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How’s the Market? Q1 2024 Review of Seattle Area Real Estate
The Seattle/Eastside real estate market is hot and the Q1 stats support the claim; most homes sold in the first 10 days and either at or above their listed prices. Eastside median sales prices saw double-digit gains of 14% compared to this time last year, while Seattle was close behind with a 9% price bump. We saw more new listings this year than in Q1 of 2023; however, this was not enough to tip the scales and we remain staunchly in a seller’s market for the foreseeable future. The good news for buyers is that interest rates have stabilized and more sellers are jumping off the fence to list their homes. Competition for prime properties will remain high, however, so buyers should be prepared to take a leap of their own when the right home presents itself.
Click or scroll down to find your area report:
Seattle | Eastside | Mercer Island | Condos | Waterfront
SEATTLE
It’s safe to say the spring market hit early in Seattle! We’ve seen a 9% rise in median home price and 69% of listings selling at or above list price, all while interest rates are in the mid 6s. We are bullish on the year to come. Overall sales are down 3% YoY, which is slightly troubling because Q1 2023 saw a 28% dip from the previous year. If you dig a little deeper it seems that the north end (Kenmore and Lake Forest Park) saw a 42% reduction in overall sales with a 30% increase in median price.
Prices are up across the board. The largest jumps in median price are in Lake Forest Park and North Seattle (30% and 23% respectively), while the highest $/sq.ft. jumps were in Madison Park and South Seattle. 56% of all homes on the west side sold in the first 10 days and for an average of 105% of list price. This is a great indicator that the market will continue to be strong in Q2.
The total number of new listings remains relatively low in the city, when compared with years past. This is to be expected as current homeowners stay put to enjoy their cozy sub-3% interest rates. We hope that equity will begin burning holes in their pockets soon—the market could use the inventory. If you’ve been thinking about buying, this could be your year! Get pre-approved and be ready to jump when you see the right home come available.
If you’ve thought about selling your home, it may be a good year to do so. As is typical in the early stages of appreciating cycles, buyers are brought off the fence by “the house” popping up—and they’re paying premiums for cream puff properties. Interest rates have stabilized and experts say they may become even more favorable as the year progresses. Check with your agent about your own unique situation.
Click here for the full report and neighborhood-by-neighborhood statistics!
EASTSIDE
The numbers are in and the statistics reflect what agents and consumers have felt thus far in 2024—the market is hot. Median home prices on the greater Eastside are up 14%. 65% of all listed homes sold in the first ten days for an average of 105% of list price. The communities that have posted the largest gains are Kirkland and the area South of I-90 (32% and 21%). Redmond and West Bellevue reported much more conservative median price increases at 4%. The total number of pending homes was up 18% YoY, which bodes well for continued price gains.
If you’re in the market to purchase a home on the Eastside we are hopeful for more inventory this year. Even though rates are still nowhere near their all-time lows, which was the anecdotal explanation for lack of inventory in 2023, it seems that a Q1 sales boom is enough to help potential home sellers feel bullish on 2024. This means you can also expect competition for the prime properties. Our best home buying advice: do your research, act with confidence, and remember real estate is a long-term investment.
If you’re a homeowner thinking about a home sale in 2024, Q2 could be the perfect time. Shoppers are out in droves and they’re prepared to pay top dollar for quality product. The steep jump in median home price should continue at least into Q2. The only threat in Q3 and Q4 is what could shape up to be a distracting election cycle. Though, the election year is likely what is keeping downward pressure on rates. Our best home selling advice: follow your agents’ guidance on timing as it’s sure to be a volatile year. Prep hard and price conservatively. It will all work out in your favor.
Click here for the full report and neighborhood-by-neighborhood statistics!
MERCER ISLAND
What a difference a year makes! In Q1, Mercer Island’s median sale price is already up 13% over a relatively flat year in 2023, rising from around $2,200,000 to $2,520,000. We’re seeing shorter market times and multiple offers; spring has sprung on the Island. With 59 new listings and 37 closed sales inventory appears to be tracking with what we’ve seen in Q1 in years past. That said, condos continue to lag behind single family: only 6 closed sales all quarter. The average price per square foot is $535—about where it’s been tracking since it jumped from $485 in Q1 of 2021. Not a lot of shocking change here.
If you’re in the market to purchase a home on Mercer Island you can expect better inventory this year than last year. Even though rates are still nowhere near their all-time lows, which was the anecdotal explanation for low inventory in 2023, it seems that a Q1 sales boom is enough to help potential home sellers feel bullish on 2024. This means you can also expect competition for the prime properties. Our advice: do your research, act with confidence, and remember real estate is a long-term investment.
If you’ve been thinking about selling your home to upgrade or downsize, Q2 could be the perfect time. Shoppers are out in droves and they’re prepared to pay top dollar for quality product. The steep jump in median home price should continue at least into Q2. The only threat in Q3 and Q4 is what could shape up to be a distracting election cycle. That being said, the election year is likely what is keeping downward pressure on rates. Our advice: follow your agents’ guidance on timing as the situation develops this year. Prep hard and price conservatively. It will all work out in your favor.
Click here for the full report and neighborhood-by-neighborhood statistics!
CONDOS – SEATTLE & EASTSIDE
It seems a healthy start to 2024 in the condo market. While the Q1 of 2023 numbers were down across the board, Q1 of 2024 is looking up with a combined rise in price of 15% and 34% more fresh new listings (YoY).
On the Eastside there were 202 active listings available at the end of the quarter, while 501 homes accepted offers during the quarter. This was the highest number of pendings in one quarter in the last two years! To real estate professionals, “pendings” are the canary in the coal mine of the market. A spike in pendings is a predictor that the market is heating up.
In Seattle new listings doubled from Q4 2023 (534) to Q1 2024 (1019), while pendings and solds are up 20% YoY. If you’re shopping for a condo, keep an eye out for enticing new inventory in Q2. 42% of Seattle condos sold in the first 10 days and for 100% of the list price. 44% of condos took more than 30 days to sell, though they still commanded 97% of their list price. To me this means that pricing is more important than ever in determining your outcome.
Now it’s time for me to stand on the home ownership soap box. There seem to be a lot of headlines about the unaffordability of single family homes. While there is no denying how expensive it is, there is a missing piece to the story: at some point during the prolonged period of “cheap money” first time buyers forgot about the first rung of the property ladder. CONDOS create an affordable option to start building wealth at a younger age. It’s an important real estate product that has been overlooked. We are hopeful that enterprising young homeowners return to the condo market in droves this next real estate cycle.
Check out area-by-area details the full condo report.
WATERFRONT
Seattle and the Eastside each had 6 waterfront sales in the first quarter, with 4 out of the 6 sales for both areas closing at or above the listing price (including one unlisted sale). All of the Eastside’s listed sales were on the market for only 8 days or less. Lake Sammamish was close behind with 5 sales (however 4 out 5 sales went below the asking price) and Mercer Island lagged behind with just 1 sale. Medina boasted the largest waterfront sale, a newer home on 117 feet of lakefront with a mind-blowing 13,590 interior square feet and 1.5 acres of grounds. The most modest sale was for a Lake Forest Park home on just 40 feet of waterfront—it sold almost immediately for 7% above its asking price.
This brief overview of the entire Seattle-Eastside private waterfront market, including Mercer Island and Lake Sammamish, illustrates the trends occurring in our region over time. This data is interesting and insightful but cannot replace an in-depth waterfront analysis with your trusted professional.
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 2024, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing Service and Trendgraphix, and deemed accurate but not guaranteed. Seattle cover photo courtesy of Brooke Davis and Emerald City Snap. Eastside cover photo courtesy of Team RAREnorthwest and Clarity Northwest Photography. Mercer Island cover photo courtesy of Nancy LaVallee and Clarity Northwest Photography. Condo cover photo courtesy of Michael Fleming and Clarity Northwest Photography.
Moving Day: Checklists & Tips to Stress Less
Ah, moving day…that magical mix of excitement, chaos, and occasional panic. Whether it is across town or cross-country, the reality of packing, moving, and setting up a new home can become overwhelming. No list can make a move “stress free,” BUT planning ahead and staying organized can help make your move a little smoother. Here is a printable checklist along with our tips for the big day:
Getting Started
Once you know your prospective move date, set up a quick timeline to make sure you can get all the important tasks done and ready in time for your move.
Consider how much stuff you have by doing a home inventory. This can help you decide whether you need to hire movers to help you or if you will be managing your move on your own. Many moving companies supply inventory lists to help you assess the size of truck you will need. You can use your list as double duty for insurance purposes later (try using this helpful home inventory app from the National Association of Insurance Commissioners).
As soon as you decide how you will be moving, make your reservations. In general, moving companies and truck rental services are over-booked at the beginning and very end of the month. If you are planning on hiring a moving company, contact a few in your area for a price quote. To find companies ask your real estate agent, family, or friends, and consult online reviews. It is also a good idea to request a quote and compare companies.
Preparing for Your Move
- Moving is a great opportunity to get rid of clutter, junk, or outdated items. Set aside some time to sort through your closets, storage spaces, files, drawers, and more. Go through cluttered areas and organize items by “keepers”, “give-aways” and “garbage”. You will have less to pack and an opportunity to update after you move. Contact a local nonprofit organization for your donations; some will arrange to pick up larger donations like furniture. If you have items of value, eBay or craigslist are good options.
- Changing your address is one of the more tedious tasks in the moving process. You will need to change your address with the United States Post Office. You can find the online form here: Movers Guide.
You will also need to change your address with each account you have. Here is a list to get your started:
- Employers
- Bank(s)
- Utilities (Electric, Water/Sewage, Oil/Gas)
- Cable/ Telephone
- Cell phone service
- Credit Cards
- Magazine subscriptions
- Insurance companies (auto, home/renters, health, dental, vision, etc.)
- Pharmacy
- Other personal services
Let the Packing Begin
Before you start packing, it may help to visualize where everything you have will go. Perhaps furniture will fit better in a different room? Consider the floor plan of your new home and figure out what will go where. This will aid in packing and labeling as you box everything up.
Use a tool like floorplanner.com to plan where furniture and items will go.
When it comes to packing you have some options. You can work with a service that provides reusable boxes for moving or you can reuse or purchase cardboard boxes. Make sure you have enough boxes, packing tape, dark markers, and packing paper.
Pack rooms according to your floor plan. Label boxes with contents and room. This will make it easier to unpack your home, knowing where everything is going.
Real Simple magazine has some great tips on packing for your move.
If you have to disassemble any of your furniture, make sure you keep all the parts and directions together. Make sure you set aside your necessities for the day you move. Being tired and unable to take a shower or make your bed can be hard at the end of a long moving day. Here are some ideas of what you may like to pack in your “day-of-move” boxes:
- Clean linens for the beds, pillows and blankets
- Clean towels
- Shower curtain, liner and hooks
- Toiletries, hand soap, tooth brush, etc.
- Disposable utensils, cups, napkins, etc.
- Rolls of toilet paper
- Snacks and water
- Change of clothes
- Tools for reassembling furniture, installing hardware, and hanging photos
Making Your Move
- Come up with a game plan with your family, so everyone has a role and a part to play
- Once the house is empty, do a once over on your old place to make sure it is clean for the next owners/occupants. Here is a useful checklist for cleaning.
Warming Your New Home
Once you have settled into your new home, warm it up by inviting friends and family over to celebrate. Here is a great infographic about housewarming traditions and symbolism. Announce your move to far-away friends and family through moving announcements to make sure you stay on the holiday card mailing list.
Ready to make your move? Reach out to get started.
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 2024, Windermere Real Estate/Mercer Island.
Remodeling Projects to Avoid When Selling Your Home
It’s common for homeowners to feel compelled to remodel their homes before they sell. Renovating the spaces in your home can increase its value and help you compete with comparable listings in your area. However, some remodeling projects are more beneficial than others as you get ready to hit the market. Always talk to myself or another local agent to determine which projects are most appealing to buyers in your area.
When preparing to sell your home, you want to strike the right balance of upgrades. Making repairs and executing renovations will attract buyer interest, but you don’t want to dump so much cash into remodeling that you won’t be able to recoup those expenses when your home sells.
So, how do you know where to focus your efforts? Your agent is a vital resource in understanding your specific situation—I typically offer guidance to my clients on remodeling efforts that will help sell their home for the best price. Here are a few projects sellers will want to keep off their to-do lists for the best return on investment…
Major, Pricey Upgrades with Long Timelines
For any remodeling project, an analysis of your home’s value will be key to helping you determine its risk/reward potential (reach out if you’d like one for your home). This dynamic is especially important for big remodels and home upgrades, due to their higher costs. The latest Remodeling Cost vs. Value Report (www.costvsvalue.com)1 data for the Seattle area shows a generally negative return on investment for major, upscale remodeling projects—they only recouped about 25%-30% of their cost…
These projects come with hefty price tags and longer timelines than minor repairs and upgrades, which can complicate factors as you prepare to sell, especially if you have a deadline to get into your new home. They have the potential to temporarily displace you from the property, meaning you and your household may have to find somewhere else to stay until the project is complete.
The Bottom Line: To go through with a major home upgrade before you sell, its schedule must fit with your moving timeline. It should also align with buyer interest in your local market. If the project doesn’t meet these criteria, it should be avoided.
Non-Permitted Projects & Building Code Violations
Before you decide to finish out the basement or make changes to your home’s wiring/structure/mechanical systems, it is important to make sure you obtain the proper city, county and/or state permits + inspections. Non-permitted square footage does not reflect on the county tax record and can lead to low appraisals when the buyer tries to get a loan. Obtaining permits also helps ensure your alterations meet the current building code—otherwise, you may face legal exposure should they create a safety hazard. Furthermore, any non-permitted remodels must be disclosed to the buyer on your Form 17 if you live in Washington State. The buyer’s mortgage lender may also have stipulations saying that the loan may not be used to purchase a home with certain features that aren’t up to code, which could lead to them backing out of the deal.
If you’re selling an older home, you’re not obligated to update every feature that may be out of code to fit modern standards. These projects are often structural and require a significant investment. If the violation in question was built to code according to the regulations at the time, then a grandfather clause typically applies. However, you’ll need to disclose these features to the buyer.
Trendy Makeovers and Upgrades
Lastly, it’s best to avoid remodeling projects that target a specific trend in home design. Trends come and go. Timeless design is a hallmark of marketable homes because it appeals to the widest possible pool of buyers. Keep this in mind when staging your home as well. Creating an environment that’s universally appealing and depersonalized allows buyers to more easily imagine the home as their own.
Wondering which remodeling projects might help your home sell? Reach out any time…I’m never too busy to discuss your options and offer advice based on the current market.
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 2024, Windermere Real Estate/Mercer Island.
1©2023 Zonda Media, a Delaware corporation. Complete data from the 2023 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.
Adapted from an article that originally appeared on the Windermere Blog, written by: Sandy Dodge.
