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

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

Woodinville

Welcome to Woodinville!

Of course, Woodinville is known for being “wine country.” Woodinville is home to over 140 wineries, making it a destination whether you’re enjoying a day trip or a week-long getaways! This treasured city offers the opportunity to live in a place that feels like you’re living in the country at times, all while having easy access to city amenities. Plenty of shopping, restaurants, services, and more are all readily available in this small King County town.

For those who are interested in buying a home in Woodinville, you can expect to find a variety of opportunities. From single-family homes to properties with great land and equestrian properties, there’s a dynamic mix available. “If you love tall trees and privacy, you’ll love the feel of Woodinville!” says Jen Bowman.


Getting Out & About

“It’s world class wine country in our own backyard! Tasting rooms for every palate from boutique distilleries like Woodinville Whiskey to the mega winery Chateau Ste Michelle where summer concerts on their picturesque grounds are a must-see.”Jen Bowman

Wine tasting in Woodinville is a fabulous experience. Local wineries and dozens of tasting rooms available to explore. Fun to learn about the wine making process and talk to people who are knowledgeable and passionate about the local wine.”Kim Harman

Where are your favorite places to shop in Woodinville?

“Molbaks, Haggens Food & Pharmacy, World Market.”Jen Bowman

“Molbaks, Target, T.J. Maxx.” -Lauren Pulfer

“Our family loves to attend the annual Basset Hound Bash/Woodinville All Fools’ Day Parade every August. We kick off the morning with the pancake breakfast hosted at the local fire department, grab a seat on the parade route to watch the floats and dozens of basset hounds go by. It’s a fun-filled day at the farmer’s market with live music, art/craft vendors, food, wine and beer.” –Kim Harman

“Cottage Lake is a lovely 22-acre lakeside park with a kids play ground, basketball courts, walking trails and picnic areas.It’s a popular spot for my family to fish, paddle board and swim late spring and summer. –Kim Harman


Commuting From Woodinville

Highway 522 runs right through Woodinville, making it easy to hop on the freeway from many locations and easily get to other cities throughout the region. The Burke Gilman Trail is another commuting option if you work in a nearby city:

“Love biking or walking the Burke Gilman Trail with easy access to Redmond, Marymoor Park, Lake Sammamish or into Seattle.” –Kim Harman


Homes in Woodinville

“[People can expect to find] properties with great land, and quite a few horse/equestrian properties.” – Lauren Pulfer


Want to learn more about living in Woodinville?

Keep exploring on our blog:


Posted on August 8, 2017 at 11:45 pm
Jill Langer | Category: City Guides, North King County, Woodinville | Tagged ,