“A River Runs Through It”: A Listing In Woodinville, WA
The Kari Haas Real Estate Team has had the honor to be a part of the selling process for an incredibly unique property in beautiful Woodinville, WA. This home is one-of-a-kind, sitting on acres of land with its own authentic western town, this property exudes unique character!
Located on five acres, this property wows every visitor with stunning views, flowering gardens, and numerous private, wooded, walking trails. Along one of these trails is an uninhabited bear den! Running through the property is Little Bear Creek and with it comes rare federally granted water extraction rights. The sound of the water flowing brings a sense of calmness and serenity.
Crossing the bridge over Little Bear Creek takes you to a whole new world you wouldn’t expect to find tucked away on an average Woodinville property.
Wild West Ghost Town?
Saving the best part of the property for last, the authentic western town of Silvana, WA. This property was originally home to the town of Silvana.
The property is now Pending and will soon belong to the new lucky owner!
As the temperature went up, so did the number of homes on the market. With more homes and fewer multiple offers in comparison to last year, we’re starting to see even the slightest ease in this competitive market for buyers. While there was a small increase in homes for sale in July, inventory remains very tight. The region as a whole has just about a two-week supply, and demand isn’t likely to ease up any time soon. The economy here is strong, and despite plenty of talk of an urban exodus due to the pandemic and the rise of remote work, our population grew steadily over the past year.
Home Prices, Trends, and more…
The blistering competition may have cooled a bit, but home prices are still heading up. The median single-family home in King County last month sold for a record-high $871,000, up about 20% from last July. In Seattle, the median price jumped 11% from a year ago to $896,500, down from a $919,000 peak in May. Home prices on the Eastside shot up 32% year-over-year to $1,330,563, just shy of the record set in June. Lack of inventory has propelled the particularly steep price hikes, with 90% of homes selling for over list price. At the end of July, there were just 350 single-family homes for sale on the Eastside. Seattle had more than double that amount of inventory.
Additionally, the limited supply of homes in Snohomish County also sent prices soaring. The median home there sold for $700,000, a 22% jump from a year ago, but down slightly from the all-time high in June. Condos remain a more affordable option, and with employers saying that they’ll want employees working in the office at least part-time, an increase in condo sales indicates that buyers are looking at in-city living again. The increase in inventory gives the buyer more options. The Eastside has about three weeks of available condo inventory; Seattle has nearly two months. The median condo price on the Eastside was up 12% over a year ago to $558,000. To summarize, Seattle’s median price was essentially unchanged from last year at $492,000.
What’s happening in your neighborhood?
Whether you are thinking of buying or selling — or just curious — the Kari Haas team or your broker can provide you with the latest data about specific neighborhoods and answer any questions you might have about home prices, financing, and strategies to help you meet your goals.
Charts
The charts below provide a brief overview of market activity. Every Month, Windermere Chief Economist Matthew Gardner provides an update on the US economy and housing market. You can get Matthew’s latest update here.
With the slight spike in the amount of listings in June, it seemed as though there may have been the smallest glimpse of hope for homebuyers. However, it’s still hard to predict whether this trend will continue. Despite the slight spike the inventory is still less than the demand, and our beloved Puget Sound region remains as hot of a market as our Seattle heatwaves.
Despite the uptick in inventory, many homes continue to sell within days and for over asking price. As tech companies like Amazon and Microsoft lease large office spaces and hire thousands of employees, demand for homes in our region isn’t expected to lag any time soon.
With more buyers chasing a limited supply of homes, the market still heavily favors sellers. The median price of a single-family home in King County rose 19% from a year ago to $860,000, down slightly from the all-time high of $869,975 set in May. Seattle saw home prices increase 11% year-over-year to $890,444, also down from May’s record price of $919,000. Home prices on the Eastside, however, continued to trend up. The median home price in June soared 40% over last year to $1,364,000, surpassing the previous high set in March. With inventory the tightest of any area of King County — the Eastside had just 288 homes for sale at the end of June — prices are expected to remain strong. Snohomish County also hit new records, with the median home price jumping 32% over a year ago to an all-time high of $716,000. The number of homes for sale in the county declined more than 44% from a year ago, leaving it with only about 10 days of inventory, the lowest of all the counties served by Northwest MLS. Much of the demand is being driven by buyers who can continue to work from home, and are opting to buy outside of King County where housing is more affordable.
Condos are another more affordable option for buyers wanting to stay in King County. Condo inventory is relatively more plentiful, and prices aren’t escalating at the same pace as other homes. And the median price of $462,500 is nearly half that of a single-family home. As a result, condo sales here continued to boom, with closed sales up 79% over the same time last year (that compares with a 39% increase in the sale of single-family homes for the same period).
Market shifts can happen quickly, and your best strategy is to be well informed. Whether you are thinking of buying or selling, your broker can provide you with the most up-to-date statistics for your specific neighborhood and price range, and help you create a plan to get the best deal possible for your individual needs.
The charts below provide a brief overview of market activity. Every Monday, Windermere Chief Economist Matthew Gardner provides an update on the US economy and housing market. You can get Matthew’s latest update here.
Fun and Affordable Ways to Turn Your Empty Nest Into a Dream Home
If you are one of the many empty-nesters in the U.S., then you could have more house space than you know what to do with. Instead of leaving the extra space the way it is, how about taking on a few fun, budget-friendly projects that can give you a home that’s more suitable for your current needs? Read on for some great ideas from the Kari Haas Real Estate Team that will make your empty nest feel a little more full!
Start With Simple Projects
The best way to stay on budget with a home renovation is to settle on a few simple projects first. For example, now that you have an empty nest, you can make some tweaks to your child’s bedroom to convert it into a guest bedroom. According to Good Housekeeping, you can create a great space for your guests with the right decor. You can choose a theme for your room, like sleek elegance or cozy boho, and you’ll find giving the room a fresh coat of paint works wonders.
Create a Spa-Like Master Bathroom
Since adding a master bathroom or renovating the one you’ve got can be a costly venture, Philadelphia Magazine suggests taking some creative measures when you’re on a budget. You could increase your storage by adding a few baskets or additional shelving. Overstock has lots of great options no matter how much you’re looking to spend, and you’ll save even more by using an Overstock discount code or cash back incentive.
It can also help to use better lighting in the bathroom and upgrade your regular shower head to something more luxurious. If your new spa-like bathroom needs more than your creativity can fix, you can still save some money by getting deals on your fixtures. You can get great discounts when you shop around online—don’t forget to get the benefits of price matching whenever possible.
Get the Reading Room You Deserve
If you’ve always wanted a personalized room for your reading, you can convert your kid’s room for that as well, now that you have an empty nest. Depending on your personal style, you can make a few simple changes by adding ample shelving. Changing the color scheme to something more soothing or closer to your taste will also give the room a nice personal touch. Remember you’re on a budget, though, so find affordable ways to get a reading room you’ll love to be in. When you’re looking for that comfy reading chair and other pieces of furniture, Money Crashers suggests looking online at sites like Ikea, Pottery Barn, and eBay in order to find the lowest price on items of interest. You can also get deals from thrift stores or garage sales.
Give Your Hobby Some Room
An extra room is a good space to house your hobby supplies in one place. Prior to having the option, your supplies may have been stored all over the home or in a closet. Now’s the time to create a room that you can call your own and decorate as you wish. Some of the hobbies that benefit from having their own area are painting, sewing, drawing and crafts. When you’re designing the area, make sure to plan for adequate lighting and ventilation. With the right resources, you can save not only on your design elements but also hobby-related supplies.
While it’s not easy to move on from the fact that you have the house for yourself, it can be good for you to focus on a few choice renovation projects. These projects can not only offer enjoyment, they can remain affordable as long as you plan out pertinent details and take advantage of discounts when you can.
Are you looking to buy or sell a home in Seattle? Reach out to the Kari Haas Real Estate Team for a smooth and successful buying or selling experience!
This post was originally submitted by Tina Martin and has been edited by the Kari Haas Real Estate Team. Tina is the creator of Ideaspired.com, where she helps people follow their dreams and be their own inspiration.
May was a record-breaking month for the real estate market. Inventory hit all-time lows, and home prices reached record highs. With the supply of homes so tight, this sizzling seller’s market is expected to continue throughout the summer.
High demand hammered inventory in May. While the number of new listings increased, homes sold within days, leaving the market with just a few weeks of available inventory. There were 43% fewer homes on the market in King County at the end of May as compared to a year ago. The supply of homes was particularly dire on the Eastside where inventory was down 71%, leaving just 239 single-family homes for sale across the entire area, which stretches from Issaquah to Woodinville. Snohomish County saw the same trend, with inventory down 60% year-over-year. With the local economy remaining strong and population continuing to grow, don’t expect demand to slow down any time soon.
With inventory so scarce, it was yet another record-breaking month for home prices. The median price of a single-family home in King County last month jumped 29% to an all-time high of $869,975. Home prices in Seattle soared 20% to a record $919,000. The Eastside posted a median price of $1,298,475, down slightly from its all-time high, but soaring 37% from a year ago. Slim supply and high demand resulted in 78% of homes on the Eastside selling for over the list price.
A 62% jump in pending condo sales in King County indicates that some buyers are opting for a more affordable home option. At a median price of $459,000, condos look like a relative bargain when compared to single-family homes. Snohomish County home values rocketed up as well. With some of the tightest inventory in the region, home prices there shot up 35% to a record $697,000.
It’s a challenging market for buyers, and it looks like it will continue to be that way for quite some time. Now more than ever, you need a broker who can help you set your priorities, strategize your options and negotiate successfully on your behalf. And sellers need someone who really understands this fast-changing market and who can create a plan to get you the greatest return on your investment.
The charts below provide a brief overview of market activity. Every Monday, Windermere Chief Economist Matthew Gardner provides an update on the US economy and housing market. You can get Matthew’s latest update here. If you are interested in more information, your broker can provide you with a detailed analysis of your specific area.
Kari Haas is honored to partner with Temple Pastries for the May/June 2021 Circle of Friends promotion!
Six times a year Kari Haas partners with a local business to bring her clients a free gift. For the May/June 2021 promotion, Kari is bringing her clients a complimentary pastry from the incredible Temple Pastries!
About Temple Pastries
Located in the Central District, Temple Pastries is the actualized dream of Christina Wood who creates incredible pastries, most notable the “Cruffin”! Temple Pastries opened its doors during the pandemic and the Kari Haas Real Estate Team is proud to support their delicious endeavors. Read all about Christina Wood and Temple Pastries inSeattle Met and Seattle Eater.
Circle of Friends
The Circle of Friends program is a way for Kari to support local businesses and provide her clients with a gift. Every two months, Kari partners with a local business. Some of the businesses Kari has partnered with in the past include:
Despite a bump in new listings the supply of homes still can’t keep up with the demand. The result? Multiple offers, escalation clauses, and record-breaking prices. If you’re considering selling your home, you’d be hard pressed to find a more lucrative market than what we have today.
March marked the first post-COVID/pre-COVID comparison, and the results were dramatic.
The drop in the number of listings was profound. In King County there were 54% fewer single-family homes on the market at the end of March than the same time a year ago. The Eastside had 68% fewer listings. There were just 216 homes for sale on the Eastside, which stretches from Issaquah to Woodinville. Extensive new investments there, including Amazon’s plan to add 25,000 jobs in Bellevue, will only increase demand for housing. North King County, which includes Richmond Beach and Lake Forest Park had just 26 homes for sale. In Seattle, the 498 listings there represents a drop of 18% from a year ago. Despite the comparatively greater number of listings, Seattle still has only two weeks of available inventory. The situation was even more dire in Snohomish County. With the number of homes for sale down 68%, the county has just one week of inventory.
So why is inventory so low? The pandemic certainly has played a part. People now working from home have bought up properties with more space in more desirable locations. Nervousness and uncertainty about COVID compelled many would-be sellers to postpone putting their home on the market. Downsizers who may have moved into assisted living or nursing homes are staying in place instead. But there are other factors as well.
For more than a decade, less new construction has been built relative to historical averages, particularly in the suburbs. Interest rates have also been a factor. Windermere Chief Economist Matthew Gardner noted, “I think a lot of the urgency from buyers is due to rising mortgage rates and the fear that rates are very unlikely to drop again as we move through the year, which is a safe assumption to make.” Homeowners who refinanced when rates were at record lows are staying in their homes longer, keeping more inventory off the market. And those same low interest rates have compelled many homeowners who bought a new home not to sell their previous one, but to keep it as a rental property.
While the number of listings tanked, the number of sales skyrocketed. That’s the recipe for soaring home prices. Housing prices here have been growing at the second-fastest rate in the nation for a full year. Nearly every area of King County saw double-digit price increases, with the exception of Seattle. In King County the median price for a single-family home in March was a record-high $825,000, up 15% from a year ago and an increase of 10% from February. The median home price topped $1 million for every city on the Eastside, where the overall median price surged 30% to $1,350,000, the highest median price ever recorded for the area. Seattle homes prices were also record-breaking, rising 4% to $825,000. Snohomish County prices set yet another all-time high as the median home price jumped 22% to $640,000.
The appeal of our area just keeps growing. For the second time, Washington took the No. 1 spot in the U.S. News Best States ranking – the first state to earn the top ranking twice in a row. The bottom line: the local real estate market is extremely competitive, and it shows no signs of slowing down. Successfully navigating today’s market takes a strong plan. Your broker can work with you to determine the best strategies for your individual situation.
The charts below provide a brief overview of market activity. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update on the US economy and housing market. You can get Matthew’s latest update here.
Neither the snowstorm nor the increase in mortgage rates dampened buyer demand in February. Lack of inventory continues to be a frustration as there are way more prospective buyers than there are homes for them to buy. As a result, prices continued their upward climb.
While the number of homes for sale edged up, it was still far shy of demand. This is especially true of single-family homes. There were 41% fewer homes on the market in King County in February than the same time last year. In an indication of just how competitive the current market is, the entire Eastside ended the month with just 224 homes for sale. Inventory was even more scarce in Snohomish County where the entire county had just 283 homes for sale, a drop of 58% from a year ago. Condo shoppers have more options as the number of units on the market in King County increased 56% from last February.
With inventory so slim, competition is fierce. 57% of King County properties that sold in February sold over the list price. The median sale price paid was 9% over list price. Both are record highs. Competition doesn’t show signs of easing any time soon. A hike in interest rates is expected to only increase buyer urgency. An average rate of 3.02% for a 30-year fixed-rate mortgage for the week ending March 4 is the first time since July that the benchmark mortgage rate climbed above 3%.
The enormous imbalance between supply and demand sent single-family homes prices soaring throughout the region. In King County, the median home sold for $750,000, 11% higher than a year ago. Most areas in the county saw double-digit increases. Home prices on the Eastside jumped a whopping 28%. Seattle home prices were up 9%. In Snohomish County, the February $624,075 median price was up 21% from a year earlier and far surpassed the previous all-time high of $599,990 set in January.
With seller review dates, escalation clauses and multiple offers now the norm it’s more important than ever for buyers to work with their broker to create a strategy that balances their wants and needs with their budget.
The charts below provide a brief overview of market activity. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update on the US economy and housing market. You can get Matthew’s latest update here.
Kari Haas appeared in the December 2020 issue of Seattle magazine as part of the special section on top agents in the area.
The following is quoted from Page 74 of the December 2020 issue of Seattle magazine:
Five Star Professional – Five Star Professional partnered with Seattle magazine to identify real estate professionals in the Seattle area who deliver outstanding service and client satisfaction. The Five Star professional research team surveyed home buyers, home sellers and industry peers, and analyzed online consumer evaluations. Survey respondents rated their service professional on criteria such as overall satisfaction and whether they would recommend the provider to a friend. The research methodology allows no more than 7% of professionals in each category to receive the award.
Determination of Award Winners – Professionals who satisfied each of the following objective criteria were named a 2020 Seattle area Five Star Real Estate Agent:
Qualifying rating
Holds an active license and employed in their field for a minimum of three years
Favorable regulatory and complaint history review
Satisfies minimum production on a one-year and three-year basis
Successful completion of a Blue Ribbon Panel review
Real estate agents are pooled only with other candidates from their profession.
The final list of 2020 Seattle-area Five Star award winners is a select group, representing approximately 4% of real estate agents in the area. Click here to learn more.
Kari Haas is an award winning agent known for treating clients like family and helping them sell for more and buy for less.
This winter’s real estate market is looking more like a typical spring market. Sales were up, competition was fierce and prices continued to rise.
Lack of inventory still presents a huge issue. At the end of January there were only 1,055 single-family homes on the market in all of King County, 33% fewer than a year ago. If that wasn’t tight enough, Snohomish County had only 298 single-family homes for sale, 63% fewer than a year ago. Condos remain a bright spot for buyers frustrated by the frenzied market. January saw a nearly 50% increase in the number of condos for sale in King County. However, the increase in inventory didn’t translate into a drop in price. The median condo price was flat for the county, up 10% in Seattle and up 7% on the Eastside. Those looking for a relative bargain should consider Southwest and Southeast King County where the median condo prices were $254,275 and $269,900 respectively.
The large imbalance between supply and demand sent prices higher. Home prices here are climbing at the second-fastest rate in the nation. The median price of a single-family home in King County was $725,000, a 15% jump from a year ago. Seattle home prices increased 10% to $791,471. Inventory on the Eastside was down 58%, sending the median home price soaring 29% to $1.15 million. Snohomish County saw prices rise 18% to $599,990, well surpassing its previous high of $575,000.
While low interest rates take some of the sting out of rising prices, multiple offers over asking price have become the norm and are expected to continue. The easing of COVID restrictions may add yet more competition. Both King and Snohomish counties have moved into Phase 2 of the Healthy Washington plan, which allows open houses to resume with up to 10 people socially distanced.
All signs point to this strong seller’s market continuing for some time. The person who represents you as a buyer can make the difference in owning a home or not. Brokers are advising buyers to create a plan that prioritizes their wish list and sets realistic expectations in this hyper-competitive market.
The charts below provide a brief overview of market activity. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here.
Kari Haas is a 2020 Five Star Professional award winner!
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