We are thrilled to share a review of 2017 market activity in the Puget Sound presented by Realogics Sotheby’s International Realty. Our acclaimed Research Editor and Data Analyst, William Hillis, has assembled an excellent year-over-year review of eight key counties in Western Washington along with data for 29 communities. In addition to providing in-depth market analysis, this year’s report includes a look at the effects of Chinese capital controls and Canada’s restrictions on foreign buyers, landmark sales on the Eastside, the “Condominium Conundrum,” and a timeline of Seattle’s performance on the S&P CoreLogic Case-Shiller Home Price Index. We offer the following key highlights from the reports, with a selection of trends to watch, as a conversation starter so we may discuss the impact on homes in your neighborhood.
Within the past few years, the inventory of housing for sale in western Washington has done a 180, returning to degrees of shortage not seen since the year 2005. The low housing inventory is most visible in the Greater Seattle area of King, Pierce, and Snohomish counties. Since January 2015, this region of central Puget Sound has remained a seller’s market. Housing inventories remained below four months for nearly the entire year.
On Saturday, March 10th, Mary and Paige Norris were thrilled to attend the 29th Annual JDRF Dream Gala, helping raise $2.5 million in funds to support diabetes research at the Sheraton Hotel in Seattle. This year’s gala theme was “Dreams in the Casbah,” and over 900 industry leaders from across the city gathered for the black-tie event’s live and silent auctions before ending the night with dancing and entertainment.
Spring is quickly approaching, and with it, the opportunity to spruce up your home, whether it’s a small upgrade or fresh coat of paint, or a full-on remodel. A recent 425 Magazine article looks at the latest home design trends, with tips for determining “how to blend styles and create a home that feels cohesive.”
As a recent Seattle Magazine article describes, drivers in Kirkland “may have noticed a Lexus RX suburban utility vehicle with a black rooftop dome traversing local streets” that is unlike other cars, because while it has someone sitting in the driver’s seat, their hands are far from the wheel. That’s because Kirkland is one of three U.S. cities that is currently allowing companies to test self-driving cars, “to see if hundreds of split-second decisions instinctively made by a human driver can be replicated by an onboard system of sensors and computers.”
As indicated by average sales prices from around the Puget Sound in January 2018, the Seattle real estate market shows no signs of slowing, despite the start of the year typically marking a slowdown in our region. According to a recent article published by Seattle Times, “single-family home prices across the county surged nearly 20 percent in January compared with a year prior,” and virtually no area was left untouched by gains, with increases ranging from 11 to 28 percent.
Earlier in January, over 1,300 real estate brokers and prospective buyers lined up at the sales gallery of One88, a new luxury condominium tower in the heart of Bellevue, to learn more about the 21-story tower that is currently under construction at 105th Ave NE. The building will offer 143 residences ranging from one to three bedrooms, with pricing from the low $800,000s to above $2 million.
In recent years, co-working has emerged as a sought-after alternative to the structure of the traditional office, and as Forbes reports, the trend it now making its way into co-living concepts around the country. The idea is that residents live far beyond the four walls of their home, in a community atmosphere with “an emphasis on amenities and community.” The option is particularly popular among millennials, for its “affordability, flexibility and ease of use.”
The New Year brings new beginnings, and with President Trump expected to sign the new tax reform bill any day, it may pay off to prepare for 2018 by making a few tax moves today. As a recent Seattle Times article outlines, there are a few simple moves you can make now, that will help your tax future. Many of the sweeping changes to the individual tax code will “kick in on Jan. 1, and there are steps you could take in the coming days to maximize new advantages and minimize the potential hit from other changes.”
It’s holiday party season, which means that unless you are the Grinch, you definitely have some social events on your calendar in the coming weeks. A recent 425 Magazine article reminds partygoers that no matter the function, “etiquette dictates it’s proper to show your appreciation by bringing a gift for the individuals who have graciously invited you into their homes.”
Last week, mayor Tim Burgess and city councilor Rob Johnson released Seattle’s Housing Affordability Rezone Plan, which will loosen restrictions on the height and number of units a developer may build, in exchange for offering affordable housing options within the project or paying into a city-fund to support affordable homes. Curbed Seattle broke down the exhaustive document, which is set to go for review at the City Council over the next couple of weeks with possible implementation by this time next year.
According to a recent Seattle Times article, Amazon has introduced two new home furnishing brands, “the latest extension of the company’s growing private label section.” The private labels are called Rivet and Stone & Beam and will be sold exclusively on the Amazon.com platform. Since establishing the AmazonBasics brand in 2009, which includes everyday household items such as “batteries, headphones and iPhone chargers,” the retail giant has continued to move into contract-manufactured items, which are products made solely for one company’s use and “carry a lower price than name-brand items.”
