Market Update - April, 2024
An increase in homes for sale across the Seattle area offered more choices to shoppers last month but brought little relief for the many buyers struggling with high costs and a still-tight market.
New single-family home listings climbed by 17% from February to March in King County and even more in some outlying areas, according to new data the Northwest Multiple Listing Service released. New condo listings jumped 22% in King County, with the largest number of new condos hitting the market in one month since summer 2022. Despite this increase, the overall supply of homes for sale remains slim compared to the market’s recent high years. Meanwhile, home prices are holding steady across the Puget Sound region, with a small uptick from February to March, and substantial increases compared to a year ago.
n King County, the median sale price in March was $945,500, 13% higher than in March 2023. The median single-family home sold for $760,000 in Snohomish County, up 5% from a year ago; $550,000 in Pierce County, up 5%; and about $535,000 in Kitsap County, up 3%.
The median Seattle home sold for $925,000, up 6% year-over-year, and the median home on the Eastside sold for $1.7 million, up 19%. Home prices also climbed about 7% in South King County and 11% in North King County.
Mei's Market observation: Spring selling season is in full swing. Supply has increased compared to January and February, and yet as of now, the demand is still higher than supply. Homes in good condition and priced right are still receiving multiple offers. But this trend may not last long. If you are thinking about selling your home this year, you need to act quickly. If you plan to buy this year, you will need to have a winning strategy in place. For more in-depth discussions of your interested neighborhoods and/or your real estate goals, feel free to reach out to me at (206) 779-3023 or mei@meiyangrealestate.com.
Mei’s Tip of the Day
When you remodel your house, whether for selling or your own enjoyment, don't forget to update your ceiling lights. The new flash mount ceiling lights not only look more stylish, they also make your rooms a lot brighter. This is especially important when you sell your house. With the gloomy weather in the Seattle area, interior lighting is very important to make a house feel more cheerful. Buyers tend to be more drawn to houses that are well lit with stylish fixtures. The light fixture below on the right was from Costco, and it only cost $20 (on sale): a small investment yielding big returns!
Market Update - March, 2024
Seattle-area home prices continued to pick up in February as the market approached the busy spring season and shoppers vied for a limited supply of homes for sale. The number of pending sales and closed sales, as well as the median price of homes, climbed in most Seattle-area counties from January to February.
Median home prices ticked up 8% in King County from January to February. Pierce and Snohomish counties saw smaller 2%-3% upticks. The median King County home sold for $914,500 in February, up 14% from a year earlier. Median homes sold for about $751,000 in Snohomish County, up 9%; $550,000 in Pierce County, up 4%. More than half of King County's one-year price appreciation happened between January and February of this year. It's also worth noting that King County sellers listed nearly 1,850 single-family homes for sale last month, a 38% jump from January and 31% higher than the same time last year. Condo sales across all areas have also picked up.
Market observation: Right now, it is a red hot Seller's market! If you are thinking about selling your home, this Spring will likely be the best opportunity to get top dollars in the near future. If you plan to buy this year, you will need to have a winning strategy in place. For more in-depth discussions of your interested neighborhoods and/or your real estate goals, feel free to reach out to me at (206) 779-3023 or mei@meiyangrealestate.com.
Market Update - February, 2024
Seattle-area homebuyers made more deals in January than in December, a typical seasonal uptick, though sales remained lower than a year earlier, according to new data from the Northwest Multiple Listing Service. In King County, for example, pending sales shot up by 38% from December to January, but dipped 11% from January 2023. Sellers picked up their activity, too, offering more homes for sale. New listings more than doubled in King County from December to January, though they remain flat from a year ago.
Median home prices were flat across much of the Puget Sound region from December to January and remain higher than a year ago. The median single-family home sold for about $850,000 in King County, up 9% from January 2023. Median homes sold for about $730,000 in Snohomish County, up 4%; $540,000 in Pierce County, up 4%; and $550,000 in Kitsap County, up 12%. (Home prices reflect sales closed in January, which likely took place in December.)
The median single-family home on the Eastside sold for nearly $1.5 million, up 11% from a year earlier. In Seattle, the median price of $869,000 was up 8%. Median condo prices also remain higher than a year ago, up 10% in Seattle to $537,500 and up 5% on the Eastside to $570,000.
Market observation: Since the beginning of the new year, most single family homes have been receiving multiple offers and bidding wars are common again. Many buyers were sitting on the fence last year and now there's a huge pent demand. If you have been thinking about selling your home, this Spring will likely be a great opportunity to get top dollars. If you plan to buy this year, you will need to have a winning strategy in place. For more in-depth discussions of your interested neighborhoods and/or your real estate goals, feel free to reach out to me at (206) 779-3023 or mei@meiyangrealestate.com.
Market Update - January, 2024
Median home prices dipped from November to December across the region, but remained higher than they were a year earlier in most Seattle-area counties. Median home prices in December hit about $850,000 in King County, up 3% from December 2022; $536,000 in Pierce County, up 6%; $545,000 in Kitsap County, up 9.5%, and $685,000 in Snohomish County, down 2%.
However, on the Eastside, closed sales of single family homes went up by 8.8% and median price increased by 10.9% from a year ago. This shows that the Eastside residential homes remain in high demand. Another interesting point is that the prices for condos increased significantly in one year both in Seattle (14.2%) and on the Eastside (11.5%). This shows that many buyers were opting for more affordable condo options rather than single family homes.
Mortgage rates finally began to fall slightly in recent weeks, which industry insiders hope could push more homeowners to list their homes and draw more buyers back to the market. The average rate on a 30-year mortgage was 6.6% in late December, the lowest since May. Personally I think when the rates are below 6.5%, our local market will likely be very active again.
Homes Sold by Mei in 2023
Market Update - December, 2023
The median single-family home in King County sold for $885,500 in November, roughly the same as a month earlier. Even so, that price climbed 7% from a year earlier, according to data released by the Northwest Multiple Listing Service. Median home prices reached about $725,000 in Snohomish County, up 4% from a year ago; $540,000 in Pierce County, up 3%; and $550,000 in Kitsap County, up 9%.
Sellers listed fewer homes in all four counties, with new listings in King County down 29% from October and 11% from the same time a year ago. Many would-be sellers have been holding off for months, worried about affording their next home at today’s mortgage rates. Buyers facing costly mortgage rates are sitting still, too. That’s especially true for first-time buyers who are hit particularly hard by high rates. The average 30-year fixed-rate mortgage carried a 7.2% rate last week, down from 7.8% in late October.
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Cap rate is the first important concept to understand when you plan to buy an investment property. It is calculated by using the net income that the property generates annually divided by its purchase price. How do you evaluate an investment property’s cap rate?
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Zillow Exiting Its Home Flipping Business
Zillow is shutting down their home-flipping business (Zillow Offers) due to massive losses caused by incorrect home valuation and market predictions. Zillow lost about $80,800 per home. Their flipped home listings have an average markdown of 4.5%. Zillow's CEO admitted that “Fundamentally, we have been unable to predict future pricing of homes to a level of accuracy that makes this a safe business to be in".
This proves again that when buying and selling real estate, you can NOT make your decisions based on what an algorithm tells you. You need an experienced broker who is familiar with your local market to give you solid advice. I often hear people say "Zillow says my home is worth.....". Well, please always ask for a second or third opinion from your local experienced brokers.
Four Tips on Getting Your House Ready for Winter
Winter is around the corner. Mei recommends that you do these four things to prepare your house for the cold and wet season.
How to effectively prepare your home for sale during the pandemic?
As we are easing out of the Stay Home order, you may be getting ready to sell your house. How do you prepare your house to attract the most buyers in the current market condition? How do you prevent the spread of the virus when buyers visit your house? Mei has some ideas to share with you.
Tenant can’t pay. What can Landlords do?
With the increasing unemployment due to the Pandemic, some tenants may have trouble paying rent. If this happens, what should Landlords do? Mei has a few ideas to share with you.
To buy, or not to buy a home during the pandemic.
With the Coronavirus pandemic and stock market volatility, is this a good time to buy a home? Seasoned real estate broker in Seattle Mei Yang gives her insight….