South King County Quarterly Market Trends – Q3 2020

 

The real estate market continued to positively perform in the third quarter, and is the bright light in the economy during the COVID-19 health crisis. The protocols in place that have helped protect the safety of the community have recently been expanded to allow small group open houses to help address the demand in the market.

Interest rates remain historically low, hovering around 3% and creating robust buyer demand and a competitive marketplace. Coupled with available inventory being down 55% complete year-over-year, the third quarter saw many home sales escalate in price due to multiple offers. This perfect storm of supply and demand has amped up price appreciation. With only 0.6 months of available inventory based on pending sales, the median price is up 11% complete year-over-year.

 

Inventory is down due to the high absorption rate which resulted in many sales. There was a delay in homes coming to market in the spring, but the summer months got us within 5% of the previous year’s number of new listings. The influence of interest rates, along with many people making big lifestyle moves due to working from home, Baby Boomers retiring, and the younger generations transitioning their work and family statuses have resulted in just 2% fewer sales complete year-over-year.

 

These are unprecedented times and the real estate market has provided lots of opportunities. Equity levels are high, allowing for exciting lifestyle moves, relocations, and some ease from other financial pressures. It is my goal to help keep my clients informed and empower strong decisions, now more than ever. Please reach out if you’d like to discuss your real estate goals and how they relate to your lifestyle and bottom line. Be well!


Posted on October 19, 2020 at 2:41 pm
Cori Whitaker | Posted in Market Trends and Statistics |

North Snohomish County Quarterly Market Trends – Q3 2020

 

The real estate market continued to positively perform in the third quarter, and is the bright light in the economy during the COVID-19 health crisis. The protocols in place that have helped protect the safety of the community have recently been expanded to allow small group open houses to help address the demand in the market.

Interest rates remain historically low, hovering around 3% and creating robust buyer demand and a competitive marketplace. Coupled with available inventory being down 55% complete year-over-year, the third quarter saw many home sales escalate in price due to multiple offers. This perfect storm of supply and demand has amped up price appreciation. With only 0.5 months of available inventory based on pending sales, the median price is up 8% complete year-over-year.

 

Inventory is down due to the high absorption rate. There was a delay in homes coming to market in the spring, but the summer months finally caught us up with the previous year’s number of new listings. The influence of interest rates, along with many people making big lifestyle moves due to working from home, Baby Boomers retiring, and the younger generations transitioning their work and family statuses have resulted in 6% more sales complete year-over-year.

 

These are unprecedented times and the real estate market has provided lots of opportunities. Equity levels are high, allowing for exciting lifestyle moves, relocations, and some ease from other financial pressures. It is my goal to help keep my clients informed and empower strong decisions, now more than ever. Please reach out if you’d like to discuss your real estate goals and how they relate to your lifestyle and bottom line. Be well!


Posted on October 19, 2020 at 2:40 pm
Cori Whitaker | Posted in Market Trends and Statistics |

Seattle Metro Quarterly Market Trends – Q3 2020

 

The real estate market continued to positively perform in the third quarter, and is the bright light in the economy during the COVID-19 health crisis. The protocols in place that have helped protect the safety of the community have recently been expanded to allow small group open houses to help address the demand in the market.

Interest rates remain historically low, hovering around 3% and creating robust buyer demand and a competitive marketplace. Coupled with available inventory being down 17% complete year-over-year, the third quarter saw many home sales escalate in price due to multiple offers. This perfect storm of supply and demand has maintained price appreciation. With only 1.1 months of available inventory based on pending sales, the median price is up 3% complete year-over-year.

 

Inventory is down due to the high absorption rate which resulted in many sales. There was a delay in homes coming to market in the spring, but the summer months got us equal with the previous year’s number of new listings. The influence of interest rates, along with many people making big lifestyle moves due to working from home, Baby Boomers retiring, and the younger generations transitioning their work and family statuses have resulted in 10% more sales complete year-over-year.

 

These are unprecedented times and the real estate market has provided lots of opportunities. Equity levels are high, allowing for exciting lifestyle moves, relocations, and some ease from other financial pressures. It is my goal to help keep my clients informed and empower strong decisions, now more than ever. Please reach out if you’d like to discuss your real estate goals and how they relate to your lifestyle and bottom line. Be well!


Posted on October 19, 2020 at 2:40 pm
Cori Whitaker | Posted in Market Trends and Statistics |

Eastside Quarterly Market Trends – Q3 2020

 

The real estate market continued to positively perform in the third quarter, and is the bright light in the economy during the COVID-19 health crisis. The protocols in place that have helped protect the safety of the community have recently been expanded to allow small group open houses to help address the demand in the market.

Interest rates remain historically low, hovering around 3% and creating robust buyer demand and a competitive marketplace. Coupled with available inventory being down 58% complete year-over-year, the third quarter saw many home sales escalate in price due to multiple offers. This perfect storm of supply and demand has amped up price appreciation. With only 0.6 months of available inventory based on pending sales, the median price is up 6% complete year-over-year.

 

Inventory is down due to the high absorption rate which resulted in many sales. There was a delay in homes coming to market in the spring, but the summer months got us within 12% of the previous year’s number of new listings. The influence of interest rates, along with many people making big lifestyle moves due to working from home, Baby Boomers retiring, and the younger generations transitioning their work and family statuses have resulted in only 4% fewer sales complete year-over-year.

 

These are unprecedented times and the real estate market has provided lots of opportunities. Equity levels are high, allowing for exciting lifestyle moves, relocations, and some ease from other financial pressures. It is my goal to help keep my clients informed and empower strong decisions, now more than ever. Please reach out if you’d like to discuss your real estate goals and how they relate to your lifestyle and bottom line. Be well!


Posted on October 19, 2020 at 2:40 pm
Cori Whitaker | Posted in Market Trends and Statistics |

North King County Quarterly Market Trends – Q3 2020

 

The real estate market continued to positively perform in the third quarter, and is the bright light in the economy during the COVID-19 health crisis. The protocols in place that have helped protect the safety of the community have recently been expanded to allow small group open houses to help address the demand in the market.

Interest rates remain historically low, hovering around 3% and creating robust buyer demand and a competitive marketplace. Coupled with available inventory being down 45% complete year-over-year, the third quarter saw many home sales escalate in price due to multiple offers. This perfect storm of supply and demand has maintained price appreciation. With only 0.7 months of available inventory based on pending sales, the median price is up 3% complete year-over-year.

 

Inventory is down due to the high absorption rate which resulted in many sales. There was a delay in homes coming to market in the spring, but the summer months got us within 6% of the previous year’s number of new listings. The influence of interest rates, along with many people making big lifestyle moves due to working from home, Baby Boomers retiring, and the younger generations transitioning their work and family statuses have resulted in 6% more sales complete year-over-year.

 

These are unprecedented times and the real estate market has provided lots of opportunities. Equity levels are high, allowing for exciting lifestyle moves, relocations, and some ease from other financial pressures. It is my goal to help keep my clients informed and empower strong decisions, now more than ever. Please reach out if you’d like to discuss your real estate goals and how they relate to your lifestyle and bottom line. Be well!


Posted on October 19, 2020 at 2:39 pm
Cori Whitaker | Posted in Market Trends and Statistics |

South Snohomish County Quarterly Market Trends – Q3 2020

 

The real estate market continued to positively perform in the third quarter and is the bright light in the economy during the COVID-19 health crisis. The protocols in place that have helped protect the safety of the community have recently been expanded to allow small group open houses to help address the demand in the market.

Interest rates remain historically low hovering around 3% and creating robust buyer demand and a competitive marketplace. Coupled with available inventory being down 72% complete year-over-year, the third quarter saw many home sales escalate in price due to multiple offers. This perfect storm of supply and demand has amped up price appreciation. With only 0.4 months of available inventory based on pending sales, the median price is up 9% complete year-over-year.

 

Inventory is down due to the high absorption rate which resulted in many sales. There was a delay in homes coming to market in the spring, but the summer months got us within 10% of the previous year’s number of new listings. The influence of interest rates, along with many people making big lifestyle moves due to working from home, Baby Boomers retiring, and the younger generations transitioning their work and family statuses have resulted in only 3% fewer sales complete year-over-year.

 

These are unprecedented times and the real estate market has provided lots of opportunities. Equity levels are high, allowing for exciting lifestyle moves, relocations, and some ease from other financial pressures. It is my goal to help keep my clients informed and empower strong decisions, now more than ever. Please reach out if you’d like to discuss your real estate goals and how they relate to your lifestyle and bottom line. Be well!


Posted on October 19, 2020 at 2:39 pm
Cori Whitaker | Posted in Market Trends and Statistics |

When Equity Meets Lifestyle: Sellers Moving Out, the Push to the Burbs, & Who’s Coming into the City

 

 Over the last 5 years, housing has had abundant price appreciation, providing substantial equity for homeowners to utilize to make meaningful lifestyle moves or invest back into where they are. In King County, the median price has appreciated from $463,000 to $689,000 since July 2015, which is a 49% increase equaling $226,000! In Snohomish County, the median price has appreciated from $340,000 to $515,000 since July 2015, which is a 51% increase equaling $175,000. Bring on a global pandemic that has turned the world as we know it on its heels and the needs and desires for housing are starting to change! Solid equity positions and the changes brought on by the pandemic are creating The Big American Move.

In a July survey by Realtor.com the results show that consumers are looking for larger interior spaces, more spacious outdoor areas, and a desire to move to suburban areas from urban locations. This has been fueled by the ability to work remotely, providing many homeowners the opportunity to pivot to locations not driven by commute times, but by the overall enjoyment of the spaces that the home and yard provide. In fact in that same survey, 2 out of 3 consumers noted the ability to work remotely was fueling their decision to move. Some are fleeing from urban density to more wide-open spaces to provide more room to roam for children as on-line school looked to be the plan for 2020-21.

The pandemic has also spurred retirement for many, as well as adding the big retirement or second-home move to the east of the mountains or out of state. These markets are much more affordable, and folks that spent many years in their homes in King and Snohomish Counties are selling and turning their big chunks of equity into their dream oasis in the mountains, by the beach, or in the desert. Many of these purchases are able to be made all-cash due to the affordability of these areas in relation to liquidated equity. This simplifies life with no mortgage payments to maintain. An agent in my office just shared that of the last ten listings she had, eight either went east or out of state.

The established equity, increased demand, low inventory, and the lowest interest rates we have ever seen have created one of the most vital housing markets ever. According to Housing Wire, the rebound in the housing market since the National Emergency was announced has been shockingly strong. Meyers Research calls it nothing short of remarkable. Home purchase mortgage applications are up year-over-year for 11 straight weeks since mid-May.

Seven out of nine economists predict national price growth in 2020. Locally, Windermere’s Chief Economist Matthew Gardner predicts 5% year-over-year appreciation. In July, King County’s median price for Single Family Residential Homes (SFR) is up 3% complete year-over-year and Snohomish County (SFR) 6%. The higher price growth in Snohomish County is a reflection of the push to the suburbs and affordability.

John Burns Consulting is calling this The Great American Move. The phenomenon is being fueled by safety reasons, financial prospects, life-change improvements, personal comfort, and employment. They expect a surge in household and business relocations over the next few months that will provide new, strategic opportunities for the real estate market.

The Greater Seattle job market is still strong in many sectors and commutes will come back. While folks are cashing out their equity and going for larger spaces because they can, the Millennial generation is still very much attracted to the in-city neighborhoods. We have not seen this wealth transfer hurt these markets, as it is perfect timing for the maturing Millennials to put roots down in urban locations as they flourish in their careers, migrate to our area for work, marry, or start families.

2020 has been downright astonishing in regards to the housing market. In fact, it has felt like two different worlds managing the pace of such a brisk real estate market during a time where we have slowed down and simplified our daily lives. Maintaining the safety of everyone around me by observing all the proper safety protocols has been a top priority. I’ve felt a great responsibility to help my clients navigate some very big lifestyle decisions through the purchase and sale of their real estate. It has been an honor and something I take very seriously. It is always my goal to help keep my clients informed and to empower strong decisions, especially during this unprecedented time. Please reach out if you’d like me to answer any questions or shed light on the trends in your area. Be safe, be well!

 

 

For many of us, all the extra time at home this year has sparked bouts of decluttering and purging. Whether you have already cleaned out your linen closet, or you’re still planning to tackle the garage, an important key in this process is what to do with all the stuff.

Most thrift stores in King and Snohomish counties are open under Phase 2 right now, but many of the more well-known spots have restrictions on what they will take, and when they are accepting donations. If you’ve made your way through a donation line at Goodwill, you probably know that they are not currently accepting any furniture. But did you know that many of the smaller, independent shops are taking large pieces?

Do a Google search for “thrift stores near me”, and call the smaller ones to see what their donation acceptance policies are during COVID. Or use this great national directory where you can put in your zip code and find lots of nearby shops.

Below are a few Puget Sound organizations where your gently used household donations support important causes like homelessness and youth mentoring. Make sure to check their website or call for their current COVID policies.

 


Posted on August 18, 2020 at 3:12 pm
Cori Whitaker | Posted in Community Events & News, Market Trends and Statistics, Monthly Newsletter |

South King County Quarterly Market Trends – Q2 2020

The real estate market performed very well in the second quarter despite the changing and challenging environment due to the COVID-19 health crisis. Our industry has been considered essential and required to operate with strict protocols in place to help protect the safety of buyers, sellers, brokers, and service providers. The ability to still do business helped sales churn during what would have been our busiest season, spring market.

 

Interest rates remain at the lowest levels we have ever seen, creating strong buyer demand and providing plentiful audiences for listings. The biggest challenge we saw in the second quarter was a lack of sufficient housing inventory for buyers to choose from, especially in the lower to medium price ranges. Understandably, would-be sellers were delayed in coming to market and some even stepped aside to survey their safety and motivation. This led to a 27% decrease in new listings in the second quarter vs. the same quarter last year. All the while, pending sales were only down 12%, illustrating the demand in comparison to supply.

 

This classic supply and demand scenario has helped maintain price appreciation. With only 0.7 months of available inventory based on pending sales, the median price is up 7% year-over-year. As we head into summer, we are looking to see more inventory come to market. Summer will be the new spring market as supply starts to catch up with demand while taking advantage of the longer, lighter days.

 

These are unprecedented times and there are many questions and concerns. It is my goal to help keep my clients informed and empower strong decisions, now more than ever. Please reach out if you’d like to discuss your real estate goals and how they relate to your lifestyle and bottom line. Be well!


Posted on July 16, 2020 at 8:32 pm
Cori Whitaker | Posted in Market Trends and Statistics |

Eastside Quarterly Market Trends – Q2 2020

The real estate market performed very well in the second quarter despite the changing and challenging environment due to the COVID-19 health crisis. Our industry has been considered essential and required to operate with strict protocols in place to help protect the safety of buyers, sellers, brokers, and service providers. The ability to still do business helped sales churn during what would have been our busiest season, spring market.

 

Interest rates remain at the lowest levels we have ever seen, creating strong buyer demand and providing plentiful audiences for listings. The biggest challenge we saw in the second quarter was a lack of sufficient housing inventory for buyers to choose from, especially in the lower to medium price ranges. Understandably, would-be sellers were delayed in coming to market and some even stepped aside to survey their safety and motivation. This led to a 31% decrease in new listings in the second quarter vs. the same quarter last year. All the while, pending sales were only down 20%, illustrating the demand in comparison to supply.

 

This classic supply and demand scenario has helped maintain price appreciation. With only 1 month of available inventory based on pending sales, the median price is up 2% year-over-year. As we head into summer, we are looking to see more inventory come to market. Summer will be the new spring market as supply starts to catch up with demand while taking advantage of the longer, lighter days.

 

These are unprecedented times and there are many questions and concerns. It is my goal to help keep my clients informed and empower strong decisions, now more than ever. Please reach out if you’d like to discuss your real estate goals and how they relate to your lifestyle and bottom line. Be well!


Posted on July 16, 2020 at 8:31 pm
Cori Whitaker | Posted in Market Trends and Statistics |

Seattle Metro Quarterly Market Trends – Q2 2020

The real estate market performed very well in the second quarter despite the changing and challenging environment due to the COVID-19 health crisis. Our industry has been considered essential and required to operate with strict protocols in place to help protect the safety of buyers, sellers, brokers, and service providers. The ability to still do business helped sales churn during what would have been our busiest season, spring market.

 

Interest rates remain at the lowest levels we have ever seen, creating strong buyer demand and providing plentiful audiences for listings. The biggest challenge we saw in the second quarter was a lack of sufficient housing inventory for buyers to choose from, especially in the lower to medium price ranges. Understandably, would-be sellers were delayed in coming to market and some even stepped aside to survey their safety and motivation. This led to a 25% decrease in new listings in the second quarter vs. the same quarter last year. All the while, pending sales were only down 10%, illustrating the demand in comparison to supply.

 

This classic supply and demand scenario has helped maintain price appreciation. With only 0.9 months of available inventory based on pending sales, the median price remained even year-over-year. As we head into summer, we are looking to see more inventory come to market. Summer will be the new spring market as supply starts to catch up with demand while taking advantage of the longer, lighter days.

 

These are unprecedented times and there are many questions and concerns. It is my goal to help keep my clients informed and empower strong decisions, now more than ever. Please reach out if you’d like to discuss your real estate goals and how they relate to your lifestyle and bottom line. Be well!


Posted on July 16, 2020 at 8:30 pm
Cori Whitaker | Posted in Market Trends and Statistics |