Hot off the press, here are some highlights of the May housing market:
- The median sales price for a single family home in Seattle in May was $802,000. For condos it was $529,500. Combined, we saw a 17.3% increase in the median sales price from May 2017.
- Inventory improved in May and for the first time in a long time, we have more than 1 months supply of housing (1.1 at the end of May). There’s still a long way to go to get this to the 4-6 months necessary for a balanced market.
The most impressive statistic for May is this one – 84% of properties sold at or above list price! (26% sold at list, 58% above.) That tells us that it is likely that 6 out of 10 listings received multiple offers.
If you’re a seller, it’s the time to sell. If inventory continues to increase, we may start seeing smaller increases in sales prices and less competition. If you’re a buyer, let’s get you into a home.
Give me a call/text at 206-790-0081 or email Jamie@JamieFlaxman.com and let’s talk about your real estate needs.
Spring is here and there are more homes coming on the market!!! While we did see an increase in listings in April over April 2017, we still have a severe shortage of properties for sale. If you’re considering selling, now is the time to talk. Give me a call/text at 206-790-0081 or email and find out what your home is worth today.
March statistics from the Northwest Multiple Listing Service were released last week and showed that we are continuing to see substantial price increases.
Prices overall are up about 13.2 percent from a year ago, and even more so in the four-county Puget Sound region. Among these four counties, Kitsap had the largest year-over-year increase at 19 percent, but King County homes are still the priciest. The median price for last month’s sales of single family homes and condos combined in King County is $625,000, up 17.9 percent from a year ago. For single family homes, excluding condos, the median price for last month’s sales was $689,950. Year-over-year prices are up more than 18 percent in Pierce County and about 14.3 percent in Snohomish County.
We have returned to an extremely intense market for each new listing due to extremely strong job growth and eager buyers who want to purchase before interest rates go higher. We are witnessing high levels of sales activity intensity for each new listing coming on the market.
Until we see more inventory on the market, expect home prices to continue to increase. For more information on the market, contact me at 206-790-0081 or Jamie@JamieFlaxman.com.
Next week, on Wednesday, April 4th, I will be teaching my popular class, “Getting to Sold,” at the Greenwood Senior Center. The class is open to everyone and is not targeted to any one age group.
Getting to Sold is for anyone who is thinking about selling a home or condo. It’s a great opportunity to learn what’s going on with the real estate market and why now might be the right time to sell. I also provide tips on preparing your home for market. And we also talk about how to purchase a new property while selling your current one.
Class is April 4th, 6:00-7:30pm. Please reserve your spot by emailing me at Jamie@JamieFlaxman.com or calling/texting 206-790-0081.
Download flyer: getting to sold flyer 2018
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.
When I think of December and real estate, I think of quiet. Everyone is getting ready for the holidays or going on vacation. It’s a great time for me to catch up on paperwork and plan for my business in 2018.
This past December did not hold to market trend. It was crazy out there. Open houses with a 100 visitors. Listings receiving 28 offers. Multiple offers being received the week between Christmas and New Year’s.
What’s going on you ask? The data for December isn’t out yet but based on what I’ve seen, here’s my theory to why we had a crazy month: We have almost no inventory of properties for sale and people want to buy before interest rates go up and tax reform goes into effect.
Do you want to buy a property? Do you have a property you’ve been debating about selling? Give me a call/text at (206) 790-0081 or email at firstname.lastname@example.org for a complimentary consultation.
November and early December market activity is not showing as much slowdown as usually seen this time of year. Open houses over the past couple weekends have had lines to get in, with some receiving more than 100 visitors on a weekend day. With our low inventory and pent up buyer demand, we don’t expect to see as much a slow down this winter. Additionally, with some proposed changes to the tax code affecting home ownership, some buyers are jumping into the market, hoping to buy before tax reform is passed and implemented. There are also signs that the interest rate may increase slightly.
Let’s talk about the market, give me a call/text at (206) 790-0081 or email me.
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.