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Keeping Price Growth in Perspective,
Opportunities Abound for Both Buyers and Sellers
“How’s the Market?” is a question I am asked all the time. It is a common segue in casual conversation over the neighbor’s fence, at a cocktail party or family gathering. Now more than ever, the answer to this question is critical, yet fascinating. You see, our market is experiencing a long-awaited correction, a tempering of price appreciation. This is providing great opportunities for both buyers and sellers.
For so long, inventory has been so limited that prices have had nowhere else to go but up, and up fast! In May, we saw the largest jump in new listings in a decade, which created a slowdown in month-over-month price appreciation. This was especially exacerbated due to the scarcity of inventory in the first quarter of the year when many jobs were being filled by big companies in the area, skyrocketing demand. The graphs above illustrate the price growth in both King and Snohomish Counties. If you average out the last 12 months and compare to the previous 12 months, prices are up 14% in King County and 13% in Snohomish County. Due to a large increase in inventory and other factors, we have seen prices start to balance out since May.
Additional factors that play into this healthy adjustment on the run-up of prices are interest rates, affordability, and Seattle summertime. First, interest rates have been dancing. They have climbed over a half a point from a year ago, which has been coupled with double-digit price growth, forcing many buyers to take a step back. Bear in mind that interest rates are still under 5% and well below the 30-year average of 6.61%. This must be taken to heart!
Affordability has been a huge factor that played into the reduction of absorption rate once the increase in new listings hit this Spring. This was especially true in King County. Prices peaked so far this year at $725,000 in April, whereas they peaked in Snohomish County at $510,000 in June. This is simple supply and demand, as buyers have had more selection. Further, many buyers turned their heads north to find a more affordable option while still sustaining a manageable commute.
The bottom line is that it just got too expensive for some to make King County their home, even Snohomish County for that matter. Combine that with an influx of selection, and you find the top of the market so far in 2018. This is not a bad thing! We must keep the double-digit, year-over-year price appreciation in perspective, and trust that the market factors which led to prices balancing out are healthy. A typical appreciation rate is 3-5%. Matthew Gardner, Windermere’s Chief Economist, predicts that we will finish out 2018 with 7-8% appreciation over 2017, which is well above the norm of 3-5%. Sustainable growth is important to the overall health of our economy and culture; this provides opportunity.
Buyers take heed. As we come out of the Seattle summertime seasonal slowdown, we anticipate a little run on new listings in September and October. Note on the graph above that we seasonally see prices peak in the late spring and early summer, due to many folks taking time to enjoy the summer months traveling and relaxing a bit. If you have been a sidelined buyer or have been thinking about making a move, the remainder of 2018 may be your time to enjoy more selection, still-low interest rates, and the chance to secure the best home for your lifestyle.
Interest rates are still attractive (historically attractive) and are predicted to rise. Plus, selection has increased, making negotiations not as intense. Multiple offers are not always the norm these days, which provides some breathing room for luxuries like inspections and relying on the bank’s appraisal to confirm value. Also, if you are a buyer that needs to sell a home first in order to purchase, this environment is much more forgiving. Believe it or not, we have even started to see contingent offers make a comeback.
This was one reason why we saw such a limit on inventory, because folks were not able to make fluid moves, so they just uncomfortably stayed put. It was the many baby boomers who came to market this spring and summer who relocated out of the area that loosened this up, paving the way for the local first-time, move-up, or move-down buyer to have some opportunity to transition.
So what does all this mean for potential sellers? Well, a lot! The word of the day is perspective. You must keep a close connection to the double-digit, year-over-year price appreciation we have seen over the last three years, and come to terms with today’s balancing out. Great equity gains are behind every homeowner who has owned their home since 2012. If that equity has been cared for, there are large profits to turn, even though you might not get multiple offers. All it takes is one good buyer for a successful sale!
It is all about what is motivating you. If a move seems interesting or imminent, chances are you can take that equity and turn it into something that better matches your current lifestyle. This is where a detailed assessment of the features of your home, along with an analysis of market conditions can be developed into a winning strategy. This does not come easy and requires in-depth research, close attention to condition and comparable homes, and outstanding marketing and merchandising.
Where I have seen the most opportunity is when sellers partner up and listen to the professional assessment of all of these factors. It often leads to satisfying results with one buyer, or believe it or not, the occasional multiple offer. Our market is exciting, but it takes skill to set level expectations, which leads to positive results.
If you or someone you know is curious about “How’s the Market?”, please reach out. Education and explanation are key to awareness, which leads to clarity. I love what I do and look forward to the opportunity to serve during this changing time. It is my goal to help keep my clients informed and empower strong decisions.
We are so fortunate here at Windermere to have Matthew Gardner help keep us informed on our economy and the real estate market. Each quarter Matthew compiles in-depth research on counties from across Western Washington. Click here to download Matthew’s full Q2 report.
Summer is quickly coming to a close, and it’s time to think about prepping your yard for fall. Here are a few quick tips to get you started, and a full article here.
Fertilizing
All summer long, plants and grass are using up nutrients in the soil. After months of growing, your soil’s reserves become depleted, which is why a fall fertilizer is great to restore nutrients and give your grass, shrubs, and perennials a boost to help them make it through winter. It is recommended to fertilize once every season.
Stop Pruning and Watering
Late summer and fall might seem like a good time to prune dead flowers and branches, but several experts recommend waiting until spring to prune anything. Pruning stimulates new growth, but with the frost coming, chances are this new growth won’t survive. Pruning also interferes with the plant when it is going dormant.
In late September, you should also stop watering your plants to help them go dormant as well.
Furnace Filter
Okay, this isn’t really a yard tip but it’s still important, and after all this smoke – critical! It’s recommended that you change your furnace filter at least every three months, if not more often. Having a clean furnace filter will make the air circulating through your house cleaner, and will put less stress on your heating and air systems.
New Construction in Bothell: Developments to Keep Your Eye On
Bothell’s long list of excellent amenities, city conveniences, and central location ensures that it’s a highly desirable place to live. As a result, Bothell is also currently home to a myriad of new developments and new construction!
There’s lots of new homes in Bothell ranging from $499,000 to over a million. In addition to new construction, you can also expect to find a range of entry-level townhomes, split-levels, ramblers, older homes, and homes on lots of land as well.
Here are a couple of new construction developments in Bothell to keep your eye on:
Toscana by Village Life
Toscana by Village Life Homes range from $900,000 to $1M
Located near Country Village, Toscana is brimming with luxury Craftsman-style homes that offer large floor plans (ranging from 2,832 to 3,860 square feet) and quality, modern finishes. The neighborhood includes 23 homes with 7 floorplans to choose from, and residents get to enjoy sidewalk-lined streets, a community park, a picnic shelter, and Northshore Schools.
Normandie Woods by Sundquist Homes
Homes begin in the $600,000s
Conveniently located near Interstate-5 and 405 and the Mill Creek Town Center, Normandie Woods showcases gorgeous homes that blend classic details and modern elements. There are 54 homes in Normandie Woods, and residents live in the Edmonds School District.
Here are several examples of new construction in Bothell:
Want to keep searching for new construction in Bothell?
We recommend starting your search here!
For more homes in Bothell in a variety of price points, the Bothell search on NewHomeSource.com features several current new construction listings.
7 Must-Visit Restaurants in Bothell (Plus Happy Hour Tips & Why Locals Love Each One!)
If you’re looking for a fun date night restaurant or just a laid-back spot to grab some delicious eats, Bothell has got you covered! Home to several dining establishments with mouthwatering menus and some excellent happy hours, Bothell has everything from sushi and Italian to pubs and American breakfasts.
Here are a few restaurants that come highly recommended by locals:
Alexa’s Cafe
Located at 10115 Main St. Bothell, WA
Nestled in a charming 1927-built brick building, Alexa’s Cafe is a neighborhood staple! I love Alexa’s on main street and recommend this sweet spot for brunch.
Their extensive breakfast menu is filled with classics like breakfast sandwiches, “bennys,” pancakes and French toast, and scrambles, and their lunch menu is a mouthwatering selection of sandwiches, soups, salads, burgers, wraps, and much more.
Need catering for your event? I recommend checking out Alexa’s catering options whether you’re catering a business lunch or a wedding rehearsal dinner.
Grazie Ristorante
Grazie RistoranteLocated at 23207 Bothell-Everett Hwy Bothell, WA 98021
If you’re craving Italian, head to Grazie Ristorante for pizza, lasagna, cannelloni, and other Italian specialties.
“[Grazie’s serves] great dinners with an extensive wine list and happy hour with live music weekly!” Enjoy daily happy hours from opening to 6pm and take advantage of half-price appetizers, wine, beer, and drink specials. Grazie also hosts live music, and you can view their schedule of events here.
Uncle Peteza’s Pizzeria
Located at 228th & Meridian
Located Safeway Plaza 24118 Bothell-Everett Hwy Bothell, WA 98012
Our family LOVES Uncle Peteza’s Pizzeria! “They have two locations—one on 228th and Meridian, and one in the Safeway Plaza off of 241st and Bothell Everett Hwy. Their crust is the best! They have deep dish, thin crust, and, wait for it – STUFFED CRUST! My favorite is the veggie pizza and Chris’ is the Meatsa. They also have cheesy bread, wings, oven baked sandwiches, pasta, calzones, and salads. Yum!!! Now I’m hungry!!”
—Uncle Peteza’s Pizzeria’s incredible pizza selection is sure to make everyone in your dining party happy! They also have gluten-free pizza, soup, bottomless soda, and a convenient rewards program.
Sushi Hana
Located at 2020 Maltby Road Suite 2 Bothell, WA 98021
Sushi Hana, a conveyor belt sushi restaurant at Thrasher’s Corner, is one of our favorites. When you don’t want to cook and the kids are starving and you don’t want to wait to order at a sit-down restaurant, this speedy sushi joint is the ticket! Large booths for groups of 6 or bar stools at the belt offer lots of seating. Always great service and good quality sushi.
Sushi Hana is truly dedicated to quality—their conveyor belt-style sushi utilizes RFID technology to monitor the dishes on their conveyor belt, and no dish is allowed to be in circulation for more than 2 hours.
Sushi Hana serves up dozens of dishes, from classic nigiri to more unique sushi rolls. In addition to traditional sushi, they have small plates of strawberries, green grapes, and Mochi ice cream for dessert! They also serve bottled sake, beer and wine. I recommend taking a look at their menu here!
The Three Lions Pub
The Three Lions PubLocated at 10111 Main Street Bothell WA, 98011
Lion’s Pub on main is always good for watching sports and enjoying beers and pub food. And when I say “pub food,” I really means it—Lion’s Pub serves up classic English pub dishes like classic fish & chips, Lancashire Pasty, sausage rolls, steak & mushroom pie, steak & kidney pie, bangers & mash, Shepherd’s Pie, and much more!
Plus, enjoy happy hours every weekday from 4-6pm and on weekends from 3-6pm. Take advantage of their deals on well drinks, wine, draft beer, and cider.
Amaro Bistro
Located at 18333 Bothell Way NE #105 Bothell, WA 98011
My family loves Amaro Bistro for their great meals, awesome happy hour, and the fact that it’s a great place to celebrate a special occasion. Brunch, lunch, dinner, dessert, drinks and more are all served at this popular Italian bistro, and their extensive wine menu is truly impressive. Plus, Amaro is also family-friendly and has a special kid’s menu.
Enjoy daily happy hour deals from 3pm-6pm and 10pm to midnight, and take advantage of their lunch special of 2 courses for $16!
Preservation Kitchen
Located at 17121 Bothell Way NE Bothell WA 98011
I highly recommend, Preservation Kitchen offers an exquisite seasonal menu. They’re dedicated to supporting local businesses, and they use sustainable and organic ingredients whenever they can.
I especially recommends their amazing polenta fries and their good wine selection, but menus change based on the season, so check out their website every now and then! We also highly recommend their happy hour. From 2-6pm daily, enjoy a large selection of appetizers, $7 cocktails, and discounts on beer and wine. See the complete happy hour menu here.
Bothell is packed with incredible places to eat, and we included a few other favorites below:
- Recommend Viva Jalisco Mexican Restaurant or Passion Tequila for Mexican cuisine
- Love Foggy Noggin Brewing
- Love stopping by Ohana Teriyaki for takeout
- A fan of John Howie? Beardslee Public House, John Howie’s first venture outside of Bellevue
- For the seafood lover, Thrasher’s Corner Pub for all-you-can-eat crab on Mondays, and Bone Fish at Canyon Park for their amazing firecracker shrimp
- Recommend stopping by the Yakima Fruit Stand for fresh fruit, veggies, and Christmas trees!
4 Fabulous Ways to Spend a Weekend in Bothell
A destination for locals and out-of-towners alike, Bothell’s wide variety of opportunities for fun and entertainment make it a top choice for those looking for a memorable weekend experience! Nestled in a prime location that’s surrounded by beautiful outdoors and some of the most popular attractions in the region, it’s not hard to be entertained in Bothell.
Check out our 4 ideas for how to spend a fabulous weekend in Bothell:
McMenamins: Hotel, Dining, Bars, Movies & More
“McMenamins Anderson School is a great spot!There are lots of options within but my favorite place is to grab a drink and sit outside near the fire pits, or they have outdoor tables that are under cover with heaters for the cold/wet days.
Whether you’re just looking for dinner and a movie or searching for an overnight getaway, McMenamins’ Anderson School in Bothell has your dining and entertainment needs covered! This one-stop-shop is located in a converted school, and hotel rooms are located in converted classrooms.
During your stay, visit the Principal’s Office for a drink, enjoy outdoor seating at the Tavern on the Square, take advantage of the Anderson School Theater Bar (order burgers, brews, popcorn, and candy and have it delivered to your table during the movie!), and much more. We recommend checking out their website for room package offerings, a schedule of special events, and more details on accommodations.
Woodinville Wine Country: Sip & Shop
Located right next door to Woodinville, Bothell’s close proximity to this wine capital make it a popular destination for wine lovers. Woodinville is home to a whopping 108 wineries and tasting rooms, 8 microbreweries, distilleries & cideries, and 26 different dining spots! With so many wineries to choose from, it can be a bit daunting, but we recommend checking out Woodinville Wine Country’s website for a guide to Woodinville’s different districts as well as a list of wineries and a special passport that can get you discounts. For those hoping to stay the weekend, there’s also a guide on hotels and bed & breakfasts available for your convenience.
When the sun comes out, I recommend biking from downtown on the Sammamish River Trail and finding a glass of wine to enjoy at the plethora of wineries. I also recommends listening to some music at the popular Chateau Ste Michelle, home to some delicious wine in addition to a concert series that attracts big names like Josh Groban and John Legend.
Country Village
Whether you’re looking for some family-friendly entertainment or heading out with a group of adults for a night on the town, Country Village offers a whimsical setting to explore and enjoy! Discover charming ponds, restaurants, and shops with gifts, home decor, toys, antiques, and much more. Home to almost 40 shops, we recommend setting aside at least an entire day to explore the scene!
Country Village is also home to several events throughout the year—enjoy beer walks, wine walks, “Ladies Night Out” events, and other more adult-friendly events alongside seasonal happenings for kids like Cookies with Mrs. Claus, Gingerbread House Weekend, Wizard Fest, Meet the Easter Bunny, and much more.
Also, from June through September each year, take advantage of the Country Village Farmers Market! Located in the center parking lot, this dynamic expanse of vendors features dozens of stands, fresh local produce, handmade items, live music, and much more. View farmers market dates and a list of vendors here.
Brewery Tour
Beer is a big deal in the Pacific Northwest, and Bothell’s long list of breweries sets the perfect scene for a weekend brewery tour!
- Watts Brewing Company: This nano brewery names their accessible beers after bees, and each release is only brewed once.
- Decibel Brewing Co: Kids, pets, and outside food are welcome at this establishment!
- The Hop and Hound: Enjoy at least a dozen fresh beers on tap, plus Stumptown Cold Brew Coffee on NITRO, and different food trucks every Friday.
- Foggy Noggin Brewing: As one of the world’s smallest production breweries, Foggy Noggin offers fresh beers in their Bothell tasting room (bring a growler!).
- Nine Yards Brewing: This all ages spot is located right off of the Burke Gilman trail, making it a great option when you need to stop and cool down.
I recommend stopping at 192 Brewing Co. or Cairn Brewing, and combining it with a day of riding your bike along the Burke Gilman or along Lake Washington. Break for a picnic along the way!
Burke-Gilman Trail
More than 18 miles long, the Burke-Gilman Trail extends from Shilshole Bay in Seattle all the way to the City of Bothell. This incredible amenity not only offers a paved surface for joggers, walkers, skaters, strollers, and bikers, but it’s also a popular commuting option as well!
Recently, the trail has be undergoing some updates:
In addition to the Burke Gilman Trail, the North Creek Trail expansion will connect the North Creek Park in Bothell to the Burke Gilman Trail. The new expansion will extend from 183rd St SE to SR 524 and will include an elevated walkway 20-40 feet above ground.
This section of the trail will be located between Sprague Drive and 192nd St SE. The timeframe of completion according to the Snohomish County website is still to be determined. I’m very excited as this trail will literally be steps from my home. On warm summer days, you’ll be able to find me riding my bike from my house to Woodinville Wine Country.
You can view a map of the entire trail here, complete with information on road access points. We recommend planning your trip ahead of time and stopping at one of the beautiful, scenic parks along the way!
The Park at Bothell Landing
Located at 9919 NE 180th St Bothell, WA 98011 at N Bothell Way
The Park at Bothell Landing offers a little known boat launch along the Sammamish River, where you can put in your kayak, canoe or paddle board to take advantage of an outdoor ‘gym’ that will cost you nothing, Whether your goal is an energizing early morning paddle, an after work recharge, or an all-day workout, you’ll burn calories surrounded by beautiful scenery. Head west if your destination is Lake Washington. For a much longer paddle, you can head southeast to Lake Sammamish, maybe with a pit stop at Twisted Cuban Cafe & Bar or Village Wines along the way.”
Not only does The Park at Bothell Landing offer the opportunity to stay active, but it’s also a lovely place to spend time with family or friends at. Pack a picnic and make a day of it!
Unique Ways to Stay Active in Bothell: Bike Trails, Trampolines, & Water Sports
Feeling a bit tired of heading to the gym as usual? Need some inspiration? Staying fit and healthy doesn’t have to be boring, and luckily for Bothell residents, there are plenty of unique ways for staying active!
While Bothell is definitely home to some great gyms (I recommend Orange Theory and Fusion Hot Yoga in Canyon Park for major calorie-burning workouts!), I also recommend checking out these other options for something that’s extra fun, entertaining, and active:
Elevated Sportz
Located at 18311 Bothell Everett Hwy Suite 140, Bothell WA 98012
Elevated Sportz in North Bothell is the best rainy day exercise you can get. Their weekly schedule offers variety of activities for kids and adults. Trampoline dodgeball anyone? They have a food counter where you can fuel up, too. Even better yet, NO MEMBERSHIP required. My toddler loves the daily 10am-12:30pm Hoppy Hour in the three level Adventure Zone that’s perfect for little kids to explore and play in a padded environment!”
Kids and adults alike love Elevated Sportz, and their dynamic range of offerings ensures there’s always something new to check out! In addition to the events that I mentioned, Elevated Sportz hosts a Lazer Club Night for teens, an all-ages Cosmic Night laser party, Lazer Maze Challenge, homeschool meetups, Special Needs days, and more! Plus, you can host birthday parties, team parties, or even rent out the entire facility for your special event.
Check out pricing and take a look at the different play areas offered here.
Quarterly Market Trends: North Snohomish County
Q4 2017
Price growth was particularly strong in 2017! Median and average prices were up 13% over 2016. Median price in 2017 landed at $371,000 and the average at $400,000. The average amount of days it took to sell a house in 2017 was 35 days, which is 10% faster than 2016. The average list-to-sale price ratio over the last year was 99%, with the spring months as high as 101%! In 2017, inventory growth continued to be a challenge, with an 8% decrease in new listings compared to 2016. Even with inventory limitations there were 3% more sales! This phenomenon illustrates strong buyer demand and a need for more listings.
North Snohomish County real estate has seen a steady stream of buyers come our way due to affordability and quality of life. In fact, the median price in 2017 was 37% higher in south Snohomish County. Historically low interest rates continue to drive the market as well, they have helped offset the increase in prices. Sellers are enjoying great returns due to this phenomenon and buyers are securing mortgages with minor debt service.
This is only a snapshot of the trends in north Snohomish County; please contact us if you would like further explanation of how the latest trends relate to you.
Quarterly Market Trends: South Snohomish County
Q4 2017
Price growth was particularly strong in 2017! Median was up 14% and average price up 12% over 2016. Median price in 2017 landed at $508,000 and the average at $543,000. The average amount of days it took to sell a house in 2017 was 24 days, which is 17% faster than 2016. The average list-to-sale price ratio over the last year was 101%, with the spring months as high as 103%! In 2017, inventory growth continued to be a challenge, with a 1% decrease in new listings compared to 2016. Even with inventory limitations there were 4% more sales! This phenomenon illustrates strong buyer demand and a need for more listings.
South Snohomish County real estate has seen a steady stream of buyers come our way due to affordability, reasonable commute times to job centers and quality of life. In fact, the median price in 2017 was 41% higher in north King County. Historically low interest rates continue to drive the market as well, they have helped offset the increase in prices. Sellers are enjoying great returns due to this phenomenon and buyers are securing mortgages with minor debt service.
This is only a snapshot of the trends in south Snohomish County; please contact us if you would like further explanation of how the latest trends relate to you.
Quarterly Market Trends: North King County
Q4 2017
Price growth was particularly strong in 2017! Median and average prices were up 14% over 2016. Median price in 2017 landed at $715,000 and the average at $787,000. The average amount of days it took to sell a house in 2017 was 17 days, which is 19% faster than 2016. The average list-to-sale price ratio over the last year was 104%, with the spring months as high as 107%! In 2017, inventory growth continued to be a challenge, with a 4% decrease in new listings compared to 2016. Even with inventory limitations there were a near equal amount sales! This phenomenon illustrates strong buyer demand and a need for more listings.
Demand for north King County real estate has grown due to close proximity to job centers while maintaining a neighborhood feel. Over the last year, north King County was 41% more expensive than south Snohomish County and 77% over south King County. Historically low interest rates continue to drive the market as well, they have helped offset the increase in prices. Sellers are enjoying great returns due to this phenomenon and buyers are securing mortgages with minor debt service.
This is only a snapshot of the trends in north King County; please contact us if you would like further explanation of how the latest trends relate to you.
