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

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.

 

 

Seattle Condo Prices Still Below Market Peak

Seattle condo prices are taking their time to bounce back from the housing bubble in comparison to single family home prices. With condo prices down, the market has presented a unique opportunity for renters who haven’t been able to save for a down-payment to purchase a single family home. In some of the suburbs around Seattle, condo listing prices are still well below recovery prices, and low prices paired with low interest rates means more and more renters have the opportunity to be new homeowners. pioneer square

According to the Seattle Times, out of the 30 suburbs throughout King County listed by the NWMLS, all but 3 (Bellevue, Kirkland, and downtown Seattle) have not seen the median home price surpass the 2007 market peak. In 19 of the 36 markets listed in King and Snohomish County, median home prices are still 20% below the market peak. Seattle has seen the cost in rent and single family homes continuously rise, while condo prices have stayed consistent, or even dropped in some areas. While there are a number of reasons that a condo market can suffer during a market recession, many singles, small families and people looking to downsize are turning to condos for an affordable option towards homeownership. If you’re interested in learning more about the Seattle condo market, contact your local real estate agent today.

How to Get the Best Mortgage

If you have determined that you’re at a good point to start looking to buy a home in Seattle, you’ll likely need to begin researching how to get the best deal on your mortgage. While interest rates continue to remain low, finding the best mortgage option can still be cumbersome, but there are a few steps you can take to save you time and money. One of the biggest factors in determining if you will be approved for a loan, and what your interest rate will look like is your credit score. Reviewing your credit score at least once a year is highly recommended, so that you are aware of any issues or errors that could be improved to give you the extra few points you need to qualify for a better interest rate. Another factor that lenders take into account when you apply for a loan is your debt-to-income ratio. This is your income compared to how much money you owe, so if possible it might be a good time to decrease your debt or increase your income. If you can make larger payments on those credit cards, or pay off a loan, it could save you some money down the road.

Photo Courtesy of Istock Photo

Photo Courtesy of Istock Photo

While many real estate agencies can provide you with an affiliated lending bank, it is always wise to shop around for lenders, and ensure you’re getting the best rates available to you. Shopping for lenders can be as simple as requesting a quote online from several local companies, and comparing your findings. If you’re interested in learning more about your mortgage options, and ready to start the home buying process, contact your local real estate agent today.

Tips For Giving a Dated Room a Fresh Look

If you’re a new home owner looking to make your new home your own, or a longtime homeowner looking to spice up dated decor,  it can be hard to find the time and inspiration to spruce up your living space. You’ve probably created a few pinterest boards chalked full of fun ideas, but check out this list of easy changes you can implement to really update the look and feel of a room. It may seem like an obvious choice, but adding a new shade of paint to your walls can drastically change the appearance of your interiors. If you have outdated furniture, don’t hesitate to add a coat of paint or stain that could liven the otherwise boring end  table. If you don’t like it now, what is the harm in staining it, when the outcome could be something you love? kitchenin

Changing the light fixture in a room can really brighten the space, and create a completely new look and feel. You do not necessarily need to buy one big eccentric fixture, but you do need to make sure that all the fixtures within the same room compliment each other. There is nothing worse than an outdated room, that smells older than the decor within. Keep windows open when weather permits, to keep old odors smelling fresh, and keep your carpets vacuumed and clean. While you’re at it, give the whole room a good cleaning – decluttering can drastically change the look and functionality of a space, and prepare for new decor to enhance the room. Personalizing with small and unique to you touches, like hanging a photograph of a memorable trip, or adding new colorful couch pillows can create just the right amount of change you crave. If you’re interested in learning more about Seattle real estate, contact your local real estate agent today.

Should You Buy in the City or Suburbs?

It is the question many first time home buyers find themselves asking: Do I want to live in close proximity to the city, or do I want to live in a quiet neighborhood? Many first time buyers are taking into account their needs for the present, weighing their options of buying a residential home or a condo, choosing a location close to the light rail to ride to work, etc, but many of them don’t realize they could very well be living in that 2 bedroom condo 5 years from now with 2 additional children, dogs, and a partridge in a pear tree. Maybe city life is for you right now, but what happens down the road when your family grows and you aren’t satisfied with the school district in your neighborhood? rnton

According to our friends over at Zillow, over 50% of the participants in a recent poll regretted something about their home purchase, particularly the size and layout. First time home buyers don’t necessarily know to consider areas just outside their neighborhoods of choice, which could result in an overall better home purchase for the future. Some new homeowners were concerned with their yards; maybe the maintenance is much greater than expected, or the space isn’t large enough for their Bernese Mountatin dog to jaunt around in. Whatever the case, it is important to consider options that might not be necessary for you at present, but could be beneficial to you down the road. It is also important to choose an agent who will have your best interests at heart. If you’re interested in Seattle real estate, contact your local real estate agent today.

Free Greenlake House! If You Can Move It

Build Urban is in the process of getting a lot prepared for new townhomes in Green Lake, and, they have a unique offering for anyone who can move it – a  2,190 sf 1914 built 5 bedroom home for FREE. That’s right- the Seattle Developer is offering a home, located at 6529 4th Ave NE absolutely free of charge to anyone who is able to move it, in hopes of saving it from demolition. greelake home

The new townhome project, Radius will feature 8 homes that have a contemporary edge, and each home will face the interior courtyard that winds through the site. This project is going to be designed for a Built Green 5 Star rating, and features could include in-floor radiant heating, fabricated metal railings, and a livable rooftop terrace equipped with sink and BBQ hookups. But if you’re interested in the home that is sitting on that lot now, contact Build Urban today to learn more details.