The hottest real estate market in the country just keeps getting hotter. Despite a large number of new listings, home prices in the Puget Sound area continued to set records in May. According to a Seattle Times article, “For the first time since the 2007 housing bubble, every county in the central Puget Sound region has set a new median home price record.” Brokers hope this news will help entice more sellers to put their homes on the market.
While down just slightly from its record high last month, the median price of a single-family home on the Eastside was up 15 percent from a year ago to $875,000. With just three weeks of inventory, those looking to buy a home can continue to count on a highly competitive market. It is key for buyers to work with a broker on a buying strategy, and to be willing to act quickly to make an offer.
Seattle is the fastest growing city in the country, and that demand is driving prices ever higher. That demand combined with razor-thin inventory has resulted in Seattle topping the nation in bidding wars. As a result, it’s no surprise that home prices here set yet another record in May. The median price for a single-family home in Seattle soared 14 percent over a year ago to $729,000.
King County is starved for inventory. The number of homes for sale in the county dropped 20 percent from a year ago. The good news: The number of new listings year-over-year grew for the first time in 2017. The bad news: They’re getting snapped up as soon as they come on the market. The median price of a single-family home in King County jumped 13 percent over a year ago to a new record of $632,000.
A steady stream of buyers being priced out of King County have set their sights north in hopes of finding a more affordable house payment. While home prices here are indeed less, that gap has been slowly closing. The median price of a single-family home jumped 15 percent over the same time last year to $450,000, an all-time record.
This month Windermere Real Estate Co. has teamed up with neighboring restaurants to Dine Well – Do Good. Each Monday night in the month of June, Windermere Real Estate Co. is matching tips made to servers – up to $3,000 per night – and 100% of these funds will be donated to Food Lifeline, via the Windermere Foundation.
Food Lifeline is the food bank to food banks. They rescue millions of pounds of surplus food from farmers, manufacturers, grocery stores, and restaurants; then deliver this healthy and nutritious food to 275 food banks, shelters, and meal programs across Western Washington. Through their own ingenuity and clever practices, a single $1 donation can provide the equivalent of four complete meals.
Please join us in supporting local restaurant businesses while also supporting Food Lifeline and the crucial work they do. Browse through the list of participating restaurants and set your Monday night menu for the month of June!
The Beach House
1927 43rd AVE E, Seattle, WA 98112
5105 Ballard AVE NW, Seattle, WA 98107
5205 Ballard AVE NE, Seattle, WA 98107
Bryant Corner Café
3118 NE 65th Street, Seattle WA 98115
4220 East Madison Seattle, WA 98112
9219 35th AVE NE, Seattle, WA 98115
Kabul Afghan Cuisine
2301 N. 45th Street, Seattle, WA 98103
319 NE Thornton Place, Seattle, WA. 98125
3426 NE 55th Street, Seattle, WA 98105
4300 Fremont Ave N, Seattle, WA 98103
Sand Point Grill
5214 Sand Point Way NE, Seattle, WA 98105
2043 Eastlake AVE E, Seattle WA 98102
Sushi Kappo Tamura
2968 Eastlake AVE E, Seattle, WA 98102
3617 NE 45th St, Seattle, WA 98105
The Watershed Pub & Kitchen
10104 3rd AVE NE, Seattle, WA 98125
Originally posted in Seattle Places and Spaces
More than 80 percent of Americans say they want an outdoor living space where they can relax and entertain. And it’s no wonder why. Outdoor spaces extend your livable space, add visual interest, and increase not only your quality of life, but also the overall value of your home. (In some cases, the increase in your home’s value can cover most or all of the cost to create the new space.) Here are some options to consider:
Decks are still the most popular outdoor living spaces, not only because they work so well for entertaining and relaxing, but also because they have the highest return on investment (see the Tips column for data).
Surprisingly, wood decks (made of cedar or pine) are actually the better financial investment, because building with Trex or other popular composite products costs considerably more, yet doesn’t increase the home’s value by as much.
Expanding and reconfiguring your current deck is another option that’s popular today. The contractor will typically remove the old face boards, extend the underlying structure, and then put down the new decking. This is also an opportunity to add built-in furniture, privacy screens, even plumbing and electricity.
Running a close second to decks – in both popularity and investment return – are patios. With a patio, you can relax and entertain at ground level, which can afford more privacy in urban areas, and allows you to be more engaged with the surrounding plants and landscaping.
Typically made of brick, concrete, or stone, a patio also comes with far fewer maintenance and repair issues than a deck. Plus, patios are generally easier and less disruptive to construct – which is why they’re often about 30 percent less expensive to have professionally built.
For those who want even more privacy, as well as shelter from the sun and protection from mosquitoes and other pests, there’s the gazebo. Available with walls or as an open-air design, with screening or not, these modestly sized, affordable backyard structures can be built from scratch or purchased as a kit (for assembly by a do-it-yourselfer or a professional).
Popular in the Midwest for decades, gazebos have made their way west as homeowners here have discovered how nice and easy they are for creating a shaded spot for reading, relaxing, and backyard gatherings.
People tend to gather naturally in the kitchen. And when the kitchen is outdoors, it creates an ideal opportunity to mix, mingle and interact in the open air. Other reasons why cooking outdoors makes so much sense: less kitchen cleanup, the house stays cooler during the summer, and grilled food just tastes better.
Some may think an outdoor kitchen is only for cooks who host large parties, but homeowners who go this route say they’re more of an extension of the home, and great for daily use.
Designs for outdoor kitchens range from the simple (a grill, limited counter and cabinet space, and maybe a prep sink) to truly independent entities with a refrigerator, an elaborate grill, warming oven, freestanding island with storage space, rolling cart stations, and even a dishwasher. Depending on how elaborate your design, you may be able to list it as a second kitchen when selling your house.
SIX PLANNING SUGGESTIONS
- Before meeting with contractors, gather photos of designs and ideas that you like; this will make it much easier to communicate your ideas.
- Make sure the materials you plan to use, as well as the overall size of the structure, will be harmonious with your home’s current look and feel.
- Give serious consideration to a roof – which will likely add significantly to the cost, but will also provide much-needed shade on hot days and protection from rain and inclement weather. In fact, to ensure things are structurally sound and architecturally appealing, start with the design for the roof first, then set your sights on the roof supports and structure below.
- Incorporate lighting into your design, which will extend its usability into the evening and throughout the seasons.
- Consider convenience, comfort, and longevity when choosing materials. For example, a floor made of dirt or stepping stones may last forever, but one made of wood or concrete is much easier to clean and arrange furniture upon.
If you’re eager to live a healthier lifestyle and reconnect with family and friends, as most people are today, it’s time to consider an outdoor living space.
from the Windermere Blog
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.
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.
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
Check out this fantastic new townhouse listing. Light filled corner lot across from the park. Details here.
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.
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.
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.
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.
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