Annual Seattle-Eastside Real Estate Report: A Look Back at 2018

Annual Market Snapshot for Seattle and the Eastside

 

An increase in homes for sale coupled with rising interest rates have created a far more balanced market than we started 2018 with. This is a good thing as it will help our region tame affordability and create a sustainable marketplace. More homes came to market in 2018 than in any year since 2011. This provided home buyers with plentiful choices and forced home sellers to competitively position their homes to compete with other homes for sale—something they haven’t had to give much thought to in the last seven years.

 

The cost of a 30-year fixed-rate mortgage began the year at 3.95% and ended at 4.64%. Indications show rates could rise to 6% by the end of 2019. Mortgage rates are a far bigger factor than most people consider. A 1% increase in mortgage interest rates decreases buying power by 10%. Or said differently, a 1% rate increase has the same net effect on monthly payment as a 10% increase in the sale price. That also means if prices fell 10% but rates went up 1% the monthly mortgage payment would remain the same.

 

Our 2019 market will be driven by buyers motivated to beat interest rate hikes nipping at their heels and by sellers who will choose to price moderately following a seven-year appreciation growth run. Properly-priced homes in good condition and in desirable settings will do well, as will affordable homes on the periphery of the metro region. Strategic positioning, savvy marketing, and expert negotiation have never been so important as they are now.

 

2018 Market Averages for Seattle

 

Click or scroll down to find your area report:

Seattle | Eastside | Mercer Island | Condos | Waterfront

 


SEATTLE

2018 was a year of transition from an ultra-competitive seller’s market to a more balanced market. The first four months of the year saw dramatic price acceleration—arguably far beyond the comfort of Seattle area home buyers—as home values skyrocketed each month through the spring market. Around the beginning of May, home buying activity slowed as the number of homes for sale increased and buyers had more choices for the first time in years. Home prices have declined since that peak in most neighborhoods, but still ended the year up comfortably over 2017 values.

Seattle’s overall Median Sale Price was up 8.8% to $769,950, while its Average Sale Price was up 10.4% to $883,590. The Average $ Per Square Foot increased 9.7% to $437, with Lake Forest Park/Kenmore the most affordable region at $327/sq ft and Madison Park/Capitol Hill the most spendy at $561/sq ft.

Three Seattle neighborhoods had double-digit median price growth in 2018: Lake Forest Park/Kenmore at 14.4%, West Seattle at 12.7%, and Queen Anne/Magnolia at 12.2%.

Seattle Chart

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

Seattle Report

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EASTSIDE

Even with Eastside expansion announcements from several notable tech companies, 2018 saw a shift from an ultra-competitive seller’s market to a more balanced market. While the sky is not falling, price growth has slowed to a more modest and sustainable pace. After rising astronomically at the beginning of the year, prices have generally softened as buyers and sellers find their new norms.

The Eastside’s overall Median Sale Price was up 8.2% to $939,129, while its Average Sale Price was up 9.3% to $1,143,557. The higher average sale price reflects the impact of luxury home prices at the upper end of the market. The median sale price is attributed to the larger volume of mainstream sales at more moderate price points.

Four Eastside neighborhoods had double-digit median price growth in 2018: Kirkland at 23.8%, Woodinville at 12.9%, West Bellevue at 12.4%, and Mercer Island at 10.0%.

Eastside Chart

Click here for the full report and neighborhood-by-neighborhood statistics!

Eastside Review

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MERCER ISLAND

The Island, much like the region surrounding it, saw a shift from an ultra-competitive seller’s market to a more balanced market as the number of homes for sale increased markedly following a strong spring market. Home values have softened since the peak market of 2018, but still ended the year with a hefty increase over 2017 values.

The number of home sales were down in 2018: 285, as compared to 330 in 2017. Modern, turn-key homes and highly desirable settings were most sought after while those lacking essential attributes were often passed over, ending the year unsold.

Uniquely situated near both the Seattle and Eastside metro areas, the Island has always tended to fare better than most in a transitioning market. Mercer Island’s Median Sale Price was up 10.0% to $1,700,000, while its Average Sale Price was up 10.5% to $2,059,996. The higher average sale price reflects the impact of luxury home prices at the upper end of the market. The Average $ Per Square Foot increased 11.3% to $606.

Mercer Island Chart

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

Mercer Island Report

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CONDOS – SEATTLE & EASTSIDE

New construction added to the more than two-fold increase in the number of condos for sale during the year compared to 2017, from 2,131 to 4,857 units listed throughout the year. Even so, regional affordability issues drove condo desirability to all-time highs and fueled price increases that outpaced single-family homes.

Seattle’s Condo Median Sale Price was up 12.8% to $505,500, while its Average Sale Price was up 10.5% to $582,163. The Average $ Per Square Foot increased 7.5% to $601. Three regions saw increases above 20%: Richmond Beach/Shoreline at 26.8%, Ballard/Green Lake at 24.1%, and South Seattle at 24.0%.

The Eastside’s Condo Median Sale Price was up 17.2% to $480,500, while its Average Sale Price was up 17.0% to $576,061. The Average $ Per Square Foot increased 13.5% to $453. Two regions saw increases above 20%: East Bellevue at 34.0% and Kirkland at 25.0%.

Check out all of these factoids and more in the full condo report.

Condo Report

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WATERFRONT

While the number of sales in 2018 was down markedly compared to recent years as a result of fewer international buyer purchases, a handful of notable sales drove value markers up, creating the artificial appearance of appreciation when price growth was relatively flat in 2018. Those sales include three Media and Points properties sold above $14 M, a record Lake Sammamish sale above $11 M, a Mercer Island sale above $13 M, and a Laurelhurst sale at $11 M.

This top-level overview of the entire Seattle-Eastside private waterfront market, including Mercer Island and Lake Sammamish, provides a glance into the trends occurring in our region over time. Interesting, and certainly insightful, it in no way replaces an in-depth analysis on waterfront value provided by a savvy broker with years of local waterfront experience.

Check out the full Waterfront Report for a complete list of waterfront home sales by address and community.

Waterfront Report

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ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

 

© Copyright 2019, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing Service and deemed accurate but not guaranteed.

Posted on January 16, 2019 at 11:19 am
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Give Back This Season

Thanks & Giving: Charities That Would Love Your Help

 

Looking to share your bounty this holiday season? Below are some of my favorite Seattle-area organizations who can use your time, household items, toys, and more to help improve the lives of homeless and low-income families in our area. You might also check out these tips on how to make the most of charitable giving.

 


Northwest Harvest

Northwest Harvest’s mission is to end hunger in Washington. They partner with 375 food pantries, meal programs, and high-need schools across the state to provide nutritious food and promote good health for those in need. You can help by volunteering at the Cherry Street Food Bank in Seattle (children in 3rd grade or older are welcome to volunteer with you!). You can also host a virtual food drive or make a cash/vehicle donation.

http://www.northwestharvest.org/
1 (800) 722-6924
Cherry Street Food Bank: 711 Cherry Street, Seattle
Kent Warehouse: 22220 68th Ave S, Kent

 


 

Mary's Place

 

Mary’s Place helps homeless women, children and families from the greater King County area. With a list of families that has double this year, the need for help is higher than ever. You or your organization might consider supporting their giving tree (donations due by December 7th) or joining in the Brooks Holiday Fun Run on December 1st benefiting the No Child Sleeps Outside campaign. You can also volunteer your time, donate wishlist items, or share your used clothing, blankets, and coats.

http://www.marysplaceseattle.org
(206) 621-8474
Donation Center in SODO: 9 South Nevada St, Seattle
Family Center in North Seattle: 1155 N 130th St, Seattle

 


 

Hopelink

Hopelink provides critical services to homeless and low-income families, children, seniors, and people with disabilities on north and east King County. You can help by donating food or grocery gift cards to their food bank, contributing unwrapped toys to their holiday gift room, or volunteering to help with their holiday giving events.

https://www.hopelink.org/
(425) 869-6000
8990 154th Ave NE, Redmond

 


 

YouthCare

 

Each night in Seattle, 700-1,000 young people are homeless and most were traumatized before they reached the streets. YouthCare builds confidence and self-sufficiency for homeless youth by providing a continuum of care that includes outreach, basic services, emergency shelter, housing, counseling, education, and employment training. Lend a hand by volunteering, hosting a drive, or hiring a YouthCare graduate.

http://youthcare.org/
(206) 694-4500
2500 NE 54th Street, Seattle

 


 

Treehouse

 

Did you know less than 50% of Washington state youth in foster care graduate from high school? Treehouse seeks to level the playing field by providing academic and other essential support foster kids need to graduate at the same rate as their peers, with a plan for their future. You can help by volunteering, hosting a drive or donating to their holiday program.

https://www.treehouseforkids.org/
(206) 767-7000
2100 24th Avenue S./Suite 200


 

Emergency Feeding Program

 

With a mission to help people in need of immediate food assistance, the Emergency Feeding Program partners with 240 local agencies to distribute 50,000 bags of quality, nutritional food and ensure that no one will go hungry tonight. You can help by donating these most needed foods or making a cash contribution.

https://www.emergencyfeeding.org/
(425) 277-0300
851 Houser Way N, Renton

 


Eastside Baby Corner

 

Eastside Baby Corner was founded by a local pediatric nurse concerned about the large numbers of babies in her practice who began life without basic essentials like adequate food, clothing, beds, or safety equipment. Today Eastside Baby Corner’s location in Issaquah, Northshore and Bremerton collect, purchase, and distribute essential care items such as formula, diapers, carseats, warm coats, school supplies, and more for babies and children in need. You can help out by volunteering, donating, or organizing a drive.

Eastside Baby Corner:
http://babycorner.org

(425) 865-0234
1510 NW Maple St. in Issaquah
6524 NE 181st Street, Suite 6, Kenmore1463 NE Dawn Road, Suite B, Bremerton

 


https://fort-lewis-wa.toysfortots.org/images/lco-sites/lco-logos/tft-ZxAsQw-logo.jpg

Since 1947, The U.S. Marine Corps Toys for Tots program has distributed 548 million toys to 251 million children in need. Consider helping out this year by donating a new toy, volunteering, or asking your organization to become a toy drop site.

https://fort-lewis-wa.toysfortots.org
Click Here for Toy Drop Off Locations
Coordinator: Gunnery Sergeant James Wells, (253) 720-9858

 


Food Lifeline

Every year, nearly 40% of our country’s food ends up in landfills, while millions go hungry. Food Lifeline attempts to solve both problems by rescuing millions of pounds of surplus food from farmers, manufacturers, grocery stores, and restaurants. They then deliver this healthy and nutritious food to more than 300 food banks, shelters and meal programs across Western Washington–providing 97,000 meals every day. You can help by volunteering (opportunities are available for kids as young as 6, too!), donating funds or hosting a food drive.

https://foodlifeline.org/
(206) 545-6600
815 S 96th St, Seattle

 


Wellspring Family Services

Wellspring helps low-income and vulnerable individuals, children and families in Seattle and King County address issues such as mental health, family homelessness, early learning, basic needs, and domestic violence intervention. Each year they help thousands of children and families break cycles of instability, homelessness, and adversity to achieve positive, permanent change. You can help by donating to their Giving Together holiday campaign or getting your children involved in the Kids Helping Kids youth philanthropy program.

http://wellspringfs.org/
(206) 826-3050
1900 Rainier Avenue South, Seattle

 


 

Seattle Children's Hospital

 

Founded and run by a group of philanthropic women over 100 years ago, Seattle Children’s mission is to provide hope, care and cures to help every child live the healthiest and most fulfilling life possible. You can help their patients by donating a new toy or gift card, volunteering, contributing funds, or supporting one of its guilds (such as the Project Kids Cancer Cure Guild).

http://www.seattlechildrens.org
(206) 987-2000
4800 Sand Point Way NE, Seattle

 


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

 

© Copyright 2018, Windermere Real Estate/Mercer Island.

 

Posted on November 14, 2018 at 4:09 pm
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2018 Holiday Happenings in the Seattle Area

Merry & Bright: Holiday Happenings Around the Sound


Our Northwest holidays may be wet, but they’re still bright! Make the most of the season with Seattle favorites—such as dazzling light displays and the Parade of Boats—along with new additions like the “Enchant” event with light mazes and ice skating inside Safeco field. Scroll down for all the details…

 

WildLights at Woodland Park Zoo

5500 Phinney Ave. N, Seattle, WA 98103
www.zoo.org/zoolights
click here to get tickets

  • Dates/Times: Open nightly 11/23/18 – 1/5/19 | 5:30 – 8:30 pm
  • Cost: $9.95 – $14.95 per person (ages 2 and under are free)
  • Promotion: Get a 10% group discount on WildLights tickets for groups of 20+ (12/14/18 – 1/5/19).
  • Parking: Free parking is available at all lots after 4:30 pm (admission at both gates)
  • Food: Refreshments are available at food kiosks, Pizza Corner, and at the Pacific Blue Chowder House (with covered seating provided). You are also welcome to bring your own food and non-alcoholic beverages.
  • Special activities: Carousel, fire pits, select indoor animal exhibits, ZooStore, & indoor snowball fights at the Snowmazium
  • Closures: December 12, 24 & 25, 2018

Image courtesy of https://zoo.org/zoolights


 

Winterfest at Seattle Center

305 Harrison Street, Seattle, WA 98109
www.seattlecenter.com/winterfest

Map


 

Enchant at Safeco Field

1250 1st Ave S, Seattle, WA 98134
https://enchantchristmas.com/seattle/
click here to get tickets

  • Dates/Times: 11/23/18 – 12/30/18 | Sun-Thu from 4 – 10 pm, Fri-Sat from 4 – 11 pm
  • Cost: $19 – $32.99 per person (ages 3 and under are free) | VIP passes with dinner starting at $64.99
  • Promotions: Discount days on 11/27, 12/4 & 12/11 | Discount on final 2 hours of any day | Group discounts for 15 or more
  • Parking: $8 – $60 at Safeco Field Garages or check out the city’s Interactive Parking Map
  • Food: Seasonal food and treat concessions throughout
  • Activities: Ice skating trail, light maze, visits with Santa & Mrs. Claus, nightly live music & shows, gift market
  • Closures: 11/26, 12/3 & 12/10

Enchant Ice Skating Trail


 

Garden d’Lights at Bellevue Botanical Garden

12001 Main Street, Bellevue WA 98005
https://bellevuebotanical.org/garden-dlights/
click here to get tickets

  • Dates/Times: Open nightly 11/24/18 – 12/30/18 | 4:30 – 9:00 pm
  • Cost: $5 per person (ages 10 and under are free)
  • Promotion: Free admission nights on November 24, 25, 26, 27, 28 & 29
  • Parking: Premium parking is $5 per car in the Garden’s lot (cash only) as space allows OR park for free at Wilburton Hill Park
  • Food: Hot drinks and snacks are available at the Aaron Education Center
  • Activities: Gingerbread village, live music
  • Holiday Closures: None

Image courtesy of https://gardendlights.org/


 

Snowflake Lane at the Bellevue Collection

Bellevue Way & NE 8th Street, Bellevue WA 98004
http://snowflakelane.com/


 

Christmas Ship Festival

Launch locations include Lake Union Park, Kirkland City Dock, Hyatt Regency Lake Washington, Des Moines Marina, Port of Poulsbo, Seattle Waterfront – Pier 55, Tacoma (Dock Street Marina), Edmonds, and Shilshole Bay Marina

www.argosycruises.com
click here to get tickets


 

Ivar’s Clam Lights at Gene Coulon Memorial Beach Park

1201 Lake Washington Blvd N, Renton, WA 98056
https://rentonwa.gov/clamlights

  • Dates/Times: Open nightly 11/30/18 – 1/1/19 | 5 – 9 pm
  • Cost: Free for all ages
  • Parking: Park for free at the Gene Coulon Memorial Beach Park parking lot
  • Kickoff Event on November 30th, 2018, 5:30-8:30: Music, selfie-station with Santa & Mrs. Claus in their sleigh, official lighting ceremony, Parade of Boats viewing, and a visit from the Christmas Ship and Dickens Carolers
  • Holiday Closures: None

 

Westlake Center Tree Lighting & Holiday Activities

400 Pine St., Seattle, WA 98101 (Westlake Park)
http://redtri.com/seattle/westlake-center-tree-lighting/

  • Dates/Times: Tree lighting ceremony on 11/23/18 at 4:30 pm. Holiday market Fri-Sun beginning 11/23 through 12/23. Carousel and other festive attractions through January 1st, 2019
  • Cost: Free for all ages
  • Parking: Access the Republic Parking garage from Olive Way between 4th & 5th Ave, or check out this interactive map of city parking
  • Activities: Carousel, Holiday Market at Westlake Park

Image courtesy of http://redtri.com


 

Zoolights at Point Defiance Zoo & Aquarium

5400 N Pearl St, Tacoma, WA 98407
www.pdza.org/event/zoolights
click here to get tickets

  • Dates/Times: Open nightly 11/23/2018 – 1/6/2019 | 5 – 9 pm
  • Cost: $10-$12 (free for kids 2 & under)
  • Promotions: $6 for zoo members; Scout discount night 12/4; Military discount nights Nov. 26, 28 & Dec. 3, 5, 10, 12, 17, & 19
  • Parking: Free parking in zoo lots (carpooling recommended)
  • Food: Warm drinks & treats available at the cafe and kiosks
  • Activities: Camel rides, carousel, aquarium, Kids’ Zone with animals
  • Holiday Closure: 12/24
https://www.pdza.org/wp-content/uploads/2018/05/Hero-zoolights-1440x500.jpg

Image courtesy of https://www.pdza.org


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

 

© Copyright 2018, Windermere Real Estate/Mercer Island.

 

Posted on November 13, 2018 at 2:40 pm
Windermere Mercer Island | Category: Uncategorized | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Protect Your Investment: 5 Fall Maintenance To-Do’s

Protect Your Home | Fall To-Do Checklist

Benjamin Franklin once wrote, “An ounce of prevention is worth a pound of cure.” While he was talking about fire safety, I think it applies equally well to home maintenance. One weekend of prevention this fall can save you many headaches (and a lot of money) down the road. Here are a few ideas to get you started:

Gutters top to bottom: Water in the wrong spots can do a lot of damage. Start by ensuring that gutters and downspouts are doing their job. (You may want to hire a professional, especially if you have a two-story house with a steep roof.) If your home is surrounded by deciduous trees you may need to clean out your gutters a few times a year, especially in the fall. Check to make sure your gutters are flush with the roof and attached securely, repairing any areas that sag or where the water collects and overflows. Clean out the gutters and downspouts, checking that outlet strainers are in good shape, and are firmly in place. Finally, check that your downspouts direct water away from your house, not straight along the foundation.

Check for leaks: The best opportunity to catch leaks is the first heavy rain after a long dry spell. Check the underside of the roof, looking for moisture on joints or insulation. Mark any spots that you find and then hire a roofing specialist to repair these leaks. If you wait until spots show up on your ceiling, insulation and sheet rock will have also been damaged and you could have a mold problem too. You can find tips on how to solve roof & gutter issues in this great article from http://FamilyHandyman.com.

Don’t forget the basement and the caulking around windows & doors. Check your foundation for cracks, erosion and gaps in window and door weathering. Make sure to properly seal any leaks while the weather is nice. This will ensure materials dry properly.

Pest Prevention: Rodents are determined and opportunistic, and they can do tremendous amounts of property damage (and endanger your family’s health). As temperatures cool, take measures to prevent roof rats and other critters from moving in. Branches that touch your house and overhang your roof are convenient on-ramps for invaders, so trim back branches so they’re at least four feet from the house. If you do hear scuttling overhead or discover rodent droppings in your attic, crawl space or basement, take immediate action. The website http://www.thisoldhouse.com has several helpful articles on the topic.

Maintain your heating and cooling systems: Preventative maintenance is especially crucial for your home’s heating and air-conditioning systems. Fall is a smart time to have your systems checked and tuned up if necessary. Don’t wait for extreme temperatures to arrive, when service companies are slammed with emergency calls. Between tune-ups, keeps your system performing optimally by cleaning and/or replacing air filters as needed.

If you have a wood-burning fireplace, a professional inspection and cleaning will help prevent potentially lethal chimney fires and carbon monoxide poisoning. Even if you don’t use your fireplace often, it’s a good idea to keep a supply of dry firewood or sawdust-composite logs so you have a backup heat source in an emergency. Gas fireplaces should be serviced about every 2 years to lengthen their lifespans.

Insulate & seal: Insulating your home is a cost-efficient investment, whether you’re trying to keep the interior warm in the winter or cool in the summer. Aside from more major improvements like energy-efficient windows and insulation, there are some quick fixes that do-it-yourselfers can tackle. If an exterior door doesn’t have a snug seal when closed, replace the weather stripping; self-adhesive foam stripping is much simpler to install than traditional vinyl stripping. If there is a gap under the door (which can happen over time as a house settles), you may need to realign the door and replace the vinyl door bottom and/or door sweep. Air also sneaks inside through electrical outlets and light switches on exterior walls. Dye-cut foam outlet seals placed behind the wall plates are a quick and inexpensive solution.

Posted on September 4, 2018 at 10:15 am
Windermere Mercer Island | Category: Uncategorized | Tagged , ,

2018 Football Schedules, Recipes, Tips & More…

 

Are you ready for some football? Scroll down for printable schedules, game-day recipes and awesome tailgating hacks…

 


 


 

Hosting friends for game day? We’ve got you covered with everything from easy snacks to bonafide Seattle-born favorites…

1. Easy Chicken Taquitos

So quick and delectable, you can skip the freezer aisle and go fresh instead! Click here for the recipe.

Easy Chicken Taquitos by footballgrl16

Photo courtesy of allrecipes.com

2. Seahawks Popcorn

Just the right mix of sweet and salty, this perfect treat is also a breeze to make. Click here to learn how.

Seattle Seahawks Popcorn for those Seattle Seahawks fans in your life. Sweet, salty, crunchy and delicious and it is extremely easy to make. This delicious popcorn will be perfect at your next game day football party. a NFL playoff party or a Super Bowl party. Follow us for more fun Super Bowl Food Ideas.

Photo courtesy of twosisterscrafting.com

3. Just Good Chili

Coffee and cocoa powder? This is chili done Seattle-style, baby! Here’s the skinny.

Just Good Chili

Photo courtesy of thewednesdaychef.com

4. Seattle Dogs

A carry-over from the 1990s grunge era, cream cheese and sauteed onions define these wholly Seattle creations. Here’s how to make your own at home.

The Seattle Dog

5. Bacon-Wrapped Jalapeno Poppers

Need we say more? Click here and let the magic begin.

Bacon-Wrapped Jalapeno Poppers

Image courtesy of allrecipes.com

6. Ivar’s Clam Chowder

A Seattle legend and oh so good for those rainy day games. Dive in!

Ivar's Clam Chowder

Image courtesy of geniuskitchen.com

7. Hawk Shots

Fun, festive and easier then they look. This is how you do it.

8. Slow Cooker Pulled Pork

Root beer is the secret to this culinary gem. Yummy in a sandwich, or eat it right out of the crock pot all by itself…we won’t tell. Here is the scoop on how to make it.

Slow Cooker Pulled Pork

Image courtesy of allrecipes.com

9. Avocado and Black Bean Dip

Surprisingly simple and delicious, this dip is also healthier than most. Grab some chips and check out the recipe.

Avocado and Black Bean Dip

Image courtesy of allrecipes.com

10. The Paseo Cuban Sandwich

For Seattleites who know the joy of Paseo sandwiches–or anyone who just loves good food–this recipe is well worth the extra effort.

The Paseo Cuban Sandwich

Photo courtesy of The Seattle Times

11. Crab Rangoon

For those looking to go the extra mile, these tasty appetizers will be the talk of your party. Find the full rundown here.

Chef John's Crab Rangoon

Photo courtesy of allrecipes.com

12. The 12th Man Margarita

The quintessential Seahawks cocktail created by Elliott’s Oyster House. Now you can mix it at home and impress your friends.

The 12th Man Margarita

Photo courtesy of lakeunionsearay.com

 

Bonus: Color Formulas for Team-Colored Frosting!

Team Colored Frosting Formulas


 

Click Here for Our 12 Favorite Tailgating Hacks

 

 


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

 

© Copyright 2018, Windermere Real Estate/Mercer Island.

Posted on August 7, 2018 at 9:42 am
Robert Craven | Category: Uncategorized | Tagged , , , , , , , , , , , , ,

Q2 2018 Seattle-Eastside Real Estate Report

Q2 Market Snapshot

 

Signs of transition to a more balanced market are becoming abundantly clear as we move further into 2018. Price growth, while still climbing in most areas, has tapered off and average market times are inching up. Brokers are beginning to dust off forms that have seen little use of late—finance and inspection contingencies—as buyers gain a stronger foothold at the negotiating table.

 

Some homes are still garnering multiple offers and commanding incredible prices and terms, but many more are seeing negotiations more equalized with fewer buyers at the table. Seattle has needed this return to balance for a very long time. It is likely that buyers who were beaten down and bruised over the past couple of years will return to the house hunt, but it will likely be on their own terms. Waiving all contingencies, releasing a substantial earnest money to the seller up front, and giving the seller a period of free possession after closing will be reserved for only the most coveted homes.

 

On the other hand, being able to conduct thorough due diligence on a prospective home over a comfortable period after offer acceptance is a buyer right that is returning to the picture. It has been a long time since that was even possible in the hottest neighborhoods. So long, it seems almost foreign. Yet that equalization of power is long overdue and needed to stabilize our market.

 

Overall median Q2 ‘17 to Q2 ‘18 prices in Seattle rose 11.3% to $801,000, while the Eastside rose 9.1% to $960,000. The average cost per home square foot was $459 in Seattle and $426 on the Eastside (which tends to have larger homes—2,752 square feet vs Seattle’s 2015 square feet—and thus a lower cost per square foot to construct).

 

Home mortgage interest rates have continued to rise, averaging 4.54% in Q2 putting continued pressure on buyers to purchase before they are simply priced out of the Seattle-Eastside market. Our region is entering a sweet spot where home prices are stabilizing and have likely peaked but interest rates are still affordable. Because rising interest rates have a much larger impact on the monthly mortgage than home price, values would have to fall pretty sharply to offset the impact of a 1-2% increase in mortgage interest rates.

 

Q2 Market Snapshot

SEATTLE

Seattle Report

Up 20.7%, affordable Richmond Beach and Shoreline saw the strongest price growth in Q2 followed closely by Lake Forest Park and Kenmore at 19.4%. West Seattle, South Seattle, Madison Park/Capitol Hill, and Queen Anne/Magnolia all saw increases in the mid-teens. Surprisingly, Ballard-Greenlake and North Seattle—strong contenders in the past couple of years—slowed to 11.8% and 6.3% respectively.

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

 

EASTSIDE

Eastside Review

Kirkland was the height of the storm on the Eastside drawing a median price gain of 30.6% over Q2 of last year. This was very loosely followed by Juanita/Woodinville at 14.4%, West Bellevue at 14.0%, and Redmond at 11.2%. South Eastside 7.5%, East Bellevue 7.4%, East of Lake Sammamish 6.9%, and Mercer Island 4.5%, all below the Eastside median, represented the fringe of Q2 appreciation.

Click here for the full report and neighborhood-by-neighborhood statistics!

 

MERCER ISLAND

Mercer Island Report

Mercer Island, with only two homes priced below $1 million, struggles with the lack of affordability at mainstream price points. While the number of $1-2 million homes for sale is up sharply (46%), finally giving buyers more options to choose from, the pace of sales in that price point has cooled off as buyers wait for the perfect home. A glut of homes for sale in the $3-5 million range—up 67% over this time last year—has caused that segment of the market to stagnate. Homes in the $2-3 million and $5 million plus ranges have fared slightly better than their middle sibling. Mercer Island condos, the only affordable option on the Island, have soared in value with recent sale prices creating shock waves within the industry.

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

 

CONDOS – SEATTLE & EASTSIDE

Condo Report

The number of Seattle metro condos for sale has steadily climbed in Q2 while those available in downtown Bellevue have diminished. Condo prices have continued to outpace their residential counterparts as demand to affordably own vs rent at astronomical prices drives buyer interest. Seattle condos appreciated 20.4-34.6% in all but two markets, North Seattle up 5.6% and SODO/Beacon Hill down 4.5%. On the Eastside, condos were up 13.3-35.2% except for Kirkland up 8.2% and West Bellevue down 3.5%. Not included in these numbers are the newly underway Bosa 188 condos which have a significant number of pending sales that will not close until 2020.

Check out all of these factoids and more in the full condo report.

 

WATERFRONT

Waterfront Report

Seattle and Mercer Island have fewer waterfront homes for sale in Q2 this year than in either of the past two years. The Eastside is up very slightly while Lake Sammamish has more than three-fold the number of homes for sale over the same time. The highest closed sale in Q2 was a NW-facing 1937 Yarrow Point estate on 100 feet of waterfront and just over an acre of land for $10 million. The most affordable waterfront sale was a Ripley Lane 2003-built home with 140 feet of waterfront for just shy of $1.7 million.

Check out the full Waterfront Report for a complete list of waterfront home sales by address and community.

 


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

 

© Copyright 2018, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing Service and deemed accurate but not guaranteed.

Posted on July 23, 2018 at 10:33 am
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Q1 2018 Seattle-Eastside Real Estate Report

Q1 Market Snapshot

 

Q1 prices in the Seattle-Eastside region have escalated yet again with no sign of slowing in the immediate future. An unprecedented lack of inventory for sale coupled with rising interest rates has prompted buyers to compete with reckless abandon to win the prize of their very own home, albeit with a steep price tag.

 

Overall median prices in Seattle rose 16.1% to $770,000, while the Eastside rose 13.0% to $944,000. Those regional numbers certainly don’t tell the whole story, especially when you consider the highest change in median sale price was nearly 46% and the lowest was a -4%. New construction sales, or lack thereof, made the biggest impact on home sale prices. Existing homes, offering good walkability or commute options, and those that were on the more affordable end of the pricing spectrum saw the strongest appreciation overall.

 

Rising mortgage interest rates, now up a full percentage point from their lows, are adding fuel to the fire. While not dampening buyer demand yet, further increases will likely begin to price home buyers out of the core Seattle-Eastside region. Homebuyer fear of being priced out of the market is at least partly to blame for the crazed demand at more modest price points.

 

As predicted, many who don’t have a need to be close in to the metro region are choosing to sell at a high and buy more affordably outside of the Seattle-Eastside area. The rate of tear-down new construction infill has escalated at staggering numbers as builders capitalize on the market’s appetite for fresh and new.

 

Buyers today should consider their purchase thoughtfully as buying at or near the peak of the market can limit their resale options when the market corrects. Planning to stay put for five to seven years is a good strategy at this time.

 

Q1 Market Snapshot

SEATTLE

West Seattle leads the pack in median home price growth on the Seattle side of the lake. With its vibrant, hip vibe and convenient access to the city, West Seattle has benefited from Seattle’s commute gridlock—maintaining status quo while other Seattle neighborhoods have come to a halt (literally).

Seattle Report

Queen Anne saw a nice rebound in Q1 after lagging the Seattle averages for some time. South Seattle, with its light rail access, affordable prices, and new vitality, continues to see its real estate market thrive.

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

 

EASTSIDE

Significant new home development at higher price points has led the market in West Bellevue and Kirkland and brought up everything else along with it.

Eastside Review

With land values alone higher than average home sale prices in surrounding communities, this growth will have long-lasting impacts that will forever change the flavor of these communities–for better (fresh new housing stock) and worse (the lack of affordable options). Kirkland led this charge with a median sale price 45.9% higher than Q1 last year, followed by West Bellevue at 23.1%.

Click here for the full report and neighborhood-by-neighborhood statistics!

 

MERCER ISLAND

Overall, a much higher percentage of mid-range homes sold in the first quarter than in quarters past, giving the appearance of falling prices. In reality, however, it was actually a downward shift of the segment of the market that is selling.

Mercer Island Report

Don’t let the negative number for Q1 fool you. The market below the two-million-dollar mark is vastly different than the market above it. With the most severe shortage of available homes in mid-range price points Mercer Island has seen, especially early in Q1 this year, the sub $2 million market has been brisk and competitive with strong price escalation. The $2 million and above market has been a different story altogether. While highly desirable homes in that bracket have transacted quickly, many other less notable homes have languished on the market.

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

 

CONDOS – SEATTLE & EASTSIDE

Still the only affordable option for many home buyers today, condos have continued to escalate in value with appreciation rates above those of residential homes in many areas.

Condo Report

On the Eastside, new condo and townhome developments in Crossroads and Rose Hill drove prices up to new highs in those communities. Richmond Beach and Shoreline benefited from an infusion of new construction standalone condominium ‘homes’ on very small lots.

Check out all of these factoids and more in the full condo report.

 

WATERFRONT

Waterfront Report

Several significant sales accented an otherwise unremarkable quarter. A $26.8 million iconic Medina estate on 2.5 acres with 150 feet of waterfront set a new benchmark on the Eastside. Two $8+ million homes on the north end of Mercer Island–both newer construction with over 7,000 square feet–set the tone for the Island in 2018. Lake Sammamish, with a $4.2 million sale in Q1, is still in hot demand, while Seattle saw only three modest waterfront sales.

Check out the full Waterfront Report for a complete list of waterfront home sales by address and community.

 


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

 

© Copyright 2018, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing Service and deemed accurate but not guaranteed.v

Posted on April 12, 2018 at 7:13 pm
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