Living March 28, 2024

Hosting on a Budget

There’s nothing better than spending time with family and friends. When we’re sharing memories—or making new ones—we feel close to our loved ones and reaffirm our bonds to each other. If you’re the one hosting a get together though, the expenses of feeding and entertaining everyone can quickly add up.

Whether you’re inviting family over for a holiday celebration, hosting a birthday or graduation party, or just want to hang out with a few friends, we’ve got some tips to keep costs down while ensuring everyone has a good time.

Plan a Potluck

Perhaps the simplest, and most obvious, way to keep food expenses down when hosting is to ask your guests to contribute. Consider splitting up assignments by first letter of last names. For instance, last names starting with A-H bring beverages, I-P bring sides, Q-V bring salads, and W-Z bring desserts. This works well for holiday gatherings, but only use the letter assignment system if you’re not hosting a lot of family members who share the same last name!

Gather for Games

Board games, charades, or Pictionary using an easel are fun for all ages, and no one expects a full meal while you’re playing. Games can create a fun theme for birthday or anniversary parties, too. Provide a few snacks, beverages, and the games themselves and you’re all set.

Make It a Movie Night

With streaming services and inexpensive rentals like Redbox, having friends over to watch a flick is an easy and affordable way to spend time together. Supply the popcorn (and maybe a few of your favorite kinds of candy) and you and your guests are in for an evening of fun for only a few dollars. Movie nights are a fun idea for older kids and teens as well. Whether you want to turn it into a slumber party is up to you!

Bake up Brunch

There are a million ways to use the relatively inexpensive grocery items like eggs, potatoes, and pancake mix to whip up a delicious brunch. Egg casseroles or quiches with fresh veggies are easy to make ahead of time and can expand how many people a few eggs can feed. Hashbrowns or home fries are instant crowd pleasers. And who doesn’t love pancakes?

The best thing about brunch is that you can serve it anytime. Whether your invitation list consists of early risers or sleepy heads, anytime between 9:00 AM and early afternoon is perfectly appropriate.

Shop Your Own Supply

Using what you already have stocked in your fridge and pantry is not only less spendy than a big store run, but it’s also handy if a party comes together at the last minute. Fruit, crackers, and cheese can quickly turn into attractive and tasty appetizers. Any kind of protein, rice, some beans, tortillas, and cheese can turn into a make-your-own taco bar.

More: Charcuterie board inspiration 

Scope out the Sales

If you’ve got enough of a head start, planning the food and beverages you’re going to offer at your shindig around weekly or seasonal sales can save a pretty penny. Keep an eye out for grocery store circulars, coupons, and online ads that offer special deals on party favorites like soda, chips, and crackers. Shopping early can also pay off for big holiday meals. For example, many stores sell frozen turkeys weeks before Thanksgiving for a fraction of what you’ll pay for a fresh turkey the week of.

Serve a Signature Cocktail (or Mocktail)

Stocking a bar can easily become your party’s biggest expense, especially if your guests expect premium booze. Instead of purchasing all the bar staples and several varieties of beer and wine, create a signature cocktail (or mocktail) that only calls for a few ingredients and that you can make in advance. Sangrias, mojitos, and margaritas are great in big batches. A simple sorbet punch is a sure winner for the mocktail inclined.

Leave the Music to Us

Setting the tone with music is key to a great time. Windermere Real Estate has several playlists ready-made for your event. Choose one based on the vibe you’re going for from dinner to pool parties.

Follow us on Spotify 

We hope these ideas help inspire you to host a gathering of your loved ones soon!

Sellers March 26, 2024

10 Costs Associated with Selling Your Home

Selling a home is an exciting time for homeowners. Once you and your household have decided that you’ll hit the market, it’s easy to think solely about the revenue that comes with the sale. However, selling a home comes with its own set of costs. Knowing what these costs are will help you budget throughout the selling process. Here are ten most of the most common costs that come with selling a home.

10 Costs Associated With Selling Your Home

1. Commission Fees

Of all the expenses that come with the sale of a home, agent commission fees are usually the largest and for good reason. Real estate agents are professionals, wielding their industry knowledge and local expertise to get the job done and save countless hours of work for the homeowner. The commission is split by the agents representing both buyer and seller

2. Pre-sale Home Inspection

Pre-sale home inspections are not mandatory; however, if a seller does not conduct one, it could lead to major costs down the road. The inspection allows the seller to find any issues with the home and properly disclose them to the buyer. If the buyer’s home inspector finds repairs that need to be made, they can ask the seller for a price reduction or require that they be fixed in order for the sale to go through.

3. Home Repairs

There are varying degrees of home repairs that can increase the value of your home. Cosmetic fixes like improving your landscaping will do wonders for your curb appeal. Painting and decluttering help to present the home in the best light for buyers. Larger projects like replacing appliances, roofing, plumbing, and full-scale upgrades are a more significant investment but can increase your home’s value.

4. Staging Costs

During the selling process, it pays to put effort into the presentation of your home. Staging helps buyers to visualize living in the home. Professional stagers will enhance your home’s qualities while minimizing its deficiencies. Their cost will depend on the level of staging your home requires.

5. Utilities

In the interim period between when you move out and the buyers move in, you’ll want to continue paying utilities. Without running water, electricity, and heat, your home could be difficult to show to buyers.

6. Remaining Mortgage

Another cost of selling your home is the remaining loan balance on your mortgage. If you have been steadily paying your mortgage, your home sale will greatly aid in paying back the remaining amount, if not cover it completely.

7. Escrow Fees

In a home sale, there’s always the question: Who handles the cash? That’s where escrow comes in. It’s common for buyers and sellers to split the cost of escrow services. Be mindful of additional costs during escrow such as transfer fees and notary services.

8. Capital Gains Tax

The capital gains tax is assessed by taking the difference between what you paid for your house and what you sold it for. There are common exclusions for the tax, but there are situations where the exclusions may not apply. For example, if the home was not your primary residence, you could end up paying taxes on the whole gain. Talk to your Windermere agent for more information.

9. Property Tax

If your home sale takes place after you’ve paid taxes for the year, you may get a rebate at closing. In this case, the buyer reimburses the seller for the applicable taxes paid. Otherwise, the seller should pay the prorated share of property tax until the sale closes, placing the money in escrow.

10. Moving costs

Finally, the home sale is final, and you’re ready to move. Whether you’re moving locally or across the country, moving costs can add up quickly. Moving as many of your items yourself can save money, but for larger, more difficult to transport items, you’ll likely need to incur the cost of hiring professional movers to ensure your items arrive at your new home safely.

These are just some of the costs associated with selling your home. Each home sale is different, and the costs vary accordingly. Knowing what you can expect to spend throughout the selling process will help you budget accordingly. For more information on the costs in the selling process and how to sell your home, connect with an experienced Windermere agent today.

Real Estate News & Information March 20, 2024

Local Market Update – March 2024

Seasonal changes are starting to take shape across the region and the local real estate market is experiencing cautious optimism. As we transition from winter to spring, home and condo sales are increasing, in both units and price. Low inventory means motivated sellers are finding success in about a week’s time, while buyers thread the needle between needing to present enticing offers and having to adjust their price ceilings due to recent mortgage rate increases.

Last month was the second month in a row that King County home and condo prices rose. February’s median residential sold price increased to $914,500, up 14% from a year prior, while the number of homes selling over list price rose by 16 percent. These homes averaged just under a week on the market, likely due to the continued low inventory of available properties. King County condo prices jumped 17% year over year, from $468,500 in February 2023 to $550,000 last month.

In Seattle, the median sold price for a single-family home increased 12% year over year, from $825,000 in February 2023 to $927,450 last month. The market pace picked up in February, with 41% of homes selling above list price and in just over a week. Inventory still sits around one month’s supply, benefiting sellers who are ready to list. Seattle condo prices also are on the rise, with an 8% year-over-year jump to $558,000, up from $515,000 in February 2023. Condo inventory in the city was up 16% between February 2023 and 2024, from 1.7 to 2.0 months of supply.

The median sold price for a single-family home on the Eastside experienced a 10% jump year over year, from $1,340,000 in February 2023 to $1,470,000 last month. In that time, supply (as measured in months of inventory) dropped from 1.1 to 0.8, spurring competition among buyers – 42% of homes sold above list price and in an average of 5 days. Eastside condo prices leapt by 23%, from $540,000 in February 2023 to $665,000 last month.

The median sold price of a Snohomish County home rose again last month, to $750,990 in February, up 9% from a year prior. Inventory remained the lowest of any area reported here, at just 0.6 months of supply. Homes are moving quickly, with 35% selling above the asking price and in an average of six days. Snohomish County condo prices jumped by 14% last month compared to February 2024, up from $437,725 to $500,000.

Homes are selling faster and with more offers, benefiting sellers ready to enter the market while spurring competition among buyers. Despite a quarter-percent interest rate increase over the past month, prospective buyers have strong motivation to get under contract in the face of rising prices. And on-the-fence sellers – of both condos and single-family homes – also have price motivation to engage with this market.

When faced with a rapidly moving market, it’s vital to have a knowledgeable expert by your side. Your Windermere broker is ready to provide invaluable insight regarding the evolving dynamics of your local market and can guide you to make the right move at the right time to achieve your real estate goals.

More.

Design March 14, 2024

Creating Space for a Stress-Free Zone in your Home

The meaning of home has expanded over the years, adding new activities beyond eating and sleeping. For many this means home has more space to work and do hobbies. But as those things expanded, the feeling of relaxation may have dwindled, and for those struggling with the mental health implications of this, creating a space in your home that is dedicated to reducing stress could be the ticket to achieving a sense of peace and calm. Whether you use that space to meditate, exercise, or read, having a place in your home to focus on your mental health can change the way you show up for yourself and the important people in your life.

Image Source: Getty Images Lytvyn

Fitness Corner

If exercise is your chosen route to improved mental health, a small home gym could be right for you. How you set up your fitness space will depend on your preferred form of exercise, as well as your budget.

If your routine requires a treadmill or indoor bicycle, make that the focal point of your space. If yoga, Pilates, or barre is more your speed, you’ll need room to unroll a mat and move freely. Weightlifting or body-weight exercises might necessitate more space and equipment but are both feasible even in a corner of your office or a walk-in closet.

Regardless of how you plan to get your sweat on, use nearby wall space for shelving or hooks to store equipment. This could range from light hand weights and exercise bands to jump ropes and yoga mats. If you need more storage, find furniture that serves multiple purposes. For example, a cabinet that stores towels can also double as a surface for a small fan and your water bottle.

For extra motivation to spend time in your exercise area, add a little personalization. Wallpaper or bold paint colors not only add visual interest, but they also create a sense of separation from the rest of the room or area. Soothing art and living plants are particularly apt for spaces dedicated to yoga.

Meditation Space

Meditation is a great way to calm the mind, and you don’t need special equipment or a lot of room to do it. Creating your own meditation space can be simple, quick, and doesn’t require a large investment.

Start by finding a place in your house that is as free from distractions as possible. This could be a corner in your bedroom or a section of your backyard or terrace. Ideally the space would be near a window or natural light source.

Where and how you sit can make or break a meditation session. A chair, meditation cushion, or yoga mat that allows you to sit comfortably for several minutes while keeping you alert will do the trick.

If you plan to listen to guided meditations or music, a small Bluetooth speaker can be a good option if you want to avoid using headphones and will have better sound quality than listening from your phone’s speaker.

Though many people prefer to meditate with their eyes fully closed, visual elements can help set a serene scene. Plants, candles, statues, and art can also add a sense of your personality. If clutter stresses you out, keep your decor clean and minimalist. You can include your other senses in your meditations by adding a water feature and burning incense or essential oils.

Image Source: Getty Images JulieAlexK

Reading Nook

If getting lost in a good book is your favorite way to unwind, a reading nook will quickly become your favorite spot at home.

Whether you’ve got a corner or a closet to dedicate to the space, the key to hours of reading enjoyment is the right seating. It’s hard to beat the traditional wingback or club chair, but smaller spaces might call for more creative ideas. Floor cushions, padded benches, bean bag chairs, and hammocks are all options.

Once you’ve got your sitting area situated, lighting comes next. A location near a window that brings in natural light is ideal, but for those who love to read late into the night or who don’t have a window nearby, standing or table lamps and wall sconces will save you from eye strain.

If you’ve got the space, a side table for cocoa, coffee, or tea is a nice addition. It’s also a great area for that mile-high “to be read” pile book lovers are known for. Even better if it’s got a drawer for bookmarks, reading glasses, pens, and notebooks.

For extra coziness, add a throw blanket or shawl and some cushy pillows.

 

Make these ideas come to life, check out our Pinterest board for inspiration.

Buyers March 12, 2024

What is Wire Fraud and How to Avoid It

A form of cybercrime, wire fraud has led to major losses for homebuyers in recent years. Get to know what it is and what steps you can take to avoid it.

What is wire fraud?

Real estate wire fraud is a scam that targets buyers while making payments during the home buying process. Attackers have taken advantage of the fact that there are several people and entities involved in real estate transactions. Between real estate agents title and escrow companies, mortgage lenders and more, there are many steps, some of which involve sharing financial information and transferring money. This gives ample opportunity for scammers to slip through the cracks somewhere along the line.

The timing of wire fraud is typically during closing using a sophisticated phishing scam. Attackers apply the use of fake emails, phone numbers, or websites, often posing as the buyer’s real estate agent and directing them to allocate funds to a fraudulent account. Because the attacker will have scanned, scrubbed, and lifted your personal information in preparation for the scam, their forms of communication can often look familiar and legitimate.

The mission of the cyberattack is to get your funds into an account the attacker owns. To do this, it is common for them to say that you had previously sent funds incorrectly, that they were never received, that there are new instructions for payment, or that there has been a last-minute change in the closing process. These are all major red flags. It is imperative to take extra caution during the final steps of purchasing a home because transfers, once initiated, are difficult to remedy and can delay your closing process.

How can I avoid wire fraud?

  • Get to know the closing process: Talk with your Windermere agent ahead of time about what to expect throughout the closing process. Discuss payment options with your lender and ask specifically about instructions for wiring funds. It is safer to share this information over the phone than through email, as scammers could accumulate this information to use against you.
  • Record contact information: Keep a list of the personnel involved in your closing process. Beyond your real estate agent, keep a record of contacts at your mortgage lender, title company, and attorney’s office. In the event that someone new reaches out to you with a request, confirm their identity with one of your contacts.
  • Call to confirm: Call to confirm wiring instructions before sending the transaction through. Talk to a trusted representative and ask them to repeat the information to verify its legitimacy. After sending the funds, make same-day follow-up calls to ensure they were received.
  • Trust your gut: If you receive an iffy email or phone call, trust your gut. If something doesn’t feel right, it’s the perfect time to reach out to your contacts, discuss your hesitancy, and get advice before proceeding.

The threat of wire fraud emphasizes the importance of working closely with everyone involved in the purchase of your home. If you believe you have been scammed, contact your bank or wire transfer company immediately and request that they issue a recall notice for your wire. Contact the FBI’s Internet Crime Complaint Center and report the activity with as much information as you can gather. For more information about how to protect yourself from wire fraud, visit the National Association of Realtors’ Wire Fraud resources page.

Living March 7, 2024

Toolbox Essentials for Homeowners

For all its perks—stability, tax breaks, building equity—being a homeowner comes with the responsibility of maintaining your home and the occasional repair. Some jobs require a professional, but if you are willing to take on minor repairs or DIY projects, you’ll need the right tools. Whether you’re starting a toolbox from scratch or looking to round out your tool collection, here are the basics every homeowner should have on hand.

Helpful hint: A toolbox filled with all or a few of these items makes a great housewarming, wedding, or graduation present.

Screwdrivers

You don’t need to own a home to know that a screwdriver is a life staple. From replacing batteries in toys to installing shelves on walls, owning a pair of quality screwdrivers—one flathead and one Phillips—is a must. Not many home projects call for extra small screwdrivers but having a set can be handy for fixing eye- and sunglasses.

Hammer

When you think of the word “tool,” a hammer likely comes to mind. Whether that’s because a pounding tool was likely humankind’s first invention or because you need one for nearly any type of handiwork, you’ll be glad you have a traditional claw hammer on hand.

Mallet

Like a hammer but with a rubber or wood surface, a mallet comes in handy when you need to drive wooden dowels or for more delicate projects that require a softer touch. The non-slip surface is also better for holding parts in place or applying pressure than the slippery metal edge of a traditional hammer.

Tape measure

You know the saying, “Measure twice, cut once”? It’s really good advice when it comes to DIY home projects, and a good tape measure makes the measuring part easier. Get one that is at least 25 feet long, with bold, easy-to-read numbers on both sides and that has a locking mechanism.

Utility knife

If all you do with a utility knife is open boxes, you’ll still use it quite frequently (given how often we all get deliveries of home goods these days). But there are tons of other uses for a very sharp item to cut with, including scoring wood or hanging wallpaper.

Wrench

There are a few ways to attach things to each other. Nails and screws have their place, which is why you need a hammer and screwdrivers. But nuts and bolts hold a lot of things together too, and for those you’ll need a wrench. Buying an adjustable one is not only more cost effective but it’ll save space in your toolbox.

Pliers

When you need leverage to tighten or loosen plumbing pipes or bolts, pliers can’t be beat. They can also help you hold things in place as well as bend or shape wire.

Level

When hanging pictures, mounting shelves, or needing to drill multiple holes in a line, you’ll need a level to keep you straight. And, yes, many of us have a level app on our mobile devices, but phones can be clunky and might not be reliable if you have a hard-shell case on your phone. A sturdy level isn’t expensive and can last a lifetime.

Wire cutters

How many of us have dulled a perfectly fine pair of kitchen shears cutting through cables or wires one too many times? (Just us?) Using high-quality wire cutters will not only save your scissors, but it will also ensure a cleaner cut through your wire or cable.

Cordless drill

Though screwdrivers are good for small jobs, a drill is better for screwing into harder surfaces or when the job calls for a lot of holes. Going cordless frees you from the need for extension cords, but spring for the extra battery pack so you always have one fully charged when you need it.

Safety gear

Before you start any home project, make sure you have the right protection for your eyes, ears, hands, and lungs. Safety goggles, ear plugs, heavy-duty gloves, and respirator masks will keep you safe while you’re DIYing.

Nice to haves

Though these items might not be considered essential, you never know when you might need a headlamp or flashlight, hand saw, stud finder, duct tape, or wood glue. You won’t regret keeping them on hand.

SOLD February 29, 2024

SOLD: Seattle Bungalow, Beacon Hill Colonial & Central Area Duplex

UNDER CONTRACT

1931 S Orcas Street
Seattle, WA 98108
$918,900

  • MLS #2193227
  • Beds: 4
  • Baths: 4
  • Size: 2,680 sqft
  • Days on OneHome: 30

Rarely brick colonial custom-built home in Beacon Hill. It situated in an enclave of similar homes. Offer open living room and dining area. Kitchen with breakfast nook connect to Den or can be a formal dining. Second floor boasts 4 bedrooms/2baths, including impressive primary room with walk in closet. Basement with one bedroom w/full bath and extra room can be as the second kitchen. Two car garage with RV parking on side of house. Fully fenced backyard. Nestled in a serene neighborhood, this residence offers a picturesque escape for relaxation and entertainment. Minutes away from freeway, easy access to downtown. Must see.

UNDER CONTRACT IN ONE WEEK WITH 7 OFFERS

12823 84th Avenue S
Seattle, WA 98178
$488,980

  • MLS #2195204
  • Beds: 2
  • Baths: 1
  • Size: 960 sqft
  • Days on OneHome: 7

Enchanting bungalow in quiet woodland setting just min. to I-5/405 & other major routes for work, fun & travel. Cabin-like abode nestled in a quarter acre of greenery is the perfect tonic to balance the busy buzz of urban living. River-rock/ gingerbread filigree exterior, coved ceilings, warm hardwds, orig. artful millwork thru-out; built-ins & big windows in cozy kitch, generously sized bedrms. Updated electrical, copper plumbing, gas heat/water, A/C, dbl windws, Gutter Guards, elastomeric deck. More potential in basmt w/ sep. entry. Lush landscaping is bursting with gorgeous palette of colors & textures. Superb location w/i easy reach of essentials for daily routines, special shopping, indie-dining, Lk WA, airport, & more. Just move in!

UNDER CONTRACT

418 21st Avenue
Seattle, WA 98122
$1,040,000

  • MLS #2197424
  • Beds: 5
  • Baths: 2
  • Size: 2,280 sqft
  • Days on OneHome: 4

$20,000 Seller credit for rate buy-down plus 5% downpaymt ok for owner-occupied loan makes this a great buy!!! Fully loaded and dialed in duplex (LR2 zoning) in the heart of the Central Area. Both units stylishly updated 2022-2022=no or low maint. for years to come. New LVP flooring thru-out, new kitch counters/appls/sinks/plumbing/disposals; new bath vanities/sinks/plumbing/some fixtures; new heaters & thermostats, new entry drs, new stairs, deck & ext. carpet to upper unit. New roof 6yrs ago & about same for water heaters, full size W/D both units, PREMIUM PARKING: 4+ spaces off paved alley, 2carport +extra in driveway. Historic Seattle neighbrhd, exciting new & iconic eateries, pubs, performing arts; parks, metro. Super-smart investment.

Real Estate Listings February 28, 2024

NEW LISTING: Classic Mid-Century Daylight Rambler in Upper Rainier Beach

10758 68th Avenue S
Seattle, WA 98178
$660,000

  • MLS #2195211
  • Beds: 4
  • Baths: 2
  • Size: 1,886 sqft
  • Days on OneHome: 7

Classic Mid-Century Daylight Rambler in coveted Upper Rainier Beach! Well-maintained & move-in ready with design features beloved by MCM enthusiasts. Newly refinished oak hardwoods, brick fireplaces up & down, orig. millwrk, cabinetry & hardware thru-out, H.U.G.E. appr. 300sqft deck for outdoor entertaining. Mostly daylite baesment has big open spaces, 4th bedrm, bath & sep. entry. Updated electrical, plumbing, dbl-paned windows, gas heat, A/C. A gift to gardeners, the grounds have been lovingly curated: a kaleidoscope of seasonal blooms & textures, patios and koi pond. Perched above 35 acres of peaceful woodlands & waterfalls in Lakeridge Park for added privacy. Walk to fun local bistros, coffeehouses; short hop to Lt Rail/I-5. Great Buy!!

Sellers February 27, 2024

Minimize Stress While Selling Your Home

After years of collecting furniture, plants, and memories, the thought of preparing your home to sell and moving to a new one can be daunting and stir up a lot of emotions. But selling your home doesn’t have to be stressful; here are a few tips to help make it easier.

Involve your agent early

The earlier you involve your Windermere Real Estate agent, the better they can set you up for success. When you reach out to them, they’ll be able to evaluate your home with their expert opinion based on their experience, and determine what needs to be done.

You and your agent will come up with a plan and timeline that works for you. After they do a comparative market analysis, they’ll have a good idea of what it will take to get the best price for your home. They may suggest you move out so the home can be professionally staged and easily accessed by potential buyers, or if that’s not an option, they will provide insights on what you can do yourself so you can live there while it’s on the market.

They may also see opportunities that are easy to implement, like improving the landscaping for curb appeal or minor projects that can increase your home value.

Get an inspection & make necessary repairs

Some sellers may be concerned that their property isn’t in the best condition and that this will impact their home’s value. While some repairs may need to be done before putting your home on the market, you might be surprised that you don’t have to fix everything.

By getting a pre-inspection you’ll know what all needs to be done right away and what can wait. Your Windermere agent will be able to help you understand the inspection report and make decisions based on the condition of your home and the current market. Some repairs will be more important than others, things like a new roof or water heater can help new buyers feel more comfortable in their purchase while a trending remodel may interfere with the buyers own plans for the space.

Split up the selling process into approachable pieces

Once you have a vision for everything that you need to do to get your home prepared to sell, it’s a good idea to split the full project into smaller pieces that you can tackle one by one. You’ll want to determine what needs to be done first, like an inspection or small remodel, and what items can be done at the same time, like moving out and staging. If you take this approach, the final preparations will feel less overwhelming.

When you prepare well ahead of time, the actual process of selling will be less overwhelming, and you’ll have the confidence that you’ve done everything you can to make the most of the investment you put into your home.

Then comes packing and moving, but don’t worry, we have some tips to make that easier too, read here.

Real Estate News & Information February 21, 2024

Local Market Update – February 2024

Like some plants and trees, the local real estate market is starting to bloom. Last month, median residential sold prices increased in each of the four geographic areas covered below. That’s welcome news for intending home sellers, who are also benefitting from continued low inventory region-wide. At the same time, local buyers are seeing stabilizing interest rates (currently in the mid-6-percent range) while confronting hefty competition for available properties. With residential supply shrinking last month, compelling offers continue to be the key to buyers securing a home.

In King County last month, single-family home prices rose by 9% year over year, to $849,850. Condo prices gained momentum as well, rising to $495,000 last month, up 10% from $450,000 a year ago. With limited new listings coming on the market in January, the inventory of available King County single-family homes dropped to 1.0 months of supply, down from 1.3 months at the end of December 2023.

Seattle also saw an increase in home prices last month, with an 8% year-over-year jump to $869,000, up from $803,750 in January 2023. The supply of homes in Seattle dropped from 1.7 months to 1.0 months, spurring buyer competition. Seattle condo prices also rose year over year, from $487,500 in January 2023 to $537,500 last month, while supply dipped to 2.1 months of inventory, having started the year at 2.5 months.

On the Eastside, the median sold price for a single-family home was $1,465,000 in January, up 11% from $1,320,000 the year prior. The supply of Eastside homes dropped from 1.2 months of inventory at the beginning of January to just 0.9 months by February 1, and more than half of the area’s available homes sold in under 30 days. Condo prices also rose last month, though at a slower rate. The median sold price for an Eastside condo increased 5% to $570,000, up from $543,000 in January 2023.

Snohomish County home prices rebounded last month, perhaps feeling the effects of a continued drop in inventory. The median residential sold price increased by 4% year over year, up from $699,000 in January 2023 to $729,990 last month. By the end of January, the supply of Snohomish County single-family homes stood at just 0.6 months of inventory. Perhaps reflecting these supply constraints, the median sold price for a Snohomish County condo jumped by 13% last month compared to January 2023.

While real estate market activity has remained slow in accordance with seasonal buying patterns and low inventory, residential prices have been on the rise. The regional condo market, despite its comparatively greater supply (as measured in months of inventory), has seen its share of recent price gains as well.

In the face of a rapidly evolving market, it’s more important than ever to connect with your Windermere broker. They can provide insight into the changing dynamics of regional submarkets, offer nuanced expertise and move quickly when the time is right for you to attain your real estate goals.