Greater Seattle Area Real Estate News & Market Trends

Here's where I like to write my monthly real estate market updates, give tips and tricks for selling real estate and advice for purchasing a home in King County. It's always best to reach out to me early in your thought process, so I can formulate the best plan for you.  I'm ready when you are. -Elizabeth

Dec. 13, 2019

Market Update: November 2019

Seattle's Housing Market at a Glance

     As we all mostly expected, in November, the Federal Reserve once again reduced its benchmark rate for the 3rd time this year.  Interest rates for a mortgage have stayed steady this month.  They're still down more than 1% from this exact time last year.  Also, new construction is going very strong.  The United States Commerce Department said that housing permits went up 5% in October.  This means, we're at a 12-year high at 1.46 million units being built!

     Even with all of this good news, I still have my ear against the rail.  I'm finding it's a bit deceptive to think, just because economic signs are strong, we're doing great.  You should know that the United States household debt has been going up for 21 straight quarters, and we're now $1.3 trillion more in debt than our previous high back in 2008 of $12.68 trillion dollars.  It's good news that most people are paying their debtors on time, but I also wonder how, with a household debt-load this high, will most be able to purchase a home if the economy slows down?  I mean, maybe Mom and Dad will help? 

     I still remember scraping together, by myself, the down payment and closing costs 16+ years ago.  My mom and dad didn't help me purchase a home, but I did go grocery shopping at their house for the first 3-months or so. Ho-Ho-Ho!  btw, the photo below was one of many from the Corporate Windermere 2019 Holiday Party:

Elise Russo, Broadmoor Real Estate Broker Seattle

For the Central Puget Sound: King, Kitsap, Pierce and Snohomish Counties

  • Closed Sales decreased 4.2% for Residential homes but increased 2.8% for Condominium homes.
  • Pending Sales increased 22.7% for Residential homes and 31.1% for Condominium homes.
  • Inventory decreased 38.1% for Residential homes and 26.6% for Condominium homes.
  • The Median Sales Price increased 9.1% to $505,000 for Residential homes and 6.7% to $382,500 for Condominium homes.
  • Days on Market decreased 8.3% for Residential homes and increased 12.9% for Condominium homes.
  • Months Supply of Inventory decreased 42.1% for Residential homes and 26.3% for Condominium homes.

Seattle Year-Over-Year Housing Real Estate Indicators November 2019

As you know, I like to look at all of the numbers every month, so I can give you a better idea of how the housing market is moving.  It's my hope that it'll give you the information needed to make a more informed decision.  When you're ready to buy or sell, remember I want to be your only Realtor. -Elise Russo

P.S. I thought you might enjoy some further listening from one of my previous blogs:

Matthew Gardner's 2020 Real Estate Forecast Video

https://www.vivaseattle.com/blog/matthew-gardners-2020-real-estate-forecast-video/

Posted in Market Updates
Dec. 6, 2019

Matthew Gardner's 2020 Real Estate Forecast Video

It’s that time of year when Windermere Chief Economist Matthew Gardner dusts off his crystal ball and peers into the future to give us his predictions for the 2020 economy and housing market.

Posted in Tips and Tricks
Nov. 29, 2019

Holiday Lighted Boat Parades Around The Sound

Holiday Lighted Boat Parades Around Seattle

Posted in Tips and Tricks
Nov. 22, 2019

Santa Sightings Near You in 2019

Santa Sightings Near You in 2019

 

Posted in Tips and Tricks
Nov. 15, 2019

Market Update: October 2019

Seattle's Housing Market at a Glance

     Fannie Mae has been predicting that our low interest rates will continue to get even lower; they seem to be correct as the Federal Reserve reduced the federal-funds target rate by .25%.  Most economists completely expected this and worked it into the predictions for the future of real estate lending.  Good news for buyers is, rates are still about 1% lower than this time last year!

     As we enter into the slower time of the year, there aren't many fixed-up homes to choose from.  Buyers and sellers should remember, there really isn't that much of a change in value from one season to the next, unless the actual market is in an upward or downward trend.  This of course will affect the values for an extended period of time until things normalize again.

     If you're wondering if now is the right time to sell?  For many, the lower interest rates are creating the perfect additional lift in finances, giving buyers more security and allowing them to purchase a nicer home.  Don't be afraid to contact me to list your home for sale.  With the lower rates, there are many buyers ready to pull the trigger, and they're just waiting for a move-in ready home.

For the Central Puget Sound: King, Kitsap, Pierce and Snohomish Counties

  • Closed Sales increased 1.4% for Residential homes but decreased 12.3% for Condominium homes.
  • Pending Sales increased 20.1% for Residential homes and 16.8% for Condominium homes.
  • Inventory decreased 27.4% for Residential homes and 11.0% for Condominium homes.
  • The Median Sales Price increased 6.9% to $499,950 for Residential homes and 0.8% to $360,000 for Condominium homes.
  • Days on Market increased 3.3% for Residential homes and 17.9% for Condominium homes.
  • Months Supply of Inventory decreased 30.4% for Residential homes and 4.8% for Condominium homes.

Seattle Year-Over-Year Housing Real Estate Indicators October 2019

As you know, I like to look at all of the numbers every month, so I can give you a better idea of how the housing market is moving.  It's my hope that it'll give you the information needed to make a more informed decision.  When you're ready to buy or sell, remember I want to be your only Realtor. -Elise Russo

Elise Russo, Fremont Real Estate Broker Seattle

Further Listening on the topic of low interest rates by CNBC

U.S. mortgage rates remain well below the historic average, yet home sales continue to struggle. | Chart: Freddie Mac

U.S. mortgage rates remain well below the historic average, yet home sales continue to struggle. | Chart: Freddie Mac

 

Posted in Market Updates
Nov. 8, 2019

How did they break into my home?

Breaking Down the Break in

Breaking Down the Break In

About 1.4 million burglaries occurred in 2017, and more than two in three break-ins were of residential properties, according to FBI data.  These are the most common points of entry during a break in.

39% Broke a window

20% Broke the front door

19.5% Broke the back or another door

14.5% Picked the front door lock

11.6% Picked the lock on the back door or another door

9.9% Back or another door was unlocked

9.8% Front door was unlocked 

8/1% Garage door was open

Source:Cove Home Security

 

Posted in Tips and Tricks
Nov. 1, 2019

Existing-Home Sales Decrease 2.2% in September

Read about it further: National Association of Realtors News Release

Housing Snapshot for September 2019

September 2019 brought 5.38 million in sales, a median sales price of $272,100, and 4.1 months of inventory. The median sales price is up 5.9% year over year, and inventory is down 0.3 months from September 2018.

 
Posted in Tips and Tricks
Oct. 25, 2019

The Q3 Western Washington Gardner Report

Every quarter, Windermere's Chief Economist, Matthew Gardner, writes a report to help us all make better-informed real estate decisions.  I find it very informative and would like to share it with you.  Click here to read more: https://www.windermere.com/blogs/windermere/posts/western-washington-real-estate-market-update--20The 3rd Quarter Western Washington Gardner Report

Please don't hesitate to ask me if you have any questions. -Elizabeth "Elise" Russo

Posted in Tips and Tricks
Oct. 18, 2019

Market Update: September 2019

Seattle's Housing Market at a Glance

     With the kiddos going back to school and "The Big Dark" upon us, the housing market is beginning to cool also.  On a national level, buyer and seller activity has remained strong, buoyed by low mortgage interest rates and a strong economy.  Market experts are finding there's no spooky changes from recent trends, other than the normal seasonal adjustments that happen every year.  Going into the final quarter of 2019, buyers are finding fewer homes on the market but on a good note for sellers, there's not very much competition for those homes.

     In Washington State there are discussions of a broad overhaul in the way housing is financed.  As you may know, Fannie Mae and Freddie Mac are the major financiers of our loans.  Experts are rethinking how federal agencies are involved with Fannie and Freddie, in their backing substantial portions of the mortgages made every year.  A lot of these policy conversation changes will actually take years to implement.  Even though we know re-privatization will happen, no one really knows the impact it will make on the housing market.  Good news is, when I look into that crystal ball you guys love to hear about, all I see are awesome Halloween decorations exciting our country and nothing too scary in the real estate market.

For King, Kitsap, Pierce and Snohomish Counties

  • Closed Sales decreased 1.2% for Residential homes and 7.3% for Condominium homes.
  • Pending Sales increased 26.0% for Residential homes and 14.0% for Condominium homes.
  • Inventory decreased 24.2% for Residential homes but increased 6.8% for Condominium homes.
  • The Median Sales Price increased 5.3% to $495,000 for Residential homes and 1.4% to $370,000 for Condominium homes.
  • Days on Market increased 19.2% for Residential homes and 47.8% for Condominium homes.
  • Months Supply of Inventory decreased 25.0% for Residential homes but remained flat for Condominium homes.

Seattle Quick Year-Over-Year Housing Sale Facts September 2019

As you know, I like to look at all of the numbers every month, so I can give you a better idea of how the housing market is moving.  It's my hope that it'll give you the information needed to make a more informed decision.  When you're ready to buy or sell, remember I want to be your only Realtor. -Elizabeth "Elise" Russo

The Russos

Posted in Market Updates
Oct. 11, 2019

More than 50% Say ‘Now Is a Good Time to Buy’

Is now a good time to buy? -Real estate blog by Elise Russo

Forty-eight percent of renters compared to 73% of owners think now is a good time to buy.

Posted in Tips and Tricks