This infographic, supplied by the NWMLS, quickly reflects 2017 King County real estate market statistics.
nearly 3% more homes (condos & 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 a balanced or normal – we haven’t seen a “normal” level of supply for 2+ years
Barely six weeks into 2018, the stats haven’t changed much. Homes are coming on the market slowly and 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 improve.
The take away . . .
Planning to sell? Buyer demand is high but condition & location are still important
Ready to buy? Position yourself to be a strong buyer. Obtain a current loan pre-approval from your lender. Work with your Realtor® to educate yourself on neighborhoods, schools, recent sales prices, list vs. sold statistics, commute times, etc. Know what you want and know what your budget will allow. Be patient. Be flexible. Be ready to move quickly.
Maybe the home that fits your lifestyle isn’t a house. Expand your options. A condo or townhouse, which can offer a single family lifestyle with lower maintenance responsibilities, is a great alternative if you don’t want a lot of yard or exterior maintenance.
I’ve specialized in condominiums and townhomes for over two decades. Find out what’s happening in your community or learn more about your future neighborhood. I have local sales and market data, information on new properties, future projects, etc. that may impact you as a seller or buyer.
Interest in area rentals remains strong, but there has been a noticeable slight decline in area rents so far this year Even in high demand urban areas, rents have dipped slightly. With thousands of new apartments recently completed, or nearing completion, and hundreds more under construction, rental supply may have begun to outpace demand.
If you own an investment property, you’ll likely find more competition the next time you negotiate a lease renewal. Hundreds of new apartments are available offering modern finishes, new appliances, high tech features and a long list of community amenities and services. Tenants may not be as quick to accept a rent increase or even a lease renewal when, for the same or less money, or attractive lease-signing incentives, they can move into newer digs.
If you’ve owned your investment property for 5+ years, this could be an excellent time to sell and maximize your return on investment and diversify your portfolio. The inventory of available homes for sale is at historic lows and buyer demand is off the charts. Properties are selling quickly, often with multiple offers. Your total return on investment could provide more long term income security than the monthly rental income. Even if a property needs cosmetic updates to rent or sell, that minor investment will result in a major return when you sell.
Need local market information? I live and work in downtown Bellevue – there isn’t much I don’t know and love about the city. A Realtor® for over two decades, I combine my knowledge of the city and extensive condominium experience to advise and guide clients through the process of buying or selling a home.
In the January edition of Bellevue’s Lake to Lake video newsletter you can take a look at what’s been happening at the expansion of the Meydenbauer Bay waterfront park. The long planned waterfront connection will have 700′ of lakefront with a larger swimming beach, bath house, pedestrian pier and connection to the public marina. Terraced park grounds will provide lake vistas and plenty of space for picnics and lounging. When complete the park will offer rentals for non-motorized boats and stand-up paddle boards. The new waterfront park will connect with the city’s Downtown Park creating easy access to the city’s lakefront parks and marina. Phase 1 of the park is expected to be open to the public 4th quarter 2018.
There are many holiday activities in and around downtown Bellevue this month. There’s still time to put some of these events on your “to do” list and make these events part of your holiday tradition.
Nightly at 7:00 PM Bellevue Way is closed between NE 4th and NE 8th Streets for Snowflake Lane featuring drummers, dancers, holiday characters and a parade complete with snow every night. Arrive early – sidewalks on both sides of the street fill up quickly. Kids of all ages will love the event. (http://www.snowflakelane.com) Continue reading →
Downtown Bellevue has become a city for families. A decade ago it was a rare sight to see children lined up at school bus stops downtown. Now you can see dozens of children waiting for school buses on several corners throughout the central business district. The increased “stroller count” confirms that couples who may have moved downtown several years ago are choosing to remain downtown and raise their families in the city.
While many new residents, singles and young families, are embracing urban living, working “seniors” are also moving downtown, transitioning from suburban homes where they raised their families to the city, drawn to the convenience and energy of an urban lifestyle vs. moving to age designated, sometimes isolated, suburban communities. The walk-ability to shopping, dining, arts and entertainment venues and medical services is appealing to any age. Nearly 40% of Bellevue’s population is made up of young-at-heart 45-70 year olds who are still working or are active retirees. Continue reading →
I moved to Bellevue 30 years ago and have lived downtown for the past ten years. I love living here and one of the things I love most are the beautiful and diverse parks throughout the city. I’m lucky enough to live within walking distance of ten parks which I visit frequently with my two pups. Did you know . . .
Bellevue has 2,700 acres of parks and open space with 80+ miles of multi-use trails
45 parks have playgrounds
6 waterfront parks have seasonal lifeguards
17 parks have reservable picnic areas
16 have tennis courts and six have pickleball courts (3 indoor and 3 outdoor)
Bellevue has an aquatic center, a tennis center and two golf courses (Bellevue Golf Course and the Crossroads Par 3 golf course)
Kelsey Creek Farm is home to ponies, sheep, goats, chickens, pigs and more
There are nearly 100 city maintained parks. The Dowtown Park, the city’s crown jewel, recently reopened after a one year closure for a major upgrade. The park is a 21 acre oasis in the heart of downtown Bellevue offering views of Mt. Rainier and the downtown skyline. A 1/2 mile groomed promenade circles a canal which is bordered by trees and dozens of benches and a 240’waterfall. The expanded Inspiration Playground provides innovative play space for children of all ages and abilities plus a fun water play space which was very popular this summer. Continue reading →
Bosa Development officially broke ground last week for the One88 – a 21 story luxury condominium community. This will be the first new condo development in downtown Bellevue since the construction of Bellevue Towers and Washington Square nearly ten years ago. The One88 tower will be rise 21 stories with 143 homes offering one, two and three bedroom residences and penthouse floor plans as well as luxury owner amenities.
Located at the southwest corner of Bellevue Way NE and NE 2nd Street, One88 replaces a collection of low rise buildings where the former Robbins Brothers jewelry was located.