Spectacular views in sought after Somerset. All main living areas offer city, mountain, sound and lake views. Ideal floor plan with three bedrooms up and two down. Kitchen open to family room. Living room with vaulted ceilings and formal dining room with a wall of windows to soak in the views. Lower level features huge family room. Flat yard with plenty of room for play. Brand new architectural roof, furnace and hot water tank. Short walk to top Bellevue schools – Somerset, Tyee and Newport.

4475 141st Ave SE, Bellevue ~ $1,688,000

Check out all the details here.

With competition for homes growing and inventory shrinking, the real estate market in January was as hot as ever.  Home prices were up by double digits as buyers chased severely limited inventory. The number of homes for sale hit a record low for the month of January, which should strongly favor sellers as we move into the prime spring selling season.  The average home seller in our area now makes a 64 percent profit, the fourth-highest rate of any region in the country, according to ATTOM Data Solutions.

Eastside

Home prices on the Eastside continue to climb. The median price of a single-family home was up 18 percent over last January to $938,000 —­ virtually unchanged from the record high set a month ago. West Bellevue, King County’s most expensive area,  saw the median home price surge to a record high of $2.72 million. With less than a month of available inventory, prices aren’t expected to cool any time soon.

King County

Single-family home prices in King County soared 20 percent over a year ago to $628,388, with double-digit increases recorded in every area of the county.  Lack of inventory continues to fuel the market.  There were 21 percent fewer homes for sale here as compared to a year ago, with inventory hitting a record low for the month of January. The region has now been the hottest housing market in the country for 15 months in a row.

Seattle

An ongoing shortage of inventory combined with an economy that continues to add jobs has kept the Seattle housing market very competitive and increasingly expensive. Seattle’s median price hit a new record in January jumping 19 percent to $757,000.  Despite the increase in prices, brokers are reporting open house traffic that can number in the hundreds of interested buyers.

Snohomish County

Home price increases in Snohomish County were more moderate than those in King County. The median price of a single-family home grew 10 percent over a year ago to $450,000. That number is down from the high of last year, and reflects a more common seasonal slowdown.

Every week, the Windermere Foundation disburses grants to support non-profit agencies dedicated to helping low-income and homeless families. On a given day, thousands of dollars’ worth of grants can be issued. However, on one particular day, November 15 to be exact, an amazing thing happened…the Windermere Foundation disbursed nearly $254,000. This was a record day of giving for the Windermere Foundation!

A total of 35 non-profit organizations benefited from the record-breaking $253,782 in donations that day. The largest beneficiary was Attain Housing in Kirkland, WA, which received $56,000. Their grant was funded by the Windermere Real Estate East, Inc. group of offices which are located east of Seattle in Bellevue, Redmond, Issaquah, and Kirkland. The funds will provide affordable housing to homeless families with children, as well as case management for setting financial and social goals.

Attain Housing helps homeless and at-risk families with children in King County to become stable and self-sufficient. Here’s a story of one of their recent clients:

When Jeremy and Lisa entered into Attain Housing’s program just five months ago, they had a lot of hurdles ahead of them. They were both only nineteen, had a newborn, had been homeless since they were fourteen, and had never experienced stability. As soon as they moved into one of Attain’s transitional housing apartments and began working with their case manager, Jeremy started attending a skills training program. He has since earned his GED, acquired his driver’s license, obtained a vehicle, and started full-time employment. Jeremy’s family is on track to successfully complete the program by the end of their first year, but they already have plans to move into market rate housing within the next two to three months. This is success!

According to Kathy Fleming, Executive Director at Attain Housing, “The $56,000 gift from Windermere ensures that five families (including 15 children) will have safe housing and supportive services for an entire year. This is a significant gift and the largest grant that Attain Housing has received from any organization or company. Thank you!”

The Windermere Foundation is fortunate to have generous owners, agents and staff that contribute to their offices’ Foundation fund pool. This pool of funds, combined with Windermere transaction donations, monies raised through Windermere office fundraising events, and donations from the public, allows the Windermere Foundation to disburse much-needed funding to local non-profits in the areas that our Windermere Real Estate offices serve.

If you’d like to help to help non-profits that provide services to low-income and homeless families in your area, please consider donating to the Windermere Foundation.

To learn more about the Windermere Foundation, visit http://www.windermere.com/foundation.

Original posting in Windermere Foundation Blog

Prices in our area have now been rising faster than anywhere in the country for twelve months. Sellers seem to be getting the message that now is a good time to put their home on the market. There was an increase in new inventory in October, but with homes selling rapidly, there still aren’t enough properties to meet demand. As a result, counties throughout the Puget Sound area saw year-over-year price increases in the double digits.

Eastside

The median price for a single-family home on the Eastside rose 10 percent from a year ago to $845,000. Homes in West Bellevue hit a new record median price of $2.6 million. Despite soaring prices, demand has remained strong in this desirable area. And the continued robust economy makes it unlikely that home prices here will cool any time soon.

King County

The number of new listings in King County increased at the highest rate in more than a year. But, they were grabbed up quickly, with most homes selling in well under 30 days. The shortage of homes for sale propelled prices up, with the median home price in King County jumping 15 percent over the same time last year to $630,000.

Seattle

Seattle remains the hottest real estate market in the country, with prices rising here at more than double the national rate. Rents in Seattle are also rising faster than almost anywhere else in the country, pushing more people into the home buying market. High demand and slim supply helped boost the median price of a single-family home nearly 18 percent to $735,000.

Snohomish County

The median price of a single-family home in Snohomish County in October was $440,000, an increase of 14 percent over the prior year. The market here may be moderating slightly. Brokers note that while multiple offers are continuing, listings are experiencing longer market times and fewer above-list price offers.

For the first time in over thirty years, this beautifully maintained home is on the market.  Just a few short blocks from Somerset Elementary, this is a perfect place to call home.  Circular floor plan with wood wrapped vaulted ceilings and a wall of windows. Room for all with four bedrooms and two baths on the main floor.  Lower level family room with a library of custom built-in cabinetry and gas fireplace.

Stop by Saturday from 1 – 4 pm or Sunday from 11 am – 3 pm.

14127 SE 50th Street, Bellevue ~ $1,125,000

Check out all the details here.

As home prices in King County have reached record highs, some people are wondering whether we are approaching another housing bubble.

While it’s true that home prices here have surpassed the last peak hit during the housing bubble, that doesn’t mean we are in bubble territory today. The last bubble was fueled by faulty mortgage practices. Today, loans are granted on much more sound principles.

More importantly, the local economy is flourishing. Seattle has the fastest growing population of any major city in the country. The demand for homes, and historically low inventory, have been the catalyst for rising home prices here.

Still not convinced that there is no bubble? Let’s take a look at the statistics.
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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.

Eastside

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.
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