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
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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.
This year I am proud to be a part of something special. Windermere Real Estate is the Official Real Estate Company of the Seattle Seahawks… and that is exciting in itself, but I’m even more proud of how this partnership is being used to help homeless youth in our community.
Since 1989, The Windermere Foundation has donated more than $30 million to programs and organizations that provide shelter, food, children’s programs, emergency assistance, and other services to those in need. Every time I sell a home, a portion of my commission goes toward this important cause. And now, for every Seahawks home game tackle, the Windermere Foundation will donate $100 to Youth Care, which provides much-needed services to homeless youth. $3100 was donated after the season home opener and $2600 in game 3.
I hope you’ll join our network of agents and 12s as we cheer on the home team as only Seahawks fans can. The #TackleHomelessness campaign can make a real difference in the lives of the people who need it most.
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
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.
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.
Home prices are still on the rise compared to a year ago, but there is some indication that prices are moderating. Combine that with an increase in inventory and we may be seeing some relief for buyers. Time will tell whether this is a momentary breather, or if we’re slowly moving to a more balanced market.
Eastside
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Home to the highest concentration of luxury homes in the state, the Eastside continues to be the highest priced region of King County. Median home prices here were up 10 percent over last July to $750,400. That is down from the May peak of $760,000, and virtually unchanged from June. Buyers looking in this desirable market may be seeing the start of easing home prices.
King County
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After five months in a row of record-setting prices, King County saw the median price of a single-family home drop slightly from the high of $570,500 in June to $555,000 in July. However, July’s median price was up 14 percent over a year ago. An increase in inventory, accompanied by a slight slowdown in sales, may indicate that the market is settling down from the frenzied pace we’ve experienced so far this year.
Seattle
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Seattle also saw a small decrease in home prices, with the median price of a single-family home dropping from its record $666,500 in June to $650,000 in July. The July number still represents a hefty 13 percent increase year-over-year. Some buyers are looking to the areas of North King County that include Shoreline, Lake Forest Park and Kenmore for a more affordable alternative. Prices there soared 18 percent over last year, but the median price of $505,000 is significantly less than Seattle.
Snohomish County
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The median home price in Snohomish County topped $400,000 for the first time, setting a record for the third straight month. Prices were up nearly 12 percent over the same time a year ago to $405,000. With prices here about 25 percent less than King County, buyers looking for lower housing costs continue to fuel an environment where multiple offers are common.
The Seattle Art Fair was founded by Paul G. Allen to showcase the vibrant Pacific Northwest art scene, the fair features local, regional, and international art galleries presenting top-tier modern and contemporary art.
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SEATTLE ART FAIR
11am – 7pm | Friday, August 5
11am – 7pm | Saturday, August 6
12pm – 6pm | Sunday, August 7
CenturyLink Field Event | 1000 Occidental Ave S, Seattle, WA 98134
Open Sunday July 24th – 1 – 4 pm ~ 4624 142nd Pl SE ~ Somerset
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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