Home Buying Trends Emerging from COVID-19

How COVID-19 is Affecting Buying Trends

Coronavirus has made many of us rethink what is important to us…and our homes are no exception. According to the National Association of REALTORS® (NAR), the top feature desired by buyers is now a home office (or even more than one). 22% of buyers are less concerned about their commute, which means homes in affordable areas outside the city are now in high demand. Some buyers are considering second homes in rural areas. Outdoor space is also trending with more buyers wanting a yard for veggies and exercise. Here are some insights from a recent nationwide survey conducted by the National Association of REALTORS® (NAR)…

This chart shows which features are more important to buyers due to COVID-19, based on a recent survey of buyer's agents.

 

We’re also seeing the family unit become more important. While smaller urban homes were once in top demand, we’re now seeing a boost in multi-generational living with buyers seeking larger suburban homes that have space for everyone. Additionally, recent surveys show that more buyers—especially young buyers in their twenties—are moving to live closer to family and friends.

 

Another big trend? Pets! We’re seeing a surge in households that want a pet, and a 2020 NAR survey revealed that 43% of households say they’d be willing to move to accommodate their pet. This is another reason yards and even acreage are now trending among buyers. Pet fever could potentially lessen the demand for condos with strict pet policies—in the same survey, 68% of REALTORS® said that community animal policies influenced their clients’ decision to rent/buy in a particular community.

 


 

 

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We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

2737 77th Ave SE, Mercer Island, WA 98040 | (206) 232-0446 mercerisland@windermere.com

Source: REALTOR Magazine, National Association of REALTORS.
© Copyright 2020, Windermere Real Estate/Mercer Island.


Posted on September 1, 2020 at 4:59 pm
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Interest rates make a BIG difference when you buy…

How Interest Rates Impact Your Buying Power

 

You probably know that interest rates affect your monthly mortgage payments, but most of us aren’t aware of just how big an impact they really have on a home loan. Each 1% change in interest rate equates to roughly a 10% change in buying power. This means you can qualify for a much more expensive home when rates are low, whereas higher rates mean you qualify for less home—even though you still pay the same monthly payment.

 

This first chart shows how much house you can buy for a set monthly payment. If you have $4,000 a month to budget for a house payment (before taxes and insurance), you could purchase a $949,000 house at today’s historically low 3% mortgage rate. If rates went up to 4%, the same monthly payment would only get you an $838,000 home. Your buying power diminishes considerably with each bump up in rates.

 

What you can afford based on the current interest rate..

 

Scrolling down, this second chart shows how interest rates impact monthly payments. If you’re purchasing a $950,000 house at today’s 3% interest rate, you’ll be paying $530 less every month than if you’d bought that same house when rates were 4%. That adds up quick…$6,360 in one year alone! This explains why so many renters are eagerly looking to buy right now, and why homeowners are refinancing at record rates.

 

Your monthly payment based on the current interest rate

 

Want to know how you can best take advantage of these historical low mortgage rates? Reach out to me for help evaluating whether it would make financial sense to refinance, buy, or sell while rates are low. I am always happy to be a resource!

 


 

 

Find a Home | Sell Your Home | Property Research

Neighborhoods | Market Reports | Our Team

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

2737 77th Ave SE, Mercer Island, WA 98040 | (206) 232-0446 mercerisland@windermere.com

 

© Copyright 2020, Windermere Real Estate/Mercer Island.


Posted on August 3, 2020 at 2:57 pm
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Payback times for energy-efficient home upgrades

 

Thinking of going green? Today’s technology offers a whole host of ways to boost your home’s efficiency, reduce your carbon footprint and lower your energy bills. Some upgrades can pay for themselves in a relatively short amount of time, while others with large price tags might take decades to start paying back. The good news is that several studies have shown buyers are willing to pay a premium for green features—as much as 30% more for retrofitted green homes that become Energy Star or LEED-certified. This means that even if those fancy new features don’t pay you back right away in energy savings, you might still be able to recoup part of the cost when you sell your home. Below are the average payback times for some common items…just keep in mind that the actual payback time will depend on your initial costs and the amount of energy you typically use each month.

 

Solar Panels: 10 Years

 

According to EnergySage.com, the average cost for adding solar panels to your home in King County is about $13,850 for a typical 5kW system (a net cost of $10,249 after the 26% Federal Investment Tax Credit for 2020). Based on the amount of energy they generate in our area, they usually pay for themselves in about 10.16 years. Furthermore, a study commissioned by the Department of Energy found that home buyers across multiple states and home types were willing to pay more for homes with solar panels (about $15,000 for homes with a 3.6kW system). This may help offset your costs should you need to sell your home before the payback period.


 

Tankless Hot Water: 12-20 Years

 

In addition to giving you endless hot water, tankless water heaters are also about 20% more energy efficient than traditional storage tanks and last about 10 years longer. However, their additional equipment and installation cost means it can take quite a while for your energy savings to cover that difference—12-20 years for electric models and 22.5-27.5 years for gas models. Their longer lifespan may ultimately help them pay off in the long run.


 

LED Bulbs: 5 Months

 

Looking for an easy investment with quick bang for your buck? LED bulbs may cost more, but the amount of electricity they save more than covers the cost. A 100W equivalent LED bulb costs about $6 to buy but uses only 13% the amount of energy of its incandescent counterpart. Used 4 hours a day, it also reduces CO2 emissions by a whopping 262.93 pounds per year. Depending on the number of bulbs you have and the frequency of their use, the dollar and carbon savings could really add up over time.


 

 

Our Seattle area’s temperate climate makes it a prime candidate for heat pump heating/cooling systems. Your actual savings and payback time will depend on the type of system you choose and the amount of energy you use. According to the US Department of Energy, an air source heat pump can reduce your electricity use for heating by about 50%, while the reduction range for a geothermal heat pump is anywhere from 30%-60%. If you’re also replacing an A/C unit, the savings will add up even faster. The average installed cost in 2020 is about $5,613 nationally but can vary quite a bit; it pays to do your research and make sure you’re choosing the right unit for your needs. Boosting your home’s overall efficiency first can also increase your savings by allowing you to choose a smaller, more affordable unit.


 

Smart Thermostat: 2 Years

 

A feature of most modern green homes, smart thermostats save energy by automatically turning off the heating and A/C when you leave and learning your schedule to comfortably boost efficiency. Nest estimates an average yearly energy savings of 10-15% or $131-$145 with its Learning Thermostat, which means it would pay back its $200-$250 price tag in under 2 years. The ecobee4 is pricier at $300-$400 but claims to save 23% on heating and cooling (or more if you use their free eco+ upgrade). With heating and cooling making up a large chunk of your household energy use, smart thermostats could potentially take a nice chunk out of your carbon footprint as well.

 


 

Find a Home with Windermere Real Estate

 

Find a Home | Sell Your Home | Property Research

Neighborhoods | Market Reports | Our Team

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

2737 77th Ave SE, Mercer Island, WA 98040 | (206) 232-0446

mercerisland@windermere.com

© Copyright 2020, Windermere Real Estate / Mercer Island


Posted on June 9, 2020 at 12:55 pm
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Q1 2020 Reports: Market Update

Q1 Market Snapshot: Seattle & The Eastside

 

As we are fully entrenched in a new normal amidst the COVID-19 pandemic, it is important to note that the Q1 stats you see are based on pre-coronavirus closed sales activity and therefore largely untouched by our current market reality.

 

While Q1 serves as a pre-coronavirus benchmark, Q2 and Q3 will more accurately show the impacts of the (necessary) stay home order and resulting economic fallout. Our region stands to rebound more quickly than many US markets due to its pre-coronavirus strength.

 

Q1 saw a continued inventory shortage, although many homes were just queuing up to come on the market prior to the outbreak. Mortgage interest rates hit new lows in March (down about 1% from a year ago) bringing the typical monthly payment down significantly. For reference, a 1% change in interest rate equates to about a 10% change in buying power (i.e. an $800,000 home at 3.4% costs about the same per month as a $720,000 home at 4.4% interest).

 

Click or scroll down to find your area report:

Seattle | Eastside | Mercer Island | Condos | Waterfront

 


SEATTLE

There were 11.2% more Seattle home sales in Q1 2020 (1,632) compared to Q1 2019 (1,468). Seattle’s median sale price increased by an average of 3.4% in 2019 to $750,000. Lake Forest Park (+8.0%) and Queen Anne-Magnolia (+7.0%) were the area’s top performers. The Central Seattle was down 6.9% over Q1 2019, much of which can be attributed to fewer luxury market sales and a higher percentage of smaller homes transacting during that period.

 

In Q1, 68.0% of Seattle homes (all price points) sold at or above their listed price, while only 13.7% of homes priced above $1 million did so. The average number of days to sell decreased to 41 from 50 in Q1 of the year prior.

 

The highest Seattle home sale was a 1930-built Lake Forest Park waterfront home for $5,000,000 and the lowest was a 1955-built 2-bedroom Skyway home for $215,000.

 

Seattle Q1 2020 Recap

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

 

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EASTSIDE

In Q1, 64.6% of Eastside homes, and 28.6% of homes priced above one million dollars, sold for at or above their listed price.

 

The Eastside median sale price was $989,500 in Q1, up 6.8% over Q1 2019. South Eastside (+18.1%) and Kirkland (+14.1%) performed best, while Woodinville saw a 2.5% decrease in its median sale price. The highest sale was an $11.5 million Medina waterfront home and the lowest sale was a 1960’s Lake Margaret area cottage.

 

Eastside Q1 2020 Recap

Click here for the full report and neighborhood-by-neighborhood statistics!

 

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MERCER ISLAND

Mercer Island has seen a record shortage of homes on the market in Q1 with the lack of homes for sale dominating conversations between buyers and their brokers. There were 56 home sales in the first quarter, with only 6 homes sold below $1 million and 19 with sale prices above $2 million.

 

In Q1, 48.2% of all homes, and 12.5% of homes priced above two million dollars, sold for at or above their listed price. The highest Mercer Island sale was a $4.8 million waterfront home on the north-eastern tip of the Island. The lowest was a $815,000 renovation/rebuild ready rambler on West Mercer Way.

Mercer Island Q1 2020 Recap

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

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CONDOS – SEATTLE & EASTSIDE

Seattle’s condo median sale price was the same in Q1 2020 as in Q 1 2019 ($460,000) with 605 units transacting. The North Seattle (+28.3%) and Richmond Beach-Shoreline (+18.4%) outperformed the region while West Seattle condos were down 5.0% over Q1 of the prior year. In Q1, 53.7% of Seattle condos (all prices), and 3.1% of condos priced above one million dollars, sold for at or above their listed price.

 

On the Eastside, the median sale price was up 6.5% to $490,000. Woodinville (+21.4%) and Redmond (+17.2%) condos outpaced those in surrounding cities while East Bellevue condos sold for 23.2% less than in Q1 2019. There were 528 units sold on the Eastside this quarter.

 

In Q1, 67.4% of all Eastside condos, and 4.2% of those priced above one million dollars, sold for at or above their listed price.

 

Check out all of these factoids and more in the full condo report.

 

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WATERFRONT

The pace of waterfront transactions has been slowing over the past few quarters, driven in large part by fewer international buyers in the market. Even so, Q1 was markedly off for waterfront sales. The Eastside had 3 private waterfront home sales. Seattle had 8, Mercer Island had 2, and Lake Sammamish had no sales in the first three months on 2020.

 

The highest private waterfront sale in Q1 was on Lake Washington in Medina at $11.5 million. The most affordable waterfront sale was a $1.5 million Beach Drive West Seattle home with 22 feet of waterfront on Puget Sound. Note this report includes privately-owned, rather than shared, waterfront transactions only.

 

This top-level overview of the entire Seattle-Eastside private waterfront market, including Mercer Island and Lake Sammamish, provides a glance into the trends occurring in our region over time. Interesting, and certainly insightful, it in no way replaces an in-depth analysis on waterfront value provided by a savvy broker with years of local waterfront experience.

 

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Find a Home | Sell Your Home | Property Research

Neighborhoods | Market Reports | Our Team

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

2737 77th Ave SE, Mercer Island, WA 98040 | (206) 232-0446 mercerisland@windermere.com

 

© Copyright 2020, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing Service and deemed accurate but not guaranteed.


Posted on April 15, 2020 at 10:13 am
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Economic Insights from Matthew Gardner

How will the coronavirus impact the housing market?

 

As we all hunker down through these challenging times, it is comforting to remember that there will be light at the end of the tunnel.

A voice of calm and reason in this time of uncertainty has been our Windermere Chief Economist, Matthew Gardner. While he is expecting an economic slowdown accompanied by a temporary 15-20% reduction in the number of homes sold, he believes the housing market will bounce back once we find our new normal.

Click here to watch his latest videos, or scroll down for some key takeaways…

 

 


 

The US economy will contract sharply but should perk up by Q4.

We’re in for a rough few quarters as the economy enters a recession. Just how rough—and how long—is still under debate. What economists do agree on is that the 4th quarter is looking remarkably positive…assuming we get through the COVID-19 crisis and the economy can resume somewhat normal activity before the fall.

 

 


Housing prices will likely remain stable.

Seattle home prices should remain steady—or even rise slowly as we come out of the recession—for a few reasons:

  1. DIVERSE INDUSTRIES IN OUR AREA which allow us to better weather the economic storm.
  2. SOLID FINANCIAL FOOTING as one third of local home owners have 50% or greater equity in their homes.
  3. STRONG DEMAND with more buyers than homes available, as well as rock-bottom interest rates.

 

 


This will be different than 2008…

We’re experiencing a health crisis, not a housing crisis.

  1. WE’LL SEE A PAUSE, NOT A COLLAPSE. Unlike last time, the housing market was strong going into this crisis and should rebound quickly. Why? Because this recession will be due to specific external factors rather than any fundamental problem with the housing market.
  2. FORECLOSURES WILL BE FEWER with most lenders offering relief to homeowners in distress due to temporary employment issues. Unlike 2008’s mortgage crisis caused by lax lending standards and low down payments, today’s home owners are better qualified and have more equity in their homes.

 

 


 

Find a Home with Windermere Real Estate

 

Find a Home | Sell Your Home | Property Research

Neighborhoods | Market Reports | Our Team

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

2737 77th Ave SE, Mercer Island, WA 98040 | (206) 232-0446

mercerisland@windermere.com

© Copyright 2020, Windermere Real Estate / Mercer Island


Posted on April 7, 2020 at 2:57 pm
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COVID-19 Resources

A Healthy Distance: Resources to Stay Sane While You Stay Home

 

Make Working From Home Work for You…


 

Kids at Home?


 

Bring Your Favorite Restaurants Home


 

Feeling Vulnerable?

Here Are Stores Offering Special Hours for Seniors and the Immunocompromised…

  • Albertsons: Tuesdays and Thursdays from 7-9 a.m.
  • Costco: Tuesdays and Thursdays from 8-9 a.m. (must have a membership)
  • Fred Meyer: Monday through Thursday from 7-8 a.m.
  • Metropolitan Market: Daily from 7-8 a.m.
  • PCC: Daily from 7-8 a.m.
  • QFC: Monday through Thursday from 7-9 a.m.
  • Red Apple: Tuesday and Thursday from 7-9 a.m.
  • Rite Aid: Mondays from 8-10 a.m.
  • Safeway: Tuesdays and Thursdays from 7-9 a.m.
  • Target: The first hour of Tuesdays and Wednesdays. Check Target’s website for specific opening hours at locations throughout the Greater Seattle area.
  • Thiftway: Tuesdays and Thursdays from 7-9 a.m.
  • Town & Country Markets: Monday and Wednesday, 7-9 a.m.
  • Trader Joe’s: Daily from 9-10 a.m.
  • Uwajimaya: Daily, 8-9 a.m. in Seattle; all other locations on Tuesdays from 8-9 a.m.
  • Walgreens: Tuesdays from 8-9 a.m.
  • Walmart: Tuesdays from 6-7 a.m.
  • Whole Foods: Daily, one hour before the store opens to the public. Check Whole Foods’ website for specific opening hours at locations throughout the Greater Seattle area.


 

More Resources…

 


 

Find a Home with Windermere Real Estate

 

Find a Home | Sell Your Home | Property Research

Neighborhoods | Market Reports | Our Team

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

2737 77th Ave SE, Mercer Island, WA 98040 | (206) 232-0446

mercerisland@windermere.com

© Copyright 2020, Windermere Real Estate / Mercer Island


Posted on March 30, 2020 at 10:57 am
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2020 Home Trends

2020 Interior Design Trends: 5 Takeaways to Refresh Your Home

 

With 2020 now in full swing, we’re seeing some clear shifts in how homes are being designed and decorated. Most notable for our area is the Modern Farmhouse trend with its juxtapositions of old & new, light & dark, and clean & rustic. Softer grey and lagom neutrals are here to stay, but are now being contrasted with deep hues and warm metals. Organic materials such as natural wood and potted plants are also gaining prominence. Here are some key trends to consider as you refresh or renovate…

 

#1: High Contrast Hues


Deep blue is the “it” color in home decor, with Pantone’s “Classic Blue” and Sherwin-Williams’ “Naval” each taking color of the year honors. Navy accent walls are gaining popularity in smaller spaces such as foyers, dining rooms and powder rooms. Black is also back as an accent set against white in kitchens, living rooms and bathrooms. High-contrast graphics are making an appearance on wallpaper and bathroom tile.


 

#2: Vintage Meets Modern


Whether it’s antique artwork, floral wallpaper or vintage tile, old world charm is making a comeback…with a twist. This time around we’re seeing vintage framed art, patterns, woods and statement pieces being incorporated into modern spaces with clean lines. The Modern Farmhouse epitomizes this trend with its fresh new take on the old.


 

#3: The Non-White Kitchen


The all-white kitchen is making room for grey and painted cabinets to take the stage. For the daring, “color pop” cabinets in deep blue, black or even red have been cropping up in the modern kitchen. Kitchens that do have white cabinets are being spiced up with decorative tile floors and backsplashes, along with darker wood shelving and contrasting light fixtures.


 

#4: Comfy and Cozy


Soft shearling, rustic leathers and fluffy textured mohairs are gradually replacing the luxe velvet we saw in years past. High performance outdoor-style fabrics have also gotten an upgrade and are appearing indoors on upholstered dining room chairs and couches. Cushy wing-backed dining benches and chairs are another notable trend, part of an emphasis on making dining rooms less formal and more comfortable. Another fun trend? Curved sofas for the dining room and kitchen.


 

#5: Warm & Earthy Accents


Matte brass continues its popularity in fixtures and frames, often mixed with silver metals. We’re seeing an infusion of aged wood accents, patina, rustic leathers and earthenware softening the clean lines of today’s minimalism. Potted plants are also popping up on shelves and in windows with olive trees usurping fig trees as a favorite statement piece.


 

Need an instant home update? Try adding throw pillows, blankets or artwork in hues from Pantone’s Spring/Summer 2020 color palette.

 


 

Find a Home with Windermere Real Estate

 

Find a Home | Sell Your Home | Property Research

Neighborhoods | Market Reports | Our Team

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

2737 77th Ave SE, Mercer Island, WA 98040 | (206) 232-0446

mercerisland@windermere.com

© Copyright 2020, Windermere Real Estate / Mercer Island


Posted on March 5, 2020 at 11:27 am
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Remodeling Cost vs. Value

Will Remodeling Pay Off?

 

Every year, Remodeling Magazine evaluates which projects bring the most return at resale in different markets around the country in their “Cost vs. Value” report. While returns have dipped nationwide due to growing costs and consumer anxiety, Seattle still saw better pay-off on remodeling than the national average. The chart below shows cost vs. value on the most common remodeling projects…

 

Cost vs. Value for Common Remodeling Projects

 

When looking at the full list of projects, curb appeal projects seem to bring the most bang for your buck.

According to Remodeling Magazine, these are the six top projects in our region that currently have the best return on your investment when it comes time to sell. To see the full report, click here.

 

Manufactured Stone Veneer

As long as the new stone veneer is consistent with your neighborhood’s overall look, this siding accent was rated the most profitable project in the Seattle area.

Stone veneer can replace your home’s existing siding, adding a fresh, modern look that conjures a cozy vibe all the way from the street, before buyers ever step foot inside. In Seattle it can recoup 118.5 percent of the cost when you sell.

 

Garage Door Replacement

In the Seattle area, replacing your garage door will cost an average $3,882, but will increase your resale value by $4,136, recouping 106.6 percent of what you paid for it.

Due to its size, a garage door can have a big impact on a home’s curb appeal. But adding to your home’s aesthetic is only one advantage; the warranty that comes with the new garage door is also a selling point for potential buyers who can trust that they likely won’t have to deal with any maintenance issues in the near term.

 

Wood Deck Addition

While building a deck might seem like a big undertaking, it’s actually a pretty cost-effective way to add to your enjoyment and positively impact your home’s resale value. Seattle-area homeowners can expect to pay about $19,000, but they’ll recoup 95.1 percent of that when they sell.

Adding a deck extends the living space of your home and provides even more area for entertaining, relaxing, and enjoying the outdoors. Whether you choose a natural wood deck or a low-maintenance composite deck, you can pick from a variety of styles based on the lay of your land and the areas of your backyard you wish to highlight.


Siding Replacement

Depending on the size of your home, replacing the siding can be an expensive undertaking. However, it’s a project that comes with high returns. For the Seattle area, sellers can expect 94.9 percent of the costs recouped.

Not only is siding one of the first things a buyer sees, but it also serves as an indicator of the overall health of the home. Broken or damaged siding could mean that there are other problems with the home, such as pests and rot. Replacing old siding is a cost-effective way to boost your home’s curb appeal and ensure buyers are going to walk through your front door.

 

New Vinyl Windows

Vinyl windows can add an instant update in both appearance and energy efficiency. The average cost to replace 10 windows is about $19,501 but you’ll recoup 89.5 percent of that cost when it’s time to sell. If any of your windows are fogged from broken seals then replacement will probably be a must before it’s time to sell.

 

Minor Kitchen Remodel

No need to move walls or appliances around, a minor kitchen remodel will do the trick to recoup 89.1 percent of the cost in our area.

An outdated kitchen can go from drab to fab and become a focal point with a fresh palette. Replace the cabinet doors with new shaker-style wood panels and metal or metal-looking hardware. Switch out the old counter tops with a cost-efficient option that matches the new look. Think about adding a resilient flooring option, then finish the project with a fresh coat of paint to the walls, trim, and ceiling.

 


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

 

 

© Copyright 2020, Windermere Real Estate/Mercer Island. Adapted from an article originally posted on Windermere.com. Remodeling data © 2020 Hanley Wood Media Inc. Complete data from the Remodeling 2020 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.


Posted on February 4, 2020 at 12:36 pm
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Annual Seattle-Eastside Real Estate Report: A Look Back at 2019

Annual Market Review: Seattle & The Eastside

 

A strong local employment sector, very low mortgage interest rates, and the most balanced market we’ve seen in two decades each contributed to increased sales velocity in 2019.

 

While the number of homes for sale increased overall in 2019 as compared to 2018, the higher rate of sales throughout the year resulted in nearly a third fewer homes on the market at year-end in 2019 than at the end of 2018. The inventory of homes available to purchase in 2020 will be a dominating factor in the local real estate market in the coming year.

 

Click or scroll down to find your area report:

Seattle | Eastside | Mercer Island | Condos | Waterfront

 


SEATTLE

There were 9.6% more Seattle home sales in 2019 (a total of 8,362), bringing Seattle back to its typical annual sales velocity following an off year in 2018. Seattle’s median sale price softened by 3.9% in 2019, with the Central Seattle region performing best (-1.6%) and the Ballard-Green Lake region down the most (-4.6%). In the north end of Seattle, Lake Forest Park-Kenmore and Richmond Beach-Shoreline showed the strongest five-year growth trend at 47.1% and 45.5% respectively.

 

In 2019, 53.9% of all Seattle homes sold at or above their listed price. The average number of days to sell jumped notably to 36 from 22 the year prior, indicating movement towards a more balanced market. The upper price segments of the market were far less competitive with just 10.4% of homes sold above one million dollars transacting at or above their list price.

 

The highest Seattle home sale was in Washington Park (Central Seattle) for $13,750,000 and the lowest was a Lake Union houseboat for $80,000.

Seattle Market Recap

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

Seattle Report

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EASTSIDE

On the Eastside, neighborhoods central to core employment hubs continue to see older, more affordable housing stock replaced with new and more expensive development. On the periphery, reasonably priced homes are highly competitive as homebuyers and investors alike scramble for homes that offer greater appreciation potential.

 

Development in East Bellevue, particularly surrounding the Spring District, is predicted to significantly drive prices upward in the coming years as employment centers expand and light rail service to Seattle begins.

 

In 2019, 49.7% of all homes, and 18.8% of homes priced above one million dollars, sold for at or above their listed price.

 

Median sale prices in Eastside cities fared better than those in Seattle, with the overall Eastside median sale price down 1.0% from 2018. Kirkland performed best on the Eastside with a median sale price gain of 3.8% to $1,350,000. Looking at the five-year trend, Kirkland came in on top with a 67.1% increase in its median sale price over the past five years, followed by Juanita-Woodinville-Duvall at 48.0%, and East Bellevue at 44.5%.

Eastside Market Recap

Click here for the full report and neighborhood-by-neighborhood statistics!

Eastside Review

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MERCER ISLAND

Mercer Island, central to the Seattle-Eastside region, held the middle ground with prices softening slightly—not as much as in Seattle, but more than on the Eastside.

 

A total of 299 homes changed hands in 2019 according to Northwest Multiple Listing Service. The highest Mercer Island sale was a $10,050,000 waterfront home on the North End. The lowest was a $685,000 renovation/rebuild ready rambler on West Mercer Way.

 

In 2019, 39.8% of all homes, and 12.7% of homes priced above two million dollars, sold for at or above their listed price.

 

Well-priced homes in move-in ready condition, with good lighting and access, and with functional floor plans, command the most attention from market-savvy buyers hoping to make a good investment in the place they will call home.

Mercer Island Recap

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

Mercer Island Report

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CONDOS – SEATTLE & EASTSIDE

The Seattle and Eastside condo markets could not be more different. Seattle has seen the number of available units increase significantly while the Eastside has suffered from a lack of inventory.

Seattle’s overall condo median sale price declined by 9.3% in 2019 to $458,500. The Ballard-Green Lake market was down the most (-16.4%) while Lake Forest Park-Kenmore was the only market not in the red (up 3.3%). In 2019, 45.9% of all Seattle condos, and 2.9% of condos priced above one million dollars, sold for at or above their listed price.

On the Eastside, the median sale price was down 2.4% overall to $469,000. The communities south of I-90 did quite well with a 9.0% increase over 2018. Redmond fared worst with a 15.3% decline in its median sale price. In 2019, 49.3% of all Eastside condos, and 2.7% of condos priced above one million dollars, sold for at or above their listed price.

Check out all of these factoids and more in the full condo report.

Condo Report

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WATERFRONT

The Eastside had 42 private waterfront home sales in 2019. Seattle had 41, Mercer Island had 20, and Lake Sammamish had 31 sales during the same period.

The highest Eastside—and regional—private waterfront sale of 2019 was on Hunts Point for $37,500,000. The highest 2019 sales in the surrounding areas include a Washington Park (Seattle) home at $13,750.000, a north end Mercer Island property at $10,050,000, and a $5,750,000 home on the west side of Lake Sammamish.

This top-level overview of the entire Seattle-Eastside private waterfront market, including Mercer Island and Lake Sammamish, provides a glance into the trends occurring in our region over time. Interesting, and certainly insightful, it in no way replaces an in-depth analysis on waterfront value provided by a savvy broker with years of local waterfront experience.

Waterfront Report

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ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

 

 

© Copyright 2020, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing Service and deemed accurate but not guaranteed.


Posted on January 14, 2020 at 1:46 pm
Windermere MI | Posted in Uncategorized | Tagged , , , , , , , , , ,

2019 Holiday Happenings in the Seattle Area

Add a little sparkle with these local holiday happenings...


Our Northwest holidays may be wet, but they’re still bright! Make the most of the season with Seattle favorites—such as dazzling light displays and the Parade of Boats—along with newer additions like the “Enchant” event with light mazes and ice skating inside T Mobile Park. Scroll down for all the details…

 

WildLights at Woodland Park Zoo

West Entrance: 5500 Phinney Ave. N, Seattle, WA 98103
South Entrance: 750 N 50th St, Seattle, WA 98103
www.zoo.org/zoolights
click here to get tickets

  • Dates/Times: Open nightly 11/29/19 – 1/5/20 | 5:30 – 8:30 pm
  • Cost: $10.95 – $16.95 per person (ages 2 and under are free)
  • Promotions: Get a 10% group discount on WildLights tickets for groups of 20+. Zoo members get 20% off adult tickets.
  • Parking: Free parking is available at all lots after 4:30 pm (admission at both gates)
  • Food: Refreshments are available at the pizza trailer on the North Meadow, and at Gather and Graze (with covered seating provided). You are also welcome to bring your own food and non-alcoholic beverages.
  • Special activities: Carousel, fire pits, select indoor animal exhibits, ZooStore, & indoor snowball fights at the Snowmazium
  • Closures: December 2, 3, 9, 10, 24 & 25, 2019

Image courtesy of https://zoo.org/zoolights


 

Winterfest at Seattle Center

305 Harrison Street, Seattle, WA 98109
www.seattlecenter.com/winterfest

Map


 

Enchant at T-Mobile Park

1250 1st Ave S, Seattle, WA 98134
https://enchantchristmas.com/seattle/
click here to get tickets

  • Dates/Times: 11/22/19 – 12/29/19 | 4pm to 11pm Fri-Sun, 4pm to 10pm weekdays until 12/12, then 4pm to 11pm every day 12/13-19 – 12/29/19
  • Cost: $19.99 – $32.99 per person (ages 3 and under are free) | VIP passes with dinner starting at $74.99 for adults
  • Promotions: Discount on final 2 hours of any day | 20% off with a 4-ticket family pack
  • Parking: $8 – $60 at Safeco Field Garages or check out the city’s Interactive Parking Map
  • Food: Seasonal food and treat concessions throughout
  • Activities: Ice skating trail, light maze, visits with Santa, gift market
  • Closures: 11/25/19 – 11/28/29, 12/2/19
Enchant Light Maze

Image courtesy of enchantchristmas.com


 

Garden d’Lights at Bellevue Botanical Garden

12001 Main Street, Bellevue WA 98005
http://gardendlights.org
click here to get tickets

  • Dates/Times: Open nightly 11/30/19 – 12/31/19 | 4:30 – 9:00 pm
  • Cost: $5 per person (ages 10 and under are free)
  • Parking: Premium parking is $5 per car in the Garden’s lot (cash only) as space allows OR park for free at Wilburton Hill Park
  • Food: Hot drinks and snacks are available at the Aaron Education Center
  • Activities: Gingerbread village, live music
  • Holiday Closures: None

Photo courtesy of gardendlights.org


 

Snowflake Lane at the Bellevue Collection

Bellevue Way & NE 8th Street, Bellevue WA 98004
http://snowflakelane.com/


 

Christmas Ship Festival

Launch locations include Lake Union Park, Kirkland City Dock, Hyatt Regency Lake Washington, Des Moines Marina, Port of Poulsbo, Seattle Waterfront – Pier 55, Tacoma (Dock Street Marina), Edmonds, and Shilshole Bay Marina

www.argosycruises.com
click here to get tickets


 

Ivar’s Clam Lights at Gene Coulon Memorial Beach Park

1201 Lake Washington Blvd N, Renton, WA 98056
https://rentonwa.gov/clamlights

  • Dates/Times: Open nightly 12/6/19 – 1/1/20 | 5 – 9 pm
  • Cost: Free for all ages
  • Parking: Park for free at the Gene Coulon Memorial Beach Park parking lot
  • Kickoff Event on Friday, December 6th at 5:30pm: Official lighting ceremony, photo op with Santa & Mrs. Claus in their sleigh, and more!
  • Holiday Closures: None

 

Westlake Center Tree Lighting & Holiday Activities

400 Pine St., Seattle, WA 98101 (Westlake Park)
https://redtri.com/guides/downtown-seattle-heart-of-the-holidays-seattle-wa-hg2019/

  • Dates/Times: Tree lighting ceremony (with snow and fireworks) on 11/29/19, time TBD. Holiday market Fri-Sun beginning 11/29 through 12/22. Carousel and other festive attractions run 11/29 through January 1st, 2020
  • Cost: Free for all ages
  • Parking: Access the Republic Parking garage from Olive Way between 4th & 5th Ave, or check out this interactive map of city parking
  • Activities: Carousel, Holiday Market at Westlake Park

Image courtesy of http://redtri.com


 

Zoolights at Point Defiance Zoo & Aquarium

5400 N Pearl St, Tacoma, WA 98407
www.pdza.org/event/zoolights
click here to get tickets

  • Dates/Times: Open nightly 11/29/2019 – 1/5/2020 | 5 – 9 pm
  • Cost: $11-$13 (free for kids 2 & under)
  • Promotions: Discounted tickets for zoo members; Military discount nights Dec. 2, 4, 9, 11, 14 & 18
  • Parking: Free parking in zoo lots (carpooling recommended)
  • Food: Make your own s’mores at the cafe deck firepits, or grab hot cocoa, dinner, snacks & 21+ beverages from the Plaza Cafe, Pearl St Grille & food stands
  • Activities: Carousel, aquarium, Kids’ Zone with meerkats & goat feeding
  • Holiday Closure: 12/24
https://www.pdza.org/wp-content/uploads/2018/05/Hero-zoolights-1440x500.jpg

Image courtesy of https://www.pdza.org


 

But wait, there’s more…

Holiday theatrical & musical shows

The Polar Express train ride at Mt. Rainier Railroad

Gingerbread Village at the Sheraton Grand Seattle

Leavenworth Lighting Festival & Snow Bus Tour

 


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

© Copyright 2019, Windermere Real Estate/Mercer Island.


Posted on November 15, 2019 at 12:23 pm
Windermere MI | Posted in Uncategorized | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,