2024 Year in Review
2024 has been a busy and fulfilling year for me in real estate. I helped many clients reach their real estate goals. Throughout each transaction, I formed new friendships or reconnected with previous clients. The "People" factor in real estate gives me the biggest joy. Thank you for your business and referrals! 2025 is around the corner, if buying or selling real estate is on your horizon, let's chat!
Market Update - December, 2024
On the Eastside, homebuyers enjoyed more opportunities last month, with 34% of single-family homes selling after a price change. At the same time, homes moved fairly quickly – 74% were on the market for 30 days or less. The median residential sold price was $1,537,312, marking a 10% year over year change. DM me to talk more about the latest changes in today’s Eastside marketplace.
Market Update - November, 2024
With buyers feasting on lower mortgage rates and higher inventory during the late summer and early fall, October’s residential sales soared on the Eastside. The number of closed home sales shot up by 31% from a year ago, and the median purchase price for an Eastside home stood at $1,550,000, up 9% year over year. As November experiences some counterbalancing in the form of rising interest rates and decreasing supply, let’s connect to see what current trends mean for you.
Market Update - October, 2024
Puget Sound home prices were roughly flat from August to September and up in most areas from a year earlier. The median single-family home in King County sold for $950,000 in September, up 6% from a year earlier. King County home prices climbed most on the Eastside, where the median single-family home sold for about $1.5 million, up 7% from a year earlier. In Southwest King County, including Federal Way and Burien, the median home sold for $635,000, up 6%. The median home in Seattle sold for $938,000, up 1%.
Median homes sold for about $567,000 in Pierce County, up 6%; $775,000 in Snohomish County, up 3%; and $549,000 in Kitsap County, down 2%.
The median King County condo sold for about $559,000, up 8.5% from September 2023, driven by price hikes of 10% in Seattle and 11% on the Eastside. Seattle condo prices reflect both homes in apartmentlike multifamily buildings as well as small single-family-style homes constructed as accessory dwelling units and sold as condos.
Pending home sales were up across the Puget Sound region in September compared to a year earlier but remained well below 2019 levels, part of a national trend. The number of new listings in King County was up 19% from a year earlier. Snohomish, Pierce and Kitsap counties saw increases of 10% to 14%. The number of King County homes listed so far this year is down 21% from 2019.
Mei's Market observation: The average 30-year mortgage rates are about a whole percentage point lower than the same time last year. Many would-be move up buyers are still trying to hold on to their current low rates in 2%'s and 3%'s. Some buyers are putting off their purchase till next spring. In November and December fewer homes will be listed due to the holiday season. Therefore, October might present a good opportunity to find a deal. For more in-depth discussions of your interested neighborhoods and/or your real estate goals, feel free to reach out to me at (206) 779-3023 or mei@meiyangrealestate.com.
Market Update - September, 2024
Home sales slowed in August and many homebuyers continued to hold off until they see whether a Federal Reserve rate cut could continue to drive down mortgage rates. Buyers and sellers alike adopted a wait-and-see approach. Fewer homeowners listed their properties for sale and the number of pending single-family home sales in King County dipped 7.5% from July to August, according to data from the Northwest Multiple Listing Service.
Limited supply continues to keep prices high, making finding a home more difficult for serious buyers. The median single-family home sold for $955,000 in King County last month, down from the May peak of $1 million but up 5% from a year earlier.
Median homes sold for $930,000 in Seattle and $1.55 million on the Eastside, up 4% and 7% respectively. Prices have climbed more sharply in North King County, where the median home price jumped 12% to $941,500, and Southwest King County, including Federal Way and Des Moines, where the median home sold for $665,000, up 11%. The median King County condo sold for $525,000, flat from a year earlier.
Elsewhere in the region, median single-family homes sold for $780,000 in Snohomish County, up 7% from a year earlier; $580,000 in Pierce County, up 5.5%; and $563,000 in Kitsap County, roughly in line with a year earlier.
Mei's Market observation: Now that summer is over and fewer people go on vacations, more buying and selling activities may start. After the Fed cuts the interest rate next week and if the mortgage rates continue to come down, there will be another wave of buyers entering the market. If you plan to buy and have done enough research, now may be a good time to pull the trigger. If you plan to sell this year, now is the time to get your property ready for the fall buyers. For more in-depth discussions of your interested neighborhoods and/or your real estate goals, feel free to reach out to me at (206) 779-3023 or mei@meiyangrealestate.com.
Market Update - August, 2024
King County’s median single-family home price was nearly $1 million in July, down slightly from the May peak but still 11% higher than the same time a year ago. Median single-family homes sold for about $818,000 in Snohomish County, up 9% from a year earlier; $575,000 in Pierce County, up 6%. Median single-family homes sold for $972,500 in Seattle and $1.6 million on the Eastside, both up 8% from a year earlier. Home prices dipped in South King County.
The local condo market is showing a bit less drama. King County condo prices ticked up 4% year over year, well below the price jump for single-family homes. Median condos sold for $559,000 in Seattle, up 2%, and $627,500 on the Eastside, up 5%.
Mei's Market observation: Market continued to be flat from June to July. Some buyers are taking a break from the spring bidding war. Some buyers are enjoying their summer instead of looking for homes. Many buyers are on the sideline waiting for the mortgage rates to come down. Rates did drop a bit last week but stock market has been volatile this week. Those buyers who rely on their stocks as down payments may feel a bit uncertain about their purchasing power. In the meantime, inventory has gone up because sellers are encouraged by the high prices that their neighbor's homes were sold for in the spring. Buyers do have more choices now. From now till September may be a good window of opportunity for buyers to snatch up a great home at a good price. If you plan to buy and have done enough research, now may be a good time to pull the trigger. If you plan to sell, you really need to make your property in tip-top showing condition and price it smartly. For more in-depth discussions of your interested neighborhoods and/or your real estate goals, feel free to reach out to me at (206) 779-3023 or mei@meiyangrealestate.com.
Market Update - July, 2024
King County home prices dipped in June after hitting a record high a month earlier, a sign that the local housing market is already beginning to cool from its spring peak.
The median single-family home in King County sold for $965,000 in June, down from a month earlier and about 3% higher than a year ago, according to new data the Northwest Multiple Listing Service released Wednesday. Condo prices are following a similar trend: The median King County condo sold for about $555,000 last month, down from May but up 5% from a year earlier.
Prices have increased most in the last year on the Eastside, where the median single-family home sold for more than $1.6 million last month, up 13%. The median home in Seattle sold for $957,000, up 3%. Condo prices were flat in Seattle.
As high costs weigh on some home shoppers, many are simply putting off the search. Pending home sales dipped from May to June and are either flat or down from a year ago in counties across the region. Spring is typically the peak of the local housing market, and activity can dip in the summer as people take vacations.
Mei's Market observation: Open houses have good traffic, but not many people are making offers. Homes that are in great condition and priced right still sell quickly within one week or so. However, many homes are lingering on the market longer now. If you plan to buy and have done enough research, now may be a good time to pull the trigger without having to bid or even getting a deal. If you plan to sell, you really need to make your property in tip-top showing condition and price it smartly. For more in-depth discussions of your interested neighborhoods and/or your real estate goals, feel free to reach out to me at (206) 779-3023 or mei@meiyangrealestate.com.
Market Update - June, 2024
The median home price in King County topped $1 million last month, a record high even as elevated mortgage rates continue to keep many would-be homebuyers on the sidelines. King County’s median single-family home price of just over $1 million is up 10% from the same month last year. The jump appears to be driven by the Eastside, where the median house sold for $1.7 million, up 17%. The median house in Seattle sold for $965,000, up 7%.
Median homes sold for $828,000 in Snohomish County, up 6% from May 2023; $560,000 in Pierce County, up 3%; and $580,000 in Kitsap County, up 4%. Median means half of homes sold for more and half sold for less. The prices reflect May’s closed sales, which likely took place about a month earlier.
Condo prices also climbed to a median of $595,000 in King County, up 18% from a year ago. Condos include homes in multifamily buildings and accessory dwelling units, or ADUs.
Sellers listed more homes for sale in May than during the same period last year, according to the multiple listing service. That was especially true in King County, where new listings of single-family homes were up 33% and new listings of condos increased 38%.
Mei's Market observation: Supplies are up: There are more homes for sale now. Therefore, the bidding war is easing. In fact, many available homes are not necessarily getting any offers at all on the offer review date. Therefore, many listings may not have an offer review date anymore. If you plan to sell this year, you need to strategize to adjust to the current market conditions. If you plan to buy this year, the market may be more in your favor now. For more in-depth discussions of your interested neighborhoods and/or your real estate goals, feel free to reach out to me at (206) 779-3023 or mei@meiyangrealestate.com.
Market Update - May, 2024
The Seattle area’s spring housing market continued to heat up in April, with more activity and higher home prices across the region, particularly in King County.
The median single-family home sold for $980,000 in King County in April, up 12% from April 2023. Median homes sold for $799,500 in Snohomish County, up 4% from a year earlier; $565,000 in Pierce County, up 8%; and $550,000 in Kitsap County, up 6%. Median means half sold for more and half for less. The median price of single family homes on the Eastside went up by 15.7%, while condos on the Eastside climbed by 16.5%.
New listings of single-family homes were up in all four counties compared to the previous month, including a nearly 18% jump in King County. Yet the supply of homes remains limited compared to recent years.
Mei's Market observation: Compared to February, March and early April, the number of buyers competing for the same house has reduced. Some homes only received one or two offers. However, new listings are priced based on the recent sold prices of similar homes. Therefore, the listing prices are overall much higher than February and March. When a house is in a good condition and priced fair, it still sells within one week to 10 days. If you plan to sell this year, I recommend that you try to put your house on the market ASAP to take advantage of the remaining spring selling season. If you plan to buy this year, you may face less competition going foreward. So start your process now. For more in-depth discussions of your interested neighborhoods and/or your real estate goals, feel free to reach out to me at (206) 779-3023 or mei@meiyangrealestate.com.
Market Update - April, 2024
An increase in homes for sale across the Seattle area offered more choices to shoppers last month but brought little relief for the many buyers struggling with high costs and a still-tight market.
New single-family home listings climbed by 17% from February to March in King County and even more in some outlying areas, according to new data the Northwest Multiple Listing Service released. New condo listings jumped 22% in King County, with the largest number of new condos hitting the market in one month since summer 2022. Despite this increase, the overall supply of homes for sale remains slim compared to the market’s recent high years. Meanwhile, home prices are holding steady across the Puget Sound region, with a small uptick from February to March, and substantial increases compared to a year ago.
n King County, the median sale price in March was $945,500, 13% higher than in March 2023. The median single-family home sold for $760,000 in Snohomish County, up 5% from a year ago; $550,000 in Pierce County, up 5%; and about $535,000 in Kitsap County, up 3%.
The median Seattle home sold for $925,000, up 6% year-over-year, and the median home on the Eastside sold for $1.7 million, up 19%. Home prices also climbed about 7% in South King County and 11% in North King County.
Mei's Market observation: Spring selling season is in full swing. Supply has increased compared to January and February, and yet as of now, the demand is still higher than supply. Homes in good condition and priced right are still receiving multiple offers. But this trend may not last long. If you are thinking about selling your home this year, you need to act quickly. If you plan to buy this year, you will need to have a winning strategy in place. For more in-depth discussions of your interested neighborhoods and/or your real estate goals, feel free to reach out to me at (206) 779-3023 or mei@meiyangrealestate.com.
Mei’s Tip of the Day
When you remodel your house, whether for selling or your own enjoyment, don't forget to update your ceiling lights. The new flash mount ceiling lights not only look more stylish, they also make your rooms a lot brighter. This is especially important when you sell your house. With the gloomy weather in the Seattle area, interior lighting is very important to make a house feel more cheerful. Buyers tend to be more drawn to houses that are well lit with stylish fixtures. The light fixture below on the right was from Costco, and it only cost $20 (on sale): a small investment yielding big returns!
Market Update - March, 2024
Seattle-area home prices continued to pick up in February as the market approached the busy spring season and shoppers vied for a limited supply of homes for sale. The number of pending sales and closed sales, as well as the median price of homes, climbed in most Seattle-area counties from January to February.
Median home prices ticked up 8% in King County from January to February. Pierce and Snohomish counties saw smaller 2%-3% upticks. The median King County home sold for $914,500 in February, up 14% from a year earlier. Median homes sold for about $751,000 in Snohomish County, up 9%; $550,000 in Pierce County, up 4%. More than half of King County's one-year price appreciation happened between January and February of this year. It's also worth noting that King County sellers listed nearly 1,850 single-family homes for sale last month, a 38% jump from January and 31% higher than the same time last year. Condo sales across all areas have also picked up.
Market observation: Right now, it is a red hot Seller's market! If you are thinking about selling your home, this Spring will likely be the best opportunity to get top dollars in the near future. If you plan to buy this year, you will need to have a winning strategy in place. For more in-depth discussions of your interested neighborhoods and/or your real estate goals, feel free to reach out to me at (206) 779-3023 or mei@meiyangrealestate.com.
Market Update - February, 2024
Seattle-area homebuyers made more deals in January than in December, a typical seasonal uptick, though sales remained lower than a year earlier, according to new data from the Northwest Multiple Listing Service. In King County, for example, pending sales shot up by 38% from December to January, but dipped 11% from January 2023. Sellers picked up their activity, too, offering more homes for sale. New listings more than doubled in King County from December to January, though they remain flat from a year ago.
Median home prices were flat across much of the Puget Sound region from December to January and remain higher than a year ago. The median single-family home sold for about $850,000 in King County, up 9% from January 2023. Median homes sold for about $730,000 in Snohomish County, up 4%; $540,000 in Pierce County, up 4%; and $550,000 in Kitsap County, up 12%. (Home prices reflect sales closed in January, which likely took place in December.)
The median single-family home on the Eastside sold for nearly $1.5 million, up 11% from a year earlier. In Seattle, the median price of $869,000 was up 8%. Median condo prices also remain higher than a year ago, up 10% in Seattle to $537,500 and up 5% on the Eastside to $570,000.
Market observation: Since the beginning of the new year, most single family homes have been receiving multiple offers and bidding wars are common again. Many buyers were sitting on the fence last year and now there's a huge pent demand. If you have been thinking about selling your home, this Spring will likely be a great opportunity to get top dollars. If you plan to buy this year, you will need to have a winning strategy in place. For more in-depth discussions of your interested neighborhoods and/or your real estate goals, feel free to reach out to me at (206) 779-3023 or mei@meiyangrealestate.com.
Market Update - January, 2024
Median home prices dipped from November to December across the region, but remained higher than they were a year earlier in most Seattle-area counties. Median home prices in December hit about $850,000 in King County, up 3% from December 2022; $536,000 in Pierce County, up 6%; $545,000 in Kitsap County, up 9.5%, and $685,000 in Snohomish County, down 2%.
However, on the Eastside, closed sales of single family homes went up by 8.8% and median price increased by 10.9% from a year ago. This shows that the Eastside residential homes remain in high demand. Another interesting point is that the prices for condos increased significantly in one year both in Seattle (14.2%) and on the Eastside (11.5%). This shows that many buyers were opting for more affordable condo options rather than single family homes.
Mortgage rates finally began to fall slightly in recent weeks, which industry insiders hope could push more homeowners to list their homes and draw more buyers back to the market. The average rate on a 30-year mortgage was 6.6% in late December, the lowest since May. Personally I think when the rates are below 6.5%, our local market will likely be very active again.
Homes Sold by Mei in 2023
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Zillow Exiting Its Home Flipping Business
Zillow is shutting down their home-flipping business (Zillow Offers) due to massive losses caused by incorrect home valuation and market predictions. Zillow lost about $80,800 per home. Their flipped home listings have an average markdown of 4.5%. Zillow's CEO admitted that “Fundamentally, we have been unable to predict future pricing of homes to a level of accuracy that makes this a safe business to be in".
This proves again that when buying and selling real estate, you can NOT make your decisions based on what an algorithm tells you. You need an experienced broker who is familiar with your local market to give you solid advice. I often hear people say "Zillow says my home is worth.....". Well, please always ask for a second or third opinion from your local experienced brokers.
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