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Seattle’s Eastside Real Estate Update 2-1-23: The Market Continues to Improve!

In this Seattle’s Eastside Real Estate Update, we’re going to share with you all the latest news and happenings on the Eastside real estate market.

Since our last update, the market has continued to improve, with more and more Buyers choosing to buy a home today. We’ve got all the latest updates on the market, so be sure to check out our videos today!

Whether you’re looking to buy or sell a home in Eastside Seattle, be sure to check out this video for the latest information on the market conditions and how to best navigate them! We’ll cover everything from the current market trends and the main statistic you need to know to understand the direction of prices in our area. So be sure to subscribe to our channel to stay up-to-date on the latest Eastside Real Estate news!

This Eastside Real Estate Market Update encompasses the cities of Bellevue, Bothell, Carnation, Clyde Hill, Duvall, Fall City, Issaquah, Kirkland, Kenmore, Medina, Mercer Island, Newcastle, North Bend, Redmond, Sammamish and Woodinville

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

Find us online at:
Web: http://www.eastsidehomes.com
Facebook: https://www.facebook.com/tmeier
Instagram: https://www.instagram.com/tonymeier.w…
LinkedIn: https://www.linkedin.com/in/tonymeier/

Our mission: To empower our client’s decision-making process with data-driven information, perspective and knowledge acquired from 34 years of real estate experience. To handle the process as if our clients are family and negotiate ideal outcomes at every step of the way. To be a valuable resource for our clients and their referrals during the transaction, and in the years that follow.
If we can help you or someone you know, please give us a call at 425-466-1000!

#redmondrealestate #bellevuerealestate #woodinvillerealestate #issaquahrealestate #sammamishrealestate #bothellrealestate #kirklandrealestate #seattlerealestate #snohomishcountyrealestate

Posted in: Market Statistics

Is the Seller’s Market Back? Seattle’s Eastside Real Estate Update 1-25-23

In this weeks update for Seattle’s Eastside Real Estate Market, we’ll discuss the current market conditions and how they’re affecting home prices in the Eastside of Seattle.

Has the market turned the corner? Are we back in a sellers market? Where are prices headed? We will address these questions this week.

Whether you’re looking to buy or sell a home in Eastside Seattle, be sure to check out this video for the latest information on the market conditions and how to best navigate them! We’ll cover everything from the current market trends and the main statistic you need to know to understand the direction of prices in our area. So be sure to subscribe to our channel to stay up-to-date on the latest Eastside Real Estate news!

This Eastside Real Estate Market Update encompasses the cities of Bellevue, Bothell, Carnation, Clyde Hill, Duvall, Fall City, Issaquah, Kirkland, Kenmore, Medina, Mercer Island, Newcastle, North Bend, Redmond, Sammamish and Woodinville

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

Find us online at:
Web: http://www.eastsidehomes.com
Facebook: https://www.facebook.com/tmeier
Instagram: https://www.instagram.com/tonymeier.w…
LinkedIn: https://www.linkedin.com/in/tonymeier/

Our mission: To empower our client’s decision-making process with data-driven information, perspective and knowledge acquired from 34 years of real estate experience. To handle the process as if our clients are family and negotiate ideal outcomes at every step of the way. To be a valuable resource for our clients and their referrals during the transaction, and in the years that follow.
If we can help you or someone you know, please give us a call at 425-466-1000!

#redmondrealestate #bellevuerealestate #woodinvillerealestate #issaquahrealestate #sammamishrealestate #bothellrealestate #kirklandrealestate #seattlerealestate #snohomishcountyrealestate

Posted in: Market Statistics

Is the Seller’s Market Back? Seattle’s Eastside Real Estate Update 1-25-23

In this weeks update for Seattle’s Eastside Real Estate Market, we’ll discuss the current market conditions and how they’re affecting home prices in the Eastside of Seattle.

Has the market turned the corner? Are we back in a sellers market? Where are prices headed? We will address these questions this week.

Whether you’re looking to buy or sell a home in Eastside Seattle, be sure to check out this video for the latest information on the market conditions and how to best navigate them! We’ll cover everything from the current market trends and the main statistic you need to know to understand the direction of prices in our area. So be sure to subscribe to our channel to stay up-to-date on the latest Eastside Real Estate news!

This Eastside Real Estate Market Update encompasses the cities of Bellevue, Bothell, Carnation, Clyde Hill, Duvall, Fall City, Issaquah, Kirkland, Kenmore, Medina, Mercer Island, Newcastle, North Bend, Redmond, Sammamish and Woodinville

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

Find us online at:
Web: http://www.eastsidehomes.com
Facebook: https://www.facebook.com/tmeier
Instagram: https://www.instagram.com/tonymeier.w…
LinkedIn: https://www.linkedin.com/in/tonymeier/

Our mission: To empower our client’s decision-making process with data-driven information, perspective and knowledge acquired from 34 years of real estate experience. To handle the process as if our clients are family and negotiate ideal outcomes at every step of the way. To be a valuable resource for our clients and their referrals during the transaction, and in the years that follow.
If we can help you or someone you know, please give us a call at 425-466-1000!

#redmondrealestate #bellevuerealestate #woodinvillerealestate #issaquahrealestate #sammamishrealestate #bothellrealestate #kirklandrealestate #seattlerealestate #snohomishcountyrealestate

Posted in: Market Statistics

Good News For Seattle’s Eastside Real Estate Market! The Trend is UP this week! Jan 18th, 2023

Finally, good news for Seattle’s Eastside real estate market this week! As you know, the market has been feeling a bit sluggish recently, but the market is shifting back towards a seller. Watch our video for all the details.

Get in touch with our team today to find out more about the current market conditions in Seattle’s Eastside! We’ll be happy to help you out!

This Eastside Real Estate Market Update encompasses the cities of Bellevue, Bothell, Carnation, Clyde Hill, Duvall, Fall City, Issaquah, Kirkland, Kenmore, Medina, Mercer Island, Newcastle, North Bend, Redmond, Sammamish and Woodinville

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

Find us online at:
Web: http://www.eastsidehomes.com
Facebook: https://www.facebook.com/tmeier
Instagram: https://www.instagram.com/tonymeier.w…
LinkedIn: https://www.linkedin.com/in/tonymeier/

Our mission: To empower our client’s decision-making process with data-driven information, perspective and knowledge acquired from 34 years of real estate experience. To handle the process as if our clients are family and negotiate ideal outcomes at every step of the way. To be a valuable resource for our clients and their referrals during the transaction, and in the years that follow.
If we can help you or someone you know, please give us a call at 425-466-1000!

#redmondrealestate #bellevuerealestate #woodinvillerealestate #issaquahrealestate #sammamishrealestate #bothellrealestate #kirklandrealestate #seattlerealestate #snohomishcountyrealestate

Posted in: Market Statistics

Top 5 Housing Numbers – Seattle’s Eastside Real Estate Update – January 11, 2023

In this video, I’m ranking the Top 5 Housing Numbers on Seattle’s Eastside. These numbers are updated as of January 11, 2023 and will be a valuable resource for anyone looking to buy or sell property on the Eastside.

Whether you’re looking for a new home or you’re selling your current property, these numbers will help you make an informed decision about where to buy or sell. Watch this video to get the latest update on Seattle’s Eastside real estate market!

This Eastside Real Estate Market Update encompasses the cities of Bellevue, Bothell, Carnation, Clyde Hill, Duvall, Fall City, Issaquah, Kirkland, Kenmore, Medina, Mercer Island, Newcastle, North Bend, Redmond, Sammamish and Woodinville

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

Find us online at:
Web: http://www.eastsidehomes.com
Facebook: https://www.facebook.com/tmeier
Instagram: https://www.instagram.com/tonymeier.w…
LinkedIn: https://www.linkedin.com/in/tonymeier/

Our mission: To empower our client’s decision-making process with data-driven information, perspective and knowledge acquired from 34 years of real estate experience. To handle the process as if our clients are family and negotiate ideal outcomes at every step of the way. To be a valuable resource for our clients and their referrals during the transaction, and in the years that follow.
If we can help you or someone you know, please give us a call at 425-466-1000!

#redmondrealestate #bellevuerealestate #woodinvillerealestate #issaquahrealestate #sammamishrealestate #bothellrealestate #kirklandrealestate #seattlerealestate #snohomishcountyrealestate

Posted in: Market Statistics

NEW YEAR, NEW MARKET! Redmond & Woodinville Real Estate Market Update – January 2023

In this video, we’ll share our latest market update for the Redmond & Woodinville Washington real estate market. We’ll give you an overview of the current market conditions, and provide you with some tips on what to expect going forward.

Whether you’re looking to buy or sell a home in Redmond & Woodinville, be sure to check out our latest market update! We’ll provide you with all the information you need to make the best decision for your situation, and we hope you enjoy the video!

This update incudes popular neighborhoods such as Education Hill, English Hill, Hollywood Hill, Bear Creek, Tuscany, Union Hill, Novelty Hill, Trilogy, Redmond Ridge, Rose Hill and the Microsoft Area.

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

Find us online at:
Web: http://www.eastsidehomes.com
Facebook: https://www.facebook.com/tmeier
Instagram: https://www.instagram.com/tonymeier.w…
LinkedIn: https://www.linkedin.com/in/tonymeier/

Our mission: To empower our client’s decision-making process with data-driven information, perspective and knowledge acquired from 33 years of real estate experience. To handle the process as if our clients are family and negotiate ideal outcomes at every step of the way. To be a valuable resource for our clients and their referrals during the transaction, and in the years that follow.
If we can help you or someone you know, please give us a call at 425-466-1000!

#redmondrealestate #redmond #redmondwashington #redmondhousing #woodinvillerealestate #woodinville #woodinvillehousing #microsoft #facebook #google #amazon

Posted in: Market Statistics

NEW YEAR, NEW MARKET! Top 3 Housing Numbers – Eastside, Seattle & Snohomish County – January 2023

Are you looking for a new place to live? Or maybe you’re just curious about the current housing market in your area? In this video, we’ll share the top 3 housing numbers in Eastside, Seattle and Snohomish County – as of January 2023.

Check out this video to see how the housing market is changing in your area – and find out what the current top three housing numbers are! This information is helpful if you’re thinking about buying or selling a home, or if you’re just curious about the current market conditions.

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

Find us online at:
Web: http://www.eastsidehomes.com
Facebook: https://www.facebook.com/tmeier
Instagram: https://www.instagram.com/tonymeier.w…
LinkedIn: https://www.linkedin.com/in/tonymeier/

Our mission: To empower our client’s decision-making process with data-driven information, perspective and knowledge acquired from 33 years of real estate experience. To handle the process as if our clients are family and negotiate ideal outcomes at every step of the way. To be a valuable resource for our clients and their referrals during the transaction, and in the years that follow.
If we can help you or someone you know, please give us a call at 425-466-1000!

#redmondrealestate #bellevuerealestate #woodinvillerealestate #issaquahrealestate #sammamishrealestate #bothellrealestate #kirklandrealestate #seattlerealestate #snohomishcountyrealestate

Posted in: Market Statistics

For Northwest MLS brokers, December ends with a “whimper,” and 2022 was “a tale of two housing markets”

January 6, 2023

Last year was a tale of two housing markets, suggested broker Dean Rebhuhn in commenting on the latest statistics from Northwest Multiple Listing Service.

The MLS report for December shows continued growth in the number of active listings compared to the same month a year ago, but sharp drops in the number of pending and closed sales. Last month’s prices for single family homes and condominiums that sold across the 26 counties in the report dropped 0.51% from twelve months ago, marking the first year-over-year price decline since March 2012.

Year-over-year prices for last month’s sales of single family homes and condos (combined) declined in 17 counties and rose in nine counties. The median sales price was $570,000, down $2,900 (-0.51%) from the year-ago figure of $572,900. Last year’s median price overall peaked in May 2022, at $660,000.

The median price for single family homes (excluding condos) that sold last month was $587,500, down 0.42% from a year ago when it was $590,000. Condo prices edged up last month compared to the same month a year ago, increasing from $435,000 to $440,000 for a gain of 1.15%.

“In the first half of the year, we had low interest rates, rising prices, and little inventory,” commented Rebhuhn, who owns Village Homes and Properties in Woodinville. “The second half of the year brought increasing interest rates, some lowering of prices, and increasing inventory.”

Rebhuhn characterized last month’s activity as “good,” considering the holidays, snow and a rare Pacific Northwest ice storm. He noted there were about twice as many pending sales as new listings on average every day. “We still have pent up buyer demand and low inventory in the major markets.”

Brokers added 2,980 new listings to inventory last month. That total was 1,637 fewer than the number added during December 2021 (4,617).

Sellers accepted 4,017 offers from buyers, down about 31% from the year-ago volume of pending sales (5,850).

At month-end, buyers could choose from 9,475 active listings, nearly three times as many as a year ago when 3,240 homes and condos were offered for sale area-wide.

“The local housing market in 2022 ended with a whimper rather than a bang,” stated Matthew Gardner, chief economist at Windermere Real Estate. “Overall, the housing market is going to continue falling off the artificial ‘sugar high’ that was a function of the artificially low mortgage rates during the pandemic,” he added.

Dick Beeson, managing broker at RE/MAX Northwest, Tacoma/Gig Harbor, also commented on last year’s market shifts.

“The market in the second half of 2022 was snakebit by high interest rates and lots more people becoming sellers who wanted to either pocket their large equities or arbitrage their gains into less expensive markets,” he remarked, adding, “In a span of six months, we went from 3% interest rates to 7%, and from two weeks of inventory to two months of inventory.”

The Northwest MLS report shows about 2.1 months of inventory at the end of December, marking the fourth consecutive month with at least eight weeks of supply. Six counties, including King, Kitsap, and Snohomish, still have less than two months of supply.

Only four of the 26 counties in the NWMLS service area have five months or more inventory, noted John Deely, who added, “The market has slowed due to rising interest rates and economic news, yet we haven’t tipped to a buyers’ market quite yet, which is reflected by 4-to-6 months of inventory.”

In Kitsap County, where there is 1.78 months of supply, brokers added 172 new listings to inventory during December, 70 fewer than the same month a year ago. Pending sales (241 total) outgained new listings by 69 transactions. “Kitsap County sales continues to outstrip new inventory despite the concern for interest rates,” noted NWMLS director Frank Leach, broker owner of RE/MAX Platinum Services in Silverdale.

Leach described sales as being “off slightly” but said there is a lot of movement. “We are seeing a lot of activity as folks reposition themselves to find a home and potentially refinance sometime in the future.”

“Open houses were relatively quiet during the holidays,” Leach reported, attributing some of the falloff to weather and seasonal schedules. “Agents are continuing to see multiple offers and some sellers are making concessions to bring their homes to a close so they can move on.”

“Kitsap County continues to have a robust building market in both the residential and rental markets,” according to Leach, who added “As rents go up so do the number of folks who want to buy.” Also fueling activity is unimproved land, which Leach said is “getting a shot in the arm, with builders, investors, and folks wanting to build their dream home” being factors.

J. Lennox Scott, chairman and CEO at John L. Scott Real Estate, expects depleted inventory will persist in the near term.

“As we enter the first of the year, the market is experiencing a shortage of homes for sale in the more affordable and mid-price ranges,” Scott reported. “With the winter cleanup of unsold inventory complete, and with a low level of new listings coming on the market in January and February, the availability of homes for sale will be at a low point.”

Heading into spring, Scott expects an uptick. “We anticipate a strong/very strong intensity of new listings going under contract within the first 30 days.” He believes the intensity will settle down pre-summer “when we can expect to see a higher number of new listings coming onto the market.”

Several Northwest MLS representatives who commented on December activity expect prices to soften this year.

“It seems those pesky home price increases have apexed in most markets. Most areas will retreat slightly this year – maybe 2% to 4% and maybe more in some markets,” stated Beeson.

Deely noted “quite a few buyers dropped out of the market as rates went up,” but said many of those people are still in the market but are “reassessing their price ranges and search areas based on interest rate hikes and reduced buying power. With the median sold price flat in most counties and on decline in others, sellers are becoming more competitive.”

Gardner, the Windermere economist, acknowledged December 2022 prices were modestly lower than December 2021, but emphasized “This does not tell the whole story as the median home sale price for all of 2022 was significantly higher than in 2021.” (Northwest MLS figures show the median price overall increased by $50,000, or nearly 8.9%.)

Gardner expects prices will continue to decline through the first half of 2023 but said “with mortgage rates expected to slowly fall from current levels, sale prices should start increasing again in the second half of the year. Ultimately, once prices pull back to where they would have been if the pandemic had never occurred, they will start to stabilize and then return to a more normalized pace of appreciation.”

Looking ahead, Deely remarked, “As we enter 2023, we are leaving behind the 2022 transitional market and a bridge from the once-in-a-generation 2021 housing market where we experienced record low inventory and peak sales.”

Rebhuhn suggests finding the proper price will be important for sellers in 2023, while buyers can look forward to increasing inventory. “The 2023 market will be better than most believe,” he stated.

Beeson anticipates an “exciting year” for real estate in 2023. “Thankfully, rates are trending down and should trickle down even more this year, giving buyers more purchasing power.” He also believes increased competition among sellers has been good for buyers, contributing to a more balanced market.

Freddie Mac reported mortgage market activity “significantly shrunk over the last year” as high rates continued to weaken the housing market. The government sponsored enterprise (officially named the Federal Home Loan Mortgage Corp.) believes homebuyers are waiting for rates to decrease more significantly. With lower rates expected and inflationary pressures easing, Freddie Mac said “a strong job market and large demographic tailwind of Millennial renters will provide support to the purchase market. Moreover, if rates continue to decline, borrowers who purchased in the last year will have opportunities to refinance into lower rates.”

About Northwest Multiple Listing Service

As the leading resource for the region’s residential real estate industry, NWMLS provides valuable products and services, superior member support, and the most trusted, current listing data and industry information for real estate professionals. NWMLS is a member-owned, not-for-profit organization with more than 2,500 member offices and 32,000 real estate brokers throughout Washington state. With extensive knowledge of the region, NWMLS operates 20 service centers and serves 26 counties, providing dedicated support to its members and fostering a robust, cooperative brokerage environment. nwmls.com.

Single Fam. Homes + Condos New Listings Total
Active
Listings
# Pending Sales # Closed
Sales
Avg.
Closed
Price
Median
Closed
Price
This mo. Inventory Same mo., yr ago
King 887 2,529 1,206 1,470 $913,381 $735,000 1.72 0.27
Snohomish 408 1,068 615 703 $759,261 $679,000 1.52 0.20
Pierce 505 1,525 716 717 $546,087 $500,000 2.13 0.32
Kitsap 172 487 241 273 $546,769 $495,000 1.78 0.38
Mason 46 178 63 69 $439,942 $365,000 2.58 0.73
Skagit 85 230 98 97 $622,824 $515,000 2.37 0.59
Grays Harbor 77 303 84 83 $347,598 $323,000 3.65 1.21
Lewis 60 227 71 81 $417,781 $375,000 2.80 0.72
Cowlitz 60 205 72 60 $410,031 $380,000 3.42 0.58
Grant 48 174 58 51 $368,722 $326,700 3.41 1.45
Thurston 160 472 214 245 $525,263 $494,500 1.93 0.31
San Juan 12 77 14 14 $634,679 $517,000 5.50 2.23
Island 47 203 74 66 $589,949 $552,500 3.08 0.29
Kittitas 33 165 27 41 $844,834 $602,000 4.02 0.64
Jefferson 18 73 21 38 $632,297 $571,750 1.92 0.77
Okanogan 21 117 14 27 $421,889 $325,000 4.33 2.34
Whatcom 127 475 152 174 $595,494 $567,500 2.73 0.58
Clark 33 108 48 69 $558,880 $450,000 1.57 0.26
Pacific 23 119 38 27 $390,455 $302,500 4.41 1.13
Ferry 1 19 2 1 $220,000 $220,000 19.00 1.58
Clallam 32 140 46 61 $442,794 $430,000 2.30 0.78
Chelan 30 169 30 60 $561,173 $565,000 2.82 1.01
Douglas 13 73 25 24 $458,795 $399,500 3.04 0.64
Adams 3 49 7 9 $235,791 $224,000 5.44 1.92
Walla Walla 33 107 34 24 $406,731 $334,500 4.46 0.96
Columbia 2 26 3 4 $279,500 $279,500 6.50 1.43
Others 44 157 44 36 $393,242 $372,375 4.36 1.70
Total 2,980 9,475 4,017 4,524 $687,991 $570,000 2.09 0.40

4-county Puget Sound Region Pending Sales (SFH + Condo combined)

(totals include King, Snohomish, Pierce & Kitsap counties)

  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2003 4746 5290 6889 6837 7148 7202 7673 7135 6698 6552 4904 4454
2004 4521 6284 8073 7910 7888 8186 7583 7464 6984 6761 6228 5195
2005 5426 6833 8801 8420 8610 8896 8207 8784 7561 7157 6188 4837
2006 5275 6032 8174 7651 8411 8094 7121 7692 6216 6403 5292 4346
2007 4869 6239 7192 6974 7311 6876 6371 5580 4153 4447 3896 2975
2008 3291 4167 4520 4624 4526 4765 4580 4584 4445 3346 2841 2432
2009 3250 3407 4262 5372 5498 5963 5551 5764 5825 5702 3829 3440
2010 4381 5211 6821 7368 4058 4239 4306 4520 4350 4376 3938 3474
2011 4272 4767 6049 5732 5963 5868 5657 5944 5299 5384 4814 4197
2012 4921 6069 7386 7015 7295 6733 6489 6341 5871 6453 5188 4181
2013 5548 6095 7400 7462 7743 7374 7264 6916 5951 6222 5083 3957
2014 5406 5587 7099 7325 8055 7546 7169 6959 6661 6469 5220 4410
2015 5791 6541 8648 8671 8620 8608 8248 7792 7179 6977 5703 4475
2016 5420 6703 8130 8332 9153 8869 8545 8628 7729 7487 6115 4727
2017 5710 6024 7592 7621 9188 9042 8514 8637 7441 7740 6094 4460
2018 5484 5725 7373 7565 8742 8052 7612 6893 6235 6367 5328 4037
2019 5472 4910 7588 8090 8597 8231 7773 7345 6896 6797 5788 4183
2020 5352 6078 6477 5066 7297 8335 8817 9179 8606 7934 6122 4851
2021 5216 5600 8002 7716 8674 8824 8049 8586 7880 7405 6022 3943
2022 4405 5560 7312 6908 7482 6031 5934 6581 5208 4410 3521 2778

Posted in: Market Statistics

Is Seattle’s Eastside Real Estate Market turning the corner? Weekly update for 12/14/22.

Wednesday Update: Seattle’s Eastside Residential Market Update for the week of 12/14/22.

This Eastside Real Estate Market Update encompasses the cities of Bellevue, Bothell, Carnation, Clyde Hill, Duvall, Fall City, Issaquah, Kirkland, Kenmore, Medina, Mercer Island, Newcastle, North Bend, Redmond, Sammamish and Woodinville

THE NUMBERS:
Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings continue to drop from last week. 664 vs 726 a 9% decrease. Compared to a year ago this week, listings are up 655%.

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,750,000.

Pending Sales have dropped from last week. 51 vs 53 a 4% decrease. Compared to a year ago this week, pending sales are down 41%.

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,298,000 which is up from last week where they were at $1,225,000.

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory.

Current Months of Inventory dropped this week. It was 3.16 months of inventory last week and is now 3.0 months of inventory.

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

Find us online at:
Web: http://www.eastsidehomes.com
Facebook: https://www.facebook.com/tmeier
Instagram: https://www.instagram.com/tonymeier.windermere/
https://www.linkedin.com/in/tonymeier/

Our mission: To empower our client’s decision-making process with data-driven information, perspective and knowledge acquired from 33 years of real estate experience. To handle the process as if our clients are family and negotiate ideal outcomes at every step of the way. To be a valuable resource for our clients and their referrals during the transaction, and in the years that follow.
If we can help you or someone you know, please give us a call!

#redmond #redmondrealestate #bellevue #bellevuerealestate #woodinville #woodinvillerealestate #issaquah #issaquahrealestate #sammamish #sammamishrealestate #bothell #bothellrealestate #kirkland #kirklandrealestate #medina #kenmore #duvall #clydehill #fallcity #carnation

Wednesday Update: Seattle’s Eastside Residential Market Update for the week of 12/14/22.

This Eastside Real Estate Market Update encompasses the cities of Bellevue, Bothell, Carnation, Clyde Hill, Duvall, Fall City, Issaquah, Kirkland, Kenmore, Medina, Mercer Island, Newcastle, North Bend, Redmond, Sammamish and Woodinville

THE NUMBERS:
Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings continue to drop from last week. 664 vs 726 a 9% decrease. Compared to a year ago this week, listings are up 655%.

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,750,000.

Pending Sales have dropped from last week. 51 vs 53 a 4% decrease. Compared to a year ago this week, pending sales are down 41%.

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,298,000 which is up from last week where they were at $1,225,000.

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory.

Current Months of Inventory dropped this week. It was 3.16 months of inventory last week and is now 3.0 months of inventory.

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

Find us online at:
Web: http://www.eastsidehomes.com
Facebook: https://www.facebook.com/tmeier
Instagram: https://www.instagram.com/tonymeier.windermere/
https://www.linkedin.com/in/tonymeier/

Our mission: To empower our client’s decision-making process with data-driven information, perspective and knowledge acquired from 33 years of real estate experience. To handle the process as if our clients are family and negotiate ideal outcomes at every step of the way. To be a valuable resource for our clients and their referrals during the transaction, and in the years that follow.
If we can help you or someone you know, please give us a call!

#redmond #redmondrealestate #bellevue #bellevuerealestate #woodinville #woodinvillerealestate #issaquah #issaquahrealestate #sammamish #sammamishrealestate #bothell #bothellrealestate #kirkland #kirklandrealestate #medina #kenmore #duvall #clydehill #fallcity #carnation

Posted in: Market Statistics

Is Seattle’s Eastside Real Estate Market turning the corner? Weekly update for 12/14/22.

Wednesday Update: Seattle’s Eastside Residential Market Update for the week of 12/14/22.

This Eastside Real Estate Market Update encompasses the cities of Bellevue, Bothell, Carnation, Clyde Hill, Duvall, Fall City, Issaquah, Kirkland, Kenmore, Medina, Mercer Island, Newcastle, North Bend, Redmond, Sammamish and Woodinville

THE NUMBERS:
Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings continue to drop from last week. 664 vs 726 a 9% decrease. Compared to a year ago this week, listings are up 655%.

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,750,000.

Pending Sales have dropped from last week. 51 vs 53 a 4% decrease. Compared to a year ago this week, pending sales are down 41%.

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,298,000 which is up from last week where they were at $1,225,000.

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory.

Current Months of Inventory dropped this week. It was 3.16 months of inventory last week and is now 3.0 months of inventory.

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

Find us online at:
Web: http://www.eastsidehomes.com
Facebook: https://www.facebook.com/tmeier
Instagram: https://www.instagram.com/tonymeier.windermere/
https://www.linkedin.com/in/tonymeier/

Our mission: To empower our client’s decision-making process with data-driven information, perspective and knowledge acquired from 33 years of real estate experience. To handle the process as if our clients are family and negotiate ideal outcomes at every step of the way. To be a valuable resource for our clients and their referrals during the transaction, and in the years that follow.
If we can help you or someone you know, please give us a call!

#redmond #redmondrealestate #bellevue #bellevuerealestate #woodinville #woodinvillerealestate #issaquah #issaquahrealestate #sammamish #sammamishrealestate #bothell #bothellrealestate #kirkland #kirklandrealestate #medina #kenmore #duvall #clydehill #fallcity #carnation

Posted in: Market Statistics

December brings Holiday Cheer to Seattle’s Eastside Real Estate Market – Update for the week of 12/7/22

Wednesday Update: Seattle’s Eastside Residential Market Update for the week of 12/7/22.

This Eastside Update encompasses the cities of Bellevue, Bothell, Carnation, Clyde Hill, Duvall, Fall City, Issaquah, Kirkland, Kenmore, Medina, Mercer Island, Newcastle, North Bend, Redmond, Sammamish and Woodinville

Holiday Cheers returns to the Real Estate Market this week. Watch our video for all the details.

THE NUMBERS:
Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings continue to drop from last week. 726 vs 791 a 8% decrease. Compared to a year ago this week, listings are up 548%.

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,741,625.

Pending Sales have rose from last week. 53 vs 40 a 33% increase. Compared to a year ago this week, pending sales are down 37%.

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,225,000 which is up from last week where they were at $1,187,500.

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory.

Current Months of Inventory dropped this week. It was 4.56 months of inventory last week and is now 3.16 months of inventory.

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

Find us online at:
Web: http://www.eastsidehomes.com
Facebook: https://www.facebook.com/tmeier
Instagram: https://www.instagram.com/tonymeier.windermere/
https://www.linkedin.com/in/tonymeier/

#redmondrealestate #bellevuerealestate #woodinvillerealestate #issaquahrealestate #sammamishrealestate #bothellrealestate #kirklandrealestate #issaquahrealestate #bothellrealestate #medina #kenmore

Posted in: Market Statistics

Seattle Area Real Estate – Top 3 Numbers you Need to Know to Understand the Market & Home Prices

In this video, we’re going to share with you the top three numbers you need to know when it comes to understanding the Seattle area’s real estate market and home prices.

If you’re looking to buy or sell a property in the Seattle area, then you need to have a good understanding of the market condition and their effect on home prices. In this video, we’re going to share with you the top three numbers you need to know in order to understand the market and understand how prices have fluctuated over time. So be sure to watch this video to learn more about the Seattle area’s real estate market!

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

Find us online at:
Web: http://www.eastsidehomes.com
Facebook: https://www.facebook.com/tmeier
Instagram: https://www.instagram.com/tonymeier.windermere/
https://www.linkedin.com/in/tonymeier/

#redmondrealestate #bellevuerealestate #woodinvillerealestate #issaquahrealestate #sammamishrealestate #bothellrealestate #kirklandrealestate #seattlerealestate #snohomishcountyrealestate

Posted in: Market Statistics

Despite Seasonal Slowdown, Northwest MLS Brokers Report Pent-up Demand for Housing

November statistics from Northwest Multiple Listing Service surprised few brokers. They point to holidays, inclement weather, and various economic factors for prompting pauses in listing and sales activity. Nonetheless, several industry leaders commented on positive signs, fueled in part by pent-up demand and evidence of easing inflation pressures.

“Determined buyers are purchasing homes, with pent-up demand driving the market,” reported Dean Rebhuhn, owner of Village Homes and Properties in Woodinville. “Sellers who price to the market are attracting showings and receiving good offers,” he added, noting King County experienced an average of 55 sales per day last month, with year-over-year (YOY) median prices in King County up $10,000, rising from $740,000 to $750,000.

Northwest MLS figures show both pending and closed sales fell sharply from a year ago, but median prices system-wide edged up slightly (0.88%), from $570,000 to $575,000. Pending sales (mutually accepted offers) across the 26 counties in the report were down 40% (dropping from 8,571 a year ago to 5,106) while closed sales fell 42% (declining from 8,976 to 5,194). NWMLS figures show brokers closed an average of 173 sales per day across all counties.

The volume of closed sales, at 5,194, was the lowest level since February (5,147) and January (5,085). Compared to January’s median price of $555,000, last month’s buyers paid 3.6% more ($575,000).

“Our traditional seasonal slowdown around the holidays is happening earlier this year, with the alignment of climbing interest rates, economic news, local weather, and a volatile stock market,” stated John Deely, executive vice president of operations at Coldwell Banker Bain. “These conditions make it easier for consumers to place large purchases on hold, though we saw several notable sales in the luxury market over the last month, as real estate is still one of the best investments one can make,” he remarked.

Data from the multiple listing service shows 15.84% of November’s sales topped $1 million, while a year ago 13.96% of sales were at that level.

While some buyers are taking advantage of the expanding inventory as the market swings to their advantage, Deely said others are hesitant. “Some buyers are sitting on the sidelines waiting for interest rates to come down or thinking prices will come down even further.”

Inventory statistics were mixed. Brokers added 4,890 new listings during November, a decline of 24.2% compared to the same month a year ago when they added 6,455 new listings.

At month end, there were 12,245 total active listings, a whopping increase (about 165%) from the selection of a year ago when there were only 4,621 active listings.

Measured by months of inventory, November’s supply, at 2.36 months, was best since January 2019 when the overall selection reached 2.4 months of inventory.

Frank Leach, broker/owner at RE/MAX Platinum Services in Silverdale, commented on Kitsap County’s improving inventory. Northwest MLS figures show there was just under two months of supply (1.95 months), last month whereas a year ago there was only about two weeks of supply (0.57 months).

Leach described the market as “normalizing,” adding, “We have seen an uptick in open houses, with healthy traffic during October and November. We anticipate brisk sales across the holidays and into the new year with inventory building toward the end of December and into January. We’re telling folks to get pre-approved and have all their documents in so if the market does take a swing, they will be ready to seize the opportunity.”

The latest statistics from Northwest MLS show both pending sales and closed sales in Kitsap County fell about 33% year-over-year. Median prices edged up slightly more than 1%, from $500,000 to $505,471.

Northwest MLS director Mike Larson, managing broker at Compass in Tacoma, also commented on the normalizing market, echoing comments about rates “leveling off a bit, there’s not nearly as much competition, and peak inflation appears to be behind us.” Citing observations in a company newsletter, he agreed it’s good news for buyers “and a hopeful sign that after the holidays and the new year will come a more normal market.”

Fifteen of the 26 counties reported price increases from a year ago, with 11 counties having declines. All four counties in the Puget Sound region experienced modest price gains, ranging from about 1.1% in Kitsap County to 2.9% in Snohomish County.

“The data show we’re in a changed market,” observed Dick Beeson, managing broker at RE/MAX Northwest in Tacoma/Gig Harbor. “High interest rates, doubled inventory levels, anxious lenders, contracts written with negotiations for repairs, closing costs, and other sundry things – all of these have returned to the market,” he said, adding, “Sellers realize they must actually compete with other sellers to gain a buyer’s attention and an offer.”

Beeson reported some buyers “are having trouble pulling the trigger because their heads are spinning around” in part because there’s twice the inventory to choose from and the ever-changing market. In anticipation of further growth in inventory and rates edging down, he said brokers need to be ready to help buyers make informed decisions.

J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, noted both the number of home buyers and the number of new listings are running below pre-pandemic seasonal levels. “There is a shortage of unsold inventory, especially in the more affordable and mid-price ranges where approximately 80% of transactions take place within each market.” He reported a strong level of activity intensity for new listings going under contract within the first 30 days.

“December is traditionally the low point of new listings coming onto the market because of the holiday season,” Scott noted, while pointing to good news for buyers. “Home mortgage interest rates are lower than a month ago!” Noting economists forecast lower interest rates on the horizon as the economy works through lowering inflation, Scott reported, “Homebuyers are currently purchasing at market price with the possibility to refinance when rates decrease. In the meantime, some buyers are purchasing with a five-year or seven-year adjustable-rate mortgage which lowers the interest rate and monthly payment.”

Matthew Gardner, chief economist at Windermere Real Estate, is among those expecting mortgage rates to drop. “Early in the new year, I expect the Fed to start pulling back from their aggressive policy stance, and this will allow rates to begin slowly stabilizing.” He believes rates will remain above 6% until fall 2023 “when they should dip into the high 5% range. While this is higher than we have become used to, it’s still more than 2% lower than the historic average.”

Meredith Hansen, founder/operating principal at Keller Williams Greater Seattle and a NWMLS director, encouraged hopeful owners to consider purchasing options. “With rents expected to outpace home prices, it may be a good time to take the plunge into home ownership, especially for first-time buyers,” she suggested. “These first-timer buyers should look at different opportunities to get their foot in the home ownership door.” Among options she mentioned are possible rent to own opportunities or buying a home that needs work and building equity by “using elbow grease.”

Hansen also recommended would-be buyers tap into resources for prospective homeowners at the Washington State Housing Finance Commission, including its free homebuyer education seminars and down payment and closing costs assistance programs.

Looking ahead, Gardner said he does not expect supply to grow significantly with inventory levels remaining well below their long-term average. “It’s unlikely we’ll see a buyer’s market in 2023, but I do expect a return to a far more balanced one.” He believes the days of sellers “having the upper hand are behind us,” adding they will have to become more realistic “with accurate pricing becoming more important than ever.”

Deely believes the 2023 market “is shaping up to be quite competitive with building inventory and pent-up buyer demand.”

About Northwest Multiple Listing Service

As the leading resource for the region’s residential real estate industry, NWMLS provides valuable products and services, superior member support, and the most trusted, current listing data and industry information for real estate professionals. NWMLS is a member-owned, not-for-profit organization with more than 2,500 member offices and 32,000 real estate brokers throughout Washington state. With extensive knowledge of the region, NWMLS operates 20 service centers and serves 26 counties, providing dedicated support to its members and fostering a robust, cooperative brokerage environment. nwmls.com.

Single Fam. Homes + Condos New Listings Total
Active
Listings
# Pending Sales # Closing
Sales
Avg.
Closed
Price
Median
Closed
Price
This mo. Inventory Same mo., year ago
King 1,664 3,599 1,615 1,657 $950,931 $750,000 2.17 0.38
Snohomish 698 1,452 773 768 $744,850 $677,475 1.89 0.24
Pierce 766 1,903 830 877 $595,369 $517,500 2.17 0.44
Kitsap 268 577 303 296 $603,178 $505,471 1.95 0.57
Mason 73 221 83 93 $458,399 $400,000 2.38 0.79
Skagit 109 293 115 118 $527,401 $489,500 2.48 0.82
Grays Harbor 87 339 113 87 $338,936 $325,000 3.90 1.19
Lewis 64 274 96 91 $410,283 $382,000 3.01 0.98
Cowlitz 77 236 81 80 $392,725 $370,450 2.95 0.75
Grant 59 224 54 74 $337,171 $307,441 3.03 1.14
Thurston 238 568 263 261 $526,828 $465,000 2.18 0.35
San Juan 12 99 15 12 $1,286,184 $1,185,000 8.25 2.27
Island 79 259 90 83 $607,854 $525,000 3.12 0.54
Kittitas 50 202 38 45 $700,172 $510,000 4.49 1.15
Jefferson 36 85 32 46 $649,336 $560,000 1.85 0.69
Okanogan 16 150 23 28 $348,671 $315,000 5.36 1.93
Whatcom 213 577 213 208 $579,469 $535,000 2.77 0.77
Clark 69 145 71 56 $579,046 $491,500 2.59 0.39
Pacific 28 148 36 38 $356,071 $298,750 3.89 1.34
Ferry 5 22 2 3 $325,267 $300,000 7.33 13.50
Clallam 72 167 75 62 $488,640 $429,950 2.69 0.68
Chelan 53 210 63 78 $815,125 $554,200 2.69 1.72
Douglas 29 100 20 34 $542,523 $424,150 2.94 0.79
Adams 8 58 6 6 $280,166 $288,000 9.67 2.20
Walla Walla 63 126 50 39 $509,500 $420,000 3.23 0.90
Columbia 4 29 4 3 $211,833 $200,000 9.67 1.83
Others 50 182 42 51 $453,882 $405,000 3.57 2.00
Total 4,890 12,245 5,106 5,194 $707,763 $575,000 2.36 0.51

4-county Puget Sound Region Pending Sales (SFH + Condo combined)

(totals include King, Snohomish, Pierce & Kitsap counties)

  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2003 4746 5290 6889 6837 7148 7202 7673 7135 6698 6552 4904 4454
2004 4521 6284 8073 7910 7888 8186 7583 7464 6984 6761 6228 5195
2005 5426 6833 8801 8420 8610 8896 8207 8784 7561 7157 6188 4837
2006 5275 6032 8174 7651 8411 8094 7121 7692 6216 6403 5292 4346
2007 4869 6239 7192 6974 7311 6876 6371 5580 4153 4447 3896 2975
2008 3291 4167 4520 4624 4526 4765 4580 4584 4445 3346 2841 2432
2009 3250 3407 4262 5372 5498 5963 5551 5764 5825 5702 3829 3440
2010 4381 5211 6821 7368 4058 4239 4306 4520 4350 4376 3938 3474
2011 4272 4767 6049 5732 5963 5868 5657 5944 5299 5384 4814 4197
2012 4921 6069 7386 7015 7295 6733 6489 6341 5871 6453 5188 4181
2013 5548 6095 7400 7462 7743 7374 7264 6916 5951 6222 5083 3957
2014 5406 5587 7099 7325 8055 7546 7169 6959 6661 6469 5220 4410
2015 5791 6541 8648 8671 8620 8608 8248 7792 7179 6977 5703 4475
2016 5420 6703 8130 8332 9153 8869 8545 8628 7729 7487 6115 4727
2017 5710 6024 7592 7621 9188 9042 8514 8637 7441 7740 6094 4460
2018 5484 5725 7373 7565 8742 8052 7612 6893 6235 6367 5328 4037
2019 5472 4910 7588 8090 8597 8231 7773 7345 6896 6797 5788 4183
2020 5352 6078 6477 5066 7297 8335 8817 9179 8606 7934 6122 4851
2021 5216 5600 8002 7716 8674 8824 8049 8586 7880 7405 6022 3943
2022 4405 5560 7312 6908 7482 6031 5934 6581 5208 4410 3521  

Posted in: Market Statistics

Buying or selling Real Estate on Seattle’s Eastside this week? HERE’S THE NEWS YOU NEED TO KNOW!

Wednesday Update: Seattle’s Eastside Residential Market Update for the week of 11/30/22. This Eastside Update encompasses the cities of Bellevue, Bothell, Carnation, Clyde Hill, Duvall, Fall City, Issaquah, Kirkland, Kenmore, Medina, Mercer Island, Newcastle, North Bend, Redmond, Sammamish and Woodinville

We have mixed news to share this week. Watch our video for all the details.

THE NUMBERS:
Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings are down from last week. 791 vs 838 a 6% decrease. Compared to a year ago this week, listings are up 675%.

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,748,000.

Pending Sales have dropped from last week. 40 vs 69 a 42% decrease. Compared to a year ago this week, pending sales are down 17%.

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,187,500 which is down from last week where they were at $1,250,000.

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory.

Current Months of Inventory rose this week. It was 2.80 months of inventory last week and is now 4.56 months of inventory, the highest level this year.

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

Find us online at:
Web: http://www.eastsidehomes.com
Facebook: https://www.facebook.com/tmeier
Instagram: https://www.instagram.com/tonymeier.windermere/
https://www.linkedin.com/in/tonymeier/

#redmondrealestate #bellevuerealestate #woodinvillerealestate #issaquahrealestate #sammamishrealestate #bothellrealestate #kirklandrealestate

Posted in: Market Statistics

Thanksgiving brings changes to Seattle’s Eastside Real Estate Market. Watch our video for the latest update!

Wednesday Update: Seattle’s Eastside Residential Market Update for the week of 11/23/22. This Eastside Update encompasses the cities of Bellevue, Bothell, Carnation, Clyde Hill, Duvall, Fall City, Issaquah, Kirkland, Kenmore, Medina, Mercer Island, Newcastle, North Bend, Redmond, Sammamish and Woodinville

I cover some nice improvements for the Seattle’s Eastside Real Estate Market.

THE NUMBERS:
Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings are down from last week. 838 vs 916 a 9% decrease. Compared to a year ago this week, listings are up 593%.

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,699,450.

Pending Sales have rose from last week. 69 vs 63 a 10% increase. Compared to a year ago this week, pending sales are down 34%.

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,250,000 which is down from last week where they were at $1,348,888.

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory.

Current Months of Inventory dropped this week. It was 3.36 months of inventory last week and is now 2.80 months of inventory.

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

Find us online at:
Web: http://www.eastsidehomes.com
Facebook: https://www.facebook.com/tmeier
Instagram: https://www.instagram.com/tonymeier.w…
https://www.linkedin.com/in/tonymeier/

#redmondrealestate #bellevuerealestate #woodinvillerealestate #issaquahrealestate #sammamishrealestate #bothellrealestate #kirklandrealestate

Posted in: Market Statistics

Want to buy or sell real estate in Seattle’s Eastside this week – HERE’S WHAT YOU NEED TO KNOW!

THE NUMBERS:

Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings are down from last week. 916 vs 944 a 3% decrease. Compared to a year ago this week, listings are up 589%. 

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,675,000.

Pending Sales have dropped from last week. 63 vs 74 a 15% decrease. Compared to a year ago this week, pending sales are down 48%.

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,348,888 which is up from last week where they were at $1,274,500. 

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory.

Current Months of Inventory increased this week. It was 2.94 months of inventory last week and is now 3.36 months of inventory, the highest level this year. 

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

This Eastside Update encompasses the cities of Bellevue, Bothell, Carnation, Clyde Hill, Duvall, Fall City, Issaquah, Kirkland, Kenmore, Medina, Mercer Island, Newcastle, North Bend, Redmond, Sammamish and Woodinville

Posted in: Blog, Market Statistics

TONY TALKS: Real Estate Information and Education – November Edition

We are talking Median Prices for the Eastside, Seattle and Snohomish County along with Months of Inventory.

Posted in: Market Statistics

Chicken Little… Seattle’s Eastside Real Estate Market is NOT falling apart! Tony Talks Real Estate

Take a look past the headlines and see what is really going on with the Eastside Real Estate Market in our November update

Posted in: Market Statistics

Wednesday Update: Seattle’s Eastside Residential Market Update for the week of 11/09/22

Wednesday Update: Seattle’s Eastside Residential Market Update for the week of 11/09/22

MARKET RECAP: 

INTEREST RATES:

In spite of the Fed’s raising short term rates last week by 0.75%, the 30 year fixed rate only moved up slightly. As of today, 30 year fixed rates are at 7.21%

THE MARKET: 

The median closed sales price has held steady from August to October at $1,350,000. This is very good news, as the market seems to have reached a resistance point to going any lower. However, pending sales are still declining faster than active listings as we work through our normal 4th quarter slowdown. This has raised the Month of Inventory to highest level this year at 2.94 MOI  

 

THE NUMBERS:

Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings are down from last week. 944 vs 968 a 2% decrease. Compared to a year ago this week, listings are up 490%. 

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,651,380.

Pending Sales have dropped from last week. 74 vs 94 a 21% decrease. Compared to a year ago this week, pending sales are down 44%.

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,350,000, which is up from last week where they were at $1,400,000. 

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory.

Current Months of Inventory increased this week. It was 2.38 months of inventory last week and is now 2.94 months of inventory, the highest level this year. 

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere  

Posted in: Market Statistics

Northwest MLS Brokers Say Motivated Home Buyers Turn to Creative Financing Options

Brokers with Northwest Multiple Listing Service (NWMLS) are reporting a return to some creative financing methods as motivated home buyers and sellers grapple with higher mortgage rates. Despite that, and the seasonal slowdown in activity, 6,435 hopeful homebuyers succeeded in having sellers accept their offers to purchase during October.  

“Buyers are benefiting from more choices in inventory and less competition, while sellers are more negotiable when it comes to contingencies,” reported NWMLS director Meredith Hansen. “We are seeing more 2/1 buydowns and adjustable-rate mortgages with buyers planning to refi when the rates come back down,” added Hansen, the founder and operating principal at Keller Williams Greater Seattle.

The latest Northwest MLS shows 6,435 pending sales last month, and about the same volume (6,464) of closed sales. Both figures were down from the year-ago totals, with pending sales dropping about 39% and closings declining around 35%.

Median sales prices still rose year-over-year in most of the 26 counties on the report. Area-wide, the median price on last month’s completed sales of single family homes and condominiums was $595,000. That was an increase of about 3.5% from twelve months ago, but a decline of approximately 9% from May when prices peaked at $660,000.

Homes and condos in San Juan County commanded the highest prices, with a median sales price of $911,000 – and that was a 7.5% decline from a year ago. Last month’s closings in King County had a median price of $811,000, up more than 8% from the year-ago figure of $750,000.

A comparison of counties shows price drops in nine of them. Seven counties had double-digit gains, but improved inventory and interest rates were the storyline for many of the brokers who commented on the NWMLS statistics.

NWMLS director Jeff Pust said, “There is no doubt the market has changed with higher interest rates being the main culprit.” He acknowledged some buyers are waiting to see if rates and home prices drop. “My fear is that buyers who take this approach may miss out on the perfect home as some fantastic properties have come on the market that have sellers who are determined to sell and move on,” added Pust, the owner/designated broker at Van Dorm Realty, Inc., in Olympia.

Brokers added 7,260 new listings during October, down about 21% from the same month a year ago. At month end, the selection included 14,214 active listings of single family homes and condos system-wide. That was more than double the year-ago inventory of 6,588.

The uptick in supply boosted the months of inventory figure to 2.2. That is the highest level, based on this metric, since January 2019.

“Buyers’ opportunities abound,” proclaimed Gary O’Leyar, owner/CFO at Berkshire Hathaway HomeServices Signature Properties in Seattle, noting inventory in several counties is two-to-three times larger than a year ago.

“As for the interest rate ‘elephant in the room,’ the time has come for buyers and sellers to revisit financing methods from previous markets,” O’Leyar said, mentioning the use of buydowns, adjustable-rate loans, carrying back second deeds of trust, and closing cost allowances as possible options.

“Interest rates can and will change. When they drop, refinancing is an option or taking out a shorter term 5/1 ARM. For buyers with foresight and market savvy, here is their opportunity.”

“Inventory continues to grow,” said Frank Leach, broker owner at RE/MAX Platinum Services in Silverdale and a member of the NWMLS board of directors. He described the market in Kitsap County as “strong and competitive. Open house traffic continues to be very active and buyers are being offered a number of seller concessions to soften the blow of increasing interest rates, especially on new construction,” he reported. “Mortgage programs are offering below-market rates with various buydown options – something we have not seen for years!”

John Deely, executive vice president of operations at Coldwell Banker Bain, also commented on building inventory and strong open house traffic. “We are continuing to move into a more traditional market. Buyers are out looking and watching the market, and they have more time to make informed choices with the help of seasoned brokers.”

Unlike the recent past, when buyers encountered multiple offer situations and not being able to get into a property because they were outbid, Deely said the question for them now is affordability in the neighborhoods where they want to live. “We are seeing sellers who are concerned about further rate increases come to the market now to beat the traditional build-up during the first of the year and in the spring. With less competition, now is the time to get into the market.”

Dean Rebhuhn, owner of Village Homes and Properties in Woodinville, echoed those comments. “We’re seeing buyers find opportunities, with sellers offering good pricing,” he stated. “Lifestyle decisions continue to drive sales. Even though rising interest rates make it more difficult for some buyers, pent up demand continues.”

Describing the market as bifurcated, with some listings coming on the market and sitting for several weeks and others that come on and immediately get multiple offers or above asking price offers, broker Frank Wilson said both buyers and sellers need to be prepared.

“Buyers still have to act quickly and put their best foot forward when making an offer,” stated Wilson, branch managing broker at John L. Scott, Inc. in Poulsbo. He also recommended relying on their real estate broker’s expertise in determining the value of the home that interests them in today’s market.

Sellers need to be “laser focused on price and condition,” advised Wilson, adding, “What your neighbor’s house sold for six months ago has very little bearing on your home’s value today.”

Wilson also noted buyers tend to focus more on their monthly payment instead of the price of the home. “If they need a home today, they may need to budget for higher monthly payments until they can refinance to a lower rate a year or two from now, when hopefully rates will begin to go down again.”

“Even with more choice on the market than we’ve seen in several years, pending sales fell last month,” remarked Matthew Gardner, chief economist at Windermere Real Estate. “The cause is almost certainly rising mortgage rates, which rose from 6.65% early in the month and ended above 7.1%; this is clearly having an impact on buyers,” he added.

Gardner believes many buyers may remain sidelined until mortgage rates stabilize, but added he had “bad news for those buyers who are sitting on the fence waiting for home prices to implode.” He expects regional home values will turn modestly negative in 2023, but said, “those who hope to pick up a home ‘on the cheap’ are likely in for a long wait.”

“Real estate pros like this kind of market,” proclaimed Dick Beeson, managing broker at RE/MAX Northwest in Tacoma/Gig Harbor, explaining “They get to display their negotiation and marketing skills,” he explained. 

Beeson believes “We are now experiencing a balanced market. I said the new normal was 2-to-4 months of supply back two or three years ago. We’ve finally reached that point. This is the new normal until interest rates go down.”

A few of the Northwest MLS spokespersons commented on new construction.

“Homebuilders are lowering prices and some are offering incentives such as interest rate buydowns to attract sales,” reported Rebhuhn.

“While we don’t track land on these MLS reports, we are seeing a definite uptick in activity with undeveloped land,” stated Leach. “Rentals now under construction and being completed are at the highest numbers in Kitsap County’s history.” While rental prices should be more competitive with expanding choices, he said landlords may offer concessions, but he doesn’t expect rents to be reduced. Nevertheless, he remarked, “There should be ample housing for every budget and lifestyle in the coming year.”

Also commenting on interest rates was the National Association of REALTORS®, which noted the slight dip in mortgage rates this week despite the Federal Reserve approving another 0.75% rate hike for the fourth time this year.

NAR cited Freddie Mac’s 30-year fixed mortgage rate that fell to 6.95%, down from 7.08% the previous week. “It seems that rates have already priced in some of the effect of the Fed’s higher interest rates. It is also promising that this was likely the last rate hike of this magnitude, as indicated by the Fed,” wrote Nadia Evangelou, NAR’s senior economist and director of forecasting.

Evangelou also speculated “a return to the sky-high interest rates of the 1980s isn’t likely in today’s economy” and drew comparisons to payments now with those of 40 years ago in today’s money. “In real terms, after adjusting the median home price for inflation, the monthly mortgage payment was about $450 higher in 1982 than it is now,” she wrote in a blog, adding, “If mortgage rates were currently 9% the monthly mortgage payment would be comparable to 1982 rates. Thus, in real values, current buyers pay less for their home purchase than buyers who purchased their home 40 years ago, although home prices are significantly higher now.”

About Northwest Multiple Listing Service

As the leading resource for the region’s residential real estate industry, NWMLS provides valuable products and services, superior member support, and the most trusted, current listing data and industry information for real estate professionals. NWMLS is a member-owned, not-for-profit organization with more than 2,500 member offices and 32,000 real estate brokers throughout Washington state. With extensive knowledge of the region, NWMLS operates 20 service centers and serves 26 counties, providing dedicated support to its members and fostering a robust, cooperative brokerage environment. nwmls.com.

Single Fam. Homes + Condos New Listings Total
Active
Listings
# Pending Sales # Closing
Sales
Avg.
Closed
Price
Median
Closed
Price
This mo. Inventory Same mo., year ago
King 2,587 4,355 2,140 2,047 $1,004,517 $811,000 2.13 0.57
Snohomish 992 1,748 901 957 $751,909 $700,000 1.83 0.36
Pierce 1,086 2,141 1,020 1,076 $580,055 $525,000 1.99 0.64
Kitsap 337 659 349 333 $602,415 $510,000 1.98 0.72
Mason 108 255 125 109 $427,203 $370,000 2.34 0.74
Skagit 135 341 138 148 $571,559 $498,000 2.30 0.90
Grays Harbor 135 389 119 122 $335,485 $319,250 3.19 1.09
Lewis 121 332 118 102 $434,331 $427,000 3.25 1.28
Cowlitz 116 265 118 106 $427,484 $392,500 2.50 0.87
Grant 116 232 89 86 $368,656 $370,000 2.70 1.24
Thurston 364 628 341 383 $532,658 $499,950 1.64 0.48
San Juan 23 117 18 24 $1,575,694 $911,000 4.88 2.14
Island 135 306 105 140 $650,426 $560,000 2.19 0.56
Kittitas 77 219 48 57 $695,458 $510,000 3.84 1.07
Jefferson 50 97 59 49 $658,672 $600,000 1.98 0.65
Okanogan 53 169 39 40 $429,436 $344,500 4.23 2.61
Whatcom 297 679 253 263 $573,989 $540,000 2.58 0.86
Clark 77 155 71 57 $526,830 $500,000 2.72 0.48
Pacific 57 163 49 41 $376,421 $310,000 3.98 1.47
Ferry 2 23 7 5 $429,480 $490,000 4.60 5.40
Clallam 86 192 74 74 $498,464 $441,000 2.59 1.00
Chelan 109 260 82 88 $662,498 $594,500 2.95 1.50
Douglas 47 98 45 32 $554,977 $495,000 3.06 1.08
Adams 15 54 15 6 $314,601 $307,500 9.00 3.11
Walla Walla 63 122 45 53 $505,772 $420,000 2.30 1.10
Columbia 15 34 4 7 $294,571 $250,000 4.86 1.58
Others 57 181 63 59 $451,455 $410,000 3.07 1.13
Total 7,260 14,214 6,435 6,464 $724,761 $595,000 2.20 0.66

4-county Puget Sound Region Pending Sales (SFH + Condo combined)

(totals include King, Snohomish, Pierce & Kitsap counties)

  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2003 4746 5290 6889 6837 7148 7202 7673 7135 6698 6552 4904 4454
2004 4521 6284 8073 7910 7888 8186 7583 7464 6984 6761 6228 5195
2005 5426 6833 8801 8420 8610 8896 8207 8784 7561 7157 6188 4837
2006 5275 6032 8174 7651 8411 8094 7121 7692 6216 6403 5292 4346
2007 4869 6239 7192 6974 7311 6876 6371 5580 4153 4447 3896 2975
2008 3291 4167 4520 4624 4526 4765 4580 4584 4445 3346 2841 2432
2009 3250 3407 4262 5372 5498 5963 5551 5764 5825 5702 3829 3440
2010 4381 5211 6821 7368 4058 4239 4306 4520 4350 4376 3938 3474
2011 4272 4767 6049 5732 5963 5868 5657 5944 5299 5384 4814 4197
2012 4921 6069 7386 7015 7295 6733 6489 6341 5871 6453 5188 4181
2013 5548 6095 7400 7462 7743 7374 7264 6916 5951 6222 5083 3957
2014 5406 5587 7099 7325 8055 7546 7169 6959 6661 6469 5220 4410
2015 5791 6541 8648 8671 8620 8608 8248 7792 7179 6977 5703 4475
2016 5420 6703 8130 8332 9153 8869 8545 8628 7729 7487 6115 4727
2017 5710 6024 7592 7621 9188 9042 8514 8637 7441 7740 6094 4460
2018 5484 5725 7373 7565 8742 8052 7612 6893 6235 6367 5328 4037
2019 5472 4910 7588 8090 8597 8231 7773 7345 6896 6797 5788 4183
2020 5352 6078 6477 5066 7297 8335 8817 9179 8606 7934 6122 4851
2021 5216 5600 8002 7716 8674 8824 8049 8586 7880 7405 6022 3943
2022 4405 5560 7312 6908 7482 6031 5934 6581 5208 4410    

Posted in: Market Statistics

Wednesday Update: Seattle’s Eastside Residential Market Update for the week of 11/02/22

Wednesday Update: Seattle’s Eastside Residential Market Update for the week of 11/02/22

MARKET RECAP:
RATES: The Federal Reserve is set raise short term rates today. This will be the 6th time this year as they continue trying to rein in the economy through “demand destruction” making everything more expensive to finance including housing.  The 10 year treasury (what 30 year rates are based upon) is not directly tied to the Fed’s action but is certainly impacted by the broader market, so we will report back next week on the impacts of today’s move by the Fed. Thankfully, rates have remained flat since last week with the 30 year fixed rates at 7.12%. It is still 3.98% higher than it was 1 year ago. 

THE MARKET: Active listing declined a bit to 968 this week, which is still above the 7 year average for this time of year at 860 active listings. Pending sales did show some improvement over last week, which dropped the Months of Inventory (supply vs. demand) down to 2.38 MOI. Months of Inventory was 0.4 MOI last year and the 7 year average is 1.2 MOI. So, the market activity still remains well below last year and below its normal pace for the last 7 years.  

THE NUMBERS:

Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings are down from last week. 968 vs 997 a 3% decrease. Compared to a year ago this week, listings are up 517%. 

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,672,500

Pending Sales have rose from last week. 94 vs 81 a 16% increase. Compared to a year ago this week, pending sales are down 16%. 

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,350,000, which is up from last week where they were at $1,375,000. 

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory.

Current Months of Inventory declined this week. It was 2.84 months of inventory last week and is now 2.38 months of inventory. 

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere 

Posted in: Market Statistics

Wednesday Update : Seattle’s Eastside Residential Market Update for the week of 10/26/22

Wednesday Update : Seattle’s Eastside Residential Market Update for the week of 10/26/22

MARKET RECAP:
RATES: Thankfully, there was some relief in interests rates this week. The 30 year fixed rates declined slightly from 7.22% to 7.15%, which is still 3.88% higher than it was a year ago. 

THE MARKET: It is normal for active listings and pending sales to decline in the 4th quarter. However, active listings have hovered around 1000 homes since the beginning of September with many sellers still hanging on to the hopes of getting “their price”. With active listings remaining higher than normal and pending sales declining as seasonally expected, Months of Inventory (Supply vs. Demand) continues to rise for the 5th week in a row. It is now 2.84 Months of Inventory, which is another high mark for this year. 

 

THE NUMBERS:
Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings decreased slightly from last week. 997 vs 999 a 0% decrease. Compared to a year ago this week, listings are up 501%. 

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,651,481. 

Pending Sales are down from last week. 81 vs 84 a 4% decrease. Compared to a year ago this week, pending sales are down 49%. 

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,375,000, which is up from last week where they were at $1,237,000. 

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory.

Current Months of Inventory rose this week. It was 2.74 months of inventory last week and is now 2.84 months of inventory, the highest level this year. 

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere 

Posted in: Market Statistics

Wednesday Update : Seattle’s Eastside Residential Market Update for the week of 10/19/22

RECAP:
Rates continued to climb this week! The 30 year fixed rates are now 7.22%, which is 4.03% higher than it was a year ago. This has continued to put pressure on buyer affordability and the resulting decline in Pending Sales. All of this created another 2022 Months of Inventory high this week of 2.74 MOI. 

I have been hearing from experts in the Mortgage Industry about is optimism that rates will decline in early 2023 as the upward pressure on inflation appears to be easing. If this is more than wishful thinking, we could quickly see a strong spike in Pending Sales as Buyers who have been priced out of the market quickly return to active buying. 

 

THE NUMBERS:

Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings decreasesd slightly from last week. 999 vs 1014 a 1% decrease. Compared to a year ago this week, listings are up 402%. 

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,650,000. 

Pending Sales are down from last week. 84 vs 90 a 7% decrease. Compared to a year ago this week, pending sales are down 45%. 

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,237,000, which is down from last week where they were at $1,299,500. 

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory.

Current Months of Inventory rose this week. It was 2.60 months of inventory last week and is now 2.74 months of inventory, the highest level this year. 

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

Posted in: Market Statistics

Wednesday Update : Eastside Residential Market Update – September recap and stats for the week of 10/12/22

THE NUMBERS:

Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings increased slightly from last week. 1014 vs 1004 a 1% increase. Compared to a year ago this week, listings are up 376%. 

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,675,000. 

Pending Sales are down from last week. 90 vs 95 a 5% decrease. Compared to a year ago this week, pending sales are down 36%. 

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,299,500, which is down from last week where they were at $1,425,000. 

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory.

Current Months of Inventory rose this week. It was 2.44 months of inventory last week and is now 2.60 months of inventory, the highest level this year. 

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere 

Posted in: Market Statistics Tagged: Issaquah Real Estate, Kirkland Real Estate, Redmond Real Estate, Sammamish Real Estate, Woodinville Real Estate

Brokers Say Home Buyers “Finally Get Some Relief” With Return to “More Traditional Market”

KIRKLAND, Washington (October 6, 2022) – “The shift in the market isn’t a surprise,” said broker Mike Larson when commenting on the latest statistics from Northwest Multiple Listing Service. The report on September activity shows active listings are nearly doubled from a year ago, pending sales declined more than 31%, but prices in most counties are still rising.

“Buyers are finally getting some relief,” said Larson, a member of the Northwest MLS board of directors and the managing broker at Compass in Tacoma. “Getting back to a balanced, more normal market is almost a welcome change,” he added, but noted “inflation and rising rates aren’t helping.”

“Though technically still a seller’s market, it is more favorable to buyers than it has been in a decade,” noted John Deely, executive vice president of operations at Coldwell Banker Bain. He cited building inventory, lengthening market time, and a slowdown in price increases as factors.

NWMLS brokers reported 7,504 closed sales during September, down 27% from a year ago when they notched 10,289 completed transactions.

The median price on last month’s sales across the 26 counties in the report rose about 5.1% from a year ago, increasing from $570,000 to $599,000. Prices are down slightly from the August median of $600,000 and from the year’s peak of $660,000 that was reported in May.

“The ‘Great Reversion’ continues with the number of homes in the tri-county market of King, Pierce, and Snohomish counties up 106% from a year ago,” stated Matthew Gardner, chief economist at Windermere Real Estate. “It’s worth noting that current inventory levels in King and Snohomish counties are still around 13% lower than they were in September 2019 prior to the pandemic-induced market shift.”

County Active Listings, Sept. 2019 Active Listings, Sept. 2022 % change
King 5,431 4,738 -12.8%
Snohomish 2,156 1,873 -13.1%

For the 26 counties in the MLS report there were 15,008 active listings at the end of September. That’s a jump of more than 93% from the year-ago total of 7,757 active listings. It is also a slight improvement (2.2%) from August when there were 14,683 active listings across the NWMLS market.

Measured by months of supply, there are only two months of inventory, an improvement from one year ago when there were only about three weeks (0.75 months) of supply, but still well below the four-to-six months of inventory real estate analysts use as a measure of a balanced market.

King County has 2.02 months of supply, but the other counties in the Puget Sound region have less than that. There is 1.61 months of supply in Kitsap County, 1.63 months in Snohomish County and 1.84 months in Pierce County.

Last month’s uptick in inventory included 9,422 new listings brokers added during September. Compared to the same month a year ago, that volume of new listings dropped 17%. Compared to August, new listings dipped about 5%.

The inventory of single family homes (excluding condominiums) nearly doubled from a year ago, jumping from 6,679 to 13,266 (up 98.6%). Condo listings jumped about 62% from the year-ago figure of 1,078 to 1,742.

Pending sales (mutually accepted offers) of single family homes and condos declined from a year ago, shrinking from 11,318 to 7,764, a drop of more than 31%. Last month’s pendings also fell from the August figure of 9,552 (down 18.7%).

Pending sales of single family homes, which accounted for nearly 88% of last month’s pendings, dropped around 31%, while condo sales slipped nearly 35%.

“Overall, September showed signs of a more traditional market with a natural slowdown of pending sales during this time of year,” observed Deely.

“Although the housing market experienced a major intensity adjustment from the spring, the percentage of homes going under contract within the first 30 days is strong and resilient,” stated J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. “We are seeing approximately 80 percent of sales activity take place in the more affordable, mid-price range, and upper end price points,” he added.

Scott also cautioned against comparisons to the pandemic years. “We can’t compare today’s housing market to the low mortgage rates of the COVID housing stimulus years (2020 to spring 2022).” He suggests pre-pandemic data provides a more realistic comparison, noting “In September, we experienced about the same number of new listings as we did pre-pandemic, but with less intensity and a lower percentage of homes going under contract.”  

A comparison of counties in the MLS report shows wide variation in year-over-year price (YOY) changes. Prices dropped in six counties (Clallam, Columbia, Lewis, Okanogan, Pacific and San Juan), while five counties registered double-digit increases (Adams, Douglas, Ferry, Skagit, and Walla Walla). The remaining 15 counties had single-digit YOY price gains.

In Kirkland, which Money magazine just ranked third-best place to live in the U.S., the median price of a single family home that sold during September was $1,355,000. That marked a jump of about 8.6% from the year-ago sales price of $1,247,500.

Area-wide, the median price on last month’s single family homes (excluding condos) rose 4.75%, from $589,000 to $617,000. King County, where the median price on last month’s single family home sales was $875,000, had the most expensive homes. Within King County, single family homes on the Eastside fetched the highest price last month at $1.2 million. Homes in the southwest segment of the county sold for about half that amount ($590,000), but they had the highest YOY increase when comparing the six sub-areas tracked by the MLS. Countywide, single family home prices increased nearly 6%.

Condo prices surged 9.2% from a year ago, rising from $435,000 to $475,000.

“We are in a new market and proper pricing is most important,” emphasized Dean Rebhuhn, owner at Village Homes and Properties in Woodinville. “We are still experiencing pent-up buyer demand in King, Snohomish and Pierce counties,” he added, pointing to low supply in those areas.

Commenting on prices, Deely said, “From January through June, we had double-digit median price increases every month, which ceased in July. All this gives buyers more selection and the time to be more selective.”

In general, “sellers are still realizing nice gains,” Larson commented.

Gardner pointed out home prices “remain positive compared to a year ago,” adding, “I don’t expect that to change through the end of 2022.” By spring, however, he believes “it’s likely that year-over-year prices will start to trend negative. That said, I firmly believe that this will only be a short period of correction, so homeowners in the Puget Sound area shouldn’t be too concerned, especially given that 64% of them are sitting on over 50% of home equity.”

Uncertainty about the direction of mortgage rates is prompting buyer hesitancy, according to some market watchers.

“With uncertainty over interest rate increases, some buyers are still holding off,” stated Deely. “For sellers, correct pricing remains critical if they want to capture buyers who are currently in the marketplace.” Continuing, Deely said, “Sellers need to be hyper-local in their pricing strategy based on what is happening in their local market now versus ‘what could have been’ earlier in the year.”

Rebhuhn agreed, saying motivated sellers are reducing prices to attract showings as increasing mortgage rates are reducing purchasing power.

Larson suggested waning consumer confidence may be having an impact on activity. “When consumer confidence in the economy is low, the instinctive response is to hunker down and do nothing.”

Allison Schrager, a Bloomberg Opinion columnist who covers economics, recently commented about buyers “sitting on the sidelines until rates or prices or both decline.” She faults the Fed’s interference, writing “don’t count on rates falling to those pandemic lows. They were the result of extraordinary market manipulation from the Fed,” suggesting there will be a “hangover from the very low rates in 2020 and 2021.”  

On a brighter note, The Conference Board said its Consumer Confidence Index® increased in September for the second consecutive month. Acknowledging recession risks “nonetheless persist,” Lynn Franco, senior director of economic indicators at The Conference Board, stated, “Concerns about inflation dissipated further in September – prompted largely by declining prices at the gas pump. . .”

Commenting on inflation, veteran broker Rebhuhn said, “Smart purchasers understand home ownership is a good hedge against inflation.”

About Northwest Multiple Listing Service

As the leading resource for the region’s residential real estate industry, NWMLS provides valuable products and services, superior member support, and the most trusted, current listing data and industry information for real estate professionals. NWMLS is a member-owned, not-for-profit organization with more than 2,500 member offices and 32,000 real estate brokers throughout Washington state. With extensive knowledge of the region, NWMLS operates 20 service centers and serves 26 counties, providing dedicated support to its members and fostering a robust, cooperative brokerage environment. nwmls.com.

 

Single Fam. Homes + Condos LISTINGS PENDING SALES CLOSED SALES MONTHS OF INVENTORY
New Listings Total Active # Pending Sales # Closings Avg. Price Median Price This month Same mo., year ago
King 3,504 4,738 2,314 2,348 $987,616 $799,000 2.02 0.68
Snohomish 1,300 1,873 1,153 1,146 $763,543 $700,000 1.63 0.48
Pierce 1,425 2,247 1,331 1,218 $592,423 $526,000 1.84 0.67
Kitsap 440 713 410 443 $644,857 $535,500 1.61 0.69
Mason 159 287 134 111 $478,607 $410,000 2.59 0.76
Skagit 211 369 183 180 $644,644 $552,250 2.05 1.21
Grays Harbor 160 405 170 137 $354,868 $345,000 2.96 1.43
Lewis 142 348 142 116 $403,927 $378,475 3.00 1.66
Cowlitz 138 256 123 118 $415,853 $399,950 2.17 0.89
Grant 112 211 95 104 $368,676 $350,000 2.03 1.24
Thurston 419 641 432 423 $526,711 $480,000 1.52 0.56
San Juan 28 117 28 24 $1,085,104 $773,750 4.88 2.96
Island 188 296 162 136 $604,771 $542,500 2.18 0.69
Kittitas 98 207 78 88 $702,269 $516,500 2.35 1.34
Jefferson 48 115 61 51 $649,947 $598,000 2.25 0.83
Okanogan 59 186 54 46 $381,085 $327,000 4.04 5.07
Whatcom 415 720 344 331 $611,260 $545,000 2.18 0.92
Clark 79 145 82 65 $570,065 $495,000 2.23 0.70
Pacific 62 162 63 51 $384,195 $340,000 3.18 1.66
Ferry 9 29 5 4 $255,046 $262,591 7.25 3.25
Clallam 87 189 88 99 $500,940 $439,000 1.91 0.95
Chelan 118 267 118 93 $689,162 $550,000 2.87 1.74
Douglas 54 95 49 50 $553,200 $497,500 1.90 1.00
Adams 14 61 12 10 $358,409 $358,859 6.10 1.05
Walla Walla 80 112 63 60 $468,352 $411,000 1.87 1.41
Columbia 6 26 6 3 $613,667 $201,000 8.67 10.00
Others 67 193 64 49 $384,615 $360,000 3.94 1.26
Total 9,422 15,008 7,764 7,504 $726,348 $599,000 2.00 0.75

4-county Puget Sound Region Pending Sales (SFH + Condo combined)

(totals include King, Snohomish, Pierce & Kitsap counties)

  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2003 4746 5290 6889 6837 7148 7202 7673 7135 6698 6552 4904 4454
2004 4521 6284 8073 7910 7888 8186 7583 7464 6984 6761 6228 5195
2005 5426 6833 8801 8420 8610 8896 8207 8784 7561 7157 6188 4837
2006 5275 6032 8174 7651 8411 8094 7121 7692 6216 6403 5292 4346
2007 4869 6239 7192 6974 7311 6876 6371 5580 4153 4447 3896 2975
2008 3291 4167 4520 4624 4526 4765 4580 4584 4445 3346 2841 2432
2009 3250 3407 4262 5372 5498 5963 5551 5764 5825 5702 3829 3440
2010 4381 5211 6821 7368 4058 4239 4306 4520 4350 4376 3938 3474
2011 4272 4767 6049 5732 5963 5868 5657 5944 5299 5384 4814 4197
2012 4921 6069 7386 7015 7295 6733 6489 6341 5871 6453 5188 4181
2013 5548 6095 7400 7462 7743 7374 7264 6916 5951 6222 5083 3957
2014 5406 5587 7099 7325 8055 7546 7169 6959 6661 6469 5220 4410
2015 5791 6541 8648 8671 8620 8608 8248 7792 7179 6977 5703 4475
2016 5420 6703 8130 8332 9153 8869 8545 8628 7729 7487 6115 4727
2017 5710 6024 7592 7621 9188 9042 8514 8637 7441 7740 6094 4460
2018 5484 5725 7373 7565 8742 8052 7612 6893 6235 6367 5328 4037
2019 5472 4910 7588 8090 8597 8231 7773 7345 6896 6797 5788 4183
2020 5352 6078 6477 5066 7297 8335 8817 9179 8606 7934 6122 4851
2021 5216 5600 8002 7716 8674 8824 8049 8586 7880 7405 6022 3943
2022 4405 5560 7312 6908 7482 6031 5934 6581 5208      

Posted in: Market Statistics

Wednesday Market Update – Eastside Residential Market Stats as of 10/05/22:

Wednesday Market Update – Eastside Residential Market Stats as of 10/05/22:

RECAP:
Active listings remain steady this week, for the fourth week in a row. We would normally expect them to decline at this time of year, but many sellers still remain hopeful for a sale this year. Pending sales dropped 8% this week,  pushing the Months of Inventory to the second highest level this year at 2.44 months.  Rates are holding steady from last week with the average 30 year fixed rate the same at 6.55%. Rates where 3.09% one year ago today. 

Screen Shot 2022-10-05 at 9.47.30 AM.png

THE NUMBERS:

Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings remain steady from last week. 1004 vs 1007 a 0% increase. Compared to a year ago this week, listings are up 378%. 

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,699,000. 

Pending Sales are down from last week. 95 vs 103 a 8% decrease. Compared to a year ago this week, pending sales are down 42%. 

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,425,000, which is down from last week where they were at $1,495,500. 

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory and reached there highest level (favoring a buyer) in the week of 7/27/22 at 2.47 months of inventory

Current Months of Inventory rose this week. It was 2.26 months of inventory last week and is now 2.44 months of inventory, the second highest level this year. 

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere 

Posted in: Market Statistics

Wednesday Market Update – Eastside Residential Market Stats as of 9/28/22:

Wednesday Market Update – Eastside Residential Market Stats as of 9/28/22:

RECAP:
Active listings remain steady this week, for the third week in a row. Pending sales took a 20% drop this week as the impacts of interest rate increases have taken their toll. This brought the Month of Inventory Index back over 2 month again.

Thankfully, the 10 year treasury declined today (what a 30 year mortgage is priced upon) giving some reprieve. The 30 year rate almost hit 7% this week, but are now at 6.65% today. A welcome sign for Home Buyers!

Screen Shot 2022-09-28 at 2.36.55 PM.png

THE NUMBERS:

Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings remain steady from last week. 1007 vs 1005 a 0% increase. Compared to a year ago this week, listings are up 286%. 

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,699,900. 

Pending Sales are down from last week. 103 vs 129 a 20% decrease. Compared to a year ago this week, pending sales are down 44%. 

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,495,500, which is up from last week where they were at $1,399,000. 

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory and reached there highest level (favoring a buyer) in the week of 7/27/22 at 2.47 months of inventory

Current Months of Inventory rose this week. It was 1.80 months of inventory last week and is now 2.26 months of inventory. 

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere 

 

Posted in: Market Statistics

Wednesday Market Update – Eastside Residential Market Stats as of 9/21/22:

Wednesday Market Update – Eastside Residential Market Stats as of 9/21/22:

RECAP:
Active listings and Pending sales remain fairly steady this week. 

The big news over the last week is interests rates. The 30 year fixed rate is at an average of 6.47% today. With a historical perspective, this is not particularly high, but it is a rate the market has not seen since 2008. 

Screen Shot 2022-09-21 at 10.56.34 AM.png

It becomes even more significant for Buyer’s affordability when you consider that 30 year fixed rates started the year at an average of 3.29%. All this puts tremendous pressure on affordability. Every 1% change in rates, means a buyer can afford about 10% less of a home for the same payment. 

As an example: $4000 monthly mortgage payment can purchase the following:

1/3/22 at 3.29% = $914,484.95 loan amount

9/21/22 at 6.47% = $634,823.53 loan amount

The change in rates since the beginning of 2022 has dropped buyers qualification amounts by 30%. It is no wonder that there has been downward pressure on prices! 

Should you wait to buy a home? NO!

The median closed price on the Eastside peaked in April at $1,722,500 and is at $1,350,000 as of August, a drop of 21%. With the effective cost of financing rising 30%, Buyers have taken a 9% hit in waiting out the market! The only Buyer who has profited by waiting is the cash Buyer. 

THE NUMBERS:

Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings are up from last week. 1005 vs 1006 a 0% increase. Compared to a year ago this week, listings are up 290%. 

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,750,000. 

Pending Sales are up from last week. 129 vs 136 a 5% decrease. Compared to a year ago this week, pending sales are down 32%. 

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,399,000, which is up from last week where they were at $1,250,000. 

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory and reached there highest level (favoring a buyer) in the week of 7/27/22 at 2.47 months of inventory

Current Months of Inventory rose this week. It was 1.71 months of inventory last week and is now 1.80 months of inventory. 

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere 

 

#redmondrealestate #bellevuerealestate #woodinvillerealestate #issaquahrealestate #sammamishrealestate #bothellrealestate #kirklandrealestate

Posted in: Market Statistics

Wednesday Market Update – Eastside Residential Market Stats as of 9/14/22

Wednesday Market Update – Eastside Residential Market Stats as of 9/14/22:

RECAP:
Active listings rose slightly this week. Pending sales continue to increase, which continues to tightened the Months of Inventory leading to the market strengthening. 

Other notable items: The Median Price for Active Listings has not been above $1700k since the week of 6/22/22 at the same time the Median Price for the Pending Listings have reached their lowest level so far this year. I believe their are two factors at play here:

1. Some Seller’s still have their pricing disconnected from the market realities.

2. Due to a strong increase in interest rates, Buyer’s loan qualification amounts are being lowered, so they are moving on the less expensive houses.

With the less expensive houses being the priority, this could drive up the Active Listing Median Price (the expensive homes are what is left unsold) and lower the Pending Median Price (as the lower priced homes make up a greater share of sales) all at the same time.

It will be interesting to see how this plays out in the weeks to come. 

THE NUMBERS:

Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings are up from last week. 1006 vs 991 a 2% increase. Compared to a year ago this week, listings are up 273%. 

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,735,000. 

Pending Sales are up from last week. 136 vs 125 a 6% increase. Compared to a year ago this week, pending sales are down 18%. 

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,250,000 (the lowest they have been since the start of the year), which is down from last week where they were at $1,399,950. 

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory and reached there highest level (favoring a buyer) in the week of 7/27/22 at 2.47 months of inventory

Current Months of Inventory dropped again this week. It was 1.83 months of inventory last week and is now 1.71 months of inventory. 

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere 

Posted in: Market Statistics

Northwest MLS Report Shows “Typical August,” and Return to More “Normalized Conditions”

Latest Press Release – August Statistical Data

KIRKLAND, Washington (September 8, 2022) – Reports that we are entering a “bear market” are highly exaggerated, suggests an economist who tracks real estate activity when commenting on the latest statistics from Northwest Multiple Listing Service (NWMLS). A director with the multiple listing service said the latest data may just reflect a typical August, noting activity tends to be slow as summer ends.

“Many may not remember August is usually a slow month because we were in a full-on sprint the last two years no matter which month it was. This may just be an adjustment back to normal,” said Jason Wall, designated broker and owner at Lake & Company Real Estate and a member of the Northwest MLS board of directors.

In a report summarizing August activity, Northwest MLS figures showed a continued buildup of inventory – nearly double the selection of a year ago and more than three times the offerings at the end of the first quarter.

Brokers added 9,914 new listings to inventory during August, a drop from both July’s total of 11,805 and the year-ago total (11,437). At month end there were 14,683 active listings of single family homes and condominiums across the 26 counties in the NWMLS report.

Fewer sales were reported than a year ago, but both pending sales (mutually accepted offers) and closed sales improved on July’s figures.

Northwest MLS members reported 9,552 pending sales, a drop of nearly 22% from the year-ago total of 12,238 pendings. Every county except Columbia experienced a decline in pending sales. Activity picked up from July when there were 8,775 pending sales, a gain of nearly 8.9%.

Similarly, the volume of closed sales fell from a year ago. MLS members recorded 7,998 completed transactions, improving 4.6% from July’s total of 7,645. But last month’s closings were down about 24% from the same month a year ago when members notched 10,571 closed sales.

“Last month’s housing numbers certainly are eye-opening,” stated Windermere Chief Economist Matthew Gardner. “However,” he continued, “I believe they are simply indicating the market is trending back to the more normalized conditions that we were seeing before the pandemic.”

J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, commented on the local housing market’s resilience. “The resilience is clear as a steady cadence of homes going under contract continues. In the more affordable and mid-price ranges, demand remains strong as buyers look to get settled before fall.”

Broker Dean Rebhuhn, owner at Village Homes and Properties, commented on inflation and pent-up buyer demand. “Buyers are realizing homeownership is a good hedge against inflation,” he remarked. “The market took a slight pause as mortgage rates increased from historic lows. Then, as sellers came to the market with realistic pricing, and price reductions on existing inventory occurred, pent up buyer demand took effect and buyers found homes they could afford.”

Rebhuhn also noted last month’s sales showed home values continue to appreciate.

The median price on sales of single family homes and condos that closed during August was $600,000, up more than 3.6% from a year ago, but down slightly from July when the area-wide price was $625,000.

For single family homes, year-over-year (YOY) prices rose about 4.2%, from $600,000 to $625,000. Homes in San Juan County registered the steepest jump, climbing from $800,000 to $995,000 (up nearly 24.4%).

A comparison of the four counties in the Puget Sound region shows year-over-year median prices for single family homes increased from 5.9% in King County to 9.2% in Kitsap County.

Within the six sub-areas on the report for King County, North King County notched the largest YOY gain on single family home prices at 11.5%, followed by the map areas within Seattle (5.9%), Southwest King County (4.1%), the Eastside (about 3.9%), and Southeast King County (nearly 3%). Prices fell 11.3% on Vashon compared to a year ago.

Condo prices system-wide rose 3.3% from twelve months ago. Across all counties, the median price rose from $435,625 to $450,000. In King County, where nearly 60% of condo sales occurred, the median price increased 5.9%, from $458,000 to $485,000.

A check of the sales price to list price ratio shows an area-wide ratio of 99.3%. In three counties – Pierce, Thurston and Douglas – sellers received slightly more than their asking price. In ten other counties, the ratio was between 99.1% and 99.9%.

Economist Gardner expects prices will soften. “Home sales increased month-over-month, but the rise in listings is causing prices to soften,” he remarked, adding, “I predict prices will drop further as we move into the fall, but reports that we are entering a “bear market’ are highly exaggerated. The market is simply reverting to its long-term average as it moves away from the artificial conditions caused by the pandemic.”

Commenting on the uptick in inventory, Gardner said, “Even though inventory in the King, Pierce and Snohomish counties region almost doubled from a year ago, the number of homes for sale is still 14% lower than in August of 2019.”

Wall and Scott also commented on the jump in inventory.

Scott expects only two more months this year will have an increased selection of new resale listings coming on the market. “Once winter hits, new resale listings will become scarcer until activity ticks up to a higher level in March 2023,” he stated.

Wall also believes inventory will grow, saying, “I expect we will see even more inventory as we move out of the summer and into fall. Sellers will need to be more realistic about pricing and follow the advice of their broker regarding preparation of the home and positioning in the market. Buyers will have more inventory to look at and the longer market times may give buyers some leverage that they have not had in the past few years.”

John Deely, executive vice president of operations at Coldwell Banker Bain, also anticipates a more balanced market. “With continued building of inventory and fluctuating yet rising interest rates in July, we were on a trend toward a more balanced market. This seems to have cooled slightly as active inventory dropped from July to August. And, with less than two months’ inventory, we are still very much in a seller’s market.”

Commenting on prices, Deely reports increased competitiveness. “With the increase in median price slowing down to single digit percentages for the last two months, we are also seeing some competitiveness in pricing. Sellers are closely watching the market and pricing competitively to get their property sold. The increase in market time reflected in the months of inventory is due to sellers who are not pricing accurately, so their homes are sitting on the market longer.”

Despite the surge in inventory, the Northwest MLS report shows there is only 1.84 months of supply – and that’s down from July’s figure of 2.01 months. Only six counties had more than three months of supply: Adams, Ferry, Lewis, Okanogan, Pacific, and San Juan. Most industry analysts consider four to six months of inventory to be a balanced market.

“Buyers have taken a beating the last few years,” said Wall. “A move to a more balanced market will likely encourage buyers that stopped looking to rethink the idea and return. Even if interest rates are higher the continued rise in rent expense still makes owning a home an attractive idea.”

Lawrence Yun, chief economist at the National Association of Realtors®, believes “we may be at or close to the bottom in contract signings” for the current housing cycle. He noted housing affordability plummeted to its lowest level since 1989, in part due to rising mortgage rates and prices, but he expects annual price appreciation to moderate “to the typical rate of 5% by the end of this year and into 2023.”

Continuing the optimistic outlook, Yun stated, “With mortgage rates expected to stabilize near 6% alongside steady job creation, home sales should start to rise by early next year.”

Northwest Multiple Listing Service is a not-for-profit, member-owned organization that facilitates cooperation among its member real estate firms. With more than 2,500 member firm offices and 32,000 brokers across Washington state, NWMLS (www.nwmls.com) is the largest full-service MLS in the Northwest. Based in Kirkland, Washington, its service area spans 26 counties, and it operates 21 local service centers.

Single Fam. Homes + Condos

LISTINGS

PENDING SALES

CLOSED SALES

MONTHS OF INVENTORY

New Listings

Total Active

# Pending Sales

# Closings

Avg. Price

Median Price

This month

Same mo., year ago

King

3,198

4,307

2,919

2,601

$1,004,682

$815,000

1.66

0.62

Snohomish

1,449

1,901

1,529

1,100

$771,479

$700,000

1.73

0.49

Pierce

1,534

2,230

1,624

1,302

$619,193

$550,000

1.71

0.62

Kitsap

507

692

509

461

$641,131

$547,380

1.50

0.63

Mason

157

272

147

131

$494,972

$435,000

2.08

0.75

Skagit

249

368

223

180

$618,724

$515,000

2.04

0.92

Grays Harbor

201

431

187

150

$355,256

$327,500

2.87

1.50

Lewis

178

369

157

102

$436,123

$399,000

3.62

1.40

Cowlitz

160

241

163

129

$402,131

$376,000

1.87

0.71

Grant

116

210

119

107

$371,297

$350,000

1.96

1.36

Thurston

530

657

544

468

$554,398

$489,995

1.40

0.49

San Juan

42

127

34

22

$978,364

$940,000

5.77

2.38

Island

180

278

177

192

$647,962

$565,000

1.45

0.76

Kittitas

106

212

103

85

$772,474

$545,000

2.49

1.38

Jefferson

94

127

71

63

$592,881

$618,500

2.02

1.00

Okanogan

69

195

41

48

$426,897

$357,250

4.06

3.27

Whatcom

459

734

401

332

$626,657

$577,125

2.21

0.85

Clark

99

160

86

81

$551,620

$515,000

1.98

0.61

Pacific

78

172

58

50

$301,005

$287,000

3.44

1.92

Ferry

10

30

6

8

$196,163

$172,450

3.75

5.60

Clallam

113

199

114

75

$533,340

$481,000

2.65

1.06

Chelan

137

294

119

111

$657,652

$571,000

2.65

1.43

Douglas

54

97

49

45

$583,096

$480,000

2.16

0.96

Adams

26

59

9

16

$326,923

$304,933

3.69

1.55

Walla Walla

66

98

68

58

$498,196

$425,000

1.69

1.15

Columbia

9

24

11

12

$324,825

$267,450

2.00

1.45

Others

93

199

84

69

$450,329

$403,045

2.88

1.30

Total

9,914

14,683

9,552

7,998

$742,151

$600,000

1.84

0.70

 

4-county Puget Sound Region Pending Sales (SFH + Condo combined)

(totals include King, Snohomish, Pierce & Kitsap counties)

 

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2003

4746

5290

6889

6837

7148

7202

7673

7135

6698

6552

4904

4454

2004

4521

6284

8073

7910

7888

8186

7583

7464

6984

6761

6228

5195

2005

5426

6833

8801

8420

8610

8896

8207

8784

7561

7157

6188

4837

2006

5275

6032

8174

7651

8411

8094

7121

7692

6216

6403

5292

4346

2007

4869

6239

7192

6974

7311

6876

6371

5580

4153

4447

3896

2975

2008

3291

4167

4520

4624

4526

4765

4580

4584

4445

3346

2841

2432

2009

3250

3407

4262

5372

5498

5963

5551

5764

5825

5702

3829

3440

2010

4381

5211

6821

7368

4058

4239

4306

4520

4350

4376

3938

3474

2011

4272

4767

6049

5732

5963

5868

5657

5944

5299

5384

4814

4197

2012

4921

6069

7386

7015

7295

6733

6489

6341

5871

6453

5188

4181

2013

5548

6095

7400

7462

7743

7374

7264

6916

5951

6222

5083

3957

2014

5406

5587

7099

7325

8055

7546

7169

6959

6661

6469

5220

4410

2015

5791

6541

8648

8671

8620

8608

8248

7792

7179

6977

5703

4475

2016

5420

6703

8130

8332

9153

8869

8545

8628

7729

7487

6115

4727

2017

5710

6024

7592

7621

9188

9042

8514

8637

7441

7740

6094

4460

2018

5484

5725

7373

7565

8742

8052

7612

6893

6235

6367

5328

4037

2019

5472

4910

7588

8090

8597

8231

7773

7345

6896

6797

5788

4183

2020

5352

6078

6477

5066

7297

8335

8817

9179

8606

7934

6122

4851

2021

5216

5600

8002

7716

8674

8824

8049

8586

7880

7405

6022

3943

2022

4405

5560

7312

6908

7482

6031

5934

6581

 

 

 

 

Posted in: Market Statistics

Wednesday Market Update – Eastside Residential Market Stats as of 9/7/22:

Wednesday Market Update – Eastside Residential Market Stats as of 9/7/22:

RECAP:
Active listings continue their decline this week. Pending sales showed a minor increase, which tightened the Months of Inventory. Normally, we would not expect the dynamics of the market to improve over a holiday weekend, but the rise again of interest rates likely pushed some buyers forward due to the fear of further rate increases. 

THE NUMBERS:

Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings are down from last week. 991 vs 1061 a 7% decrease. Compared to a year ago this week, listings are up 329%. 

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,695,000. 

Pending Sales are up from last week. 125 vs 114 a 2% increase. Compared to a year ago this week, pending sales are down 6%. 

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,399,950, which is up from last week where they were at $1,382,500. 

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory and reached there highest level (favoring a buyer) in the week of 7/27/22 at 2.47 months of inventory

Current Months of Inventory dropped this week. It was 2.15 months of inventory last week and is now 1.83 months of inventory. 

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

Rate Chart:

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

Posted in: Market Statistics

Wednesday Market Update – Eastside Residential Market Stats as of 8/31/22:

RECAP:
Not much change this week. Active listings remain flat, pending sales showed a minor decline which brought a small increase to the Months of Inventory.

THE NUMBERS:
Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings are slightly down again from last week. 1061 vs 1064 a 0% decrease. Compared to a year ago this week, listings are up 289%. 

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,659,000. 

Pending Sales are down from last week. 114 vs 120 a 5% decrease. Compared to a year ago this week, pending sales are down 40%. 

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,382,500, which is down from last week where they were at $1,459,000. 

Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory and reached there highest level (favoring a buyer) in the week of 7/27/22 at 2.47 months of inventory

Current Months of Inventory climbed this week. It was 2.05 months of inventory last week and is now 2.15 months of inventory. 

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere 

Posted in: Market Statistics

Wednesday 8/24/22 Eastside Residential Market Update

Wednesday Market Update: Here are the latest Eastside Residential Market Stats as of 8/24/22:

This week is a mix of good news and bad news. The good… active listing continue to decline which would indicate the market is improving. The bad news… pending sales dropped 25% from last week. All this caused the Months of Inventory to rise above 2 months again. 

Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings are down again from last week. 1064 vs 1074 a 1% decrease. Compared to a year ago this week, listings are up 263%. 

Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,658,500. 

Pending Sales are down from last week. 120 vs 161 a 25% decrease. Compared to a year ago this week, pending sales are down 34%. 

Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,459,000, which is up from last week where they were at $1,350,000. 

Months of Inventory peaked (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory and reached there highest level (favoring a buyer) in the week of 7/27/22 at 2.47 months of inventory

Current Months of Inventory rose this week. It was 1.54 months of inventory last week and is now 2.05 months of inventory. 

(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)

As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere

Posted in: Blog, Market Statistics

Brokers Say All Parties in Housing Transactions Need to Recalibrate During Shifting Market

Latest Press Release – July Statistical Data

KIRKLAND, Washington (August 4, 2022) – New statistics from Northwest Multiple Listing Service confirm reports of a shifting housing market, prompting one industry leader to suggest “all parties involved in a transaction today have to recalibrate.”

“Today’s buyers have their cups finally overflowing with options as residential inventory grows to about two months of supply,” said Dick Beeson, managing broker at RE/MAX Northwest Realtors in Gig Harbor. The MLS report summarizing July statistics show 2.01 months of inventory system wide.

Inventory of single family homes and condominiums across the 26 counties served by Northwest MLS has not exceeded two months since January 2019 when there was 2.3 months of supply.

Commenting on the “many moving parts” of the market and the need to recalibrate, Beeson said sellers “are starting to see that overpricing just ain’t in the cards right now.” He also noted buyers still have to compete with other would-be homeowners, and depending on the property, some sellers are receiving offers over their asking price. “Buyer and seller expectations have changed. It feels like things are starting to normalize a little,” Beeson remarked.

Active listings have nearly doubled from a year ago, jumping from 7,948 offerings of single family homes and condos to 15,381 (up 93.5%). The addition of 11,805 new listings during the month contributed to the boost. Compared to June, the selection expanded by 1,976 listings (up 14.7%).

Evidence of slower activity appears in the sales figures. Pending sales retreated about 24% from a year ago, dropping from 11,567 to 8,775 mutually accepted offers. The NWMLS report shows a nearly 30% year-over-year decrease in closed sales (declining from 10,919 closings to 7,645).

Despite fewer sales, prices still rose, but at a slower rate. The median price on last month’s closed sales of single family homes and condos increased 6.1% from a year ago, rising from $589,000 to $625,000. For single family homes only (excluding condos), prices jumped about 6.6% and condo prices gained more than 8.6%.

In the four-county Puget Sound region, price changes ranged from a gain of about 2.7% in King County (from $789,000 to $810,000) to a jump of nearly 12.7% in Pierce County (from $501,500 to $565,000). Kitsap prices rose 5.4% while prices in Snohomish County increased 9.3%.

“Buyer opportunities have returned to the Puget Sound market, including increased availability and selection of properties, as well as fewer multiple offer/premium pricing situations,” said J. Lennox Scott, chairman and CEO of John L. Scott Real Estate.

A check of Northwest MLS statistics illustrates Scott’s point. Sellers in half the 26 counties accepted full price or above asking price offers. Based on the sales price to list price ratio, sellers of homes in Thurston County received 103.1% of their listing price to top the list. The other 12 counties where homes sold at or above the list price were Chelan, Clark, Cowlitz, Franklin, King, Kitsap, Mason, Pierce, San Juan, Skagit, Snohomish, and Whatcom. 

The market balance is favoring buyers, reported Dean Rebhuhn, owner at Village Homes and Properties in Woodinville. “After experiencing multiple offers, shrinking inventory, or not being able to include inspection or financing contingencies with their offers, buyers now have choices,” he explained.

Noting King County had about seven weeks of inventory at the end of July (1.86 months) – about double May’s supply (0.83 months) – Rebhuhn described sales as “very good,” but said savvy sellers are making certain their homes are “priced right to win the sale. Overpriced listings have missed the market.”

Lennox Scott reported some buyers around Puget Sound are experiencing “buyer gridlock,” meaning they are seeking to sell their current home before getting under contract for their next property. “Home sale contingencies are a useful tool for homeowners in similar situations during this time.”

Northwest MLS director Frank Leach, broker/owner at RE/MAX Platinum Services in Silverdale, said Kitsap County continues to be a hot market, with homes in the