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Market Report

My City. Your Neighborhood.

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My City. Your Neighborhood.

I am thrilled to share that I am featured in the latest edition of Seattle Magazine, as a part of a neighborhood insert coordinated by Realogics Sotheby's International Realty! 

The Pacific Northwest is home to a diverse collection of communities, dynamic lifestyles and real estate micro-climates. I invite you to discover market trends and perspectives in your area, where every residence is a Realogics Sotheby's International Realty home. 

Upon entering the second half of 2016, I offer this timely look at year-over-year market performance in 16 key markets throughout the Puget Sound region. Boasting with enviable economic fundamentals, the Seattle metro area is among the nation's fastest-growing residential markets, with most neighborhoods reaching or exceeding their prior peaks for median home prices. I am proud to keep the good company of leading resident experts who live and work in the neighborhoods they serve, while at the same time, benefiting from a global network like no other. So whether your next home is around the corner or around the world, I'm here to help. 

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Market Spotlight: Queen Anne & Magnolia

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Market Spotlight: Queen Anne & Magnolia

The Queen Anne/Magnolia area of Seattle comprises these two areas as well as a western portion of South Lake Union, near Amazon's campus. Magnolia is the site of Discovery Park and The Homes at Fort Lawton, a community of restored homes offered by Realogics Sotheby’s International Realty. This area includes The Center School, one of the top-rated public high schools in Washington. It also includes the Seattle waterfront northwest of Belltown, where F5 Networks’ headquarters are located.

Expedia.com’s forthcoming move from Bellevue to its new campus along the Interbay waterfront between Queen Anne and Magnolia is expected to ultimately employ 4,500. Many employees will likely seek to reduce commute times from the Eastside in favor of a Seattle address, helping yet again to drive more demand for housing close to the urban core.

Queen Anne and Magnolia are especially desirable neighborhoods close to Amazon, one of Seattle’s leading employers. So it should not come as a surprise that homes here have been in high demand, with the market supply scarcely exceeding six weeks in all of 2015. Days in inventory averaged 34 in 2015, 51 in 2014, and 57 in 2013.

Properties in the Queen Anne/Magnolia area maintained their premium over King County median sale prices during the past year, with an 11.5 percent year-over-year gain more than twice that of 2014. The 2015 median price was 37 percent higher than the countywide median. The more volatile price trend reflects the market size limitations and the unique qualities of properties for sale here. This area saw more competitive bidding within the past year, driving sale prices higher than the list price. 

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Introducing The Market Report: Puget Sound Real Estate Trends & 2015 Year in Review

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Introducing The Market Report: Puget Sound Real Estate Trends & 2015 Year in Review

I am proud to present the Market Report: Puget Sound Real Estate Trends & 2015 Year in Review,  a comprehensive look at the 2015 real estate market in an exploration of seven key counties of Western Washington: King, Snohomish, Kitsap, Pierce, Jefferson and Island counties, as well as 29 neighborhoods for our current and prospective clients. The report touches on macroeconomic trends, the primary demand drivers influencing our regional real estate market in addition to micro markets that vary greatly from neighborhood to neighborhood.

The year 2015 witnessed white-hot real estate conditions throughout the Puget Sound not seen since before the Great Recession. Prices of real estate throughout the Puget Sound catapulted higher in 2015, the result of tight supply and an influx of new buyers. A similar trajectory is expected in 2016: expanding demand, anemic supply and developers playing catch up to increasing homeownership levels.

The Puget Sound region has taken a different path from other boomtowns in North America whose economies are based on resource extraction (e.g., oil), financial intermediation, or entertainment. Seattle’s aerospace industry has gradually yielded its eminence to the service expansion and new product development cycles of the information tech industry and their secondary employment effects on IT contractors, food & beverage businesses, and real estate developers.

Besides drawing new residents domestically from other U.S. states, the Puget Sound benefits from the state’s importance as a gateway to trade with Asia, as well as from international air travel to and from Sea-Tac International Airport. The Sound’s proximity to international communities across the broader region from Vancouver, British Columbia to Los Angeles and San Diego is also a factor, as is the superior quality of life in the region and its comparative affordability in respect to those other markets. The international eminence that results from these features of our local economy has allowed the area to attract growing numbers of immigrants from overseas and recognition as a global gateway city.

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