Tag Archives: median sales price

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.

Get to Know Edmonds

For this week’s blog, I thought I’d share some information for you on one of my favorite Puget Sound neighborhoods, downtown Edmonds.

Edmonds is just north of Seattle, and is a lovely, waterfront community. It’s best known for the Edmonds-Kingston ferry, but it offers so much more including beaches, a Marsh, adorable restaurants and shops, and home prices more affordable than Seattle. Edmonds has numerous annual events including: Edmonds Arts Festival, monthly art walks, summer wine walks, Taste Edmonds, an Oktoberfest event (new this fall), and a classic car show, which is this Sunday, September 8th.

Looking at downtown Edmonds, you’ll find a lot of condos as well as single-family homes. I’m seeing that many recent buyers are moving to Edmonds from Seattle or they’re moving here from out of state to be near their grown children and grandchildren. These buyers are often looking to downsize to a condo.

For single family homes, from January through August 2019, 81 homes have sold with a median sales price of $932,500, a 13% increase in over the same period last year. For condos over that same period, 106 units have sold with a median sales price of $574,950, a 9.9% increase from 2018.

If you’d like to learn more about Edmonds or living here, give me a call at (206) 790-0081 or email Jamie@JamieFlaxman.com.

What’s Going on With the Market

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.