Monthly Archives: December 2009

Holiday tree chipping available Dec. 26, 2009 – Jan. 10, 2010

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Dispose of your tree and be a friend to the environment at the same time. The city of Mercer Island’s annual holiday tree chipping service will be in full swing starting Saturday, Dec. 26th.  The service, offered to city residents, runs until January 10, 2010. The chipped wood is then used through out Mercer Island, at the city parks, trails and island open spaces.

Residents can bring undecorated Christmas trees, which have not been sprayed with flocking, to Mercer Island’s Maintenance Shop, located at 9601 SE 36th St. Trees will be accepted during daylight hours only.

If you have any questions about the chipping program, please give Mercer Island’s Maintenance Department a call at 206-275-7608.

November 2009 Far Better Off Than One Year Ago For Mercer Island

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Market Statistical Summary for November 2009

 

King County

King County Pending Sales were up, year over year, 74.3&% with an average List to Sales Price Ratio of 96%. The Average Sales Price was down 5.8% for the year to $453,000, but continues to gain strength as compared to the preceding months.. The Median Sales Price was down 4.3% to $375,000. The Months of Inventory was down 53.5% to 5.9 months from 12.7 months a year ago. The highlight of the King County stats is the Absorption Rate, which saw a 110% improvement over the prior year to 18.9% from 9%.

Eastside

The Eastside took the prize on almost every measurement of the market, lead by Pending Sales up 111.3% over the prior year. The List to Sales Price Ratio remained at 94%, reflecting strong negotiation in this market. The Average Sales Price was down 8.3% for the year overall with the Average Sales Price weighing in at $610,000. The Median Sales Price was down 10.3% to $500,000 reflecting greater sales of more moderately priced homes this year. The Months of Inventory was down 60.2% to 6.6 months from 16.6 one year ago. The resulting Absorption Rate was up a whopping 163.1% to 17.1% Absorption from 6.5% last year.

Mercer Island

Mercer Island continues a slow and steady climb to normality with Pending Sales increasing yet again with a 25% year over year gain. The List to Sales Price Ratio is up substantially from 89% one year ago to 93% today indicating momentum in price recovery, but still lagging behind stronger, more modestly priced markets. The Average Sales Price is down 37.5% from last year to $741,000 from $1,185,000. The Median Sales Price is down 33.9% to $701,000 from $1,060,000 indicating stronger sales activity at the lower range of the market. The silver lining can be found in two numbers that indicate the future direction of the market: Months of Inventory for sale has fallen 63.6% to 14.3 from 39.3 a year ago: the Absorption Rate is up 37.3% to 14% from 10.2% one year ago.

Seattle Metro

Pending Sales were up 60.6% over the prior year with a strong List to Sales Price Ratio of 97%. The Average Sales Price was down 4.4% to $475,000 from $497,000 a year ago. The Median Sales Price was down 6.7% to $387,000 from $415,000 the year before reflecting more sales at the lower price points. The Months of Inventory was down 53.1% to 4.5 months from 9.6 months the year earlier. The Absorption Rate was up a remarkable 96.7% to 23.8% from 12.1% a year ago indicating that the market is gaining substantial strength.

 

Definitions

Active Listings: All homes currently for sale but not yet sold.

Pending Sales: Homes under contract but not yet closed for that month.

Sold Listings: Homes sales closed in a given month.

$/SqFt: The price per square foot determined by dividing the sales price by the square footage of living space.

Average Sales Price: The average price of all homes sold that month.

Median Sales Price: The price that represents the mid-point of all homes sold that month where 50% of sales prices are above and 50% of sales prices are below.

List to Sale Price Ratio: Represents the comparison of sold price and list price of the homes sold (sold listings) as a percentage.

Months of Inventory: Represents the number of months of inventory on the market based upon the number of homes for sale (active listings) and the number of homes pended that month. For instance, if there are 1,000 active listings and 100 of them sold in a given month, it would take 10 months to sell the current inventory of homes for sale.

Rate of Absorption: Represents the percentage of the current active listings that are being absorbed (or pended) each month. For instance, if there are 1,000 active listings and 100 of them sold in a given month, the rate of absorption would be 10%. 10% of the market is being sold in that given month.

 

Winter is here. Are you ready?

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http://www.freedigitalphotos.net/Winter’s chill has hit the Seattle area big time. Are you warm and snug in your house? Is the outside of your home ready to face cool temps and windchill?

Local meteorologists forecast that the Puget Sound region will be in the 20′s and low 30′s for most of the week, so if you haven’t winterized your home, take some time to complete winter basic maintenance. Also, putting together a winter action plan for inside your home will help. Your time and money is important; doing a little now will save you both in the long run.

Here’s a list of things to check on the outside of your home:

  • Outdoor faucets: detach those hoses from the faucet. Insulate the faucet with a styrofoam cover.  During extended cold, turn off the water running to the outdoor faucet.
  • Gutters: make sure they are free of debris.  Ice can form when water collects in plugged gutters, a situation which can create the potential for water seepage into your home.  While checking out the gutters, see if water draining out of the downspout is flowing away from the house’s foundation.
  • A/C Lines:  make sure the lines are drained if you have an a/c unit. If the air conditioner has a water shut off valve , it’s a good idea  to turn it off for the winter.
  • Check for Air Leaks: look in those areas where two different materials meet.  Inside your home, carefully carry a lit incense stick around potentially leaky spots (electrical outlets, door and window frames, recessed lighting, cable entries). You’ll see the smoke being moved by any drafts present. You and a friend can also try out a hair dryer test. The person outside operates the hair dryer around the window frame. The person inside holds carefully a lit candle. If the flame flickers, the window frame needs caulking or weatherstripping around it.

Strategies to use indoors to stay warm:

  • Ceiling fans: reverse the direction the fan turns to push warm air down away from the ceiling.
  • Electrical Outlets: Add foam insulation gaskets around the outlet and use outlet covers when not in use.
  • Exterior doors: add doorsweeps to each exterior door and use draft stoppers.
  • Furnace:  change the filter.  Have the furnace serviced regularly.  Make sure registers are open and not covered by furniture, drapes or loose carpeting.
  • Fireplaces: keep the damper closed when not in use.  Remember to open the damper before building a fire. Have your chimney inspected—  it may need to be swept by a chimney sweep.

Don’t forget that extra layers go a long way.  Putting on a long sleeve, light-weight sweater adds about two degrees of warmth to our bodies.  Throw on a heavier sweater and receive a 4 degree warmth bonus.

A little time now spent winterizing your home will pay off.  It’s not too late; take advantage of this week’s precipitation free days to give your home some winter tlc.

Photo courtesy of FreeDigitalPhotos.net

Open House List for Dec. 5th and 6th ready for pick up. Come on by!

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Thirteen homes are being held open this weekend, two of which are being held today, 12pm to 3 pm.

This weekend’s open houses on Mercer Island feature homes between $750,000 and $3,995,000. The majority of homes on the list offer great views and generous number of bathrooms. One home is new on the market and one home will be open for the first time.

The weather, while cold, should be sunny and clear for the weekend. The open houses are sprinkled around Mercer Island. Attending each one is a nice way to tour the island and get a feel for the community.

Please stop by and pick up a copy of the open house list and map. Or you can give us a call at (206) 232-0446. The Windermere/Mercer Island office is located at 2737 77th Ave. S.E. Mercer Island, WA 98040. We are open 10 am to 4pm on the weekends.

Free coffee is always available. It’s definitely warm beverage weather this weekend! We look forward to seeing you.

Extended New Home Buyer Credit: Do you have questions?

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Danilo Rizzuti / FreeDigitalPhotos.netReminder: New Home Buyer Tax Credit Has Been Extended 

If you have been following the news regarding the New Home Buyer Credit, and the recent addition of a credit  offered to current home owners, the extention has been on your radar for the past month. You may have some questions about the home buyer credit, because there were some changes and additions to the original legislation.

The Wall Street Journal  has a great Q & A article about the credit: The Lowdown on Home-Buyer Tax Credits.  The National Association of Realtors  also an excellent web article that explains the extended Home Buyer Credit—The Basics: Extended Home Buyer Tax Credit 2009/2010.

Here’s a few highlights of the credit changes:

  •   The home to be purchased must be under contract by April 30th, 2010 and close prior to July 1, 2010
  •   Income Levels to Receive Maximum Credit : single buyers up to $125,000;  married couples up to $225,000
  •   Current home owners who meet specific requirements can receive a credit up to $6,500 on a new purchase of a primary residence

If you would like to discuss the home buyer tax credit with a realtor, please call or come by Windermere Mercer Island. An agent would be happy to help answer your questions. The Windermere/Mercer Island office is located at 2737 77th Ave. S.E. Mercer Island, WA 98040 and the office phone number is (206) 232-0446.

Photo courtesy of Danilo Rizzuti / FreeDigitalPhotos.net

Holiday Tree Lighting and Firehouse Munch Dec. 4th at 7pm

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(c) FreeFoto.com Brush up on your singing and bolster your holiday spirits by participating in an annual island tradition. The Holiday Tree Lighting and Firehouse Munch will begin at Mercerdale Park, Friday Dec. 4th at 7pm. The community tree lighting ceremony and sing along will occur at the park, followed by Santa photos, treats and children entertainment at the North Fire Station. The event is a lot of fun and free for the whole family. There will also be a collection place to accept unwrapped toy donations for the Toy for Tots drive.

Mercerdale Park is located at 77th Avenue SE and SE 32nd Street Mercer Island, WA 98040.

Photo courtesy of FreeFoto.com