Showing posts with label real estate. Show all posts
Showing posts with label real estate. Show all posts

Real estate market as of July 2024

Monday, August 5, 2024

We observed a 5.8% decline in total home sales compared to the same period last year. 

The median price rose by 5% to reach $840,000. 

The average price per square foot now stands at $567, reflecting a substantial 17% increase. 

Properties are selling in just 20 days—quite an improvement from last year. 

And the sales price to list price ratio? It sits at 101.01%, indicating that homes are fetching slightly above their list prices.

A potential Federal Reserve interest rate cut as early as September could inject new life into the real estate market. 

Lower interest rates typically translate to more affordable mortgage payments, incentivizing potential homebuyers to enter the market. 

Increased demand could drive up property values and spark competition among buyers.

--Lella Norberg, Shoreline Windermere


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June real estate market report

Monday, July 8, 2024

In Shoreline, the real estate market has experienced notable changes.

Year-over-year, closed sales transactions decreased by 26%, and the median price saw a slight decrease of 0.7%. 

Comparing month-over-month data, June observed a 20% drop in the number of sales, from 48 in May to 40 in June. 

Additionally, the median price declined by 11%, from $900,000 in May to $800,000 in June.

As of June 30, 2024, there were 63 active listings in Shoreline, with a median list price of $949,000. 

With the current rate of sales, it will take just over 1.5 months to sell all the available homes, indicating a market that continues to favor sellers.


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King County Assessor: Residential values rise, while values of large office buildings fall in a mixed real estate market

Thursday, July 4, 2024

Assessor John Wilson
The King County Assessor’s office has begun the annual process of mailing property valuation notices to taxpayers. Notices will be arriving soon. 

 Preliminary indications show most residential areas will increase a little over 10% on average. Commercial properties are more mixed depending on property type.

“After dramatic fluctuations in the residential market during the COVID years, values have returned to a steady level of increase,” said King County Assessor John Wilson. 
“The volatility now is in the commercial sector and among condominiums.”

Each year, County Assessors set values on every commercial and residential property value in the state. 

These values – set effective as of January 1 by state law – are then applied to the next year’s tax bill. Property values are being set as of January 1, 2024, for taxes due in 2025.

Data indicates that most residential market areas will see value increases this year. Those increases will range from the single digits in Seattle, to roughly 20% in some east King County areas. In 2022, some Eastside communities saw values soar 50% in year over year.

Residential condominiums saw fewer sales in 2023 and all across King County will experience a value decline, mostly in the single digits. Downtown Seattle condominiums will experience the largest drop in value.

Most commercial values will remain flat, with some exceptions. Industrial properties will see increases of up to 10% and larger offices will decrease between 30% and 35%, as long-term leases have expired, renewals are for shorter-terms and for far less space, and the vacancy rate increased. 

Eastside offices will see an average decrease of 30%, though the I-90 area will experience a 35% drop. 

Downtown Seattle, Pioneer Square, and Lake Union will experience 35% to 40% drops in value.

“Finally, it is always important to remember that voter approved special levies usually have more impact on property tax increases than do increases in home values,” added Wilson.

Each year as required by law, County Assessors appraise every commercial and residential parcel across the state of Washington. These values – set effective as of January 1 of the assessment year – are what is being used to calculate property taxes due next year, in this case, 2025. 

Notices of the new valuations will be arriving in King County neighborhoods on a rolling basis for the next several months and will reflect the value of properties as of January 1, 2024.

By state law, King County adjusts property values annually to reflect market sales. All 720,000-plus King County residential and commercial property owners receive an annual value update. 

Because of that volume, the Department of Assessments (DOA) releases value notices in stages, starting in the spring, continuing through the summer and generally wrapping up around Labor Day.

Receipt of the value notice triggers a 60-day window during which time a property owner can appeal their new value, but not specifically the taxes. It’s important to note that increased values don’t directly relate to potential tax increases. 

Property tax collection amounts are set yearly by taxing districts around the county; not the King County Department of Assessments.

To learn more about how property values and taxes are determined, the appeal process, the senior exemption or to use the taxpayer transparency tool, please visit here.


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Shoreline real estate market report for May 2024

Tuesday, June 18, 2024

In Shoreline, the median home price has increased significantly compared to 2023, while the time a property spends on the market has decreased. 

Looking back at the statistics from May 2019, the last period of our somewhat "normal" market, we continue to lag way behind in the number of sales. 

In May of 2019, we had 66 sales compared to only 48 this May. 

The median price back then was $597,500, and houses spent an average of 25 days on the market.


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Shoreline Fire Department buys Richmond Beach property next to Station 62

Saturday, June 8, 2024

The vintage fire truck backs into Station 62 after an open house on Wednesday - photo by Oliver Moffat

By Oliver Moffat

Wednesday is date night at Le Petit Paquet in Richmond Beach and customers can get a deal on a bottle of wine, salad and a pizza.

The place was packed and Zephyr, who opened Le Petit Paquet in 2022, was busy in the kitchen, supervising staff and greeting customers as they walked in.

“If I don’t know them when they walk in, then I know them by the time they walk out…. You can’t come in here and not talk to someone else,“ said Zephyr.

Although business is booming the future of this hidden Shoreline gem near the entrance to Richmond Beach Saltwater Park is unclear.

The Shoreline Fire Department purchased the building where Le Petit Paquet and Beast & Brush are located next door to Station 62 - photo by Oliver Moffat

When the property next door to Station 62 recently came up for sale, the fire department moved quickly to use $1.85 million of Fire Impact Fees to buy the site.

The old Station 62 building is too small for a modern fire station and it currently houses some smaller rescue equipment, an antique fire truck and educational programs for young kids.

According to Fire Chief Matt Cowan, response times are acceptable now, but with the region growing, adding a new station in Richmond Beach could improve response times in the 90th percentile by more than two minutes.

Chief Cowan said the location on an arterial isn’t ideal for a station, but with climbing real estate prices, expanding Station 62 makes sense financially compared to purchasing property elsewhere.

Also, buying from willing sellers is better than the alternative. “I don’t like forcing people to sell or forcing people out of their homes,“ said Chief Cowan about the prospect of having to use eminent domain to acquire property elsewhere.

Fire Chiefs in the region have a saying, said Cowan, “you can’t close a fire station and you can’t open a station.”

A map from the Shoreline Fire Department website shows its service area and the current station locations including Station 62

The fire department has not made a decision yet about whether to build a new station and if so where. That decision would need to be approved by the fire commissioners and (depending on how the new station is funded) could require going to voters as a bond measure.

Chief Cowan said the Fire Department doesn’t have final plans right now for the property and said the earliest an expansion could happen would be 2027.

“I can guarantee at least two years notice if something would happen,” said Chief Cowan about the fate of the businesses next door.

Shoreline’s Board of Commissioner meetings are held at 5pm on the 1st and 3rd Thursday of the month at Station 61 Headquarters. The public is invited and public comments are allowed.


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Shoreline Fire meet & greet Wednesday for a Q/A about their property purchase on Richmond Beach Road

Sunday, June 2, 2024


The Shoreline Fire Department has purchased property on Richmond Beach Rd, in the vicinity of its current Safety and Training Center.

Chief Matt Cowan and Deputy Chief Matt Hochstein will be there to discuss plans and answer your questions.

Wednesday, June 5, 2024 at 6pm at 1851 NW 195th St, Shoreline WA 98177


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Ion Town Center blends luxury and affordability in Shoreline

Monday, May 20, 2024

Ion Town Center on Midvale

Opened in 2023, Ion Town Center Apartments at 18004 Midvale Ave N, Shoreline WA 98133 offers stylish and accessible living spaces. The community offers a variety of floor plans, from studios to two-bedroom homes, and even includes live/work layouts for added flexibility. Ion Town Center consists of 215 apartment homes, including 42 units that are part of the MFTE program.


What truly distinguishes Ion Town Center is its commitment to affordability. Through the Multifamily Property Tax Exemption (MFTE) program, the community offers income-restricted apartments for qualified residents. These apartments adhere to specific eligibility criteria based on Area Median Income (AMI) set by the city of Shoreline, ensuring those who qualify benefit from significantly reduced rents, studios under the MFTE program start at $1,399 – a competitive rate in the area. Those interested can explore income requirements and other details on the Ion Town Center website.


Ion Town Center’s prime location offers easy access to popular stores like Town & Country Market, Trader Joe's, and Costco. Residents enjoy a smooth commute with options like easy I-5 access, the Rapid Ride E Line bus, and the soon-to-open Light Rail. Shoreline Community College is a short distance away, and nature enthusiasts will appreciate the neighboring Interurban Trail leading to scenic spots like Echo Lake and Lake Ballinger.


Adding to the convenience factor, Ion Town Center partners with Zipcar to provide residents with on-site car access at discounted rates. MFTE residents even enjoy a complimentary Zipcar membership for the first year, making errands, day trips, and weekend getaways a breeze.


Ion Town Center caters to those seeking a blend of urban convenience and a close-knit community feel. The pet-friendly apartment homes range from 419 to 1,142 square feet, ensuring there's a perfect layout for every lifestyle. Each home boasts high-end features like sleek countertops, stainless steel appliances, modern flooring, air conditioning options, and ample storage. Visit Ion Town Center Apartments today and discover your beautiful new home in Shoreline.

To learn more about both MFTE and standard homes available at Ion Town Center, please visit Ion Town Center.


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Real estate market report April 2024

Sunday, May 12, 2024

April brought an increase in homes for sale in Shoreline.

Over 27% more listings sold compared to the last year. 

The Median price is also up, almost 9% vs 2023. 

Well-presented and accurately priced properties continue to attract buyer interest, with listings selling on average for 6.74% above list price.

--Lella Norberg, Shoreline Windermere Real Estate


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Shoreline real estate market report March 2024

Saturday, April 6, 2024

In Shoreline, sales are down by 27.5% compared to last year, yet the median price has increased by almost 8% to $814,386. 

Homes that are well-presented and appropriately priced continue to attract significant interest, sometimes resulting in multiple offers. 

Notably, amidst the market fluctuations, the average ratio of sales price to list price stood at 104.5% in March, indicating strong demand despite the challenging market and high interest rates.

--Lella Norberg, Shoreline Windermere   




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Shoreline real estate statistics

Friday, March 8, 2024

February's real estate market maintained a sluggish pace, consistent with our typical winter trends. 

Real estate brokers are anticipating increase in activity as we transition from winter to spring. 

Over the last month, interest rates have risen by a quarter percent to 6.94%, posing constraints on the purchasing capacity of prospective buyers and impacting the willingness of potential sellers to relinquish low-rate mortgages. 

Within Shoreline, February 2024 witnessed an approximate 29% decline in year-over-year closed residential sales. 

Nevertheless, median prices have demonstrated resilience, registering a nearly 7% year-over-year increase.

--Lella Norberg


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Free in-person library program on Racial Restrictive Covenants at Shoreline Library Saturday March 9, 2024

Tuesday, March 5, 2024

Friends of the Shoreline Library in partnership with the Shoreline Historical Museum present a free, in-person presentation on Racial Restrictive Covenants.

Shoreline Library, 345 NE 175th St, Shoreline WA 98155, Saturday, March 9, 2024 from 2-3:30pm

For adults. Registration not required.

Racial covenants are clauses that were inserted into property deeds to prevent people who were not White from buying or occupying land. 

Learn the history of racial restrictive covenants in King County and how they continue to impact communities today. Discover how you can become part of the ongoing research.


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Shoreline real estate market report January 2024

Monday, February 12, 2024

While the number of sales in Shoreline remained unchanged from 2023, the median price increased by almost 24% to $865,000 from $700,000. 

Low levels of homes available for sale are creating increased competition for buyers, with multiple offers becoming more commonplace.

--Lella Norberg, Shoreline Windermere


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2023 Real estate market review for Shoreline

Monday, January 15, 2024


Over the past year, mortgage rates steadily increased and peaked in October at over 8%. 

Following favorable inflation reports and anticipation of a Fed rate cut in 2024, mortgage rates declined in December to mid-6% levels last seen at the end of 2022. 

Many projections suggest interest rates will continue to ease in 2024 contingent on favorable economic indicators. 

Lower interest rates help not only buyers but also might inject much-needed inventory to the market. 

Homeowners with very low mortgage rates are sometimes reluctant to sell and take on a new mortgage at higher interest rate (lock-in effect). 

The lower rates may give more homeowners requiring financing confidence to list their homes for sale.


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Revisions to the Real Estate Agency Law

Thursday, January 11, 2024

Effective January 1, 2024, the statute in Washington that governs real estate brokerage relationships (RCW 18.86) – otherwise known as the “Agency Law” – will be significantly revised. 

The revisions modernize the 25-year-old law, provide additional transparency and consumer protections, and acknowledge the importance of buyer representation.

Key Revisions

Northwest Multiple Listing Service (NWMLS) has been extremely proactive in making changes to its rules and policies to provide more transparency to consumers.
  • 2019 eliminated rules requiring that buyer broker compensation be offered in order to list a property
  • 2019 made the buyer broker compensation offered in the listing viewable in the public facing portion of the listing
  • 2022 made the offer of buyer broker compensation separate and distinct from the offer to the seller’s broker
  • 2022 included the amount of buyer broker compensation in the purchase and sale agreement so there is complete transparency within the transaction
For years, real estate brokerage firms were only required to enter into written agreements with sellers, not buyers. Beginning on January 1, 2024, the Agency Law will require firms to enter into a written “brokerage services agreement” with any party the firm represents, both sellers and buyers. 

This change is to ensure that buyers (in addition to sellers) clearly understand the terms of the firm’s representation and compensation.

Additional Information

There are other changes to the law that provide additional consumer protections related to the duties that brokers owe to all parties in a transaction.

Revised Pamphlet: The pamphlet entitled “Real Estate Brokerage in WA” provides an overview of the revised Agency Law.

Revised Agency Law: Substitute Senate Bill 5191 sets forth the revised Agency Law in its entirety.

--Lella Norberg/Windermere RE Shoreline
© Copyright 2023 | Northwest Multiple Listing Service & Demco Law


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Real Estate Market Snapshot for November 2023 - Reduced inventory motivates increased home prices in state

Monday, December 11, 2023

KIRKLAND, Washington – December 6, 2023 – Northwest Multiple Listing Services (NWMLS), the source for the most current, accurate market listing data in Washington state, today released its Market Snapshot for the month of November 2023.

Market Recap

A slight decrease in interest rates has raised cautious optimism – interest rates now sit at around 7.2%, in comparison to 7.8% in October 2023, and a continuation of that decrease would have a positive impact on the market in general. 

However, the decline in seasonal inventory continues to drive home prices upward, spurring an increase of 4.6% in prices from November 2022:

  • NWMLS brokers reported 4,367 closed sales in November 2023, which is a 16% drop from closed sales in November 2022 (5,194). 
    • However, this is a slight improvement from October’s year-over-year change in closed sales, which decreased 18% when compared to October 2022.
  • While most counties in the NWMLS report (19 of 26) saw a decrease in the number of homes sold, seven of the counties saw a year-over-year increase, including Grant, Okanogan, Kittitas, Walla Walla, San Juan, Adams and Ferry counties.
  • The median sales price increased year-over-year in 21 of the 26 total counties included in the statistical report. 
    • Overall, the median price for homes sold in November 2023 was $601,341, up 4.6% when compared to November 2022 ($575,000). 
    • The three counties with the highest median priced homes sold were San Juan ($975,000), King ($799,925) and Snohomish ($703,635). The three counties with the lowest median priced homes sold were Grant ($327,999), Ferry ($313,750) and Adams ($221,500).
  • When compared to the same month last year, November 2023 experienced a 17% decrease in the number of active property listings on the market. The total volume of homes for sale has continued to decline, with 19 out of 26 counties seeing a year-over-year decrease.

Although the number of sales transactions and housing inventory levels typically drop in the fall and winter months, the expected seasonal slow-down continues to be exacerbated by the high interest rate environment for buyers relying on mortgages.
“With the 30-year fixed mortgage rate currently just over 7.2%, the purchasing power of prospective buyers remains stunted relative to a few short years ago,” said Mason Virant, associate director of the Washington Center for Real Estate Research at The University of Washington. 
“Moreover, current owners with low-rate mortgages continue to be reluctant to sell. This has led to a continued decline in year-over-year transaction volume and the inventory levels in the market.”

Market Statistics
See the amount of active inventory, number of pending and sold listings and median price last month compared to the same month last year - by MLS coverage and by county - with interactive graphics. Reports are in PDF format by county.

Visual Data Reports
View data reports of the market including listings, sales and inventory over the last five years. Data can be filtered by county, year-over-year or year-to-date and property type.

Link to: 

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Home Sales in Shoreline during the month of September 2023

Tuesday, October 10, 2023

The following are properties that sold in Shoreline during the month of September 2023. Data compiled for the Shoreline Area News by the Shoreline Windermere office.


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Home Sales in Lake Forest Park during the month of September 2023

Monday, October 9, 2023

The following are properties that sold in Lake Forest Park during the month of September 2023. Data compiled for the Shoreline Area News by the Shoreline Windermere office.



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Home Sales in Lake Forest Park during August 2023

Sunday, September 17, 2023

The following are properties that sold in Lake Forest Park during the month of August 2023. Data compiled for the Shoreline Area News by the Shoreline Windermere office.




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Home sales in Shoreline for August 2023

Friday, September 15, 2023

The following are properties that sold in Shoreline during the month of August 2023. Data compiled for the Shoreline Area News by the Shoreline Windermere office.



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Home Sales in Shoreline during July 2023

Friday, August 11, 2023

The following are properties that sold in Shoreline during the month of July 2023. Data compiled for the Shoreline Area News by the Shoreline Windermere office.


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