Design and use changes are proposed for the existing Sears site in the Redmond/Overlake area. The rendering above and link to the City of Redmond website provides more information about the Seritage mixed use project. Preliminary plans for the 13 acre site propose office, retail, hotel, restaurants and residential plus approximately 2 acres of parks and open space.
Anyone interested in learning more about the proposed project can attend a public meeting on Thursday, March 8th at 6:00 PM at the Redmond Community Center at Marymoor Village (6505 176th Avenue NE, Redmond, WA).
The info-graphic above provides a quick look at 2017 King County real estate market statistics.
- nearly 3% more homes (condos and houses) sold in 2017 vs. 2016
- the median sales price was up nearly 15% county-wide
- at the end of 2017 there was less than a one month supply of available homes
- a 4 – 6 month supply is considered normal – we haven’t sen a “normal” level of supply for 2+ years
Six weeks into 2018 the stats haven’t changed much. Homes are coming on the market slowly and are selling quickly. Inventory still can’t meet buyer demand. The “spring” market generally opens up in mid-to-late February. Hopefully there will be more condos and houses available as the weather begins to warm.
The take away . . .
- Planning to sell? Buyer demand is high but condition and location are still important selling factors.
- Ready to buy? Position yourself to be a strong buyer. Meet with your lender and obtain a current loan pre-approval . Work with your Realtor® to educate yourself on neighborhoods, schools, recent sales prices and list vs. sold statistics, commute times, etc.
- Expand your options – maybe the home that fits your lifestyle isn’t a house. Don’t rule out a condo or townhouse which can offer a single family lifestyle with lower maintenance responsibility, a great alternative if you don’t want a lot of yard or exterior home maintenance.
2018 is expected to be another challenging real estate market for buyers and sellers. Be patient. Be flexible. Be ready to move quickly.
Robin is a Realtor® with Windermere Real Estate/East. She lives and works in Bellevue and specializes in the Eastside’s condo and townhome communities.