Market Mondays: Woodinville

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The city of Woodinville is most well known as Seattle areas “wine country” and is increasingly known for its local wineries, which showcase wines from grapes grown in Eastern Washington including Chateau Ste. Michelle (well known for their popular summer concert series), Columbia Winery and dozens of other smaller ones. The Woodinville Tourist District is also home to the Redhook Ale Brewery and several fine restaurants including The Herbfarm “destination” restaurant. The downtown area includes Molbak’s Garden and Home, a nationally acclaimed garden center! All that being said, Woodinville is a sought after place to live and has seen only a slight change in market statistics over the past year.

As of July 28th, 2014 there is 2.5 month supply in inventory based on closed sales, which is up slightly from June of this year.  What is interesting is that when the current pending sales are added to the mix, months supply of inventory drops down to 1.5.  Woodinville itself is a consistently stable market, the months inventory fairly stable over the past year, hovering somewhere between 1.5-2.3 months supply except for a spike in January of this year, which is to be expected during the “slow” season. This makes Woodinville unique when compared to some of it’s neighboring cities, it’s stability and high desirability make Woodinville a safe place to buy a home.  The median sale price of homes over the last 90 days was $525,000 while the median current listing price is 475,000.  The median sale price and listing price have seen only a slight increase since July 2013.

Market Mondays: Bothell

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In April of 2010 The City of Bothell began the implementation of an extensive Downtown Revitalization Plan, with the commencement of a $150 million dollar investment in public infrastructure improvements. Bothell is one of my personal favorites in the greater Seattle area and I foresee a lot of growth and development in it’s future.

Bothell has seen a 15.6% increase in home values since July of 2013 and is expected to continue to increase through next year, dropping slightly from 15.6% to 9%.  In the past 90 days, 194 residential homes and condos have been sold with the median sale price being $465,000.  As of July 21st 2014, there are 139 active listings with the median listing price at $510,000, which leaves a 2.14 months supply of inventory.  Months of supply is the number that tells us how many months it would take all of the current homes to sell, given a monthly sales volume.  A healthy market is about 6 months supply of inventory while Bothell is at 2.14 months supply! This tells us that things are going very quickly, at a rate of about 65 sales per month! Wow!

The graph below displays Months of Inventory based on closed sales from April 2013 through June 2014 in Bothell.  If you are interested in what’s happening in your neighborhood or an area of interest, feel free to contact me for a complimentary market analysis!

Market Monday’s: Kirkland

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Home sellers in Kirkland can do almost no wrong right now,  The real estate downturn that started 7 years ago is a distant memory as the Kirkland market has become an inventory crunched, pent up demand market of hungry home buyers.  

As I was narrowing down which market to talk about for my first “Market Monday”, it only made sense to discuss the neighborhood I feel closest to and the one I call home.  What is important to know is that sale-to-list price ratios in many areas have been above 100% since January of this year.  Almost every home that comes on the market, and is reasonably priced, is selling right away. Multiple offers and bidding wars are the norm.  

As of the end of June, the median sale price in Kirkland was $719,000, which is a 16% increase in sale price from the year before.  Double digit appreciation isn’t expected to continue long term, however, long term projections show a steady growth in the coming years.  

Within the city of Kirkland, the YTD (year to date) median sale price is slightly lower at $677,000, which is a 17% increase from 2013.  Although the median sale prices of homes in Kirkland are high, there are affordable homes in the $400,000 range and single family condos as low as $200,000.  

As you can see, it’s a great time to sell your home in Kirkland….but, what if you’re looking to buy a home in Kirkland? According to the Seattle Bubble, as of the beginning of the 2nd quarter, one in four pending sales were failing to show up in the closed sales numbers. This is great news for buyers, since many of the homes that quickly go pending have a 25% chance of going back on the market, leaving buyers a second chance. 

I would be happy to answer any questions you may have about buying/selling a home in your area. Feel free to email me at rachelwagner@johnlscott.com or join me for a run through some of your favorite Kirkland neighborhoods! Also, stay tuned for a special announcement and opportunity to win one month of Organic local produce delivered to your door from Full Circle! 

 

Buzzwords explained: “green home”

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With phrases like global warming, greenhouse effect and sustainable management being tossed around in everyday headlines, more people are focusing on the effects of their actions. It’s not just about what manufacturing companies are doing to help or hurt the environment; it’s also about what people do in their everyday activities.

How many of you have noticed the term “green home” weaving its way into your life? “Green” is a big trend in homes right now, but you’re forgiven if you’re not sure exactly what that means.  In fact, I wasn’t completely sure what it meant until I did some research of my own.  When I think “green home” I think of energy conserving, water miser Energy Star appliances, composting toilet and a home with solar panels.  But what about a home with traditional heating and electrical systems that also has low-VOC (volatile organic compounds) drapes, paint and carpet? Or, can it be as simple as making our environmental impact as small as possible, given the tools we already have?

What I found is that any of the aforementioned are steps in the right direction.  Going green can be anything from where you buy a home, how you build a home and the ways in which you cut water and energy waste.

It is possible to be a little bit green. Everything helps, even if you simply choose a floor of sustainable cork instead of Brazilian rain-forest cherry or a kitchen counter top of recycled glass tiles rather than granite. Not only will you help the planet, but doing so often helps your own bottom line through lower energy bills and your home’s potentially higher resale value.

So, how can you make improvements without breaking the bank?

  • Use certified (sustainably harvested) wood products
  • Buy products made of recycled materials
  • Cut energy use with insulation and a highly efficient furnace and appliances
  • Install renewable energy sources like a wind generator or solar panels
  • Reduce light pollution
  • Maximize open space on your land

You’ll be happy to know that some of the best investments are also the easiest to implement. These four will give you the most return for the money spent:

  • Replace incandescent light bulbs with compact fluorescent bulbs. They last seven or eight years and use less energy, saving about $100 per year in electricity. Cost: $2+.
  • Install a timer on your lights and heating-and-cooling system so you can program your home to consume less energy when you’re gone or sleeping. Cost: roughly $30.
  • Put aerators on faucets to dramatically reduce water use. Find them at hardware stores for about $3 each.
  • Caulk and weather-strip air leaks around windows, doors and other places where the wall is penetrated. Cost: Roughly $5 for a 10-ounce tube.

Yes, there is some extra effort involved in going “green”, however, the lower monthly utility bills might just be worth the up front work.  Not to mention, according to the National Association of Home Builders, 85% said they were more satisfied with their green homes then with previous, traditional houses.  I know that I will be making some changes in my own home, what about you?

 

Market Mondays: Around The Sound

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Pending sales of homes in Western Washington have seen a 13% increase compared to one year ago and listing activity continued to increase, According to NWMLS, along with the increase in the number of mutually accepted offers, data shows an increase in year over year CLOSED sales (up 4.6%) and prices (up 2.5%).  Inventory levels have declined, however, dropping about 1.2% throughout Western and Central Washington.

In September 2014, we saw 6.551 pending sales, compared to 5,193 pending sales in September 2013 and an impressive 6,020 closed sales, a 4.6% increase when compared to the 2013 numbers.

Sale prices have also increased 2.5% in 2014, with the median sale price being $285,000, compared to $278,000 in 2013.  5 counties have seen double digit increases, with King County increasing 9.1% in 12 months, rising from $384,925 to $420,000.

The luxury market has also been very strong, primarily the demand for homes over the $2 million mark.  This can be attributed to the economic boom we are seeing in Seattle, an interest from International buyers and foreign investors as well as an increase in executive level positions for large companies.  This is great news for Seattle home sellers, as well as a positive indicator regarding Seattle’s real estate market health.

Although it is a great time to sell your home, pricing your home correctly from DAY 1 is more important than ever.  Today’s buyers are educated and have a good understanding of market value.  Homes that are priced above market value are not getting offers, resulting many times in the homes being sold well below market value.

Industry experts have been weighing in on WHERE the real estate market is headed.  Many agree that we are seeing a slight correction in the market, with a balance of pricing, inventory and overall health.  J. Lennox Scott, CEO and Chairman of John L Scott Real Estate shared that “As we head into fall, we expect sales to remain strong-and market conditions are already shaping up for a brisk market starting the first of the year.”

Stay tuned this week, I will be sharing some valuable information about the economic projections for 2015, with Dr. Krishna Rao, Ph.D, economist at Zillow.  I am looking forward to sharing with you all the insight I learn as they relate to current market conditions and what we can expect for housing in the area next year!