December Real Estate Report

Seattle has been ranked the hottest housing market of the year 2017, after 16 months in a row at the top of the S&P CoreLogic Case Shiller Home Price 20-City Composite Index. Home prices continue to stay at peak levels, and since inventory is quite low, the market for buying a home is incredibly competitive.

According to Redfin, over 50 percent of the homes sold by the company last year resulted in bidding wars, showing just how deeply competitive 2017 was for local real estate. And the competition isn’t just between local buyers; international investors, particularly from China, are very attracted to Seattle real estate opportunities. However, foreign investment in the Seattle real estate market has dwindled since late last summer.

Residential home prices in 2017 were significantly higher than in 2016, although listings were down. This December, there were 349 homes listed, from 423 in 2016. The average sale price last month was $892,411, which was an increase of slightly more than $100,000 from the 2016 average sale price of $791,526. The top sale price in December was $5,825,000, an increase of $2,075,000 over the top sale price in December 2016.

Sales of condominiums in Seattle last month was relatively the same as those in December 2016, with the greatest difference being in the top sale price. In 2016, the top price of December was $4,250,000 and last month featured a top price of $2,850,000. There were only two fewer Seattle condos listed last month as compared with the 186 condos listed in December 2016. Average condo sales prices varied less than $50,000; the average price in December of the previous year was $530,123, while the average in December 2017 was $573,870.

Seattle offers a total of 248 active listings and 367 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.

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

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.

Young Owners’ Share Of Market Lowest Since 1900

1510 37th NewThere likely aren’t many facets of today’s housing market that can be compared to that of the Gold Rush era, but according to a recent article in The Seattle Times, young homeowners’ share of the market has regressed to early 20th Century rates. Among Millenials (25-34 year olds) in King County today, only a quarter own their own homes, on par with statistics for that age group in 1900. The percentage has dropped by 13 percent since the housing market peak in 2007, and it has fallen twice as fast as the national average, according to the Times.

By comparison, about 50 percent of homeowners in 1980 were from the 25-34-year-old age bracket, and 80 percent of young married couples making the median income or higher owned their own home. An increasing number of young people have been delaying marriage, and without the financial security of a two-income household, home ownership is out of reach for many young single people. Even in Seattle’s strong job market, singles and couples earning good incomes are increasingly held back by the area’s skyrocketing home prices, as well as student debt that is five times higher than it was 10 years ago.

But the article suggests that another factor could be simply that home ownership isn’t as attractive as it used to be, and young people just don’t want to buy. Many millenials had just graduated from college just as the economic crisis hit, shaking their confidence in real estate as a good investment. Even with the median rent for a one-bedroom apartment in Seattle hovering around $1,800 per month, it appears that a large portion the city’s population of young workers is choosing the low-maintenance flexibility of renting over the responsibilities of ownership. Apartment living as changed dramatically in recent years, and with the breadth of amenities ranging from community gardens to deluxe bicycle maintenance areas, yoga rooms, and rooftop fire pits, renting offers perks that owning a home can’t, with the added bonus of not being tied to a mortgage.

If you would like more information about renting or buying in the Seattle area, contact your local real estate agent today!

Seattle Home-Price Growth Slowed In January

1910 NW 100th St-6S&P/Case-Shiller released its housing numbers for January on Tuesday, and while Seattle’s home-price index is up 6.8 percent over the year, it saw a slight drop of 0.5 percent over the month. By comparison, both 10-city and 20-city indexes grew by slower yearly rates of 4.4 percent and 4.6 percent respectively, but decreased by only 0.1 percent over the month. Of all the cities in the index, San Francisco saw the largest monthly decrease of 0.9 percent.

Prices are still rising, but are rising at a slower rate. According to The Seattle Times, the average price for a single-family home in King, Snohomish, and Pierce counties was up 0.7 percent from December, whereas prices grew by 1.4 percent from November to December 2014. David Blitzer, managing director and chairman of the S&P/Dow Jones index committee stated in a press release that the housing market is currently relatively strong due to low interest rates, strong job growth, and low oil prices, but that stagnant wage growth could lead to an eventual downturn.

“Home prices are rising roughly twice as fast as wages, putting pressure on potential homebuyers and heightening the risk that any uptick in interest rates could be a major setback,” Blitzer said in the release. He also noted that new home starts are at rates normally seen during a recession.

While the median home price in Seattle is still 12 percent below its 2007 peak, prices have bounced back to spring 2006 levels, according to the Times, and they reported that Zillow records the median home value for all three counties at $358,200.

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

Seattle Home Prices Up 6 Percent Over The Year

housing statsThe local housing market continues to grow on a yearly basis, with prices for single-family homes in November 2014 having risen by 6 percent over November 2013, but the market also saw slowing monthly growth for the third month in a row, according to the S&P/Case-Shiller home price index released Tuesday. Despite the slowdown, Zillow’s Chief Economist Stan Humphries told The Seattle Times that the Seattle area’s housing prospects for 2015 are still strong, and the slowdown represents merely the market settling back in to normal levels. The Seattle market continues to outperform both the 20-city index and the national market, which saw annual growth rates of 4.3 percent and 4.7 percent respectively. Rates for 30-year fixed mortgages have held steady over the past week at 3.58 percent.

Seattle Housing: What To Expect In 2015

Wash park home11Millenials

In Seattle’s housing market, where the supply of homes over the past year never exceeded two months’ worth of inventory, a whole new generation of home buyers could be poised to make an even bigger dent in the pool of available homes in 2015. Millenials – people born after 1980 – have been putting off home purchases due to factors such as high student debt, stagnant wages resulting from the recession, and a desire to not be tied to a permanent home, but they could be a bigger force in the housing market in 2015, according to a new report in The Seattle Times. With the median rent in King County now standing at $1,750 per month, home ownership is beginning to look more appealing to many in their late 20’s and early 30’s who have thus far been exclusively renters.

Rental Market

Rents in the Seattle area (King and Snohomish counties) grew at a staggering rate of more than 8 percent in 2014 and are projected to continue to rise in 2015. An estimated 12,273 new apartment units slated to go on the market next year are expected to increase competition for renters and help ease price hikes somewhat, but the glut of new units likely won’t provide much relief for those with budgets at the lower end of the spectrum. For example, in Ballard, where many of these new buildings are going up, apartments built after 2010 are renting for an average of $1,731 per month – not exactly affordable for many single renters. Overall, Seattle remains the 8th most expensive place to rent in the country, with a median rent of $1,580 for a one-bedroom apartment.

Home Prices

Seattle median home prices continue to rise on a yearly basis, having grown 11 percent in 2014, according to the Puget Sound Business Journal, but most are predicting slower, yet steady growth for 2015. The median price for a single-family home in Seattle in November this year was $357,000. In King County as a whole, the median price was $440,000 in December, just slightly lower than the 2007 peak of $455,000. Stan Humphries, chief economist at Zillow, told The Seattle Times that he expects to see continued moderation of price gains over the next year, compared with the double-digit growth the market saw in 2013 and early 2014. OB Jacobi, president of Windermere Real Estate, said in a statement that he expects price growth of 4-6 percent in 2015.

Chinese Buyers Big Players In Seattle Real Estate – And Getting Bigger

bellevue homePeople from China bought more than $2 billion in residential real estate in the Puget Sound area in 2013, and it doesn’t appear that that number will be decreasing anytime soon, according to a new report by the Puget Sound Business Journal. Chinese buyers are lured here by our clean air and good schools, and by the fact that they are able to buy a large home here for the same price that a small condo would cost in Beijing or Shanghai.

Tere Foster, a residential agent with Windermere, told the PSBJ that while many Chinese buyers buy homes here to use as their residence, many also buy them simply as part of an investment portfolio and let them sit vacant. Chinese investor groups have also been getting in on the commercial market in the past several years, having bought the First Congregational Church property in Bellevue for $30 million, and another Bellevue development site for $31 million. Many transactions, for sales of both residential and commercial properties, are being conducted in all cash, making closings much quicker than those involving financing, an obvious incentive for sellers.

Local brokerages are fully embracing the influx from East Asia, hiring Mandarin-speaking agents and forming divisions specifically to serve Chinese buyers. PSBJ cites a statistic from the National Association of Realtors that says there are more than 2 million millionaires in China, 47 percent of whom plan to move out of China within the next five years, meaning that the flow from China to Seattle has most likely just begun.