madison Tower.

Zillow’s Chief Economist Svenja Gudell wrote in the survey summary that, “Over the past few years, buying a condo hasn’t always been considered an investment on par with buying a single-family home. Clearly, the most recent data indicate that notion may be due for a second look.”

If you are curious how much your condo might be worth, please do not hesitate to contact one of our real estate agents!

Real Estate Site Ranks Seattle No. 1 Housing Market

1150 17th Ave E-33. straightened smalljpgReal estate website auction.com has ranked the Seattle area the No. 1 housing market in the country for single-family homes, according to its analysis of home prices, sales data, demand, and economic factors. They point out the combination of strong price growth, at 10.9 percent over the year, and an equally strong increase in sales over the year, at 12.6 percent, as indicators of our market’s overall strength. The Seattle area’s solid job market keeps attracting new residents, and relative affordability compared to other tech hubs such as San Francisco, San Jose, and New York has seen demand continue unabated. Coupled with the fact that it is still 13 percent less expensive to buy rather than rent in Seattle means that everyone is trying to get their piece of the Seattle real estate pie.

Rounding out the top five behind Seattle are three areas in Florida – Fort Lauderdale, Orlando, and Palm Beach County – followed by our little sister to the south, Portland, where prices grew by 9.4 percent over the year.

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