Inventory (or lack of) is still the story of the greater Seattle real estate market. We did see increases in some areas but not nearly enough to address the demand. In King County the number of single family homes coming on the market increased 6.6% over February 2017 but is still down 7% from 2016; condo inventory increased 13.2% from 2017 but is down 16.9% from 2016.Seattle continued to see a decrease in inventory for single family homes compared to the two past years – down 4.7% from 2017 and 6.9% from 2016. Condos on the other hand increased significantly, a 34.2% increase from 2017 although from 2016 the number was down 15.1%. The increase in condos may be from pre-sales of a few new buildings that are in the development stages.
Moving on to Snohomish County, the number of single family homes showed an increase of 1.3% from 2017 but that is still a 16.8% decrease from February 2016. New condo listings also increased 12.7% from 2017 and also showed a 12.1% increase from 2016.
Are you thinking of selling your home this year? We’re moving into the spring real estate frenzy so let’s talk now about your plans. Give me a call/text at 206-790-0081 or email at Jamie@JamieFlaxman.com.
If you’re a buyer in our crazy, hot market, you may be wondering, how do I compete? While most properties are receiving multiple offers and bidding wars, it is very possible to be successful in our market.
I have an 8-step process for helping my buyers be successful. These steps begin with being pre-approved for a mortgage and knowing the maximum amount you can afford. I have a list of wonderful lenders who can help you with your pre-approval.
My 8-steps include recommendations on pricing and how to make your offer stronger. If you’d like to learn more about the 8-steps, please contact me.
Another option in our market is to look for homes that have been on the market for more than 2 weeks. It’s very possible these homes have been overpriced, so even if the list price is higher than your max budget, you may be able to negotiate to a price in your range.
Let’s talk about your home buying needs. Phone/text 206-790-0081 or email me.
In both Snohomish and King Counties we saw an increase in inventory in January, but not nearly enough to meet the demand. I know of a home in Everett that received 27 offers and one in Seattle (Fremont) that had 18. Looking at January 2018 inventory you can see that the numbers are continuing to decrease, year over year. In King County the number of active listings at month end is down 50% since 2016, 21% from 2017; in Snohomish County it is down 81% since 2016, 30% from last year.
This is the time to sell – let’s talk about your needs. Give me a call/text at 206-790-0081 or email Jamie@JamieFlaxman.com.
You’ve heard it before but I can’t say it enough – we have a severe shortage of homes for sale in the Puget Sound Region. This is the number of active listings in various cities as of this morning:
For comparison purposes, in December 610 homes SOLD in Seattle, almost double our current inventory of available homes.
The number of buyers has increased substantially as well, resulting in multiple offers on most properties. Prices are continuing to increase as well.
So why should you sell now? Traditionally we see more homes for sale in the spring so get your home on the market NOW to reach out to the most buyers.
Give me at call/text at (206) 790-0081 or email Jamie@JamieFlaxman to discuss listing your home.
The story of the Seattle real estate market in 2017 continued similar to the past few years. Low inventory drove our market, with the number of new listings down from 2016 and prices up significantly. While the median sales price for a single family home citywide increased 13.7% to $705,000, in many neighborhoods that increase was even higher. For the 23 counties in the MLS area overall, inventory shrunk 19% from the end of 2016 to the end of 2017. That’s the smallest selection for any month in the past decade.
December is traditionally a slower month, but that wasn’t the case this year. While the inventory was low, the number of buyers seemed to be high, with multiple offers the norm (I heard a story of 28 offers on a Queen Anne listing as well as multiple offers even during the week between Christmas and New Year’s) and packed open houses (100+ visitors at times). At year end, there were only 256 single family homes and 95 condos for sale in Seattle, a decrease of approximately 30% from 2016.
Until we see an increase in inventory, we can expect the market to be strong. We need property owners to list their homes at higher rates as well as an increase in new construction. See my predictions on the next page for more details.
Please give me a call/text at (206) 790-0081 or email Jamie@JamieFlaxman.com if you have any questions or would like further information on the market or your specific area.
I’m hearing from people that they think the real estate market may be slowing down. While August showed some slowing, that’s a typical trend in the region. Median sales price for single family homes was down 1.4% in August but is still up 18% from 12 months ago. And for condos, median price was up 3.1% from July and 10.7% from August of last year.
Shortage of inventory continues to drive the market. With large numbers of people moving to Seattle and a pent up desire to buy from local renters, the demand far outweighs the availability of properties. In fact, a listing I have that is now pending had multiple offers and the price escalated well above list price. (Until it closes I cannot disclose more.)
We typically see an increase in activity in September and early signs are supporting increased activity.
It’s a great time to buy or sell a home or condo. Give me an email or call (206-790-0081) to talk about your needs.
Seattle area home prices continue to increase on a monthly basis. In Seattle for single family homes, median sales prices in June were up 2.1% from May and 13.1% from June of last year. The number of new listings is continuing to improve, but with so many buyers in the market, they are selling even faster than they have been, with an average days on market of 12. Anecdotally, we’re hearing that while multiple offers are still the norm, they are not as crazy as they have been.
With more inventory, buyers it’s a great time to get in the market. And for sellers, it’s still the right time to sell. We have no crystal ball of what the market will be like in 3 or 6 months or next year. Give me a call/text at 206-790-0081 or email to discuss your real estate needs.
If you are considering a sale in our market right now, depending on the price point, area, and property amenities, you may receive multiple offers for your property. Although price will likely be at the top of your list of variables to measure, there are a number of other items that may be included in the offer that should be evaluated:
- Price – Although this is the primary concern for most sellers, there is more at stake than just money. Read on!
- Escalation Clause – Savvy buyers may include an escalation clause which allows the price to inflate to a certain amount dependent on what other buyers have offered.
- Earnest Money – Buyers include earnest money which represents the buyer’s ability to complete the transaction as outlined in the contract. In the event the buyer defaults, the seller would be able to keep this money. In our market, it is not unusual for a buyer to put up between x% and x% of the home price in earnest money.
- Sale of Buyer’s Current Home – Do the buyers have to sell their home before buying yours? When there are other buyers and sellers in the mix and your home sale can be affected by their financial soundness and ability to close, this needs to be taken into consideration.
- Financial Position – Sellers are picky about the price of the home and how the home is paid for. There are a number of things to consider in this category such a how much of a down payment the buyers are coming up with or if they are paying cash, what financial institution is the financing through, and what type of loan are they getting.
- Appraisal – If the buyer is getting a loan from a bank, the bank will require an appraisal done on the property to make sure their financial interest is protected. But what happens if the appraisal comes in lower than the purchase price and the bank won’t loan the full amount expected? How submitted offers address this situation need to be evaluated.
- Inspection and Requested Repairs – Did the buyers get a pre-inspection or do they plan on having one after the offer is accepted? What will happen if the buyer finds items that they want to negotiate to be repaired? Different buyers have different comfort levels when it comes to these issues and this is a top variable to evaluate and determine the parameters that are most advantageous for you.
- Additional Items – Do the buyers want the chandelier in the dining room? How do you feel about that?
- Closing Date – How does your preferred closing date concur with theirs?
- Rent Back – If you need more time to move out after closing and get your next home transaction in order, will the buyer allow for a period of time to rent back the home for a few weeks up to a month or two?
For more information, give me a call/text at (206) 790-0081 or email me.
April was another crazy month for the Seattle area real estate market. Inventory fell nearly 25 percent from the volume of active listings being offered a year ago. At the end of April, MLS brokers reported 10,679 homes and condos for sale across a 23-county area, which compares to the year-ago selection of 14,235 listings. The four-county Puget Sound region, which accounted for more than 77 percent of last month’s 7,276 closed sales, reported a price hike of nearly 14.7 percent, led by Snohomish County at 16.7 percent. In Snohomish County.
Homes and condos that sold last month in King County fetched a median price of $550,000, up about 15.8 percent from a year ago. For single-family homes (excluding condos) the median price was $625,000. That’s $85,000 more than the year-ago figure, and $25,050 more than the previous month. For the city of Seattle, the median sales price for single family homes was $700,000 in April.
Give me a call (206-790-0081) or email to learn more about the market.
Low inventory and higher prices continue to create a sellers’ market in Seattle and the Puget Sound region. This frenzied market is now reaching into most counties in western Washington. Buyers are encountering multiple offers in their attempts to purchase homes and condos. All cash offers are dominating the market, and many homes are selling 20% or more above list price. For those buyers with mortgages, in this escalating market we are seeing more low appraisals, leading to buyers having to bring more cash to the table.
Some interesting highlights for the 1st Quarter of 2017.
- ¨Days on market, the time it takes for a home to go from listing to pending, increased 17.4% (from 23 to 27 days) for single family homes (SFHs) and 4.2% for condos. This increase is likely because buyers, with little to choose from in the market, are purchasing properties that have been sitting on the market.
- The median SFH price in Seattle is now $650,000 with an average of $730,000.
- Although new listings are down from 1st Quarter 2016, there was a 50% increase in listings from February to March this year.