Category Archives: market update

Market Update

With typical low inventory in November, we saw an uptick in the number of homes going into contract. In fact, for King, Snohomish, and Pierce Counties combined, accepted offers increased 9.2% over November 2018. (And in just King County, that increase was about 12%.)

Median sales prices increased as well. In King County the median sales price for a single family home was $650,000, up about 1.6% from November of last year.

What this tells us is that buyers are out there – that is demand is high. Record low interest rates are partially driving this demand. And inventory of homes for sale typically drops in November and December, so there’s a shortage of homes to meet demand. The housing market is virtually sold out in the more affordable and mid-price ranges where 75 percent of sales activity occurs in each market area.

If you’re a current homeowner on the fence about selling, now is a great time to get in the market. The buyers out in December and January are serious buyers who want to get into a home soon.

Contact me today at (206) 790-0081 or Jamie@JamieFlaxman.com to discuss your home selling or buying needs.

November Median Sales Prices

Comparing year over year sales prices for the month of November, you’ll see that prices have stayed relatively static in Seattle and King County and are increasing in Snohomish and Pierce Counties. This is because many buyers are being priced out of Seattle and King County, and are moving further out where they can find greater affordability.

November median sales price

I’d love to talk with you about the real estate market and your goals. Please give me a call at (206) 790-0081 or email me so that we can chat.

Market Update

Our region’s real estate market picked up in October. Northwest Multiple Listing Service figures show system-wide gains in October’s pending sales (up nearly 5.6%), closed sales (up 4.1%) and prices (up nearly 7.7%) compared to a year ago. At the same time, compared to the same month a year ago, October’s supply of active listings declined by double-digits in 18 of the 23 counties in the NWMLS report. This means that less homes are coming on the market.

In Seattle, October prices rose 3.3% from a year ago, to $775,000 — the largest percentage increase in 12 months. In King County, there were 25.7% fewer homes on the market in October than a year previously. Snohomish and Pierce Counties saw similar dips, of 23.5% and 30.0%. However, pending sales are up, signaling that buyers haven’t given up on housing market after the slowdown at the end of 2018. That could be helped going forward by mortgage rates that continue to hover around historic lows.

Condo inventory is expected to increase in the coming year, as projects currently in the pipeline come online. Year-over-year, condominium prices in King County were down 3.75% overall, to $385,000, and nearly 7% in Seattle, to $460,000. That’s still the most condos have cost in Seattle since June, signaling strong demand for housing priced under the area median.

Market Update

September was an active month in the Western Washington real estate market, with year-over-year gains in pending sales, closed sales and prices, but it also showed an 18% drop in inventory compared to a year ago.

September’s activity had some areas up and others down. Pierce County prices rose more than 10% thanks to high demand and low inventory. Buyers being pushed out of the Seattle market are heading south. In Pierce County, the median sales price was $379,950, compared to $593,750 in King County. Snohomish County had a median sales price of $470,498.

King County prices were down slightly, 2.7%, while pending sales rose nearly 10%. This tells us that there is no shortage of buyers in the Seattle area. Home prices typically start to drop a little in the fall, so this isn’t a cause for concern.

In Pierce and Snohomish Counties in September, we saw inventory levels for single-family homes at 1.4 and 1.7 months, respectively. King County had 2.2 months. Historically, under 4 months of inventory is a seller’s market.

Overall, home prices have stabilized, creating great opportunities for buyers getting into the market. New jobs, lifestyle changes, and very low interest rates are driving the market and keeping our economy strong. My colleagues and I are seeing an increase in buyers at open houses, signifying that demand is still high.

For more information on buying or selling, please reach out to me at (206) 790-0081 orJamie@JamieFlaxman.com.

Seattle Q2 Market Update

Several things stand out when looking at market statistics for the 2nd quarter of 2019.

  • There are a lot more condos and single family homes for sale.
  • For both condos and single family homes, prices are still down from the peak of 2018.
  • Days on Market is down for condos and relatively stable for single family homes.

It is important to note that we hit the peak of the market in May/June 2018. We have had a market adjustment since then, primarily driven by increased inventory. However, for single family homes, we have around 2 months of inventory, meaning we are still in a market that favors the seller.

This increased inventory is great news for buyers who have more choice in finding a home. We have seen some return to multiple offers but not at the pace we saw over the past few years.

With condos, in June we had just over 3 months inventory. The condo market is being driven by more condo projects under construction and being announced, meaning that the inventory level for condos should continue to rise. The increase in the number of available condos is great for buyers and home affordability—condos usually allow for buyers to get into the market at a lower price than for single family homes. In fact, my first purchase of a residential property to live in was a condo as that was what I could afford back in 1995.

The best news for both buyers and sellers is that we’re at a 12 month low for interest rates which are under 4%.

For more information on buying or selling, please reach out to me at Jamie@JamieFlaxman.com or (206) 790-0081.

Market Update

The May housing market was hot. Not as hot as a year ago, but still at it’s strongest for 2019. In fact, in King County 70% of single-family homes sold in 15 days or less and 55% of single-family homes sold at or above list price.

With interest rates at the lowest they’ve been in over a year, at just under 4%, buyers are seeing that this is a great time to be in the market. One lender told me recently that she locked a client into a 30-year fixed loan at 3.75%.

You might have seen a news story recently that Tacoma is the hottest housing market in the Country. It’s not surprising that buyers are going further to find affordable properties – an analysis of NWMLS inventory at the end of May shows only 13.8% of the listings of single-family homes in King County had asking prices under $600,000. That compares to 25.6% in Snohomish County, 31.2% in Pierce County and 35.3% in Kitsap County.

King County prices for single-family homes show a 3.6% decline from a year ago, but are at the highest level ($699,998) since June 2018 when the median price was $715,000. Snohomish nearly matched last year, the highest for the year as well. 

For more information on the market or your particular city or neighborhood, please reach out to me at (206) 790-0081 or Jamie@JamieFlaxman.com.

Real Estate is a Long-Term Investment

Seattle 10 Year Appreciation

Home prices in the Puget Sound region have decreased over the past year. But I don’t see this as a cause for concern. There are more buyers in the market, interest rates are coming down, and we are seeing multiple offers again. I do expect that prices will rise this year, but not at the pace we’ve seen previously. Real estate is a long-term investment, so even if they’re down over the past year, in Seattle they are up 92% over the past 10 years.

Understanding Days on Market

One clue to understanding what type of real estate market we’re in is “Days on Market.” When homes are selling quickly, it tends to be a sellers’ market, and when slowing, a buyers’ market. But when we look at the numbers, it sometimes can be a confusing story.

Most of the time when we look at Days on Market, we’re using Average Days on Market. And when we do this, we see this number has increased substantially from the past few years.

This increase reflects the fact that homes that were not priced properly stayed on the market for a substantial amount of time.

However, if we look at Median Days on Market, it’s a different story. Looking for this perspective, we see that half of homes sold in a very short period whereas half sold in many more days.

What this tells us is that pricing your home properly is a critical step in getting the home sold quickly. It is imperative that you do not overprice your home, as it will sit on the market. Your real estate professional will advice you on a pricing strategy and I highly recommend that you follow that person’s advice.

For more information including a complimentary pricing analysis for your home, please reach out to me at 206-790-0081 or email Jamie@JamieFlaxman.com.

Seattle Real Estate Market Update

Seattle prices continue to decline slightly for single-family homes, with a 4.6% decrease from the first quarter of 2018 to the first quarter of 2019. However, it’s important to note that we hit the peak of our market in spring 2018, so prices were near their highest point last March. Condos are where we’re seeing the biggest changes, with a significant amount of inventory on the market and a 9.6% decrease in prices. With our increased inventory we’re seeing that the number of days it’s taking a property to sell has increased substantially. But for properties priced properly, they are selling quickly, often on the first day it comes on the market and often with multiple offers. Yes, multiple offers are back, and not just 2 or 3 offers, but more than 10 on many properties.

What does this mean for you? If you’re a homeowner considering selling your property, do NOT overprice. Price is the number one determinant of buyers coming to see your home and placing offers. Overpriced homes will sit on the market.  And as we’re now in spring, the busiest time of the year for our real estate market, do not wait to list your home.

Buyers, this is a great time for you. With the increase in inventory, you have many more choices. Interest rates are the lowest they’ve been in the past 12 months, so your money will go further right now. It’s definitely the time to buy.

Let’s talk about your real estate needs. Give me a call at (206) 790-0081 or email me.

What’s Going on With the Market

The greater Seattle real estate market continues to show signs of a healthier, balanced market. While prices were down in January, we began to see the return of multiple offer situations. A lot of homes that were sitting on the market for a long period of time (60+ days) went pending, which is a good sign, but also shows why our Days on Market increased significantly in January. For example, in Seattle 364 single family homes sold in January for an average of 53 days on market. Of those 364, 110 sold in 0-14 days, 44 15-29 days, 66 in 30-59 days, and 144 in 60+ days. 

What this is telling us is that homes that have been priced properly are still selling quickly and that homes that have been sitting on the market have either had price reductions or sellers have accepted lower offers in order to get their homes sold. We see this when we look at sales to list price ratio, which at 98.1% for Seattle in January, means that sellers are taking lower offers. Additionally, with so much of the older inventory selling, we are seeing less homes available on the market, and with inventory low, the market still favors the seller.

Pricing properly is the key to getting your hold sold quickly and when you work with me, I will be analyzing the market daily to determine the best price at which to list your property.

For buyers, interest rates seem to have settled down, and even gone down a little. The Fed has said they don’t plan on raising interest rates again for awhile. This, coupled with lower sales prices, means it’s a great time for you to get in the market. 

For additional information or for a complimentary market analysis of your home, please call or text: (206) 790-0081 or send an email to Jamie@JamieFlaxman.com