Good morning! Sweeping early today as I’ve got a date with my mom + sister – playing hooky to enjoy a little delayed Mother’s Day fun…light rail to the Pike Place Market, ride the great wheel, lunch and Place Pagalle and home in time to jump into Little League and the weekend with the family. Have you checked out the forecast or recent? No rain in sight – instead something very orange and brightly colored is appearing on my iPhone app – could it be? I think so. The sun is coming. Makes me smile big on this Friday. And oh, have you noticed something else? Inventory…could that too be happening? By the sights and sounds in talking with many of you – this too could make my smile get even bigger! Yours too I’m very certain! Ok, it’s Friday…let’s take a quick sweep…in bite-sized pieces…
Oh wait, before we sweep this week – a teaser for next week! June “flow” done for you – press the easy button…
Each Monday night in June our six offices have something cooking, literally – cooking up tips that is! Your WRE Foundation reps + Tune Up team have been busy putting together a “Dine Well + Do Good” campaign. Our six offices, over a dozen local restaurants geographically surrounding each branch and the WRE Foundation are teaming up to raise money for local food banks in the greater Seattle area via Food Lifeline. How are we going to do this? Our Foundation dollars are going to match server tips every Monday night in June. This campaign costs the restaurants absolutely nothing outside of exposure and most likely happy servers being the focus on tips each Monday night! What this means to you – your June “flow” piece done. We’ll have everything at your fingertips to promote these “Dine Well + Do Good” evenings via social media, newsletter campaigns, postcards etc… More to come next week, for now – know it is happening. PS. your Foundation reps have all the details if you can’t wait to hear more! And by the way, these people are simply amazing. I know I’ll be dining out four times in June!
The April Science
Click here for Market Update, data thru April 2017
password protected: wremay (not case sensitive)
*talking points below coincide with the Market Update report, grab it – digest it*
Seattle (based on Residential and Condominium report):
- Closed median price at an all-time high of $660,000 up 17% from a year ago (page 1 bottom chart).
- Price appreciation is being driven by low supply and high demand. Seattle months supply of inventory is less than three weeks (0.6 months page 1 top chart). The lowest ever was last month, March 2017 (0.5 months).
- 606 active listings as of 4.30.17. Down 29.8% from the year before and 29% from two years before (page 1 blue bar top graph).
- Scarcity has buyers paying above list price on 63% of the sales that closed in April (page 3).
- What was the cost of waiting one year (April 2016 vs April 2017) to buy? $95,700 in median price. $7,215 per year in payment – equivalent of $601 per month (page 5 lower left-hand chart).
A spin on SOCs
This “spin” on SOCs was rapped about in my podcast last week. For those that haven’t yet tuned in, a cliff notes version…this is one story outlined by one of you – certainly an idea worth spreading as you craft mindful ways in articulating your value in the marketplace. Another example of the power of knowing your #’s. As described by Ballard broker…
Data pulled in Magnolia (zip, 98199) | $0-$2M (condo & residential) | last 180 days
SOC 3% vs anything less
“SOC less than 3% was 100.11 over list. | SOC at 3% was 103% (roughly)
My listings over that period (not just Magnolia) were 109%. To be honest this is probably the week link in the study since my market sample is low compared to the above and I had 2 listings go near 20% over.
I think the more interesting part is the 100% vs 103% – that is a real number over a large sample. Something like 160-170 listings (27 were less than 3%)” – WRE Ballard broker
I’ll leave you with that recount in a broker knowing his numbers which in turn gave him even more confidence to win the listing, articulate his value and uphold a 3% SOC. Take a pause, digest it – how can your numbers do the same? PS, SOCs should be good office meeting banter – chat about it, it’s important.
That’s the sweep for this week! Sun up, suns out, find your shades and let’s go compete. I’m so very impressed with all of you in how we are showing up in this market. Not easy although I’m witness to a whole ton of grit. Here to help you win, persevere and remind each of you to carve out a pause every now and again.
…light rail, my mom, my sister, the great wheel and Pike Place await my morning. Have a productive weekend in both work + play – shout if you need anything, here to help – the ultimate goal.
Laura Smith, General Manager | Windermere Real Estate Co.
Ballard + Eastlake + Madison Park + Northgate + Sand Point + Wedgwood