Eastside Market Review Q1 2016

The lack of available homes for sale on the Eastside remains critical. Inventory, which traditionally increases in the spring, continued to shrink. As demand far outstripped supply, home prices on the Eastside overall increased by double-digits over the last year!

 

Posted on April 25, 2016 at 8:42 am
Ted Mansfield | Category: Finance, Investment, Luxury market

Eastside Market Review

 

The Eastside Market 2nd Quarter statistics are in and they're pretty amazing! 

  • 55% of houses listed sold ABOVE asking price in under 7 days!
  • 20% sold at the listing price in just under 17 days
  • Only 25% sold at under asking price
  • The median price is up 6% to $640,000. This is the highest region in King County!
  • The Eastside market ranges from only .7 months of supply to 1.7 months of supply.

What does this mean to you? It's a SELLER'S MARKET. If you are contemplating selling your home in the next year, NOW would be a perfect time to do so. Families with children are looking to move now since school let out and they want to settle in their new school districts or neighborhoods before the school year starts. 

https://windermereeastside.files.wordpress.com/2015/05/eastside-q2-2015.pdf

 

Posted on July 14, 2015 at 10:04 am
Ted Mansfield | Category: Finance, Investment | Tagged , , ,

Eastside Market Update

Here's a market update for June activity – records set. The trend we've been seeing continues – extremely low inventory and increasing prices. What's that mean? Sell now! It's an extremely strong seller's market. Does that mean wait to buy? Absolutely not. Prices keep going up, and with interest at such lows (and a potential rise in the near future), your buying power is stronger now than it will likely be in the future…

Posted on July 9, 2015 at 1:48 pm
Ted Mansfield | Category: Finance, Investment, Mortgage, Uncategorized

Local Market Update – June 2015

Local Market Update {June 2015}

Home sales are booming, but the local market is starving for inventory. Areas close to city centers are particularly hard hit. Homes are selling within days, often for well over asking price. It’s an incredible market for sellers. If you’re considering selling your home, this is an excellent opportunity to get a premium price for your property.

• The number of closed sales (agreements that have been signed but not yet closed) in King County increased 15 percent over last May.

• Home prices continued their march upward.

• May was the seventh consecutive month of record-low inventory.

Eastside

Click image to view full report.
Click image to view full report.

High demand and low supply pushed the median price of a single family home on the Eastside up 6 percent over last year to $655,000. Sales were up, further depleting the already limited inventory. With just one month supply of homes available, the Eastside remains a very strong seller’s market.

Seattle

Click image to view full report.
Click image to view full report.

Nowhere is inventory tighter than in Seattle. The city has just two weeks of available homes on the market —37 percent less inventory than last May. Sales soared, and with more buyers competing for fewer homes, prices soared as well. The median home price jumped 14 percent to $559,950.

King County

Click image to view full report.
Click image to view full report.

For the third month is a row, King County had less than one month of available inventory. (A supply of three to six months is considered balanced.) There were 21 percent fewer homes for sale in May as compared to the same time last year. That scarcity helped push home prices up almost 9 percent over last May to $480,942.

Posted on June 8, 2015 at 1:23 pm
Ted Mansfield | Category: Investment, Mortgage, Uncategorized | Tagged , ,

Tips on Budgeting For a Home Purchase | Bankrate.com

Now is the time to do it. Mortgages are typically lower than rent for the same property – in the Seattle Metro area, an average home purchase is 38% cheaper than the rent would be on the same property. You'll also be building equity for yourself rather than building your landlord's equity!

Tips on Budgeting For a Home Purchase | Bankrate.com.

Posted on March 12, 2015 at 4:16 pm
Ted Mansfield | Category: Finance, Investment, Mortgage