Tag Archives: real estate market

Open Houses: Saturday, 4/27 & Sunday, 4/28

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Hello! Happy Friday!! What a wonderful week of sunshine! Spring is here and summer is right around the corner. Lots of garage sales going on as people are spring cleaning!!!

We have 5 beautiful Windermere R.E. / Mercer Island listings being held open over the weekend. 

Details about the open houses is below. Enjoy!

Seattle

$860,000 l 2721 Warren Ave N l 470145 l Bonnie Sanborn l Sunday, 4/28 1-4PM

$950,000 l 2040 43rd Ave E #510 l 475531 l Nancy LaVallee l Sunday, 4/28 1-4 PM

Mercer Island

$779,000 l 5053 88th Ave SE l 476988 l hosted by Michelle Rubin l Sunday, 4/28 1-4PM

$1,375,000 l 5331 Forest Ave SE l 470311 l hosted by Kathryn Lerner l Sunday, 4/28 1-4PM

$1,449,000 l 7850 SE 52nd St l 470676 l Erin Ewing l Saturday, 4/27, 11-2 PM

“The Mercer Island Open House List is ready to conveniently print from this blog post!  5 home are available to preview Saturday, April 27th, and 22 will be open Sunday, April 28th. The list prices range from $4698,000 to $10,885,000. The prominent features of the homes being held open over the weekend include recent price reductions, new to the market, outdoor entertaining spaces and walk-in pantries.”

Open House List

This weekend: 2013 National Association of Realtors Open House Weekend

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No Date Door Web AdSaturday, April 20th, and Sunday, April 21st, is the 2013 National Association of REALTORS Open House weekend. Windermere Real Estate/Mercer Island agents will be participating, along with REALTORS® all across the nation.

Potential home buyers rely on open houses to help them find the home of their dreams. During National Open House weekend, buyers can have a greater chance of doing just that. ~National Association of REALTORS®

Please enjoy a sneak peek of our office listings scheduled to be open over the weekend.

In case you are interested in attending an open house, here are the details about each Windermere Real Estate/Mercer Island listing being held open for this event. The details for each home are listed by city, and include the date and time of the open house.

Mercer Island

$695,000 l 3045 68th Ave SE l Nancy LaVallee | Sunday, 4/21, 1-4PM

$749,000 l 7627 SE 22nd St l Doug McKiernan | Sunday, 4/21, 1-4PM

$1,449,000 l 9252 SE 46th St l Jay Agoado | Sunday, 4/21, 1-4PM (hosted by Kristopher Herrell)

$1,575,000 l 7850 SE 62nd St l Erin Ewing | Sunday, 4/21, 1-4PM

$1,598,000 l 7900 Northbrook Lane l Bonnie Sanborn | Sunday, 4/21, 1-4PM (hosted by Kathryn Lerner)

$2,280,000 l 7270 W Mercer Way l Cherrie Lee | Saturday, 4/20, 1-3PM & Sunday, 4/21, 1-3PM

Kirkland
$825,000 l 215 Sixth St S l Denise Coe l Saturday, 4/20, 1-4PM & Sunday 4/21, 1-4 PM

Seattle
$860,000 l 2721 Warren Ave N l Bonnie Sanborn l Sunday, 4/21, 1-4PM (hosted by Nicole Demers-Changelo)

$950,000 l 2040 43rd Ave E #510 l Nancy LaVallee & Kathryn Lerner l Saturday, 4/20, 1-4PM

If you would like more information about all the open houses scheduled on Mercer Island for 2013 National Association of REALTORS® Open House weekend please click here. Both Windermere listings, and those from other island offices, are included to give you a comprehensive view of the Mercer Island open houses for this weekend’s event.

NWMLS Press Release (4/4/13): Prices “spiking” as home buyers compete for scarce inventory

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The Northwest Multiple Listing Service sent out their monthly press release on April 4th 2013. Below are details from the release, including a 4-County Puget Sound Region Pending Sales Table for March 2013. To read the press release in its entirety, click here.

MC900432680Brokers added 9,332 new listings to the Northwest Multiple Listing Service database during March, but pending sales topped that number to further crimp inventory and trigger competitive bidding among buyers who are flocking to open houses.

Northwest MLS figures show year-over-year prices jumped 14.9 percent for the 21 counties in its service area. The median price for last month’s closed sales of single family homes and condominiums (combined) was $258,500, rising from $225,000 for the same month a year ago. Twelve counties reported double-digit gains, led by Ferry (up 70.9 percent), San Juan (up 47.3 percent), and Island (up 36.1 percent).

Prices for single family homes increased 14.3 percent, while the median sales price for condos, which accounted for about 12 percent of sales, surged 19.6 percent. Two-thirds of last month’s condo sales were in King County; prices there leaped 28.6 percent, increasing from $175,000 to $225,000. The price of a single family home that sold in King County jumped from $330,000 to $392,000 (up 18.8 percent).

Brokers reported 5,745 closed sales last month for a 13.9 percent increase from the previous year when they tallied 5,044 completed transactions.

“The market continues to be incredibly competitive with at least one in four buyers paying cash,” noted MLS director OB Jacobi. “For those not paying cash, the average down payment is between 20 percent and 50 percent,” he added.

Jacobi, the president of Windermere Real Estate Company in Seattle also reported the vast majority of home sales right now have multiple offers, and “it’s no longer restricted to the urban markets — the outlying areas are now experiencing the same thing.”

Brokers say even distressed sellers are receiving multiple offers for their homes.

“As one of my brokers told me, when you have 12 offers on a short sale, it pushes the price of the home up to market value. This is clearly reflected in the appreciation we continue to see in prices across the board,” Jacobi stated.

Inventory is depleted area-wide, with only 18,500 active listings in the MLS system at month end. That total is down by almost 6,400 listings year-over-year for a 25.7 percent drop. Counties with the largest declines include Clark (down 46 percent), Snohomish (down 43.8 percent) and King (down 42.4 percent).

System-wide, there is less than a two-month supply of homes, with the tightest selection in Snohomish (0.93 months), King (1.03 months), Clark (1.81 months) and Pierce (1.68 months) counties. In general, analysts consider four-to-six months of supply to be normal.

Pending sales are mirroring the shifts in market conditions. Volume area-wide was up only 3.9 percent from a year ago, rising from 9,126 mutually accepted offers to 9,482.

Five counties – Ferry, Grays Harbor, Island, King, and Snohomish — reported fewer pending sales than a year ago, likely a consequence of the limited selection.

Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service MLS in the Northwest. Its membership includes more than 21,000 real estate brokers. The organization, based in Kirkland, Wash., currently serves 21 counties in Washington state.

March 2013 Puget Sound egion Pending Sales

Mercer Island’s Months Of Inventory: Incredibly Low & Creating a Seller’s Market

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We’ve been talking a lot about our region’s low inventory of homes for sale here on Mercer Island Pulse (Should I Wait to Move Up; Continuing Discussion: Our Local Housing Market and Low Inventory; Sellers – Why Waiting To Sell May Not Make Sense). February 2013′s regional statistics exhibited another month of incredibly low inventory. February 2013′s Months of Inventory for Mercer Island was 2.8 months for closed sales. The Months of Inventory for pended sales on Mercer Island (where homes were in the process of being purchased but had not closed yet) was even lower at 1.9 months. This situation has caused the island real estate market to become more of a seller’s market, where there are more buyers for well priced homes than listings available.

Do you have questions about what the term “months of inventory” means? The infographic below explains “months of inventory,” along with sharing other pertinent information about the Mercer Island real estate market and low inventory.

Home Inventory Infographic

In the infographic, the term “balanced market” is mentioned. A balanced market is a situation where the market is neutralized – there are equal numbers of buyers and sellers in the marketplace. Home pricing is generally more stable as the months of inventory are higher to accommodate the number of buyers, however not so high as to cause homes to languish on the market because there are not enough buyers for the homes listed for sale.

How many months of inventory are needed to create a balanced market? This number is subjective, as it is dependent on a number of market factors like average home pricing and average number of homes listed for sale to create neutrality in the market. On Mercer Island, 5 to 9 months of inventory, as mentioned in the infograpic, is typically a balanced market. In other areas you may find that a balanced market has a little lower months of inventory count, like 3 to 6 months or 4 to 6 months.

Do you have any questions about the current real estate market on Mercer Island? Please post them in the comment section below. Also, if you would like more statistics about the real estate markets in Mercer Island, Seattle and the Eastside, check out the blog Weekly Property Report — this blog provides weekly 16-week summaries of market activity, by price point, for fifteen MLS areas in the greater Seattle/Eastside region.

Sneak Peek at Mercer Island’s 2012 Year in Review

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How do real estate companies ring in the New Year? For many, it involves the compilation of annual reports detailing the productivity of the housing market during the past year. Windermere Real Estate / Mercer Island is proud to participate in this annual process. We want to provide local homeowners and potential home-buyers with accurate, specific statistics regarding the performance within the Mercer Island real estate market over the past 12 months. Owner Julie Barrows personally compiles the statistics. She spends time carefully analyzing all the data, utilizing her 27 years of local real estate experience, 15 of those years spent right here on Mercer Island, to guide her through this endeavor.

Every year, Julie and Windermere Mercer Island shares this helpful information with the Mercer Island community by mailing out the Year in Review report. While this document is still in the production stage, below are some 2012 stats to whet your appetite:

YIR Sneak peek

Also for you to draw comparisons, below are the number of Single family home sales on Mercer Island for the past 15 years. 2012 had the potential for more home sales, however the low inventory of listings here on Mercer Island stymied many buyers eager to purchase a home.

  • 2012: 297
  • 2011: 261
  • 2010: 220
  • 2009: 173
  • 2008: 188
  • 2007: 301
  • 2006: 329
  • 2005: 369
  • 2004: 384
  • 2003: 339
  • 2002: 289
  • 2001: 245
  • 2000: 287
  • 1999: 372
  • 1998: 330

Windermere Mercer Island also produces a Year in Review for the housing markets in Seattle and on the Eastside. Stay tuned here at Mercer Island Pluse, and on Weekly Property Report, for more details!

Matthew Gardner’s Take on the 2013 House Market

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content_Headshot_-_Matthew_Gardner Windermere Real Estate is very fortunate to have a wonderful working relationship with Gardner Economics. Matthew Gardner, principal at Gardner Economics, shares his valuable real estate knowledge on Windermere Blog throughout the year. Below is his latest post on Windermere Blog, 2013: Another Good Year for Housing, where he discusses what he sees as probable developments in the housing market during 2013. Enjoy!

Well, the time has come again to polish up the old crystal ball, gaze into it, and see what’s in store for the housing market in 2013.

Having spent long hours staring into the mists, it appears as if this year will be about as easy to predict as last year. Not because of any fundamental change in the housing market itself – although I so see plenty of adjustments afoot – rather the future is clouded because of the prevailing fractured political environment.

That said, here is what I am looking for this year.

1. Interest rates are likely to stay at close to historic lows at least through the middle of this year. Inasmuch as there are some mumblings from members of the Federal Reserve relative to a slowing down in Qualitative Easing (which is basically the printing of money which is then added to the economy in order to stimulate growth) before the end of the year, I do not see this as putting rapid upward pressure on interest rates in the near-term. That said, I do think that they will start to come off their current lows, so now may well be a good time to lock in.

2. Housing prices have bottomed out and we will continue to see appreciation in values across the board in 2013. The caveat here is that we are unlikely to see the kind of upward pressure in values that was seen in 2012. Unless we see a rapid increase in inventory levels, look for more modest price increases – but increases we will certainly see.

3. In 2012, many were heralding the veritable tsunami of foreclosed homes that were certain to come to market and cause a rapid reversal in price gains. This, of course, did not happen. Many may remember the huge numbers that were being bandied around as to the number of foreclosed homes that were supposedly heading our way. I personally heard numbers as high as five million units. Now that the smoke has cleared somewhat, the numbers are becoming a little clearer.

With a shadow inventory of around 2.3 million units of pending supply, I am actually not too worried at all. We need to get these homes to market and sold, and we will. It’s just a matter of how long it will take. With over half of these homes delinquent, but not yet subject to foreclosure proceedings, I believe there will continue to be a shadow well into 2014.

That said, demand from the investment community, as well as from buyers who are not finding sufficient choice in the non-distressed market, should continue to reduce the number of distressed properties.

4. Household formations should start to increase but this will not be enough to get the homebuilding industry back into full swing. Many builders are still uncertain, and while they see a supply/demand imbalance in the market, they have not yet pulled the trigger and gotten back to full production. This is likely to remain the case in 2013.

5. There are several buyer groups that are expected to make an entry into the market in 2013.

Entry level buyers – First-time homebuyers have been sitting on the sidelines waiting for a sign that we’re at the bottom. As they hear about price increases in their desired neighborhood(s) they are likely to rush to become homeowners.

Move-up buyers – The price appreciation that has occurred in the last year has already lifted over one million underwater homeowners above water, with future price appreciation to lift them even more. Look to see many of them considering trading up.

Move-down buyers – Empty nesters and retirees, who still have equity in their existing home, will think about buying a home that is more suitable to their current lifestyle. This may, or may not, include adult children as well as their aging parents.

Investors – Investors and, yes, even flippers, will continue to grow in numbers as they realize housing is the best risk-adjusted return on their money.

The recovery in the housing market has been a very long time coming, but I believe that it is here to stay, and all things being equal, I expect 2013 to be another good year.

Have a fantastic year!

Mr. Gardner posts regularly on his own blog, Gardner Economics I A Discussion on the Seattle Economy & Real Estate Market. He is also on Twitter (@SeattleEcon) and Facebook.

Seniors: Aging in Place on Mercer Island

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Senior Couple

“…just about every social issue can become a housing issue.” ~ Teresa Boardman

With the leading edge of the Baby Boomer generation now at retirement age, one of largest the social issues slated to impact housing is the growing senior demographic. Over the next 25 years, this demographic in the U.S. will increase by 80%. Not all seniors are going to want to relocate to warmer climes, or move into retirement communities. “Aging in place,” where seniors decide to remain in their community, living independently, is becoming a popular lifestyle choice. Real estate professionals must be prepared to help senior clientele who want a home in their communities of choice– these professionals will need to be aware of how homes can be adapted to meet needs as their clients’ lifestyles changes.

In order to “age in place,” seniors may want to remodel their current homes to accommodate changing mobility needs. Or they may choose to buy a home or condo in their community which already possess the amenities that help seniors be successful while living independently: one level living spaces, wider hallways, waist high kitchen appliances and storage, bathrooms with safety features like non-skid surfaces and grip handles.

As important as having a home that accommodates their changing lifestyle, seniors who choose to age in place require a community which has the services in place that they need to be successful living independently. Prolific public transit options, excellent local medical services, access to convenient shopping— these are imperative to independent living. Commuting distance may also be significant to those seniors who choose to continue to work.

The city of Mercer Island has grown into a community that seniors are electing to age in place. Some of the seniors have been long-time island residents, however a growing number elect to move into the community specifically because of what it has to offer.

The proximity to both Seattle and Bellevue is attractive. For seniors who drive, they are minutes from either city. Both cities are also easily reached by public transit, with Express buses that travel back and forth from the Eastside to Seattle. Both metro areas offer cultural events, high-quality medical care facilities, shopping and a plethora of dining choices. Plus, Mercer Island itself maintains the feeling of small city living while offering urbane places to frequent. The Downtown Core is walkable and contains a variety of shops and restaurants for when you want to remain on the island instead of venturing into the city.

The city of Mercer Island features a comprehensive Parks and Recreation Department that offers a nice sized menu of Senior entertainment and services. The Senior Lunch Bunch is an ongoing event that meets on Tuesdays and Thursdays, with lunch being served at Covenant Shores. There are ongoing exercise classes specifically designed for people aged 55+ over at the Mercer Island Community and Event Center, plus classes for those who are living with Parkinson’s Disease. Solemates meet on Wednesdays for Seattle area neighborhood walks that end in a stop at a local coffee shop— their walks are typically around 4 miles. Trailmates meet on Thursdays for hikes that are between 5 and 7 miles in length at various lovely PNW locations about an hour’s drive from Mercer Island. Park and Rec Senior services include: foot and dental clinics, reflexology sessions, Meals on Wheels program, AARP Tax Aide, Support Groups including grief support & Parkinson’s support, and caregiver respite for those caring for loved ones with memory loss and mobility issues. The city provides low-cost transportation to most Parks and Recreation sponsored events, including the Senior Lunch Bunch. Plus, on Wednesdays, the city sponsors a grocery shopping trip for island Seniors, which includes transportation to one island grocery store of your choosing plus one errand trip. Transportation must be reserved a day ahead of time and costs $1 one-way, or $2 round-trip. For all the times and dates for Parks and Recreation sponsored events and services, plus contact information for reserving your spot for events / transportation, look at their online recreation guide, starting on page 23 of the Fall 2012 / Winter 2013 Guide.

For those Seniors who would like to live in a retirement community that adapts to their lifestyle changes as they age, Mercer Island is home to two lovely communities.

Aljoya, located in the Downtown Core, really is right in the heart of Mercer Island. Walking trails, shopping, restaurants and coffee shops are within walking distance. Also, public transportation is conveniently located near the community. As a Continuing Care Retirement Community (CCRC), Aljoya made the decision to approach the full spectrum of care they provide, from independent living to assisted living to nursing services, in a different way. Residents age in place, in the home they choose when they move into the community. This Youtube Video gives a nice tour of the facilities and highlights some of the community features nicely.

Covenant Shores, located on the island’s Northeast shore of Lake Washington, offers 4 different Senior Living options. The community, through their Life Connect Partnership, offers many creative pass times, lots of space to enjoy the outdoors, activities to maintain health & wellness, and continued learning opportunities. The panoramic views throughout the Covenant Shores community really are spectacular.

Windermere has established a company-wide program called Windermere Senior Transitions, to be of valued service to our clients who are aged 65 and older; Senior Transitions real estate professionals are committed to, and trained to understand, the unique goals, concerns, and needs of seniors. Windermere Real Estate / Mercer Island is the home to several brokers who have earned the Senior Real Estate Specialist (SRES) designation. They are Denise Coe, Ina Bahner, Jay Agoado, Julie Barrows, Peni Schwartz, Valarie Kaye and Van Anderson. These brokers possess both the skills and understanding to help answer your questions about senior living, aging in place and local senior communities.

Another way to view our office listings

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Here at Windermere R.E. / Mercer Island, we’ve been working on a creative way to feature our current office listings. On Youtube, we have started a channel called WindermereMI. Several of our listing videos are now available to view on our Youtube channel.

Please check back often, as we will be adding new video content on a regular basis. We’d love to hear your feedback as well. What is your opinion of the WindermereMI channel, and the videos themselves?

Technology is Booming, but Personal Relationships Add the Dazzle!

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Last week, Zillow® released its first quarter results for 2012. The financials in the report are amazing, but what caught my eye are the incredible leaps in mobile usage. Take a look at this quote from the Zillow® press release,

“Zillow® usage on mobile devices continues to accelerate substantially. For the first time, more homes each month are now viewed via Zillow® on a mobile device than on the Web. In March 2012, 155 million homes were viewed on Zillow® Mobile, or 57 homes per second. By comparison, in March 2011, 44 million homes were viewed on Zillow® Mobile at a rate of 16 homes per second.”

Wow– 57 home views per second on Zillow® Mobile! That’s outstanding; not only in terms of the continued shift to mobile device usage as a preferred tech platform, but it speaks volumes about the increased interest in the current real estate market. Pair that with the recent press, including the Wall Street Journal, about sellers finding themselves faced with multiple offers
– well, it’s wonderful to see such positive real estate news reaching consumers!

The Zillow® press release goes on to shares more information about their increasing initiatives in the mobile device arena. In February 2012, Zillow® Mortgage Marketplace App for Android™ was released. In April, their first rental market app was released. It’s called Zillow® Rentals for Android™, and the app gives users access to Rent Zestimate® along with other nifty tools to make it easier for renters to locate and compare rentals. From the press release,

“Zillow® Mobile operates the most popular suite of mobile real estate applications, with 10 separate apps across every major platform: Android (smartphones and tablets), Kindle Fire, RIM (BlackBerry®), iOS (iPad® and iPhone®) and Windows Phone 7®”

The Neighborly News Spring Perspectives topic happens to be technology. And as we can see from the stats quoted above, technology ( especially mobile devices) is definitely experiencing continued growth. And Windermere  recognizes the importance of technology, and how our clients use it every day.  The reality of the situation with technology, however, is that it reports statistics and data which is historical. It is usually recent history, but it is still in the past. Windermere agents know what’s going on their local marketplaces in real-time. And with the case of multiple offers being a market trend, and one agents in our office have been experiencing, relying solely on the recent history of technology equates missed opportunities.  By the time data reaches the daylight of technology, the dazzling work of relationships has commenced. Truly, that personal relationship factor is key– being well versed in how to handle the situation at hand; having good relationships with industry peers; knowing the heart beat of each price point; understanding how quickly homes are going pending; and preparing clients, who are entrusting their transaction with you, how to handle all of these aspects of the current local market.  Pair these key relationship and professional skills with today’s most advanced technology tools, like the Zillow Suite– positive outcomes do follow!

One of the most important aspects I see working for Windermere is how the company understands that technology, with all of the useful information and functions it offers, has to be married to the importance of personal relationships to ensure success. Establishing, and maintaining, trusted relationships with our clients is the most important aspect of our work in real estate. I’d like to leave you with the following thought from the Spring Perspective about personal relationships,

“It’s the lifeblood of the real estate business and why clients entrust their agents with what is one of the biggest financial decisions they will ever make.”

We thank you for your relationship with us, and your continued trust. We sincerely appreciate it!