Seattle Market Update
Spring Frenzy is in full swing! There has been an uptick in inventory which jumped 14% in April when compared to March. However, it is still a strong seller’s market with an area-wide 1.3 months of supply which is still well below what would be considered a balanced market of 5 months of inventory. Why is there more inventory now? Homes show better in the spring then at any other time of the year. Longer days with more sun and the much of the are in full bloom. Also, a lot of families like to move toward the end of the school year rather than in the middle of the year. Homes hitting the market now will close right as school gets out for most kids.
Home prices are still trending up. The median home price in Seattle is $820k; in King County it is $725k.
Where are people moving from/to?
According to Realtor.com, the 10 most popular states that people are moving to are: Idaho, Washington, Nevada, Tennessee, Alaska, Maine, North Carolina, Oregon, Alabama and Rhode Island. However, in some states people seem to want to flee their home, those states are Illinois, West Virginia, Nebraska, South Dakota, Hawaii, Indiana, Delaware, New York, Louisiana and Kansas. Job opportunity (or lack thereof) is the driving factor for people either moving into an area or out of, especially younger people. The second most common reason for moving is cost of living, especially for baby boomers entering retirement.
Criminal Conviction Not a Reason to Deny Housing
Important reminder for landlords, The Fair Chance Housing Ordinance enacted last year makes former convicts akin to a protected class. Landlords cannot deny someone tenancy because of a criminal conviction. The ordinance offers property owners little flexibility, even on grave offenses. So, whether the ex-con forged a prescription or butchered a spouse, it matters not (the only exception is sex offenders).
Did you know?
Did you ever notice that a lot of homeowners have a red front door? In Feng Shui, it invites welcoming energy; in some religious groups, it offers protection; in Scotland, it means the mortgage has been paid off. Also, a red door adds a lot of fun color, don’t you think? What color is your front door?
Congratulations to our clients! Matt found a home in Bothell and Jennifer and Kevin found a home in Phinney. All will be closing on their purchase this month.
We’d love to hear from you
Any questions, comments, or feedback? Contact us any time, we’d love to hear from you … and if you are a seller, it is your market, give us a call. We’d love to provide you with a free pricing analysis on your home and offer you proven strategies on how to get the most money for your home in this hot seller’s market.
Krisanne and Kerstin
Brooks & Heinze Team
at Skyline Properties, Inc.
Kerstin Brooks: 206.276.5827
Krisanne Heinze: 206.920.2541