Welcome to Friday “six”!
I’m sweeping this week during halftime of the Hawks game with a mighty fine cold lemon LaCroix in hand and a handful of delicious sea salt potato chips! Let’s sweep – keeping it light and digestible this week being August 25th…the dog days of summer.
At a glance for this week > got health insurance? + market science + talking points – including a readers digest version…
Of particular interest this week OB, Jill & I hosted our monthly manager meeting off-site to accomplish both connection, fun and time to think outside the offices. One item of business that came out of our conversations was to host an information session (a meeting) for our six offices around the topic of insurance – all types. We are well aware that health insurance for independent contractors is changing in the marketplace. 2018 is bringing to our people, less carriers , less coverage and all with a more expensive price tag. We are wrapping our heads around what this meeting would look like, who to involve and the like. Open enrollment for many of you is upcoming November 1st and will run through December 15th – the sooner we get together to provide you resources, the better. Looking at early October – just after Symposium. Additionally we’ll dust off information for you at this session with respect to our retirement plans and other tools you currently have available to you that are often forgotten.
Ok, wait – I said I’d keep this light! Maybe not, although I promise to keep it relevant though. Let’s keep sweeping and continue to work together to solve the rubix cube of our 2017 local market…
As promised last week, Seattle & Eastside talking point are now posted on Windermere Statistics. For reports and a full set of talking points click here.
password: wreaugust (not case sensitive)
For the reader’s digest version…
Seattle – based on our Residential and Condominium Report, July 2017:
Has the market slowed down?
It depends on who you asks and what submarket you are asking about.
The market is moving fast and the only things that would make it feel slow is comparting it to the frenzied pace of the 1st half of 2017.
Months supply of inventory, is the best indicator of speed of the market.
Since last month, June 2017 months supply of inventory has increased by 33% from 0.6 to 0.8.
Since last year, July 2016 months of supply of inventory indicates 11% faster pace (from 0.9 down to 0.8).
The number of active inventory for sale increased 10% to 796 since the end of June 2017. (718 end of May 2017)
Two other indicators that the market is moving fast are:
81% of sold homes were on the market for less than 15 days. This is down from 84% in June.
58% of the sold properties sold for more than the asking price. This is down from 67% in June.
Would I buy a house today? Yes, if I could afford the house and like the location house + location.
Real estate appreciation is being driven by demand (new jobs, population growth, and foreign investment) not speculation.
Increasing commute times will make housing close to job centers more valuable.
The fast paced market has been difficult on Buyers. House prices increase $100,000 and interest rates increased 0.46% to 3.90% resulting in monthly payments increasing $627 per month – $7,526 per year.
Get your Buyers back in the market now.
History shows a slower paced market for Buyers between now and the end of the year (2.82 months supply of inventory five-month average) compared to waiting to the new year (2.175 months supply of inventory four month average).
Ok, this week swept! Grabbing another handful of sea salt potato chips and my still cold La Croix and headed to watch the rest of the Seahawk pre-season fun! Have a fantastic weekend in productive summer work + play, here to help. The ultimate goal.
Laura Smith, General Manager | Windermere Real Estate Co.
Ballard + Eastlake + Madison Park + Northgate + Sand Point + Wedgwood