Father’s Day is about more than a dinner, it’s about commemorating the “fathers” in our lives, for all they’ve done for us!
KIRKLAND, Washington (June 6, 2017) – Would-be buyers who have been shut out of the real estate market should test the “real estate waters” during the summer months suggests one industry leader.
“Summer might provide some competitive relief for weary buyers,” said Gary O’Leyar, owner of Berkshire Hathaway HomeServices Signature Properties, pointing to some of the newly-released statistics from Northwest Multiple Listing Service as indicators.
Noting that the trend of multiple offers is still prevalent in the Seattle market, O’Leyar stressed that’s not always the case in areas outside the immediate Seattle area. In fact, he added, the market may “cool off” a bit during summer months as weary buyers find vacations and recreational pursuits more alluring than being in competitive bidding situations.
The latest video in Windermere Real Estate’s Economics 101 video series featuring chief economist, Matthew Gardner. The shortage of homes for sale has been a major concern for buyers and real estate agents over the last few years. Windermere Chief Economist, Matthew Gardner, explains the impact these shortages are having on the housing market.
While Memorial Day weekend unofficially ushers in summer, this holiday weekend promises to deliver in our region. We’re supposed to see the sun – warm, sunny sunshine! So while you are stockpiling Vitamin D via our much-missed sunny weather, it might be nice to have a treat that always tastes a little better when the weather is warm – an ice cream cone.
Enjoy Memorial Day weekend, with live, love, and preservation!
Sellers had the upper hand this week with fewer new listings on the market and pending sales depleting much of the existing inventory. This was especially so in Ballard and North Seattle. Several Eastside neighborhoods showed some balance in the $1.5 million range but were otherwise right in tune with Seattle. Expect many new listings to come to market in the two weeks following Memorial Day weekend.
Summer is the best time to learn and try new things! These DIY projects will brighten up any backyard!
Pending sales ruled the roost this week as buyers enjoyed the many new listings on the market. Some price points stagnated but all-around a very good week for both buyers and sellers.
Market activity was solid this week as buyers had many new listings to choose from. The result was a marked increase in pending sales in this peak market week.
Mother’s Day is just around the corner! What do you have planned for the “mommy” in your life?
The team at Windermere Mercer Island is excited for our annual recycle event. We’re once again partnering with 1 Green Planet to provide free recycling services on Saturday May 20th, from 10 am to 3 pm. We’ll also be sponsoring a document shredding truck from Confidential Data Disposal that will shred old documents, securely, on site for free!
This week’s activity cooled somewhat compared to last week’s marathon. The market is still active to be sure, but more buyers are taking their time to check out their options. Our 1.75 days of gorgeous weather possibly played a role…
Even though last night was thunder-crashing, the weekend is opening to bright skies and 60-degree weather! Welcome to the Pacific Northwest!
“The real estate market is going absolutely gangbusters,” remarked OB Jacobi, president of Windermere Real Estate. “The remarkably low number of homes for sale can be blamed for the drop in sales,” he emphasized, adding, “The uptick in interest rates at the end of last year has clearly done nothing to slow things down.”
Inventory fell nearly 25 percent from the volume of active listings being offered a year ago. At the end of April, MLS brokers reported 10,679 homes and condos for sale across a 23-county area, which compares to the year-ago selection of 14,235 listings.
Viewed another way, there is only about 1.5 months of supply (about six weeks), which compares to twelve months ago when supply totaled about 1.85 months. (In general, four-to-six months is considered a balanced market.) There has not been more than two months of supply since September 2016.
MLS members continue to struggle to keep pace with demand. Brokers added 10,648 new listings to their database last month, down from 11,939 during April 2016, and they reported 10,514 pending sales. That total was down 893 transactions for a drop of year-over-year drop of 7.8 percent.
Wow, just WOW! Buyers embraced the market in force following last week’s flood of new listings. Prepared to waive everything and give sellers added perks as icing on the cake in hopes of being the lucky bid winner of the home of their dreams, buyers are making some incredulous choices.
Good news for sellers as it pushes the real estate market to new highs. Not so good news for buyers who aren’t willing to give their blood to compete. As for Realtors, we prefer a more balanced market where everyone wins.
Next Friday, May 5th, is the Windermere Cut Party! The Windermere Mercer Island team invites you to join in the fun as we kick off the Windermere Cup weekend with a fun Cinco de Mayo party.
Over on the north shore of the Montlake Cut, just west of the Montlake Bridge, will be the party location. There will be food trucks on hand from El Camion, Taqueria Tonita, and Tacos La Flaca, three of the most popular Mexican food vendors in the Seattle area! You’ll be able to sip a beverage in the Beer and Margarita Garden, listen to live music, and enjoy the lovely Portage Bay views.