Seattle Housing Market – August 2020

Holy SMOKES!  The real estate market was as hot as our summer temperatures this month.

 

#1 – Houses are HOT

What we care most about is the home prices in Seattle.  Let’s take a look at the median sales price for houses in Seattle:

The median sales price for houses (including townhouses) is up 5% from this time last year.  That is a very healthy and sustainable rate of price growth.  As the offer review date continued to gain popularity, we also saw homes sell just a bit faster and also for a bit more over list price.  On average, houses in Seattle sold for 102% of list price in July!  We finally got above 1,000 total homes for sale, but held steady at just 1.1 months of supply.  All metrics point to a competitive market for houses in Seattle.

#2 – Condos are WARM

Our median sales price is up!  It is up more than houses.   And condos are finally selling for 100% of the list price, and are selling faster than they have been.  We see a lot more total condos for sale, and only a slight increase in the number of condos sold.   I would say condos are HOT, but we have a bit more supply when compared to demand than we do with houses, and condos are still taking an average of over 3 weeks before they sell.   Last month I claimed the condo market was in BAD shape.  This month I will say the condo market is okay.

 


Lofty Goals – Brian Finds The Perfect Condo

You know that one friend that is ALWAYS there to help?  The friend that is nice and thoughtful and everyone just adores?  Well Brian is that friend.

One of the kindest and move lovable humans I’ve had the chance to work with, Brian won me over from day #1.  We started looking for a condo in February, but the condo market was getting real competitive.   And the COVID hit. Everything came to a halt.

 But not us.  We put on our masks.  We used the stinkiest hand sanitizer available and we went and found the PERFECT condo.  Seriously, it was way better than any other condo we had seen.  And it was a lower price.  We saw it the first day it went on the market, put in an offer the next day and was able to score a great loft condo on Capitol Hill for a fantastic price!

Congrats kid!  I hope you love your new condo!


Seattle Real Estate Trends – Episode 26 – 7/24/2020

We got a late start, but we are catching up quickly:

Covid stunted the traditional incline of the Seattle real estate market.  We were starting the Spring market early, in mid-February.  Prices and competition spiked in March, just to be halted by the Stay Home Order and the general fear of big life changes during a pandemic.   As Seattle started to settle into the realization that this is our new normal for the foreseeable future, the real estate market heated back up and did so quickly!

  This time last year was when we saw the peak number of total houses for sale.  Our peak number of condos for sale didn’t happen until the second week of August in 2019, but it’s safe to say that this time last year, the Settle real estate market was at the top of the seasonal surge.  I suspect we still have 4-6 weeks left until we hit the height of our annual real estate market top, since we had an 8 week delay during what is usually our busiest time of year.

Fewer houses and condos went pending this week than last week, but we still saw significantly more properties go pending than we did this same time last year.  The offer review date continues to inch up in popularity, and we are seeing more total properties for sale each week.

I feel like a broken record, but houses are still HOT and the condo market is still soft.  The condos that are going pending are all well priced and further away from the traditionally hot neighborhoods of Downtown, Belltown, Queen Anne and Capitol Hill.  Combine COVID with continuing protests, and we have a temporarily decline in the appeal of our more central neighborhoods.  

 

*From the Field*

 I was able to help a couple score a sweet starter home in Shoreline with NO OTHER OFFERS!  The other interested buyers were afraid it would escalate too high and they didn’t even submit an offer.   Learn from that!  If you love a house, go for it!  This hot market is scaring a lot of buyers into inaction, and your bravery to go for it in this hot market could score you the house you really want!

And yet still other homes are getting multiple offers.  The stunning mid century home I brought on the market last week received multiple offers and will end up selling significantly over the list price.  We would have even more offers, but 5 agents told me their clients loved the home but were afraid they just couldn’t compete.  Again, I encourage you TAKE THE SHOT!

 

Watch the Video HERE


*SOLD* Northgate Nest

The Nest Of Northgate

Wait, did you say you want a spacious condo, close to upcoming lightrail, that was totally remodeled and move-in ready?   Cause I found it!!!!

Welcome to your Northgate Nest.  A stylish and spacious condo in an ideal location.  Talk about location… You are just a ten minute stroll to the upcoming Northgate light rail station.  Less than half a mile from Target, and less than 4 blocks from the on-ramp to I-5.   Park your car in your assigned, covered parking space and explore your tree-lined neighborhood on foot.  You are so close to shopping, coffee, restaurants and parks.

Now let’s talk about this dreamy interior!  Brand new flooring, brand new kitchen and TWO recently remodeled bathrooms.   The kitchen is HGTV worthy, with beautiful blue and white cabinets, white marbled counter-tops, and stainless appliances.   This kitchen even has an under-mount sink and window right about the sink so you can look out on the world while you prep food and wash dishes.   

Watch the Video Here

Layer in the 6 large closets, the two updated bathrooms and in-unit washer/dryer, and you have all the things that make this condo feel like HOME.

What I LOVED About Living Here:

– Window seats! Reading, dog hangout, plant area, additional seating. Love them!
– Balcony – Big size and covered so I had it furnished and was hanging out/grilling year round
– Big/corner unit living room with so much natural light. Really great during sunny days and winter alike to get that vitamin D
– Looking out from living room/balcony was a bunch of trees so it was peaceful (rather than looking out onto parking/street)
– External entrance – no common areas is a plus
– Fireplace – cozy wood burning and so nice in the winter
– Storage! Outdoor storage was a game changer for camping/holiday stuff!

 

Virtual Open House Schedule:

Take the 3D tour HERE.

The Fine Print:

* 10545 Meridian Ave N. #201 Seattle WA 98133
* Listed at $390,000 
* NWMLS #1633691
* 2 bedrooms, 1.75 bathrooms
* 1,098 square feet
* HOA Dues = $385
* 2020 annual taxes $3,759
Sold for $400,000 on 8/25/2020
 
 

Seattle Real Estate Trends – Episode 25 – 7/19/2020

Back on the climb!  More new listings and more total properties for sale in Seattle this week.

As usual, we have two very differently behaving markets.  Let’s talk first about houses:

A slight jump up in the number of new listings, but no surprise since last week had the 4th of July weekend represented in the numbers.  What IS shocking is that we have twice as many homes going pending this year as we did last year.  TWICE AS MANY!  And we have 35% fewer total homes for sale.  Less options and more buyers means that for houses in Seattle, it is getting really competitive and bidding wars are becoming more common.   Oddly, we saw a drop in the percentage of new listings with an offer review date.  Only 40% of the houses that came on the market this week have offer review dates.   Of the 56% of home last week that had offer review dates, 73% of them went pending on their offer review date.  That is the highest percentage we have seen this year!

  Condos are a different story.  Each week we have about the same number of new listings (around 100) , and about the same number of condos going pending.  So the condo market is fairly stable.  But considering we have about 100 new condos hit the market each week, and only about 40 condos go pending each week, we are seeing a big increase in the total number of condos for sale, and no increase in the number of people wanting to buy condos.   As of this week, we have over 700 condos for sale.  I won’t sugar-coat it, it is a tough market out there to be a condo seller.   And a GREAT market to be a condo buyer.

** From the field ** – To illustrate this point.  Y’all remember that spacious, ideally located 2-bedroom condo that I brought on the market last week?  It was the MOST AFFORDABLE two-bedroom condo in Shoreline, and we got no offers on our offer review date.  We priced it right, it got lots of exposure, but the condo market is just really soft right now.  It breaks my heart for my sweet sellers.  On the other side of that coin, I helped a buyer score a one-bedroom Shoreline condo that had been on the market for over 100 days for 15% BELOW the original list price.  It is a buyers market for sure right now in Seattle and Shoreline for condos. **

  We are still in the middle of a pandemic (although we are not acting like it), and we are officially in a recession, so WHY is the house market still so robust?   The pandemic and all the extra time at home it has brought has made people want more space, a yard, and no community surfaces to touch.  Combine that with record low interest rates and you have a surge in buyer demand for houses.

 

Watch the Video Here