Page not found – Cheryl Nygaard https://cherylnygaard.com Real Estate Tue, 28 Feb 2023 00:38:49 +0000 en-US hourly 1 Monday with Matthew Q-1 2023 https://cherylnygaard.com/2023/02/27/monday-with-matthew https://cherylnygaard.com/2023/02/27/monday-with-matthew#respond Mon, 27 Feb 2023 23:29:00 +0000 https://cherylnygaard.com/?p=287   This week, Windermere’s own chief economist, Matthew Gardner, looks at the pros and cons of renting and buying. https://www.windermere.com/blog/renting-vs-buying-a-home-the-financial-benefits-of-homeownership

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Monday with Matthew

This week, Windermere’s own chief economist, Matthew Gardner, looks at the pros and cons of renting and buying.

https://www.windermere.com/blog/renting-vs-buying-a-home-the-financial-benefits-of-homeownership

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Spring Checklist – Selling helps earn top dollars & saves you money over time. https://cherylnygaard.com/2023/02/27/spring-checklist-saves-you-money https://cherylnygaard.com/2023/02/27/spring-checklist-saves-you-money#respond Mon, 27 Feb 2023 23:20:35 +0000 https://cherylnygaard.com/?p=283 The post Spring Checklist – Selling helps earn top dollars & saves you money over time. appeared first on Cheryl Nygaard.

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No matter if you are thinking of selling or not, I say a simple checklist : “Clean is King”
… Make It Inviting
…Show It’s Cared For
& … Boost Curb Appeal.

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Q2 2021 Western Washington Real Estate Market Update https://cherylnygaard.com/2021/07/30/q2-2021-western-washington-real-estate-market-update https://cherylnygaard.com/2021/07/30/q2-2021-western-washington-real-estate-market-update#respond Fri, 30 Jul 2021 20:48:30 +0000 https://cherylnygaard.com/?p=239 The following analysis of the Western Washington real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere Real Estate agent.   […]

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The following analysis of the Western Washington real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere Real Estate agent.

 

REGIONAL ECONOMIC OVERVIEW

Employment levels in Western Washington picked up in the late spring and early summer months. The region has now recovered 168,800 of the 297,210 jobs that were lost due to the pandemic. Although the recovery is palpable, there are still 128,000 fewer jobs than there were at the pre-COVID peak in February 2020. The most recent data (May) shows the region’s unemployment rate at a respectable 5.2%. This is significantly lower than the April 2020 high of 16.8%, but still not close to the 2020 low of 3.7%. The jobless rate was lowest in King County (4.8%) and highest in Grays Harbor County (7.6%). Although unemployment levels continue to drop, we cannot attribute all the improvement to job creation: a shrinking labor force also lowers the jobless rate. In short, job recovery continues but we still have a way to go.

WESTERN WASHINGTON HOME SALES

❱ Regardless of low levels of supply, sales in the second quarter rose 45.6% year-over year, with a total of 25,640 homes sold. Although comparisons to the same quarter a year ago are not informative due to the pandemic, I was pleased to see sales increase 61.3% from the first quarter of this year.

❱ Listing activity was 42.8% higher than in the first quarter, which was a pleasant surprise. Listings rose the most in Kitsap, Clallam, Island, and Mason counties, but there were solid increases across the region.

❱ Sales were up across the board, with sizable increases in San Juan, King, Whatcom, and Snohomish counties. Only Mason County experienced sales growth below 10%.

❱ Pending sales (demand) outpaced active listings (supply) by a factor of 6. Even with the increase in the number of homes for sale, the market is far from being balanced.

A bar graph showing the annual change in home sales for various counties in Western Washington.

WESTERN WASHINGTON HOME PRICES

A map showing the real estate market percentage changes in various counties in Western Washington.

❱ Home prices rose 31.4% compared to a year ago. The average sale price was $734,567—another all-time record.

❱ Year-over-year price growth was strongest in San Juan and Jefferson counties, but all markets saw prices rise more than 23% from a year ago.

❱ Home prices were a remarkable 15.7% higher than in the first quarter of this year, possibly due in part to the drop in 30-year fixed mortgage rates between the end of the first and second quarters. That said, the modest decline in mortgage rates is certainly not the primary driver of price growth; the culprit remains inadequate supply.

❱ Relative to the first quarter of the year, San Juan (+33%), Jefferson (+24.7%), and Island (+20.5%) counties saw the fastest rate of home-price appreciation.

A bar graph showing the annual change in home sale prices for various counties in Western Washington.

DAYS ON MARKET

❱ It took an average of only 18 days for a listed home to go pending. This was 22 fewer days than a year ago, and 11 fewer days than in the first quarter of 2021.

❱ Snohomish, Kitsap, Thurston, and Pierce counties were the tightest markets in Western Washington, with homes taking an average of only 7 days to sell in Snohomish County and 9 days in the other three counties. The greatest drop in market time compared to a year ago was in San Juan County, where it took 84 fewer days to sell a home.

❱ All counties contained in this report saw the average time on market drop from the same period a year ago. The same can be said when comparing market time in the current quarter with the first quarter.

❱ It’s widely known that the area’s housing market is very tight and unfortunately, I don’t expect the number of listings to increase enough to satisfy demand in the near term. Furthermore, I’m seeing rapid growth in demand in the counties surrounding King County which is likely proof that buyers are willing to move further out given the work-from-home paradigm shift.

A bar graph showing the average days on market for homes in various counties in Western Washington.

CONCLUSIONS

A speedometer graph indicating a seller's market in Western Washington.

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

Demand is maintaining its momentum, and, even with supply levels modestly improving, the market remains extraordinarily tight.

Mortgage rates are still hovering around 3%, but the specter of them starting to rise at some point is clearly motivating buyers. I am very interested to see significant interest outside of the Seattle metro area, although King County is certainly still performing well. I will be monitoring whether this “move to the ‘burbs” is endemic, or a temporary phenomenon. My gut tells me that it is the former.

At some point, the remarkable run up in home values will slow. Affordability constraints are becoming more widespread, and even a modest uptick in mortgage rates will start to slow down price increases. It’s worth noting that list-price growth is starting to taper in some markets. This is a leading indicator that may point to a market that is starting to lose a little momentum.

The bottom line is that the market still heavily favors sellers and, as such, I am moving the needle even more in their favor.

 

ABOUT MATTHEW GARDNER

Matthew Gardner - Chief Economist for Windermere Real Estate

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

 


This post originally appeared on the Windermere.com Blog

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Local Market Update – May 2021 https://cherylnygaard.com/2021/05/13/local-market-update-may-2021 https://cherylnygaard.com/2021/05/13/local-market-update-may-2021#respond Thu, 13 May 2021 20:25:58 +0000 https://cherylnygaard.com/?p=231 A sizeable increase in new listings in April offered some good news for buyers, but it was matched by an even greater increase in sales. With supplies depleted, and homes being snapped up within days, nearly every area saw double-digit price gains. The current forecast as we head towards summer: the market remains as hot […]

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A sizeable increase in new listings in April offered some good news for buyers, but it was matched by an even greater increase in sales. With supplies depleted, and homes being snapped up within days, nearly every area saw double-digit price gains. The current forecast as we head towards summer: the market remains as hot as ever.

Despite the influx of new listings, inventory in the region remains one of the tightest in the country. At the end of the month there were 43% fewer homes on the market in King County than there were a year ago. Snohomish County had 49% less inventory, and has just 519 single-family homes for sale in the entire county. There were only 309 homes for sale on the Eastside, which stretches from Renton to Woodinville. Demand is so outstripping supply that 95% of the homes that sold last month on the Eastside sold within two weeks. In Seattle that number was 84%.

Home prices hit record highs in April, with nearly every area seeing double-digit price increases. The median price of a single-family home in King County last month was $830,000. Snohomish County’s median price soared to $675,000. Seattle’s median home price hit $875,000. All were new records. At $1.3 million, the median price on the Eastside was down slightly from its all-time high in March, but up a whopping 39% from the same time last year. In another show of the strength of the market, 82% of homes on the Eastside sold for over the list price. That compares with 60% of homes in Seattle. The Seattle market remains strong, however price appreciation there has slowed relative to other areas of King County and inventory has crept up. Condos present one bright spot for buyers. Price growth has been slower and inventory has been higher than for single-family homes. The $460,000 median price for a condo in King County is 45% less than the median price of a single-family home there.

Needless to say, this is a challenging market for buyers. With multiple offers and escalation clauses the norm, it’s critical to work with your broker on a plan to consider all possible scenarios when looking to buy a home. If you’re thinking about selling, it’s an ideal time to get a maximum return on your property before the prospect of rising interest rates starts to moderate the market.

The charts below provide a brief overview of market activity. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update on the US economy and housing market. You can get Matthew’s latest update here.

EASTSIDE

VIEW FULL EASTSIDE REPORT

KING COUNTY

VIEW FULL KING COUNTY REPORT

SEATTLE

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GettheWReport.com

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Simple Bathroom Upgrades https://cherylnygaard.com/2021/05/07/simple-bathroom-upgrades https://cherylnygaard.com/2021/05/07/simple-bathroom-upgrades#respond Fri, 07 May 2021 21:43:18 +0000 https://cherylnygaard.com/?p=225 The thought of upgrading a bathroom often brings to mind large-scale renovations, demolition, and hefty price tags. Even projects like replacing a backsplash or repairing tile can be more involved than you might think. However, it’s possible to give your bathroom a makeover without breaking the bank (or your back). Whether you’re looking to just […]

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The thought of upgrading a bathroom often brings to mind large-scale renovations, demolition, and hefty price tags. Even projects like replacing a backsplash or repairing tile can be more involved than you might think. However, it’s possible to give your bathroom a makeover without breaking the bank (or your back). Whether you’re looking to just freshen it up or make it feel like your own personal spa, these simple projects can help take your bathroom to the next level.

 

Upgrade your Décor

If you want to make a big splash without spending big money, consider upgrading your bathroom with new décor. A fresh coat of paint on the walls or a bold, patterned wallpaper can completely change the character of the space, while accent pieces like a new shower curtain and towel racks can reinforce your color choices. Installing shelving is a simple, functional tactic that gives dimension to your walls. Whether it’s in the shower, above your toilet, or beside your vanity, a shelf can save surface space while helping to tie the room together.

 

Upgrade your Tub

Upgrading your tub doesn’t have to mean buying a replacement. Simply refinishing your tub will have it looking brand new and helps you save money. Over time, tubs accumulate cracks, dings, and discoloration due to mold, but refinishing can cure these imperfections right away. Start by removing all hardware from the tub. Sand the whole surface, fill in any cracks or holes with putty or epoxy, then sand them smooth. Apply multiple layers of primer and topcoat, give it a buff, and enjoy your brand-new bathtub.

If refinishing your tub is too much to handle, consider simply touching it up. Fill in any cracks and apply a fresh line of caulking around the surface. After this is done, shop around for new tub hardware to polish off your cost-effective bathtub makeover.

 

Upgrade Your Vanity

With just a few tweaks, you can turn your vanity area from a mirror with counter space to an impactful centerpiece. Instead of going all out with a new cabinet install, simply replacing your cabinet hardware and drawer pulls can make a big difference. Think of ways your new hardware can reinforce the style of your bathroom. Match them with your shower rod, faucet, and showerhead to make your bathroom more eye-catching.

Your vanity also offers a great opportunity to add some color to your bathroom. Giving it a fresh coat of paint will help to liven up the space at a low cost. For wooden vanities, a re-stain is a great way to give them new life. Start by removing the doors and drawers. Apply wood stripping to all surfaces, then let them sit for the recommended time. Now you can begin to scrape away the old finish. Sand down all surfaces and apply the primer before staining the wood. Once your stain settles in, apply a second coat and your vanity will be good as new.

 

Finishing Touches

Well-organized surfaces and compartments will help to create serenity in your bathroom. Whether it’s in the shower, the medicine cabinet, or below the vanity, look for multipurpose organizers that help cut down on bathroom clutter and save space. Add in natural elements like bamboo and river rocks to make your bathroom feel like a soothing sanctuary.

 

For more ideas on affordable home makeovers, check out our tips for upgrading your bedroomhome office, and kitchen.

 


This post originally appeared on the Windermere.com Blog

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Google Continues to Invest in Kirkland https://cherylnygaard.com/2021/04/27/google-continues-to-invest-in-kirkland https://cherylnygaard.com/2021/04/27/google-continues-to-invest-in-kirkland#respond Tue, 27 Apr 2021 20:55:58 +0000 https://cherylnygaard.com/?p=217 With the recent news that Seattle is the national leader in big tech office leases, it’s no wonder that Kirkland continues to be a prime spot for investment from Google. Google recently announced that it plans to invest more than $7 billion in offices and data centers around the U.S., including the continuing construction of […]

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With the recent news that Seattle is the national leader in big tech office leases, it’s no wonder that Kirkland continues to be a prime spot for investment from Google.

Google recently announced that it plans to invest more than $7 billion in offices and data centers around the U.S., including the continuing construction of campuses in Kirkland and Seattle. The end result of these investments will be more than 10,000 new full-time Google jobs across the country.

Google has had a presence in Western Washington since 2011, and currently has about 6,300 employees in the region. The plan is for the tech company to continue the construction of two new campuses in Kirkland, in addition to its current 375,000-square-foot campus.

With the first new project in Kirkland, appropriately called the Kirkland Urban East campus, Google will add 760,000 square feet of office space, spread across four new buildings. This project is well underway, with the North building already completed and construction started on the South and Central buildings.

The company’s new project in the city is on the site of the former Lee Johnson Chevrolet dealership. Google finalized the purchase and sale agreement in November 2020, and the project is still in the early stages. The deal will likely close in stages over the next several years as Google finalizes its plans for the site.

Seattle is also benefitting from ongoing investment from Google. The company continues to work on Block 38, which is a 330,000-square-foot building located on the corner of Westlake Avenue and Mercer Street. This project is an extension of Google’s South Lake Union campus, which will span a total of five buildings and encompass 900,000 square feet of office space.

Among the news of Google’s upcoming projects, the company also released its 2020 Economic Impact Report. The report indicated that Google provided $17.3 billion in economic activity for 52,800 Washington businesses. Additionally, more than 398,000 Washington businesses connected with customers through Google searches last year.

 


This article was originally posted on 425Business by John Stearns and GettheWReport.com

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The Gardner Report – Q1 2021 https://cherylnygaard.com/2021/04/27/the-gardner-report-q1-2021 https://cherylnygaard.com/2021/04/27/the-gardner-report-q1-2021#respond Tue, 27 Apr 2021 20:27:58 +0000 https://cherylnygaard.com/?p=207 The following analysis of the Western Washington real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere Real Estate agent.   […]

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The following analysis of the Western Washington real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere Real Estate agent.

 

REGIONAL ECONOMIC OVERVIEW

In the summer and fall of 2020, Western Washington regained some of the jobs lost due to COVID-19, but employment levels in the region have been in a holding pattern ever since. As of February, the region had recovered 132,000 of the 297,000 jobs that were lost, but that still leaves the area down by 165,000 positions. Given the announcement that several counties may have to roll back to phase 2 of reopening, I would not be surprised to see businesses hold off on plans to add to their payrolls until the picture becomes clearer. Even with this “pause” in the job recovery, the region’s unemployment rate ticked down to 6.1% from the December rate of 6.4% (re-benchmarking in 2020 showed the December rate was higher than the originally reported 5.5%). The lowest rate was in King County (5.3%) and the highest rate was in Grays Harbor County, which registered at 9.2%. Despite the adjustment to the 2020 numbers, my forecast still calls for employment levels to increase as we move through the year, though the recovery will be slower in areas where COVID-19 infection rates remain elevated.

WESTERN WASHINGTON HOME SALES

❱ Sales in the first quarter were impressive, with 15,893 home sales. This is an increase of 17.5% from the same period in 2020, but 32% lower than in the final quarter of last year—a function of low levels of inventory.

❱ Listing activity continues to be well below normal levels, with total available inventory 40.7% lower than a year ago, and 35.5% lower than in the fourth quarter of 2020.

❱ Sales rose in all counties other than Jefferson, though the drop there was only one unit. There were significant increases in almost every other county, but sales growth was more muted in Cowlitz and Thurston counties. San Juan County again led the way, likely due to ongoing interest from second-home buyers.

❱ The ratio of pending sales (demand) to active listings (supply) shows how competitive the market is. Western Washington is showing pendings outpacing new listings by a factor of almost six to one. The housing market is as tight now as I have ever seen it.

A bar graph showing the annual change in home sales for various counties in Western Washington

WESTERN WASHINGTON HOME PRICES

A map showing the real estate market percentage changes in various Western Washington counties

❱ Home price growth in Western Washington continues to trend well above the long-term average, with prices 21.3% higher than a year ago. The average home sale price was $635,079.

❱ Compared to the same period a year ago, price growth was strongest in Grays Harbor and Mason counties, but all markets saw double-digit price growth compared to a year ago.

❱ Home prices were also 2.9% higher than in the final quarter of 2020, which was good to see given that 30-year mortgage rates rose .4% in the quarter.

❱ I expect to see mortgage rates continue to trend higher as we move through the year, but they will remain significantly lower than the long-term average. Any increase in rates can act as a headwind to home-price growth, but excessive demand will likely cause prices to continue to rise.

A bar graph showing the annual change in home sale prices for various counties in Western Washington

DAYS ON MARKET

❱ The market in early 2021 continued to show far more demand than supply, which pushed the average time it took to sell a home down 25 days compared to a year ago. It took 2 fewer days to sell a home than it did in the final quarter of 2020.

❱ Snohomish and Thurston counties were the tightest markets in Western Washington, with homes taking an average of only 15 days to sell. The greatest drop in market time was in San Juan County, where it took 52 fewer days to sell a home than it did a year ago.

❱ Across the region, it took an average of only 29 days to sell a home in the quarter. All counties saw market time decrease from the first quarter of 2020.

❱ Very significant demand, in concert with woefully low levels of supply, continues to make the region’s housing market very competitive. This will continue to be a frustration for buyers.

A bar graph showing the average days on market for homes in various counties in Western Washington

CONCLUSIONS

A speedometer graph indicating a seller's market in Western Washington

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

Demand is very strong and, even in the face of rising mortgage rates, buyers are still out in force. With supply still lagging significantly, it staunchly remains a seller’s market. As such, I am moving the needle even further in their favor.

As I mentioned in last quarter’s Gardner Report, 2021 will likely see more homeowners make the choice to sell and move if they’re allowed to continue working remotely. On the one hand, this is good for buyers because it means more listings to choose from. However, if those sellers move away from the more expensive core markets into areas where housing is cheaper, it could lead to increased competition and affordability issues for the local buyers in those markets.

 

ABOUT MATTHEW GARDNER

Matthew Gardner - Chief Economist for Windermere Real Estate

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

 


This post originally appeared on the Windermere.com blog

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Local Market Update – April 2021 https://cherylnygaard.com/2021/04/23/local-market-update-april-2021 https://cherylnygaard.com/2021/04/23/local-market-update-april-2021#respond Fri, 23 Apr 2021 01:16:48 +0000 https://cherylnygaard.com/?p=197 Despite a bump in new listings the supply of homes still can’t keep up with the demand. The result? Multiple offers, escalation clauses, and record-breaking prices. If you’re considering selling your home, you’d be hard pressed to find a more lucrative market than what we have today. March marked the first post-COVID/pre-COVID comparison, and the […]

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Despite a bump in new listings the supply of homes still can’t keep up with the demand. The result? Multiple offers, escalation clauses, and record-breaking prices. If you’re considering selling your home, you’d be hard pressed to find a more lucrative market than what we have today.

March marked the first post-COVID/pre-COVID comparison, and the results were dramatic.

The drop in the number of listings was profound. In King County there were 54% fewer single-family homes on the market at the end of March than the same time a year ago. The Eastside had 68% fewer listings. There were just 216 homes for sale on the Eastside, which stretches from Issaquah to Woodinville. Extensive new investments there, including Amazon’s plan to add 25,000 jobs in Bellevue, will only increase demand for housing. North King County, which includes Richmond Beach and Lake Forest Park had just 26 homes for sale. In Seattle, the 498 listings there represents a drop of 18% from a year ago. Despite the comparatively greater number of listings, Seattle still has only two weeks of available inventory. The situation was even more dire in Snohomish County. With the number of homes for sale down 68%, the county has just one week of inventory.

So why is inventory so low? The pandemic certainly has played a part. People now working from home have bought up properties with more space in more desirable locations. Nervousness and uncertainty about COVID compelled many would-be sellers to postpone putting their home on the market. Downsizers who may have moved into assisted living or nursing homes are staying in place instead. But there are other factors as well.

For more than a decade, less new construction has been built relative to historical averages, particularly in the suburbs. Interest rates have also been a factor. Windermere Chief Economist Matthew Gardner noted, “I think a lot of the urgency from buyers is due to rising mortgage rates and the fear that rates are very unlikely to drop again as we move through the year, which is a safe assumption to make.” Homeowners who refinanced when rates were at record lows are staying in their homes longer, keeping more inventory off the market. And those same low interest rates have compelled many homeowners who bought a new home not to sell their previous one, but to keep it as a rental property.

While the number of listings tanked, the number of sales skyrocketed. That’s the recipe for soaring home prices. Housing prices here have been growing at the second-fastest rate in the nation for a full year. Nearly every area of King County saw double-digit price increases, with the exception of Seattle. In King County the median price for a single-family home in March was a record-high $825,000, up 15% from a year ago and an increase of 10% from February. The median home price topped $1 million for every city on the Eastside, where the overall median price surged 30% to $1,350,000, the highest median price ever recorded for the area. Seattle homes prices were also record-breaking, rising 4% to $825,000. Snohomish County prices set yet another all-time high as the median home price jumped 22% to $640,000.

The appeal of our area just keeps growing. For the second time, Washington took the No. 1 spot in the U.S. News Best States ranking – the first state to earn the top ranking twice in a row. The bottom line: the local real estate market is extremely competitive, and it shows no signs of slowing down. Successfully navigating today’s market takes a strong plan. Your broker can work with you to determine the best strategies for your individual situation.

The charts below provide a brief overview of market activity. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update on the US economy and housing market. You can get Matthew’s latest update here.

EASTSIDE

VIEW FULL EASTSIDE REPORT

KING COUNTY

VIEW FULL KING COUNTY REPORT

SEATTLE

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GettheWreport.com

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New Bellevue Projects Promise a Busy Future https://cherylnygaard.com/2021/04/08/new-bellevue-projects-promise-a-busy-future https://cherylnygaard.com/2021/04/08/new-bellevue-projects-promise-a-busy-future#respond Thu, 08 Apr 2021 00:00:06 +0000 https://cherylnygaard.com/?p=191 It appears bustling Bellevue has an ever-busier future on the horizon. Already the site of a growing Amazon presence outside of Seattle, the city now has quite a few significant construction projects in the works, including new office space, residential towers and a huge mixed-use project. Set among Amazon’s leased office buildings, a new luxury […]

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It appears bustling Bellevue has an ever-busier future on the horizon. Already the site of a growing Amazon presence outside of Seattle, the city now has quite a few significant construction projects in the works, including new office space, residential towers and a huge mixed-use project.

Set among Amazon’s leased office buildings, a new luxury residential condo project promises to bring 274 new residences to the city. The 34-story tower, called ParqHouse, will significantly increase the number of condos available in both Bellevue and the Eastside at large. The project will include at least one penthouse, with other floorplans ranging from studios to 3-bedroom units. Asking prices for the condos have not been determined yet.

Downtown, a giant mixed-use project has been submitted for design review. The proposed project includes a total of 12 towers up to 25 stories tall, 7 of which would be residential.

Split between two lots, the project would include 60,000 square feet of office space, 300,000 feet of retail space and 1,940 residential units. The development also includes plans for a hotel, underground parking, anchor stores and an internal plaza.

Amazon is also expanding its presence in downtown Bellevue, having picked a development for its next major lease in the city. The new Amazon space will be a 25-story office tower called The Artise.

The Artise offers Amazon an additional 600,000 square feet of space, bringing the company’s total in Bellevue up to 6 million square feet either leased or in development. This lease is part of Amazon’s plan to add 25,000 jobs in Bellevue over the next few years.

The tower is scheduled to open in 2024, although the project has not broken ground yet.

 


This post originally appeared on GettheWReport.com

The post New Bellevue Projects Promise a Busy Future appeared first on Cheryl Nygaard.

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