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.
Today is the grand opening celebration for Bellevue’s Downtown Park. Closed for the past year to complete a major renovation, the park will open just in time for the July 4th celebration and fireworks.
For nearly 30 years the popular park has existed with an incomplete circular promenade and canal. During the last year work has been completed to create a grand entryway, water feature and terraced seating at the south end of the park, enhanced lighting and landscaping throughout the park and a new Inspiration Playground designed for children of all ages and abilities which was made possible through a partnership with the Rotary Club of Bellevue.
Events include a ribbon-cutting with city officials, live music, including the Seahawks Blue Thunder band, food trucks and more. Free parking is available at Bellevue High School with shuttle service to and from the park.
Its going to be a beautiful afternoon. Get out and enjoy the park.
2016 was a challenging, fast paced residential real estate market with multiple offers and sales over list prices the norm. So far 2017 is set to match or out pace last year, crushing any concerns about another real estate bubble. Downtown Bellevue continues to be a high demand destination for people working on either side of the lake. With Amazon, Microsoft, Google, Facebook and numerous other companies continuing to expand and hire, its unlikely the local demand for housing will decline. Last year when Expedia announced it would be moving its offices from Bellevue to Seattle there was concern downtown Bellevue might have an excess of available office space – that lasted just a few minutes. Amazon has leased the entire Centre 425 office tower, Salesforce and other companies occupy most of the 929 Tower, and there isn’t much space left at the Lincoln Square 2 office tower. Its likely the Expedia space will be leased before its even vacated. Continue reading →
I visit the City of Bellevue website frequently. Its a great resource for finding out what’s going on in the city. The City recently launched its new website (https://bellevuewa.gov/). Its more interactive, easier to navigate and mobile friendly. The new site makes it easy to search for just about anything you need to know about Bellevue:
events and news releases
parks & recreation
doing business in Bellevue
city government – City Council meeting schedules, agendas and information
emergency/extreme weather information
MyBellevue customer service app for reporting issues and requesting service/repairs
The website is translated into the five top languages spoken in Bellevue and there’s real time information about emergency and severe weather issues. Take a look at the new site. A few bugs are still being worked out – the City would love to have your input.