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

Jan. 17, 2020

February 2020 Things to Do

Seattle Wine and Food Experience (Feb. 20-22)

If you're only going to do one thing this month, check out, "Seattle Wine and Food Experience"?  I went last year, and it was SOOOO good.  So fantastic, I'm going to attend the "Grand Tasting" February 22 | 2:00-6:00 PM @ BELL HARBOR, again this year, for sure!  Here's the link for more info on the event:  https://seattlewineandfoodexperience.com/ Let me know if you're coming too?  I'd love to say hi :)

-Elise Russo, your favorite Realtor

Things to do in Seattle this week February 2020

"The Seattle Wine and Food Experience Grand Tasting on Saturday, February 22, at Bell Harbor International Conference Center features more than 30 chefs, 100 wineries and dozens of beer, cider and spirits purveyors. Seattle magazine’s food and wine editors have narrowed in on ten dining trends that will form the framework of the Grand Tasting, creating a unique discovery experience for guests. Each chef will serve up their interpretation of a trend, and guests will have the opportunity to vote on their favorite."

Posted in Tips and Tricks
Jan. 10, 2020

Market Update: December 2019

Seattle's Housing Market at a Glance

Today, in my Windermere office meeting, Laura Smith, our co-owner was telling us we should be really excited about this year.  It's been since 1998 since we've seen a balanced market, and we just might see one this year!  There's a whole lot of buyers looking for homes.  From what I've seen, they're having a hard time finding them, because we can't build fast enough and there's not enough existing inventory to choose from.

People are getting paid more than before and there's low unemployment rates. Because of all of these things, buyer activity is expected to stay strong into the first quarter of 2020.  To offset the lack of housing, construction of new homes is on the rise and will continue to grow into year.  Even with all of the new homes hitting the market, some experts believe this still may not be enough to create a balanced market.

Listen up, I'm getting emails from my lenders saying, interest rates are a whole percent lower than they were a year ago and have dropped even more in the past several weeks, to their lowest levels since late Summer 2019! Even people who got their loan in early 2019 might want to explore a better rate.  Check your loan statements, if you're in an adjustable loan, your interest rates might be above 5% now...  Let me know if you need a good loan agent, because I've got a guy for that.  

Last but not least, I'd like to share my photo of the month!  I'm the Elf in the photo below. You can't see it, but I had elf shoes on too :-D

Elise Russo at Seattle Santa Con 2019

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

  • Closed Sales increased 8.5% for Residential homes and 18.7% for Condominium homes.
  • Pending Sales increased 16.5% for Residential homes and 19.0% for Condominium homes.
  • Inventory decreased 43.7% for Residential homes and 31.1% for Condominium homes.
  • The Median Sales Price increased 10.8% to $515,000 for Residential homes and 6.4% to $389,950 for Condominium homes.
  • Days on Market decreased 11.6% for Residential homes but remained flat for Condominium homes.
  • Months Supply of Inventory decreased 46.7% for Residential homes and 28.6% for Condominium homes.

Year-Over-Year Change in Seattle's Real Estate Market December 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

If you have a little time on your hands, you might like to check out one of my previous posts?  Check out all of the current ones here: www.vivaseattle.com/blog

Further Reading:

Posted in Market Updates
Jan. 3, 2020

REALTOR® Demographics 2019

Hello all!  Every year, I like to look up the most current statistics of the average Realtor across the United States.  I've got to say, I feel so awesome when I look these up.  I mean, I have a college degree; I'm under 40 (uh, well, I just turned 40 a couple of months ago); I'm a homeowner; I close more than the median number of transactions; I've been in the business since 1997, and I work for an awesome firm...  I thought you might enjoy skimming over some of these stats too?  Remember, when you're ready to buy or sell, I'm around and ready too.  Make contact early, so we can plan for a successful transaction, with the best outcome. -Elise Russo, Windermere Eastlake in Seattle, Wa

Now, on to the demographics:

 

  • 68% percent of REALTORS® are licensed as sales agents, 20% hold broker licenses, and 14% hold broker associate licenses.
  • The typical REALTOR® is a 54-year-old white female who attended college and is a homeowner.
  • 67% of all REALTORS® are female, and the median age of all REALTORS® is 52.
  • Real-estate experience of all REALTORS® (median): 8 years
  • Median tenure at present firm (all REALTORS®): 4 years
  • Most REALTORS® worked 35 hours per week in 2018.
  • The median gross income of REALTORS® was $41,800 in 2018, an increase from $39,800 in 2017.
  • Median number of transaction sides in 2018:
    • Residential sides for all REALTORS®: 11
    • Residential sides for residential specialists only: 12
    • Residential sides for commercial specialists only: 4
    • Commercial sides for commercial specialists only: 4
  • Formal education of REALTORS®:
    • Some college: 30%
    • Bachelor's degree: 31%
    • Graduate degree and above: 13%
    • Associate degree: 13%
    • Some graduate school: 6%
    • High-school graduate: 8%
  • REALTOR® affiliation with firms:
    • Independent contractor: 87%
    • Employee: 5%
    • Other: 8%
Source: 2019 National Association of REALTORS® Member Profile

Every month, I write a blog about Seattle's real estate market and where it's headed. Read about it here: https://www.vivaseattle.com/blog/category/market-updates/

This month's real estate market forecast by Elise Russo in Seattle

Posted in Tips and Tricks
Dec. 27, 2019

January 2020 Events

January 2020 Events around Seattle and North Sound

If you have a little extra time and you're curious about how the Seattle real estate market is doing, check out my latest blog here: https://www.vivaseattle.com/blog/category/market-updates/

This month's real estate market forecast by Elise Russo in Seattle

[Click for the full article] -Elise Russo, your favorite Realtor

Posted in Tips and Tricks
Dec. 20, 2019

The 2019 National Association of Realtors Consensus Forecast Summit

2019 Real Estate Consensus Forecast

The 2019 National Association of Realtors Consensus Forecast Summit

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.  In the coming months, they're saying it's going to get more and more difficult to purchase a home in Seattle.  Rents will also be going up. When you're ready to buy or sell, remember I want to be your only Realtor. -Elise Russo

P.S.  Check out my market update here:

Read Further November 2019 Seattle Real Estate Market Update

Posted in Tips and Tricks
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