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Lifestyle Northwest – Summer 2017

The Summer 2017 edition of Lifestyle Northwest by Windermere Real Estate featuring homes for sale in waterfront and island communities throughout Puget Sound is now available!

Read the online version by clicking the image below.

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How People Buy Homes Today

Today’s buyers use a lot of resources in their home search – and 92% count on a real estate agent to help them purchase their home.

How People Buy Homes Today

If you’re looking to buy or sell your home, reach out to a Windermere Real Estate broker to help you successfully navigate the Seattle housing market.

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It’s Time for the Bellevue Farmers Market!

Opening day for the Bellevue Farmers Market is nearly here! Mark your calendars for Thursday, May 18th in the parking lot of Bellevue Presbyterian Church.

The Bellevue Farmers Market has been a staple on the Eastside for nearly 12 years, and Windermere Real Estate has proudly sponsored since it began in 2004. This farmers market was created as a way to support the farmers who work hard to provide us with food.

The market’s mission is to fully support the farmers and the hard work they do every year and each season. It also gives the growing, urban Bellevue a chance to break away from the fast-paced city life. The food is so fresh and wonderful, usually harvested or made that morning or the day before. You can’t always get food that fresh from the grocery stores!

Starting this year the Bellevue Farmers Market will be accepting Fresh Bucks. Fresh Bucks is a program that matches EBT/SNAP benefits (food stamps) dollar for dollar up to $10 every market day and can be spent on fresh fruits and vegetables. More information can be found on the market website here and on the Fresh Bucks website.

A returning favorite this year is the Power of Produce Club. Also known as POP Club, this fun and educational club will run at the market every week from June 8th-August 24th, and each week a new activity is offered for kids to playfully learn more about nutrition, agriculture, and healthy living. You can sign up and find out more about POP Club online.

Plan your trip to the Bellevue Farmers Market and make sure you’re following them on Facebook and Instagram!

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Local Market Update – May 2017

The local real estate market—already the hottest in the county—set yet another price record in April. The number of homes for sale dropped 27 percent compared to a year ago, the lowest amount of inventory ever recorded for a spring month. The historically low supply of homes is making competition among buyers fierce. Sellers are in the enviable position of being able to structure sales agreements to include concessions such as rent-backs and longer closing time so they can take the time to find their next home.

Eastside

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The median price of a single-family home on the Eastside reached an all-time high of $880,000 in April, a 21 percent jump over last April. That represents an increase of $150,000 over a year ago, the largest dollar increase on record. With our strong economy and growing population, brokers are not predicting a slowdown any time soon.

King County

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Inventory in King County just keeps getting tighter. There are just 1,900 homes on the market here. That compares to nearly 8,000 in April 2011. As buyers bid up existing homes, prices have escalated sharply. The median price of a single-family home jumped 16 percent from the same time last year to $625,000.

Seattle

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Seattle set a record for home prices for the third straight month. The median price of a single-family home rose 13 percent over the same time last year to $722,250. Like the rest of King County, lack of inventory was the driver. In one of the city’s hottest markets, Ballard, there are just 19 single-family homes on the market.

Snohomish County

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Home prices in Snohomish County are rising at their fastest pace in four years. The median price of a single-family home soared 17 percent from a year ago to $440,000. While that increase is substantial, prices here are still 30 percent less than in King County.

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Seattle Area Popular With Residents & Outsiders

It seems like a tale as old as time. Many people are wanting to move to Seattle, but no one else really wants to leave. This leads to our favorite real estate headline for the last several years: inventory is low, prices are rising.

Seattle-based Zillow recently analyzed searches on their website and compared the location of its users with the cities in which they are searching. They used this information to create a chart of the most desirable cities based on their popularity with outsiders and current residents.

Image via Zillow

Unsurprisingly, Seattle ranked high in the category “Residents Want To Stay, Outsiders Want In” with about 70 percent of current residents continuing to search here.

What does this mean for the Eastside?

It isn’t just our breathtaking scenery and active lifestyles making the Seattle area’s population grow by nearly 1,000 residents per week over the last several years. Our strong economy and plentiful technology jobs are enticing newcomers. Some areas on the Eastside even have higher home prices and carry some pretty stiff competition.

If you are ready to buy or sell your home, make sure you get in touch with a Windermere Real Estate broker on the Eastside. Our expertise can help you purchase your dream home, or sell your current home at top dollar.

View the full study from Zillow or read the report from the Puget Sound Business Journal.

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Windermere Welcomes China to 31st Windermere Cup This Saturday

For the past 31 years, Windermere Real Estate and the University of Washington have joined together to host the annual Windermere Cup rowing regatta, which brings the world’s best crews to Seattle to compete against the nationally acclaimed UW men’s and women’s teams. Held annually on the first Saturday in May, the Windermere Cup is both an international sporting event and opening day party, followed by the world’s largest boat parade.

This year’s event will see the Huskies take on the Shanghai men’s and women’s High-Performance Rowing teams from China on Saturday, May 6. This matchup will mark the third time that a team from China has travelled to Seattle to compete in the Windermere Cup. Their first appearance came 27 years ago when the People’s Republic of China took home the Windermere Cup ahead of Navy, Washington, and Cambridge. Twelve years later the Chinese men’s rowing team returned for the 2002 Windermere Cup.

In addition to the crew races, the family-friendly Windermere Cup event also includes food vendors, booths to purchase UW and Windermere Cup apparel and commemorative gear, as well as a bouncy house for the kids.

Windermere Cup App

javascript:void(0)The crew races start at 10am and end around noon. Following the final Windermere Cup race is the Seattle Yacht Club’s Opening Day Boat Parade. Download the Windermere Cup App to access schedule and team information, and for live race results: https://event.crowdcompass.com/windermerecup17

 

Windermere Cut Cinco de Mayo Party

A new addition to this year’s event is the Windermere Cut Cinco de Mayo party down along the north shore of the Montlake Cut. Twenty dollars gets you into the beer/margarita garden where you can listen to Spike and the Impalers while munching on food from one of three Mexican food trucks. For more information and to buy tickets go to Brown Paper Tickets.

Windermere Cup Book

This book is about the athletes, colorful characters, and brilliant people the Windermere Cup rowing regatta has featured every first Saturday in May since 1987. Through interviews, original documents and pages upon pages of breathtaking photographs, author Gregg Bell captures this event’s more than 30 remarkable years, its spirit and its soul.

The Windermere Cup is a touchstone for our company, our family of offices and agents, and the University of Washington. Not only is this an international sporting event, it’s a celebration of camaraderie, teamwork, and community – and truly great tradition that we are honored to be a part of.

For more information please visit windermerecup.com and follow us at Facebook.com/WindermereCup and @WindermereCup on Twitter.

This article originally appeared on the Windermere.com blog.

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The Gardner Report – First Quarter 2017

Economic Overview

I’m happy to report that Washington State continues to add jobs at a steady rate. While the rate of growth is tapering, this is because many markets are getting close to “full employment”, during which time growth naturally slows. That said, I believe that the state will add around 70,000 jobs in 2017. Washington State, as well as the markets that make up Western Washington, continues to see unemployment fall and I anticipate that we will see this rate drop further as we move through the year. In all, the economy continues to perform at or above average levels and 2017 will be another growth year.

Home Sales

  • There were 15,652 home sales during the first quarter of 2017. This is an increase of 9.5% from the same period in 2016, but 20.7% below the total number of sales in the final quarter of 2016.
  • With an increase of 45.5%, sales in Clallam County grew at the fastest rate over the past 12 months. There were double-digit gains seen in an additional 10 counties, suggesting that demand remains very robust. The only modest decline in sales was seen in Grays Harbor County.
  • The number of homes for sale showed no improvement at all, with an average of just 6,893 homes for sale in the quarter, a decline of 33% from the previous quarter and 25% from the first quarter of 2016. Pending sales rose by 2% relative to the same quarter a year ago.
  • The key takeaway from this data is that 2017 will offer little relief to would-be home buyers as the housing supply remains severely constrained.

Home Prices

  • With demand continuing to exceed supply, home prices continued to rise at above-average rates. Year-over-year, average prices rose by 9.5% but were 1.1% lower than in the final quarter of 2016. The region’s average sales price is now $409,351.
  • Price growth in Western Washington is unlikely to taper dramatically in 2017 and many counties will continue to see prices appreciate well above their long-term averages.
  • When compared to the same period a year ago, price growth was most pronounced in Kittitas County, which rose by 19.6%. Double-digit price growth was seen in an additional 10 counties. The only market where the average price fell was in the ever-volatile San Juan County.
  • It is clear that rising interest rates have not taken much of a sheen off the market.

Days on Market

  • The average number of days it took to sell a home in the first quarter dropped by 16 days when compared to the first quarter of 2016.
  • King County remained the tightest market, with the average time to sell a home at just 31 days. Island County was the only area where it took longer to sell a home than seen a year ago; however, the increase was just one day.
  • In the first quarter of the year, it took an average of 70 days to sell a home. This is down from the 86 days it took in the first quarter of 2016, but up from the 64 days it took in the final quarter of last year.
  • Given woefully low levels of inventory in all Western Washington markets, I do not expect to see the length of time that it takes to sell a home rising in 2017. In fact, it is likely that it will continue to drop.

Conclusions

This speedometer reflects the state of the region’s housing market using housing inventory, price gains, home sales, interest rates, and larger economic factors. For the first quarter of 2017, I moved the needle a little more in favor of sellers. The rapid increase in mortgage rates during the fourth quarter of 2016 has slowed and buyers are clearly out in force.

This article originally appeared on the Windermere.com blog.

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You’re Invited to the Windermere Cut Party!

Come join us at the Windermere Cut Party on Friday, May 5 as we kick off Windermere Cup weekend!

On Friday night, we’re holding a Cinco de Mayo party to celebrate another year of the annual Windermere Cup. We’ll be on the Montlake Cut with taco trucks including El Camion, Taqueria Tonita, and Tacos La Flaca.

Keeping you entertained all night will be live music from Brian DiJulio and the Lovejacks and Spike & the Impalers.

Mark your calendars and purchase your tickets! We’ll see you on the cut with tasty tacos, live music, lawn games, and a fantastic beer and margarita garden from 6-10pm next Friday, May 5th.

Don’t forget! You can come back down to the Montlake Cut the next day on May 6 for Seattle’s biggest free sporting event – The Windermere Cup. More info on WindermereCup.com.

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What Sellers Want Today

The National Association of REALTORS® recently released their 2016 Profile of Home Buyers and Sellers. Here are a few items about sellers that I thought you’d find interesting.

• The primary reason sellers choose to move is to find a larger home, or to be closer to family and friends.

• The vast majority of sellers move to a new home in the same state.

If you’re looking to buy or sell your home, reach out to a Windermere Real Estate broker to help you successfully navigate the Seattle housing market.

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Windermere Living – Spring 2017

The Spring 2017 issue of Windermere Living showcasing residences and destinations from across the West is now available! Windermere Living is the exclusive listings magazine published by Windermere Real Estate.

Read the online version by clicking on the image below.

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