buying a homeeconomyinterest ratesreal estateRobin Myers/Condo Specialistselling a homeWindermere Real Estate December 7, 2023

2024 Housing Market Predictions

Matthew Gardner, Windermere’s Chief Economist, provides his annual insight and predictions for the coming year’s local and national real estate market. Matthew reviews his 2023 predictions and provides his outlook for 2024.

Matthew’s monthly market updates are always informative, but the annual recap and predictions for the coming year is always my favorite.

 

buying a homecondominium speciaistcondominiumsfirst time buyersreal estaterentalsRobin Myers/Condo Specialist March 7, 2023

Rent vs. Buy – What Best Fits Your Current Lifestyle? Copy

There are definite advantages to owning a home, as a vehicle for building wealth and the security of owning a safe place to call home. Matthew Gardner, Windermere Real Estate’s Chief Economist, speaks to the advantages of owning a home in this short video. While most of us can agree with all the points in Matthew’s video, the reality is that sometimes life happens and it might be wiser to make a temporary decision to rent before you explore buying a home. Lifestyles change, relationships change, jobs change . . . wherever you are in life, if you need information about condos, townhomes or houses for sale, or if home ownership is a year or two away, I have resources for lenders, market data, movers, contractors, property managers and rental properties to help you with whatever you need.

 

 

Bellevue condominiumDowntown Bellevuereal estateRobin Myersurban livingWindermere Real Estate August 24, 2022

Thoughts on Bellevue’s Fall Condo Market

downtown Bellevue skyline

Downtown Bellevue Skyline

August tends to be a quiet month for real estate, but after the Labor Day holiday weekend, expect to see market activity pick up as we head into fall.    It was a frenzied first half of the year, both nationally and locally, with a continuing shortage of existing and new construction housing inventory. The impact of two significant interest rate increases certainly caused the market to cool a bit this summer and demand declined slightly while buyers adjusted to 5%+  mortgage interest rates. (Not that an increase from 3% to 5% isn’t significant, but if you’ve been around long enough to remember, mortgage interest rates in the mid 1970s were in the mid-to-upper teens.)

There’s been a lot of talk about a housing market crash or a housing bubble. What we’re experiencing now is a normal market, and a normal market doesn’t mean buyer interest has evaporated. The Pacific Northwest is fortunate to have a strong business and economic base with companies continuing to expand, hire new employees and relocate existing employees to the area. During the height of the pandemic there was momentum to move away from the city to find space to spread out and create home school and work-from-home space. Not everyone decided to move to the country (some have chosen to move back to the city) and buyers new to the market are looking for convenience and access to employment, amenities, schools, transportation, health care, etc. Urban living is still in high demand and local sales activity supports that trend.

Over the past 90 days, here’s what’s been happening in downtown Bellevue . . .

  • 45 condos sold in the last 90 days
  • the median sold price was $1,175,000 (compared to $957,500 during the same period in 2021)
  • 40% of those condos sold above list price
  • 60% sold in 10 days or less (average days on market was 19)

Buyers are still active in the marketplace and downtown Bellevue is definitely on their radar. Multiple offers still occur but price escalations haven’t been as dramatic as seen late last year and the first half of 2022.

Downtown Bellevue (98004 zip code) currently has a 3 month supply of available condo inventory. It is a more balanced market but still slightly favors sellers. (A balanced market is considered 4-6 moths of available inventory.) New construction opportunities exist but those units, either under way or in the planning pipeline, won’t deliver homes ready for occupancy for 18-24+ months. One community, nearing completion, will  add 16 new residences to Bellevue’s urban marketplace this year.

Looking at all Bellevue neighborhoods/zip codes, 146 condos sold over the last 90 days. 65% sold at or over list price with an average time on market of just 10 days. Right now there are just over 100 condos listed for sale throughout Bellevue (including downtown) or a 2.2 month supply of available inventory.

Nothing in the market data suggests home prices are declining or that we’re headed into a housing bubble or market crash. This year’s interest rate increases did have an impact on the market, and there was a moderate market correction as a result, but local condo values are expected to appreciate but at a far more normal and sustainable pace.

 

Bellevuebuying a homecondominium speciaistreal estateselling a home July 8, 2021

Summer May Offer Temporary Relief for Home Buyers

downtown Bellevue skyline

Downtown Bellevue Skyline

This week’s press release from the Northwest Multiple Listing Service (NWMLS) provided a hint of hopeful news for local home buyers. NWMLS data shows the number of active listings added to the market in June was at it’s highest level in 17 months.

In the tri-county area (King, Snohomish and Pierce counties) single family and condo inventory was up 14% in June compared to May. It’s tough to know how the typical summer slowdown when buyers and sellers take a vacation break, could impact the market. With the easing of COVID restrictions, more people may choose to travel and temporarily abandon their home search.

If there’s a pause in the summer market, it isn’t likely to last long. Tech companies continue to lease large blocks of office space, so it can be expected hiring will accelerate as well which will put demand on available housing inventory. Tech industry growth may also increase demand for the urban housing market in the third and fourth quarters as employees return to downtown offices and the many buildings under construction, and already leased, are completed and occupied.

Condo sales activity was hit hard in the early days of the strict COVID restrictions, mostly due to concerns about living in a community setting and navigating elevators and common areas. As those restrictions have eased condo sales have increased  –  nearly 60% compared to a year ago  –  and prices have increased more than 20%. Interest in urban living will likely continue as employees return to downtown workplaces and companies ramp up hiring.

For buyers who decide to stay-cation and continue their home search efforts, July and August could provide opportunities. Staying ahead of the fall hiring cycle and corporate relocation schedule could pay off for buyers this summer.

 

 

 

Robin Myers lives and works in downtown Bellevue. She is a Realtor® with Windermere Real Estate specializing in condominiums and urban lifestyles.

buying a homecondominiumseconomyfirst time buyershome property valuesinterest ratesreal estateselling a homeworking from home February 8, 2021

2021 Housing and Economic Update

Every year Matthew Gardner, Windermere’s Chief Economic, provides his forecast for the coming year. As always, he includes a variety of topics that relate to the national economy, housing trends, mortgage interest rates and home price appreciation. This year he also addresses the impact the 2020 pandemic had on the economy and housing and what we may expect to see in 2021. It will be fun revisit this in 6-12 months and see how Matthew’s thoughts compare with what happens as we move through the year.

 

condominium speciaistcondominiumshousing marketreal estateRobin MyersWindermere Real Estate November 25, 2020

Matthew Gardner’s Housing & Economic Update

This week Matthew Gardner, Windermere’s Chief Economist, shares his thoughts on the latest US home sales data.

Single family and multi family home values continue to rise while available inventory levels continue to decline. What’s the news for condos? Condo prices are trending higher nationwide, up 10% year-over-year. It’s difficult to know how long this trend can be sustained as we close 2020. What could impact values next year? We may hit an affordability issue, which could push some buyers out of the market, and increasing inventory levels may create more selection for buyers but more competition for sellers.

I specialize in Bellevue’s condo and townhome communities. If you have questions about the market or what’s been happening in your community, call, text or email.

Happy Thanksgiving. While this year may be very different from years past, if you have an opportunity to safely share the holiday with family, enjoy the day. Be safe and stay healthy.

buying a homeeconomyELECTIONfirst time buyersreal estateRobin Myersselling a homeWindermere Real Estate November 13, 2020

Post Election Housing Thoughts

How could a Biden administration impact real estate? Matthew Gardner, Windermere Real Estate’s Chief Economist, shares his thoughts.

 

economyhome property valuesreal estate July 13, 2020

COVID-19 Impact on the Housing Market – You Might Be Surprised

buying a homecondominium speciaistreal estateselling a home June 10, 2020

What Does King County’s Phase 1.5 Mean for Real Estate?

colorful face masks

flickr/Rain Rabbit

 

 

King County has progressed to Phase 1.5 of the Governor’s “Safe Start Proclamation”. How does that impact buyers and sellers as they search for homes or list their homes for sale?

 

 

 

  • Real estate firms may open their offices again. In compliance with State guidelines, staff, brokers and guests will be required to wear face masks when in the office. Common areas and conference space will have restricted access. The number of staff and brokers permitted to be in the office will need to follow State guidelines.
  • The most significant change is that now three people (vs. two) are permitted at a property for real estate activities. This permits a husband and wife or partners to view the property together along with their broker. A buyer may now attend an inspection along with the broker and inspector.
  • Sign installation companies are again permitted to install/remove real estate signs.

As we begin to move about more freely, an abundance of caution will continue in an effort to keep everyone healthy. Showing homes will continue to be by appointment only with sufficient time between appointments. Buyers and brokers will be required to wear face masks while inside a home and observe all health protocols required by the State along with any additional guidelines requested by the homeowner. Public open houses are still prohibited. Brokers, in an effort to maintain social distancing guidelines, will not transport clients in their car but continue to meet them at properties.

These guidelines are in place to continue to keep everyone safe and healthy as we begin to resume our normal lives. Brokers have become more comfortable working within these guidelines and assuring buyers and sellers that they can safely search for or sell their homes. This is the new normal and we aren’t likely to see the “old normal” for a while.

 

condominium speciaistcondominiumsDowntown Bellevuereal estateurban living April 18, 2020

Downtown Bellevue Condos – Year-to-Year Stats

flickr/Dafne Cholet

 

Demand for urban housing remains strong, and with Amazon’s projected growth in downtown Bellevue, along with other corporations’ expansion plans, high demand is expected to continue over the next few years. Before the coronavirus outbreak and Stay Home/Stay Healthy order that went into effect in mid-March, the local condo real estate market was off to a very strong start.

2019 DOWNTOWN BELLEVUE CONDO SALES
1/1/2019 thru 3/31/2019            4/1/2019 thru 4/16/2019
39 sales                                      16 sales

2020 DOWNTOWN BELLEVUE CONDO SALES
1/1/2020 thru 3/31/2020           4/1/2020 thru 4/16/2020
55 sales                                       13 sales

 

First quarter downtown Bellevue condo sales were up significantly compared to the same period last year. Moving into the second quarter, numbers for the first half of April are surprisingly similar year-to-date,  despite the impact of the COVID-19 health crisis. It’s possible this April’s sales stats reflect contracts written in early March just prior to (and perhaps to secure a home) before the anticipated shelter in place order.

Though well below normal for this time of year, homes continue to be listed for sale, and buyers are writing offers on some of those homes. Many sellers and buyers, for health and safety reasons, have chosen to put plans on hold until the shelter at home order has been revised or lifted and there is a better  sense of what “normal” is going to look like. Like many businesses, it is expected the current strict restrictions on the real estate industry will be lifted gradually. What will the summer market look like? It’s tough to say, but based on activity during the first quarter, the high number of property and virtual tour views on websites over the past several weeks, and conversations with clients and potential buyers and sellers, summer may pick up right where the first quarter left off.