Seattle / Eastside Market Report – May 2017

The local real estate market—already the hottest in the country—set yet another price record in April. The number of homes for sale dropped 27 percent compared to a year ago, the lowest amount of inventory ever recorded for a spring month. The historically low supply of homes is making competition among buyers fierce. Sellers are in the enviable position of being able to structure sales agreements to include concessions such as rent-backs and longer closing time so they can take the time to find their next home.

Eastside

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The median price of a single-family home on the Eastside reached an all-time high of $880,000 in April, a 21 percent jump over last April. That represents an increase of $150,000 over a year ago, the largest dollar increase on record. With our strong economy and growing population, brokers are not predicting a slowdown any time soon.

Seattle

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Seattle set a record for home prices for the third straight month. The median price of a single-family home rose 13 percent over the same time last year to $722,250. Like the rest of King County, lack of inventory was the driver. In one of the city’s hottest markets, Ballard, there are just 19 single-family homes on the market.

King County

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Inventory in King County just keeps getting tighter. There are just 1,900 homes on the market here. That compares to nearly 8,000 in April 2011. As buyers bid up existing homes, prices have escalated sharply. The median price of a single-family home jumped 16 percent from the same time last year to $625,000.

Snohomish County

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Home prices in Snohomish County are rising at their fastest pace in four years. The median price of a single-family home soared 17 percent from a year ago to $440,000. While that increase is substantial, prices here are still 30 percent less than in King County.

Posted on May 9, 2017 at 10:34 pm
Stephanie Kristen | Category: bellevue, economy, interest rates, market trends, real estate, seattle, statistics

Seattle / Eastside Market Update – March 2017

Home prices are growing faster in our region than anywhere else in the country. After a brief slowdown last month, home prices in February jumped to new record highs. The reason? The lowest number of homes for sale on record. The surge in prices came well ahead of the normal seasonal spring uptick, adding even greater urgency among buyers competing for already severely limited inventory. It remains to be seen if the predicted hike in interest rates will help moderate the market. For now, sellers are calling the shots.
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Posted on March 21, 2017 at 3:42 pm
Stephanie Kristen | Category: bellevue, economy, interest rates, real estate, seattle, statistics

Remodeled – Private – Somerset

Tasteful remodel in Bellevue’s beloved Somerset, where commuting is a breeze and schools are prized! Nearly every surface has been touched with today’s real-living in mind: quartz, stainless, and cherry custom cabinetry in new open concept kitchen. Sleek finishes in remodeled baths. Resilient IPA hardwoods. Cozy lower level rec room with gas fireplace. Updated systems and low maintenance tile roof. Park-like grounds create serene setting with Somerset Elementary and playground half a block away.

Open Saturday and Sunday 1 – 4 pm

Link to more information here

Posted on February 25, 2017 at 7:55 am
Stephanie Kristen | Category: bellevue, listings, real estate, somerset

Just Listed – Licton Springs Townhouse

Check out this fantastic new townhouse listing.  Light filled corner lot across from the park.  Details here.

Posted on February 18, 2017 at 11:14 am
Stephanie Kristen | Category: listings, real estate, seattle

Seattle/ Eastside Market Update – October 2016

At a time of year when sales traditionally slow down, September saw particularly strong sales growth. Home prices rose yet again compared to the same time last year, but they remain below the peak of several months ago. And inventory, while still low, is at its highest level in two years. The local real estate market continues to be one of the hottest in the country, but there are signs that prices may be rising more slowly than they did in the first half of the year.

Eastside

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Click image to view full report.

Home prices on the Eastside remain very strong. The September median price of $750,000 was a healthy 10 percent increase over last September. Inventory remains very low with just over a month supply of homes. Demand in this sought-after market continues to overwhelm the number of properties available for sale.
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Posted on October 30, 2016 at 11:21 pm
Stephanie Kristen | Category: real estate

Seattle/ Eastside Market Update – September 2016

While homes prices were up by double-digits compared to a year ago, the market frenzy that has affected most of this year is showing some signs of moderating. With the exception of the Eastside, prices for most of the region were down from their peak. Home sales generally outpaced the same period a year ago, but a shortage of inventory continues to tip the advantage in favor of sellers.

Eastside

Click image to view full report.
Click image to view full report.

Bucking the trend of moderating prices, the Eastside saw the median home price soar 14 percent over last year to a new record high of $769,000. That eclipses the previous peak of $760,000 in May of this year. Very tight inventory in this highly desirable market was reflected in flat sales growth compared to a year ago.

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Posted on September 28, 2016 at 12:47 pm
Stephanie Kristen | Category: bellevue, economy, market trends, real estate, seattle, statistics

Somerset Tree House

 

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Seamlessly Integrated Indoor/Outdoor Space  This special residence was designed for people who seek a peaceful respite from busy urban life, but wish to be close the conveniences that living in the city brings. Set at the top of Somerset Hill and located on a quiet street backing to a greenbelt.  Beautifully updated with high-end finishes throughout. Gourmet kitchen featuring Wolf, Dacor, Sub-Zero, Bosch and Viking.  Walls of windows frame the tree lined views of Lake Sammamish and Cascade mountain range.  Short walk to Somerset Elementary and Rec Club, or drive to neighborhood shops and dining.  Easy commute to downtown Seattle and Bellevue and Sea-Tac airport.  Award winning Bellevue Schools, Somerset, Tyee, Newport High  You’ll love living here! 4408 144th Ave SE, Bellevue $1,298,000

Full listing information here.

 

Posted on September 25, 2016 at 12:16 pm
Stephanie Kristen | Category: bellevue, listings, real estate, somerset

Client Success Story – Moving to the Lake

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On the 4th of July, friends were out on Lake Washington enjoying the sunshine and a day of boating.  They got to talking and decided they wanted to live on the water.  They were now empty-nesters and ready to make the move.  They got home, started looking online and found a house that they were interested in.  They called me and we got together the following day to start to make a plan on how to make it possible.

We discussed the elements of an offer.  The listing had been on the market a few weeks and we decided to make the offer contingent on the sale of their house.  After going back and forth on a few things, we reached an agreement and their offer was accepted.  Now we had to get their house on the market and get it sold.

We negotiated some extra time in order to get their house ready. Then my team leaped into action.  In the matter of two weeks, we met with the stager, installed new carpet, paint, granite countertops, and light fixtures. We had carpets, windows and the whole house cleaned.  The house was inspected, and the furnace was serviced. We were ready for photographer.

And then on Thursday, we got a call from the listing agent.  We were getting bumped. That meant we had 2 business days to get their house sold… and the photographer hadn’t even been to the house yet. We had until Monday at 9 pm to remove the contingency.   We discussed strategy and activated the listing while waiting for the professional photos to come back.  We decided to hold the house open Friday, Saturday and Sunday and then review offers on Monday. We were cutting it close.

By networking with other agents, contacting those with buyers in the neighborhood, and online advertising, we had about 70 groups through their property.  When we sat down to review offers, we had four offers and the property sold for over list price with the inspection and appraisal waived.  We were able to remove the contingency on their purchase and proceed toward closing.

So from what started as an idea out on the water with friends, became a reality when they moved into their new waterfront home a short two months later. It’s so exciting when it works out so well.  It was a lot of work in short time frame, but by working together it had a very happy ending.

Posted on September 20, 2016 at 9:50 pm
Stephanie Kristen | Category: bellevue, listings, marketing, preparing your home, real estate, seattle, somerset

Somerset Serenity

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Beautifully remodeled NW Contemporary with inviting wood-wrapped day rooms, vaulted ceilings and multiple decks to enjoy the surrounding greenbelt. Extensive use of natural materials such as exposed cedar ceilings & beams. So many improvements in the last four years. New roof, interior & exterior paint, remodeled kitchen and baths, new hardwood floors and so much more. Must see to appreciate! All this plus some of the top schools in the nation – Somerset, Tyee Middle and Newport High School.

Check out the listing here for more photos and information.

 

Posted on August 28, 2016 at 1:27 pm
Stephanie Kristen | Category: bellevue, listings, real estate, somerset

Traditional two story in Somerset

Open Sunday July 24th – 1 – 4 pm ~ 4624 142nd Pl SE ~ Somerset 

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Traditional two story home in the heart of Somerset with sweeping territorial views. Formal living room with fireplace and dining room. Remodeled kitchen opens to family room with a wall of windows to soak in the view. Four bedrooms, two updated baths up. Daylight basement with rec room, kitchenette, 5th bedroom and bath. Street to street lot on excellent cul-de-sac location affords the ultimate privacy.  Located one block from elementary. Bellevue's most sought after schools: Somerset, Tyee and Newport.  Click here for more listing information.

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Posted on July 24, 2016 at 1:11 pm
Stephanie Kristen | Category: bellevue, listings, real estate, somerset