EastsideQuarterly Market Trends February 12, 2018

Eastside Quarterly Market Trends

Price growth was particularly strong in 2017! Median was up 15% and average price up 16% over 2016. Median price in 2017 landed at $865,000 and the average at $1,049,000. The average amount of days it took to sell a house in 2017 was 24 days, which is 17% faster than 2016. The average list-to-sale price ratio over the last year was 101%, with the spring months as high as 103%! In 2017, inventory growth continued to be a challenge, with a 4% decrease in new listings compared to 2016. Even with inventory limitations there were a near equal amount of sales! This phenomenon illustrates strong buyer demand and a need for more listings.

Demand for Eastside real estate has grown due to close proximity to job centers, great schools and quality of life. Over the last year, the Eastside was 70% more expensive than south Snohomish County and 22% over Seattle Metro. Historically low interest rates continue to drive the market as well, they have helped offset the increase in prices. Sellers are enjoying great returns due to this phenomenon and buyers are securing mortgages with minor debt service.

This is only a snapshot of the trends on the Eastside area; please contact me if you would like further explanation of how the latest trends relate to you.

Quarterly Market TrendsSeattle Metro February 12, 2018

Seattle Metro Quarterly Market Trends

Price growth was particularly strong in 2017! Median was up 15% and average price up 14% over 2016. Median price in 2017 landed at $710,000 and the average at $801,000. The average amount of days it took to sell a house in 2017 was 18 days, which is 10% faster than 2016. The average list-to-sale price ratio over the last year was 103%, with the spring months as high as 106%! In 2017, inventory growth continued to be a challenge, with a 3% decrease in new listings compared to 2016. Even with inventory limitations there were 4% more sales! This phenomenon illustrates strong buyer demand and a need for more listings.

Demand for Seattle Metro area real estate has grown due to close proximity to job centers. Over the last year, Seattle Metro was 40% more expensive than south Snohomish County and 75% over south King County. Historically low interest rates continue to drive the market as well, they have helped offset the increase in prices. Sellers are enjoying great returns due to this phenomenon and buyers are securing mortgages with minor debt service.

 

This is only a snapshot of the trends in the Seattle Metro area; please contact me if you would like further explanation of how the latest trends relate to you.

North King CountyQuarterly Market Trends February 12, 2018

North King County Quarterly Market Trends

Price growth was particularly strong in 2017! Median and average prices were up 14% over 2016. Median price in 2017 landed at $715,000 and the average at $787,000. The average amount of days it took to sell a house in 2017 was 17 days, which is 19% faster than 2016. The average list-to-sale price ratio over the last year was 104%, with the spring months as high as 107%! In 2017, inventory growth continued to be a challenge, with a 4% decrease in new listings compared to 2016. Even with inventory limitations there were a near equal amount sales! This phenomenon illustrates strong buyer demand and a need for more listings.

Demand for north King County real estate has grown due to close proximity to job centers while maintaining a neighborhood feel. Over the last year, north King County was 41% more expensive than south Snohomish County and 77% over south King County. Historically low interest rates continue to drive the market as well, they have helped offset the increase in prices. Sellers are enjoying great returns due to this phenomenon and buyers are securing mortgages with minor debt service.

This is only a snapshot of the trends in north King County; please contact me if you would like further explanation of how the latest trends relate to you.

Quarterly Market TrendsSouth Snohomish County February 12, 2018

South Snohomish County Quarterly Market Trends

Price growth was particularly strong in 2017! Median was up 14% and average price up 12% over 2016. Median price in 2017 landed at $508,000 and the average at $543,000. The average amount of days it took to sell a house in 2017 was 24 days, which is 17% faster than 2016. The average list-to-sale price ratio over the last year was 101%, with the spring months as high as 103%! In 2017, inventory growth continued to be a challenge, with a 1% decrease in new listings compared to 2016. Even with inventory limitations there were 4% more sales! This phenomenon illustrates strong buyer demand and a need for more listings.

South Snohomish County real estate has seen a steady stream of buyers come our way due to affordability, reasonable commute times to job centers and quality of life. In fact, the median price in 2017 was 41% higher in north King County. Historically low interest rates continue to drive the market as well, they have helped offset the increase in prices. Sellers are enjoying great returns due to this phenomenon and buyers are securing mortgages with minor debt service.

 

This is only a snapshot of the trends in south Snohomish County; please contact me if you would like further explanation of how the latest trends relate to you.

North Snohomish CountyQuarterly Market Trends February 12, 2018

North Snohomish County Quarterly Market Trends

Price growth was particularly strong in 2017! Median and average prices were up 13% over 2016. Median price in 2017 landed at $371,000 and the average at $400,000. The average amount of days it took to sell a house in 2017 was 35 days, which is 10% faster than 2016. The average list-to-sale price ratio over the last year was 99%, with the spring months as high as 101%! In 2017, inventory growth continued to be a challenge, with an 8% decrease in new listings compared to 2016. Even with inventory limitations there were 3% more sales! This phenomenon illustrates strong buyer demand and a need for more listings.

North Snohomish County real estate has seen a steady stream of buyers come our way due to affordability and quality of life. In fact, the median price in 2017 was 37% higher in south Snohomish County. Historically low interest rates continue to drive the market as well, they have helped offset the increase in prices. Sellers are enjoying great returns due to this phenomenon and buyers are securing mortgages with minor debt service.

This is only a snapshot of the trends in north Snohomish County; please contact me if you would like further explanation of how the latest trends relate to you.

Edmonds April 26, 2017

16 Excellent Independent Businesses in Edmonds

The Edmonds area is filled with an exciting array of independent businesses to explore and support! From restaurants that serve up authentic and comforting fare to shops stocked with treasures you can’t find anywhere else, the businesses in Edmonds are made even stronger by the support of loyal customers and the warmth of the staff who grew up here.

Check out our list of 16 excellent independent businesses in Edmonds that are definitely worth a visit:


RESTAURANTS

Church Key Pub

Hours: 4:00p-11:00pm Monday-Thursday; 3:00pm-1:00am Friday; 12:00pm-1:00am Saturday; 12:00pm-11:00pm Sunday

Located at 109 4th Ave. N. Edmonds, WA 98020

If you’re looking for a relaxing night out with friends, the Church Key Pub has you covered. This bar features a selection of hearty, yet affordable sandwiches, flatbreads, entrees, and more, in addition to a rotating tap of up to 19 unique craft beers and a vibe that blends the flavors of an Irish pub with the familiar comfort of a local hangout.

Church Key Pub has the best food! This place is always packed—standing room only. Yes, the beer selection is grand but the gourmet grilled cheese sandwich, homemade chicken pot pie, salads and fresh pretzel with cheese are fantastic. I’ve never ordered something there I didn’t really like.”-REALTOR® Melody Benton

For a fun night that won’t break the bank, stop on into the Church Key Pub!


Salt & Iron

Hours: 11:00am-10:00pm Monday-Thursday; 11:00am-11:00pm Friday; 9:00am-11:00pm Saturday; 9:00am-10:00pm Sunday

Located at 321 Main St. (in Downtown Edmonds) Edmonds, WA 98020

With a bright and welcoming atmosphere in the heart of busy downtown Edmonds, Salt & Iron takes an elegant, yet laid-back approach to fresh American Northwest cuisine. “Salt & Iron has been a great addition to the downtown food scene. Their menu is fresh and offers a fun spot to celebrate a special occasion whether it is their yummy brunch on the weekend or a tasty dinner,” says Lena Wood Maul.

Speaking of brunch, according to Caitlyn Johnson, “Salt and Iron is my go-to for brunch. The breakfast sandwiches and mimosas are my favorite!” If you want to experience what all the buzz is about, make a reservation at Salt & Iron!


Walnut Street Coffee

Hours: 6:00am-6:00pm Monday-Friday; 7:00am-6:00pm Saturday-Sunday

Located at 410 Walnut St. Edmonds, WA 98020

Serving Edmonds since 2006, Walnut Street Coffee is definitely a local favorite. According to local Lena Wood Maul, “Walnut Street Coffee brings the goods using locally roasted Vivace’ Coffee and they have the best quinoa burrito for a quick healthy breakfast option.” REALTOR® Ginna Demme agrees with and adds to Maul’s sentiment: “I love Walnut Street Coffee! Fantastic employees, delicious coffee and treats, wonderful atmosphere! I especially love their rotating featured artwork. Walnut street’s quinoa burrito is the absolute best!!”

With other treats sourced from local companies and a commitment to using only organic products, there is no question that Walnut Street Coffee is a true community staple that not only tastes good, but does good.


Epulo Bistro

Hours: 4:00pm-10:00pm Tuesday-Thursday & Sunday; 4:00pm-11:00pm Friday-Saturday; closed Monday

Located at 526 Main St. Edmonds, WA 98020

If you want a restaurant experience that makes you feel part of a family, look no further than Epulo Bistro. This quaint spot features a warm atmosphere and delicious European-inspired food prepared with only the freshest and finest local ingredients. If you’re not sure what to order first, Lena Wood Maul has a suggestion: “Epulo Bistro hands down has the best appetizer in their burrata cheese with fresh handmade cheese, toast points and bright sliced cherry tomatoes tossed in olive oil and basil, yum!” Good food, good service, and a good community are what it is all about at Epulo Bistro.


Las Brisas

Hours: 11:00am-9:00pm Sunday-Thursday; 11:00am-10:00pm Friday-Saturday

Located at 201 5th Ave. S. Suite 101 Edmonds, WA 98020

If you’re in the mood for a little south-of-the-border flavor, you will want to check out La Brisas. This eatery blends traditional Mexican cooking, a sophisticated, modern style, and unmatched service to bring customers an unforgettable experience.

“Las Brisas is a must visit! My favorite item on their menu is the Macho Vegetarian Burrito (and don’t forget to get a fresh lime margarita as well!). Their fantastic location, decor, and menu make for a great place for anything from late night drinks to family dining,” says REALTOR® Ginna Demme. Stop in today and witness all that has made Las Brisas an Edmonds household name.


Evviva Woodfired Pizza

Hours: 4:00pm-9:00pm Tuesday-Friday; 11:00am-9:00pm Saturday; 11:00am-8:00pm Sunday; closed Monday

Located at 178 Sunset Ave. South, Edmonds, WA 98020

For a taste of true, authentic Neapolitan pizza, Evviva Woodfired Pizza is the place to go. “Evviva Pizza is the closest to Italy you’re going to get!” says REALTOR® Andrea Wetzel. Indeed, this spot serves up pies featuring only the freshest organic/all-natural ingredients, prepared through the same method that pizzaiolos have been using for hundreds of years. With a unique simplicity and a beautiful location, Evviva Woodfired Pizza is your chance to travel back to the old world without ever leaving Edmonds.


Bar Dojo

Hours: 4:00pm-10:00pm Sunday-Thursday; 4:00pm-12:00am Friday-Saturday

Located at 8404 Bowdoin Way Edmonds, WA 98026

Treating the people of Edmonds to a melting pot of Asian comfort foods and Northwest ingredients, Bar Dojo is a local dining experience unlike any other. Their cocktails are handcrafted using Asian fruits and spices, their food is wild, organic, and sustainable, and their dining room brings all the modern warmth and comfort of Asia to your own backyard. Stop in today for a taste of all the flavors this neighborhood gem has to offer.


SHOPS

The Wooden Spoon Kitchen Shop

Hours: 10:00am-5:30pm Monday-Saturday; 12:00pm-4:00pm Sunday

Located at 104 5th Ave. S. Edmonds, WA 98020

An Edmonds landmark for over 40 years, “The Wooden Spoon is another long time family-run shop, with everything under the sun for your kitchen!” says REALTOR® Barbara Clark. This shop was one of the first kitchen shops in the Pacific Northwest and has since expanded to include seasonal items, decorative items, and other household treasures. With a loyal base of local customers and as a popular spot for tourists, the Wooden Spoon Kitchen Shop is an absolute must for anyone who loves to cook.


Comstock Jewelers

Hours: 10:00am-5:30pm Monday-Friday; 10:00am-5:00pm Saturday; closed Sunday

Located at 411 Main St. Edmonds, WA 98020

Started in 1978 in downtown Edmonds, Comstock Jewelers has quickly grown to become one of the most well-established and respected jewelers in Washington. How did they do it? As REALTOR® Barbara Clark explains: “Part of the charm of Edmonds is the many family owned & operated shops, like Comstock Jewelers. From father to son, and now to grandson, the secret ingredient to their loyal following is their excellent care, customer service and great selection and value.”

Indeed, their passionate staff have over 100 years of combined knowledge in the production and sale of fine jewelry, ensuring a quality buying experience every time. If you need a gift for that special someone, trust the team at Comstock to help you find your perfect match.


The Papery

Hours: 10:00am-6:00pm Monday-Saturday; 12:00pm-4:00pm Sunday

Located at 410 Main St. Edmonds, WA 98020

It is already clear from this list that Edmonds has no shortage of unique local shops. From kitchen supplies to jewelry, there is no end to what you can find. REALTOR® Barbara Clark points out a couple other spots, noting that “Housewares and the Papery are also great shops—I guarantee you will leave with something you had to have!”

The customers seem to agree, as numerous Yelp reviews for the Papery rave about the locale’s fun selection of greeting cards, home accent items, trinkets, and stationery.


Zinc Art + Object

Hours: 12:00pm-5:00pm Wednesday; 11:00am-7:00pm Thursday-Friday; 10:00am-6:00pm Saturday; 11:00am-5:00pm Sunday; and by appointment

Located at 102 3rd Ave. South Suite B Edmonds, WA  98020

With an eclectic array of modern gifts, art, and furniture, Zinc Art + Object brings contemporary artistry to Edmonds. Paintings, sculptures, and other one-of-a-kind items invite you to view the world in a different way and appreciate the beauty of different creative perspectives. If you’re in the market for something truly unique that speaks to your soul, check out Zinc Art + Object.


Teri’s Toybox

Hours: 10:00am-6:00pm Monday-Saturday; 11:00am-4:00pm Sunday

Located at 420 Main St. Edmonds, WA 98020

Stumped on where to find a good birthday present for a kid? Well, Lena Wood Maul says “Whenever I have to buy a birthday present for one of my kids to bring to a party, Teri’s Toybox is easy and offers fun, unique toys that don’t disappoint.” A local store for the past 30 years, Teri’s offers board games, costumes, back-to-school gear and more (Including pool gear for those upcoming summer months). Whether you’re a kid or a kid at heart, you will love the selections available at Teri’s Toybox.


Edmonds Bookshop

Hours: 10:00am-6:00pm Monday-Wednesday & Friday; 10:00am-8:00pm Thursday; 9:00am-5:00pm Saturday; 12:00pm-5:00pm Sunday

Located at 111 5th Ave. South Edmonds, WA 98020

Dedicated to “finding good homes for books since 1972,” Edmonds Bookshop is a one-stop shop for booklovers of all ages. From fiction to biography and picture books to young adult novels, this spot has something to pique every interest. With a frequent buyer bonus plan, gift wrapping services, special orders, and more, Edmonds Bookshop is all about serving the people of Edmonds with books they really want to read.


Arista Wine Cellars

Hours: 10:00am-7:00pm Monday-Wednesday & Friday; 10:00am-8:00pm Thursday; 10:00am-5:00pm Saturday; 12:00pm-5:00pm Sunday

Located at 320 5th Ave. South Edmonds, WA 98020

If you’re looking for the perfect wine for a special occasion, Arista Wine Cellars is here to help. They have a wide selection of wines to choose from, both from Washington and around the world. With friendly service and 18 years of experience, the staff at Arista Wine Cellars is sure to pair you up with just the right wine for your needs.


Fabric of Life Boutique

Hours: 9:00am-6:00pm Tuesday-Saturday; 12:00pm-5:00pm Sunday; closed Monday

Located at 519 Main St. Edmonds, WA. 98020

If you want to find some truly unique items and support global fair trade artisans right here in Edmonds, Fabric of Life Boutique lets you do just that. This shop is run by volunteers and has been involved in numerous events over the years to raise support and awareness for important local and global issues. For one-of-a-kind handmade jewelry, knick knacks, and household items that represent a cause for the greater good, look no further than Fabric of Life Boutique.


Edmonds Farmers Market

Dates & Hours: May 6-June 10, 9:00am-2:00pm (Garden Market); June 17-October 7, 9:00am-3:00pm (Summer Market)

Located at 5th and Bell in Downtown Edmonds (Garden Market) & Downtown Edmonds on 5th Street from Main at the fountain to Bell and east up Bell Street around Centennial Plaza (Summer Market)

Hosted by the Edmonds Museum, the Edmonds Garden and Summer Farmers Markets are a much-loved local pastime. “Edmonds farmers market is my favorite spring and summer activity,” says Caitlyn Johnson. “They have beautiful flowers and hand made local jewelry that I usually can’t pass up!”

Both markets are open to all vendors with products handmade or “Home Grown in Washington,” which provides residents with a perfect opportunity to see what businesses are around to support, like Hunni Co. “Hunni Co is also a locally owned business that keeps Edmonds beekeepers in business with delicious local honey and the farmers market in the summer can’t be beat!” says REALTOR® Andrea Wetzel. If you want to experience all the history and diversity of Edmonds in one place, check out one of the Edmonds Farmers Markets this year.

Uncategorized March 29, 2017

Should you buy or rent in today’s market?

Does it Make More Sense to Rent… or Own?

break-even horizon seattle

*The amount of time you need to own your home in order for owning to be a superior financial decision.

 

With Seattle’s robust job market and high housing costs, there has been a lot of talk lately about the cost of living in the Greater Seattle area. In fact, Seattle is now the 5th most expensive city to rent in the country according to a new study from Nested.com. The average monthly rental price for a one bedroom apartment in the city of Seattle is $1,790 according to Zumper.com, up 8.5% year-over-year; and a two bedroom is $2,470, up 6% year-over-year! With rising rental rates, still historically low interest rates, and home prices on the rise, the advantage of buying versus renting has become clear for folks who have a down payment saved, good debt-to-income ratios and strong credit. Currently, the breakeven horizon (the amount of time you need to own your home in order for owning to be a superior financial decision vs. renting) in the Greater Seattle area is 2.4 years according to Zillow research.

An additional study by Nested.com outlines the monthly rental costs for a single person or a family of four, as well as the yearly income required. In Seattle, it costs the average single person $1,288.76 a month to rent, which requires an annual income of $53,328.00. The average family of four costs $2,665.34 for monthly rent, and an annual income of $101,186.48. That is a lot of money one would be paying towards someone else’s investment.

There are several factors to consider that will lead you to make the best decision for your lifestyle and your financial bottom line. One of the biggest factors is interest rates! Currently, the rate for a 30-year fixed, conventional, conforming loan is hovering around 4.25%. That is amazingly and historically low, making the advantage of securing a mortgage huge. What is nice about having a mortgage is that the payment stays the same over the term of the loan. With renting, rates can be increased at any time, and you are paying down someone else’s asset, not your own. Owning gives the homeowner control over their overhead while getting to make their house their home. What is also so great about owning, is that once you have hit the breakeven horizon, every month that ticks away thereafter is building your nest egg in value. The long-term benefits of owning are abundant, including the stability of not being asked to move. These are important factors to consider for everyone, but especially the younger folks who are enjoying the benefits of Seattle’s attractive job market.

Where folks are having to compromise most due to affordability is commute times, and settling in less urban neighborhoods. Worth pointing out, is the average home price in South Snohomish County is 46% less than Seattle Metro – that is a huge savings! Some people, mainly millennials, have not been willing to give up living in the more core urban neighborhoods that have high walk scores and shorter commute times. That should be apt to change as rents are rising fastest in those areas. The advantages of moving out a little further and securing a home will start people on the track of building long term wealth.

If you or anyone you know is currently renting and is considering a change, please let us know as we would be happy to get their questions answered to help them make an informed decision.

 

Posted on March 23, 2017 at 10:32 am
Windermere Real Estate North | Posted in Local Market Analysis | Tagged , , , ,