North King County Quarterly Market Trends – Q3 2019

Increased pending activity is an indication of strong buyer demand which is very much being driven by historically low interest rates, a thriving job market, and an overall strong local economy. In fact, interest rates are an entire point lower than they were a year ago! This affords buyers a price point that is 10% higher over last year while maintaining the same monthly payment. A year ago, the monthly payment for a home at $750,000 is the same for a home at $825,000 today. Today’s rates coupled with tempered price appreciation provides increased affordability for buyers, which in turn is providing a healthy audience for sellers.  After many years of strong price increases, many sellers are moving their equity to the next lifestyle home they desire.

 

This is only a snapshot of the trends in north King County; please contact me if you would like further explanation of how the latest trends relate to you.

Posted on October 17, 2019 at 9:23 pm
Jill Langer | Category: Buying Homes, Economic Forecasts & Trends, Kenmore, Lake Forest Park, North King County, Selling Homes, Shoreline, Woodinville

North King County Quarterly Market Trends – Q2 2019

2019 provided a very healthy and more balanced spring market! Median price is up 1% year-over-year at $760,000. Prices have started to find their balance as more inventory has come to market compared to the scarcity of years past. While buyers have had more choices over the last year, it is still a seller’s market with just 1.6 months of inventory based on pending sales, resulting in an average of 23 days on market and 99% list-to-sale price ratio in June. Low interest rates continue to drive demand, however sellers who overprice or don’t address condition issues will linger on the market, illustrated by the 60% increase in carryover inventory.

Our real estate market continues to be driven by low interest rates, positive job creation, and upbeat consumer sentiment. Currently, interest rates sit around 4% which is still an historical low, affording buyers the ability to make moves and reduce their debt service. Price appreciation has started to temper to more normal rates, compared to the double-digit appreciation we experienced over the last 3 years due to more sellers coming to market. This has created more balance and greater opportunity for buyers. The generational shift we are experiencing as Baby Boomers move towards retirement and Millennials enter into their prime earning years is an exciting exchange happening in the market place right now.

This is only a snapshot of the trends in north King County; please contact me if you would like further explanation of how the latest trends relate to you.

Posted on July 17, 2019 at 8:01 pm
Jill Langer | Category: Buying Homes, Economic Forecasts & Trends, Kenmore, Lake Forest Park, North King County, Selling Homes, Shoreline, Woodinville

North King County 3rd Quarter 2018 Market Trends

North King County Quarterly Market Trends 

In September, the average days on market landed at 23 days and the original list-to-sale price ratio 98%. Since May, inventory growth has been noticeable, and has given buyers more options. This has led to more negotiations and fewer bidding wars, which is tempering month-over-month price growth to a more sustainable level. Back in April, the average days on market was 12 days and the original list-to-sale price ratio 106%; but months of inventory based on pending sales was 0.8 months, compared to 2.2 months currently. Year-over-year, prices are up 10%, still well above the historical norm of 3%-5% year-over-year gains—but note that the majority of this growth happened during the spring, due to constricted inventory levels. 

Supply has increased, creating more options for buyers and helping to buffer affordability issues. Many sellers are deciding to make moves and cash in on the equity gained over the last six years. An average original list-to-sale price ratio of 98% is a positive return, yet illustrates a softening in the market after some very extreme times. With 10% price growth over the last 12-months in a seller’s favor, the increase in selection has led to more nimble moves from one house to another. Where sellers need to be careful is anticipating the month-over-month price growth we saw prior to the shift in inventory. Prospective buyers would be smart to take advantage of today’s historically low interest rates and the added inventory selection. 

This is only a snapshot of the trends in north King County; please contact me if you would like further explanation of how the latest trends relate to you. 

Posted on October 24, 2018 at 7:40 pm
Jill Langer | Category: Buying Homes, Economic Forecasts & Trends, Kenmore, North King County, Selling Homes, Shoreline, Woodinville

Jill on… Shoreline!

Posted on August 7, 2018 at 2:16 am
Jill Langer | Category: Buying Homes, City Guides, Community, Gardening & Landscaping, North King County, Selling Homes, Shoreline

North King County Qtr 2 Market Trends

As we head into the summer months we are seeing a healthy jump in inventory in our area. In May, we saw the biggest jump in new listings in a decade! Price appreciation has created this phenomenon, motivating many people to make big moves with their equity. In fact, prices are up 13% year-over-year. We currently sit at 1.1 months of inventory based on pending sales. This more-equal balance of homes for sale compared to the first quarter has created great opportunities for buyers, finally! While it is still a seller’s market, it has eased up a bit. The average days on market in June was 16 days and the average list-to-sale price ratio was 103%.   

North King County real estate has a very high premium due to close-in commute times and vibrant neighborhoods. In fact, the median price in June was $800,000. Sellers are enjoying great returns due to buyers choosing to lay down roots in our area, and buyers are securing mortgages with minor debt service due to low interest rates. The easing of inventory is a welcome change and is helping to temper price growth. 

This is only a snapshot of the trends in north King County; please contact me if you would like further explanation of how the latest trends relate to you. 

Posted on July 19, 2018 at 3:11 am
Jill Langer | Category: Buying Homes, Economic Forecasts & Trends, Kenmore, North King County, Selling Homes, Shoreline, Woodinville

North King County Quarterly Market Trends

It is the time of year when our market starts to take off. Spring is here and we are starting to see seasonal increases in inventory. In fact, there was a 55% increase in new listings in March compared to February. That increase was followed by a 41% rise in pending sales, illustrating very strong demand for housing in your area. Last month, the average list-to-sale price ratio (the amount the sale price topped the list price) was 106%, indicating that multiple offers were the norm. We ended the quarter with 0.6 months of inventory based on pending sales. More inventory would be absorbed by happy buyers looking for more selection and would help temper price growth, which is up 14% year-over-year.

North King County real estate has a very high premium due to close-in commute times and desirable neighborhoods. In fact, the median price in March was $808,000, up 4% from the month prior! Sellers are enjoying amazing returns due to this phenomenon, and buyers are securing mortgages with minor debt service due to low interest rates. This is a very strong seller’s market, but buyers who are securing a home are already enjoying appreciation in equity.

This is only a snapshot of the trends in north King County; please contact me if you would like further explanation of how the latest trends relate to you.

Posted on April 29, 2018 at 9:37 pm
Jill Langer | Category: Economic Forecasts & Trends, Kenmore, North King County, Shoreline, Woodinville

Price Appreciation Case Studies – Wow!

What the Same House Sold for 3 Years Later!
Price Appreciation Case Studies in South Snohomish & North King Counties

18407 62nd Pl W, Lynnwood  •  3 bedroom  •  1,305 sq ft

Sold in September 2014
$315,000
Sold in July 2017
$450,000
$135,000 INCREASE IN HOME VALUE: 42.85%

 
17836 1st Ave NE, Shoreline  •  4 bedroom  •  2,917 sq ft

Sold in November 2014
$560,000
Sold in January 2018
$800,000
$240,000 INCREASE IN HOME VALUE: 42.85%

 
Since 2014, home values have grown by over 10% each year, resulting in a resounding 35% or more return in pricing. Above are some examples of actual homes sold in late 2017 to early 2018 that also sold in 2014, and that were not remodeled or significantly improved in between sales. These examples show the growth in home values that we have experienced over the last three years due to our thriving local economy. I pulled these examples to show you actual pound-for-pound market data versus the statistical percentages I often quote in these market updates. I thought these examples were pretty telling and quite exciting.

This phenomenon has been driven by a lack of available housing inventory and super high demand due to the robust job market in our area influenced by companies like Amazon. In 2017, there were 1,000 people moving into our area each week! According to census data, that trend is supposed to continue.

The large price gains might seem familiar to the gains of the previous up market of 2004-2007 that resulted in a bubble, but this environment is much different, which is why we are not headed toward a housing collapse. Previous lending practices allowed people to get into homes with risky debt-to-income ratios, low credit scores, and undocumented incomes. A large part of why the housing bubble burst 10 years ago was due to people getting into mortgages they were not equipped to handle, which lend to the eventual fall of sub-prime lending and the bubble bursting. Matthew Gardner, Windermere’s Chief Economist speaks to this topic in this video.

It is supply and demand that is creating these huge gains in prices. An increase in inventory would be healthy and would temper price growth. Many folks who have been waiting for their current home values to return in order to make big moves involving their retirement, upgrading homes, investing, or even buying a second home are well poised to enter the market. If you are one of those people, I hope these examples provide insight on the increase in home values and how they might pertain to your goals.

Potential buyers might shy away from the market due to affordability. While it is expensive to buy a home in the Greater Seattle area, the people that have become homeowners over the last three years have built some amazing wealth. Interest rates remain low, helping to absorb the cost of a home in our area. Last month, I wrote a Love Letter to Buyers which helped layout the advantages of participating in today’s market and how to be successful. If you or any one you know is considering making a purchase, it is worth the read.

As we head into the active spring and summer months, if you’d like me to provide you a complimentary Comparable Market Analysis (CMA) on your home, so you have a better understanding of your home’s value, I’d be happy to do that. This would be an important component in charting your 2018 financial goals, and what a great time of year to gather that information! It is my goal to help keep my clients informed and empower strong decisions.

 

 

 

 

Celebrate Earth Day with us! Bring all your sensitive documents to be professionally destroyed on-site by Confidential Data DisposalLimit 20 file boxes per customer.

We will also be collecting non-perishable food and cash donations to benefit Concern for Neighbors Food Bank. Donations are not required, but are appreciated.

Saturday, April 21st, 10am – 2pm. EARTH DAY!
4211 Alderwood Mall Blvd, Lynnwood 98036

*This is a shredding-only event. Only paper will be accepted – no electronics or recyclables.

 

 

Spring Gardening Tips to Help Get
Your Yard Flourish-Ready 

It is approaching that time of year when April showers will start to bring May flowers, so no better time to get outside to start prepping the garden. First, one must get their hands dirty cleaning out the beds, tending the soil and trimming back plants to prepare for new plantings and fresh growth. For a complete list of Spring gardening tips, click here.

Posted on April 2, 2018 at 12:39 am
Jill Langer | Category: Buying Homes, Economic Forecasts & Trends, Lynnwood, Monthly Newsletters, North King County, Selling Homes, Shoreline, South Snohomish County

Shoreline

Welcome to Shoreline!

Nestled along the Puget Sound, Shoreline is a city just north of Seattle. “With Interstate-5 cutting right through the middle of Shoreline, getting to and from the freeway and going south to Seattle or into Snohomish County and pointing north is easy,” shares REALTOR® Bernice Whitley. “There are several neighborhood with small hubs but for the present, Shoreline does not have a ‘downtown’ Shoreline like many cities its size. That may change with light rail coming to the city in the not too distant future.”

Described by residents as a growing, well-run city with scenic vistas and a long list of conveniences, Shoreline is a top choice for many in the region. Its excellent schools make it especially attractive to families with children in school, and its many parks, restaurants, shops, and cherished annual community events make it all the more appealing. Many people like being right next door to Seattle as well, whether you commute in for work or enjoy exploring the city.

For those who are interested in moving to Shoreline, you can expect to find a good variety of real estate. Mid-century homes, new construction, older properties, ramblers, and Lovell style homes are all in the mix.


Getting Out & About

“I love the parks in Shoreline—Hamlin Park, Paramount Park (a great place to take kids and there is a skateboard ramp there as well), Saltwater Park and Boeing Creek Park provide plenty of year-round activities.” –REALTOR® Samantha Arango

“Shoreline has an amazing, award-winning public school district, many good private schools, and the well-regarded Shoreline Community College.” –REALTOR® Jill Langer


Commuting from Shoreline

“Commuters love Shoreline because it’s halfway between Everett and Seattle, so whether someone is going to Boeing or Amazon the commute is not overly painful. Plus there are so many Rapid Ride options, transit stations nearby and soon the Light Rail. Easy back roads to Ballard and Queen Anne and just a quick trip to Edmonds to hop on The Sounder.” –REALTOR® Cori Whitaker

“[People use] mostly cars but because there is a large transit center at Aurora Village, riding the bus is very convenient. The Interurban Trail provides a great way to walk or bike & is connected to the north to Snohomish County’s & to the south to Seattle’s Interurban Trails. With 2 light rail stations coming in the future, that will only increase the options.” –REALTOR® Jill Langer


 Homes in Shoreline

“[In Shoreline there are] mid-century to newer homes with a few much older ‘homesteads’ mixed in. There are many flag lots where homes are built behind original houses—this option offers great privacy yet easy access to main roads.” –REALTOR® Jill Langer

“Many mid-century era ramblers and Lovell style homes.” –REALTOR® Samantha Arango


Want to learn more about living in Shoreline? 

Keep exploring on our blog:

Posted on May 16, 2017 at 6:15 pm
Jill Langer | Category: City Guides, North King County, Shoreline