2018 Home Prices in Redmond 98053

Before the graphs, time to mention that there were 572 homes sold in Kirkland 98033 last year, 625 homes sold in Kirkland 98034, 620 homes sold in Redmond 98052 compared to 352 sold in 98053. The 2 active listings at $2.5M+ are extremely large land parcels with a home on each.



More Zip Codes to follow in subsequent posts. Some will be Eastside and some will be Seattle, but only in places where I work, so mostly North of Downtown in Seattle plus Shoreline, Kirkland-Bellevue-Redmond, Issaquah-Sammamish and bit of Bothell on The Eastside.

ARDELL DellaLoggia, Sound Realty – 206-910-1000 cell – ardelld@gmail.com email

Required Disclosure: Stats in this post are hand calculated by ARDELL in Real Time and not compiled, verified or published by The Northwest Multiple Listing Service.

Related Posts
2018 Home Prices in Kirkland 98033
2018 Home Prices in Kirkland 98034
2018 Home Prices in Redmond 98052

2018 Home Prices in Kirkland 98034

First the graphs…



Again, similar to my 98033 post earlier today, there is nothing for sale and not unusual for this time of year. The height of the For Sale and Pending graphs is the average # of homes sold in one month based on 2017 sales IF every month were the same. In 2018 in 98034 it will still be the same “what’s new this week” with everything coming on being sold in a week or less unless it is overpriced.

The main reason for me to post these by zip code snapshots this time of year is for people who need to know where they can afford to live. In that regard, Kirkland 98034 is much more affordable than Kirkland 98033. So when you say you want to live “in Kirkland”, not that by price point you may mean what is sometimes called “the other Kirkland”.

Again, I have coded the more likely price ranges in green tones. But given compared to 98033 the green tones in 98034 all bulk up between $500k and $1M, much unlike 98033 Kirkland, I have added a 2nd pie chart breaking the affordable prices into smaller, 100k, segments.

The big NEWS segment of these 98034 stats is that a large number of pending sales are in the $1M to $1.250M range. Only 44 SOLD in the price range in 2017, but ore than half of the current pendings waiting to close (mostly if not all new construction) are in this price range.

The DOW just went over 25,000 this morning and there is no product for sale. Expect another big climb in prices in the first half of 2018.

More Zip Codes to follow in subsequent posts. Some will be Eastside and some will be Seattle, but only in places where I work, so mostly North of Downtown in Seattle plus Shoreline, Kirkland-Bellevue-Redmond, Issaquah-Sammamish and bit of Bothell on The Eastside.

ARDELL DellaLoggia, Sound Realty – 206-910-1000 cell – ardelld@gmail.com email

Required Disclosure: Stats in this post are hand calculated by ARDELL in Real Time and not compiled, verified or published by The Northwest Multiple Listing Service.

Related Post 2018 Home Prices in Kirkland 98033

2018 Home Prices in Kirkland 98033

First the graphs…


Of course there is nothing for sale, but not unusual for this time of year. The height of the For Sale and Pending graphs is the average # of homes sold in one month based on 2017 sales IF every month were the same. In 2018 in 98033 it will still be the same “what’s new this week” with everything coming on being sold in a week or less unless it is overpriced.

The main reason for me to post these by zip code snapshots this time of year is for people who need to know where they can afford to live. For instance if you want to buy a house vs a condo and you want to spend less than $500,000, now you know that only 6 properties sold in all of 2018 for less than $500,000, so you may be barking up the wrong tree in 98033. I will try to post this same data for the zip codes where I work, today if possible, to keep everything on an even keel.

I have coded the more likely price ranges in green tones, the not likely ones in red tones (but somewhat more for sellers than buyers) in the pink-red and the yes, but be discerning please, are blue.

That inventory is non-existent should not be a surprise to anyone. Only FOUR houses for sale under $1.25 Million might be a bit surprising to some and NONE under $500,000 might be a surprise to some before reading this post and viewing the first graph.

The DOW just went over 25,000 this morning and there is no product for sale. Expect another big climb in prices in the first half of 2018.

More Zip Codes to follow in subsequent posts. Some will be Eastside and some will be Seattle, but only in places where I work, so mostly North of Downtown in Seattle plus Shoreline, Kirkland-Bellevue-Redmond, Issaquah-Sammamish and bit of Bothell on The Eastside.

I posted the Pending sales as well so that people can see what recently sold but didn’t close yet. Not quite as bad as the For Sale stats, but still pretty dismal…or GREAT!…depending on whether you are a buyer or a seller.

ARDELL DellaLoggia, Sound Realty – 206-910-1000 cell – ardelld@gmail.com email

Required Disclosure: Stats in this post are hand calculated by ARDELL in Real Time and not compiled, verified or published by The Northwest Multiple Listing Service.

Related posts 2018 Home Prices in Kirkland 98034

2017 Home Prices in Kirkland

I have jumped ahead from near the end to post this at the top. Notice that the movement in 98033 pushes the prices in 98034 with a one year lag. The huge movement in the 2014-2015 period in 98033 caused the same movement in 98034 in 2015-2016. We saw this before in the last bubble, especially in the condo market. When Downtown became too expensive the Juanita Beach area started pushing up to a greater degree. But I’m jumping ahead…back to the beginning.

Here is a map and description of all of the neighborhoods of Kirkland from the Kirkland City site. I find “by Elementary School” in Lake Washington School District to be more relevant to prices than “Neighborhoods”, so I will be using “by Elementary School” for price stats near the end. The links above give you the Neighborhood Maps, the School Boundary Maps and the School Rankings in case you need a little help relating the data to the specific price areas.

We’ll start with the broadest area, all of Kirkland, pulling the data by the two Kirkland Zip Codes of 98033 and 98034 separately. Generally speaking one would expect 98033 homes to cost more than 98034 homes when looking at the area median home price. That has more to do with proximity to Downtown and more land area with views and access to Lake Washington than most anything else. Let’s see if that continues to hold true in 2017, while at the same time calculating rate of price growth over the last 5 years. For consistency I will use a 12 month rolling basis from 9/16 to 9/15 but will call the year by it’s end date.

For 98033 the current 12 month rolling median price in Kirkland 98033 is $1,050,000, up from $650,000 5 years ago.

In addition to knowing the median price (half sold for more and half sold for less) I find it more relevant to know the price at which MOST people purchased and for how much. Doing this for 9/16/2016 to 9/15/2017 – 12 month period – and not for all five years. Here is where we have been in the last 12 months as to who bought and for how much in 98033.

To break the above pie down even further, 23 of the 31 “up to $600,000” were between $500,000 and $600,000 and only one was $400,000 or less. 69 were between $700,000 and $800,000 and 74 were between $800,000 and $900,000. About 45% were between $600,000 and a million.

NOTE: Median Condo Price for 98033 for the same period was $625,000.

Running the same numbers for 98034. …the results are pretty astounding so I’ll post those before the commentary. I am calculating the data as I type this and I adjusted the visual a bit as to coloring on the pie graph so that you can see more clearly the part I find pretty astounding. Showing the results side by side.

Restating the 5 year growth for Kirkland by Zip Code on the same chart vs separately so that the visual is more relevant with the end amount being consistent for both. For kicks I added the 2002 median price as the start point so we can compare the last 5 years with 15 years ago.

I moved that graph to the top as well for people who just like to glance and go.

I want to move on to Bellevue and Redmond to compare to Kirkland, but I promised prices by Elementary School back at the beginning. I did this one back in March by Average Price vs Median Price and will try to come back and update it. But for now it gives you a rough idea of the variance from one Elementary School Boundary Area to another. As you can see from the dot to dot, 9/16 to 9/17 had a 19% push up in both Zip Codes equally. So I’d say add 10% to those March 2017 Average Prices in the bar graph for now.

Here is the key. To see where these fall geographically go to the Lake Washington School District Boundary Map though for some reason the “new” map seems to be a lot harder to follow than the one I’ve used for many years which was interactive. For now I’ll just throw the Zip Code on for you.

Fro = Robert Frost Elementary 98034, Kel = Helen Keller Elementary 98034, Tho is Henry David Thoreau Elementary 98034, Jua is Juanita Elementary 98034, RH = Rose Hill Elementary 98033, Mui = John Muir Elementary 98034, San = Carl Sandburg Elementary 98034, Fra = Benjamin Franklin Elementary 98033, Twa – Mark Twain 98033, Bel = Alexander Graham Bell 98033,Kir = Peter Kirk Elementary 98033, LV = Lakeview Elementary 98033

The large marjority of homebuyers are choosing by Elementary School and Elementary School rank with an overlay of commute considerations. So breaking down price by Elementary School becomes important so a buyer can readily see that the price tag of Lakeview Elementary is much higher than the price tag of Sandburg Elementary, as example. But calculating the median price by school boundary is extremely tedious, so here is March 2017 and I’ll try to do all of the polygon search fields by year end.

There’s Kirkland at a glance. I find all this ridiculously fascinating though I think many would be bored by now. I run these numbers for myself to keep my perception in line. Even though I do this all day, every day, out in the field, it still amazes me when I line up the data.

It’s always good to check and correct your perspective…as often as possible. I do it for myself…but hopefully you enjoyed at least some of it. 🙂

Required Disclosure: Stats used in this post and graphs are hand calculated by Ardell and not compiled, verified or published by The Northwest Multiple Listing Service.

Faira: Beware the Free Lunch (Unfaira?)

This is Craig’s blog series (see Part 1 and Part 2) exploring why and how most realtors don’t talk openly and frankly about the fees they charge. The third and final installment:

Startup Real Estate Firm Faira Promises More than it Delivers

Seattle is Ground Zero for innovation in the real estate industry. WaLaw Realty, Redfin, and of course Added Equity all offer consumers an improvement on the traditional experience (whether cost, or service, or both). And many other alternative models have come and gone over the last decade or two (such as Quill Realty and Rebls).

The most promising model today seems to be Faira. With ads on buses and in the media, Faira is getting some traction. It is also getting news coverage, most recently this piece from KIRO 7 last month. And why not? Faira’s marketing pitch is remarkable:

Faira Home Page

Yep. Free. F-R-E-E. Nada. Zilch. Nothin’. You pay them zero and Faira helps you sell your home. Wow. That is a really good deal. Honestly, it sounds like a deal too good to be true.

Which is exactly right. There is no such thing as a free lunch. Sellers pay for Faira’s services, and they aren’t “free.” Faira doesn’t give away its “secret sauce recipe” easily, though. The Faira Listing Agreement is convoluted and confusing, but two parts really stand out.

Faira Services are FREE to the Seller

Paragraph 2: “Fees: Free.”

OK, simple enough. Not to wordy, gets the message across nicely.

Except They Aren’t. Seller Pays .5%

Paragraph 8: “There can be two separate list prices on the Faira platform, one for the buyers who are not represented by the agents, therefore saving the Sellers from paying the buyer’s agent fees, and the other for the buyers who utilize the buyer’s agents. Sellers understand that this can be perceived that the buyers are effectively paying for their own agent. Further, Sellers agree to include Faira fees in both the list prices. The actual purchase price of the property is 99.5% of the agreed offer between the Buyers and the Sellers.”

Whoa. Wait. What was that last part again???

“The actual purchase price of the property is 99.5% of the agreed offer between the Buyers and the Sellers.”

So the buyer and the seller agree on the price, and then .5% of that amount is paid to Faira. That isn’t “free” to the seller. Obviously Faira charges the seller a half percent. A fact that isn’t changed by a poorly written paragraph of “legalese.”

Or more accurately, if this is free, then EVERY SINGLE REAL ESTATE BROKER is free to the seller. Hire Windermere? It’s FREE – you get 94% of the sale price. Redfin? Yup, it’s free too, you get 96% of the sale price. Amazing what can be achieved with rhetorical gymnastics. Something is reduced to nothing….

Added Equity was built on the notion that real estate could be much, much simpler. Are we concerned about Faira’s success as a competitor? Not in the least. Quite simply, Faira takes a very different approach towards being successful in real estate – ultimately an approach that doesn’t differ much from the traditional model. And we have that beat hands down.

Added Equity charges a real estate agent commission of 1% to list and sell a home. Total. Sellers save a ton of money – follow that link to find out exactly how much.

Real Estate Agent Commissions: The Industry Is Purposefully Vague

Craig is the founder and Managing Broker of Added Equity Real Estate.  Added Equity is different than any other firm. It charges a real estate agent commission of 1% to list and sell a home. Total.

This is Craig’s blog series exploring why and how most realtors don’t talk openly and frankly about the actual fees they charge. This keeps real estate agent commissions at their longstanding high level (and makes it harder for Added Equity to compete on price). The second installment:

Real estate agents don’t do a very good job of telling consumers what they charge.

It’s a fact that real estate commissions have remained largely immune to the downward price pressure exerted by the internet in other industries. This is obviously in the best interests of real estate brokers, and not consumers. How do they do it?

Real Estate Broker Commission Kept High with Ambiguity

The real estate agent commission will go down only when prices are effectively communicated to consumers so that they can make informed decisions. By keeping commissions ambiguous, real estate agents keep them artificially high. How will consumers know of a better deal? They won’t. Real estate agents have a strong personal incentive to “go along” with the system, charge the same high commission as anyone else, and keep it all from the public’s view.

Continue reading

Free WA Real Estate Contract Forms

That blog post title isn’t a typo – I’m giving away free forms! When my real estate firm left the NWMLS, I had to find an alternative to the forms that it provides to its members. So I got to work! And now I’m happy to share them with anyone who needs them. If you’re interested, go to the Added Equity blog post about Free WA Real Estate Contract Forms, download the license agreement, and you’ll be off and running!

Real Estate Agent Commissions: Why They Aren’t Discussed, and the Sherman Antitrust Act

Craig is the founder and Managing Broker of Added Equity Real Estate.  Added Equity charges a 1% fee to list and sell a home, total. Not 1% plus another 3%. Added Equity is different than any other firm. This is Craig’s blog series exploring why and how most realtors don’t talk openly and frankly about the actual fees they charge, keeping real estate agent commissions at their longstanding level.

First Installment: Real estate agents – intentionally or not – hide behind the law to avoid revealing their commissions.

Real Estate Broker Commissions Kept High with Secrecy

It goes without saying that real estate brokers benefit by high commissions. It also need not be said that those commissions will go down only when the prices are effectively communicated to consumers so that they can make informed decisions. By keeping commissions secret, real estate agents can keep them artificially high. How will consumers know of a better deal? They won’t. As a result, real estate agents have a strong personal incentive to “go along” with the system, charge the same high commission as anyone else, and keep it all from the public’s view.

Continue reading

Seattle City Council preparing to regulate Vacation Rentals

It’s no big surprise that the Seattle City Council has been preparing to set regulations on vacation rentals, such as homes you find on AirBnb or Home Away/VRBO.  Typically, vacation rentals allow home owners to rent out all or a portion of a home for short periods of time. Vacation rentals have become very popular with guests in search of a different experience than what you find staying in a hotel.  Inside Airbnb states there are approximate 3,818 homes are being used as a vacation rental in Seattle that are rented, on average 110 nights out of the year. According to Inside Airbnb, 35.8% of the “hosts” or owners have more than one active vacation rental.  People who I know who operate vacation rentals do so to help cover their housing expenses or because they plan to eventually retire in the vacation/second home.

Daniel Beekman of The Seattle Times wrote an article yesterday, “Seattle may slap new rules on Airbnb to ease the rental crunch“.  The article fails to mention that Tim Burgess, who is the council member leading the charge on this issue, received a large contribution from hotel lobbyist.

The council is proposing to limit the number of days that can be rented as a vacation rental to 90 in a 12 month period. Burgess assumes that the other 9 months out of the year, these properties will be available to rent for periods of 30 days or more. This theory is flawed.

Often times with vacation rentals, an entire month is not “booked”. You might have someone staying one week and someone else staying a weekend in a month – not allowing a month to be available for a full 30 day rental period.

In addition, Mr. Burgess assumes that when a home is not booked for a vacation rental, that it will become available for longer term (30 days or more) rentals. Vacation rentals are furnished properties and, if rented for long term, will most likely not help those who are looking for “affordable housing”.

I do agree that vacation rentals should be regulated. Especially with some of the extreme examples that the Burgess used, citing:

“We have whole floors of apartment buildings that have been taken off the housing market,” he said. “We have entire buildings that essentially have become hotels.”

The “hosts” or owners who are gobbling up condos and essentially creating a hotel are a real minority and, in my opinion, should be treated more as a hotel and subject to zoning. However, folks who own just one property should be allowed to do so as a vacation rental without the 90 day limit restriction.

Should the regulations go through, limiting home owners from being able to use their properties as a vacation rental beyond 90 days, we won’t see these homes becoming long term rentals or helping the housing market. Many vacation rental home owners really enjoy the hosting aspect and meeting guest on vacation or business travel. What I think we will see is frustrated host eventually just sell their vacation homes during this hot market and again, that Seattle home will not be added to the long term rental stock.

Some neighborhoods, like West Seattle, lack hotels (we have one small motel) and actually need short term rentals to serve the neighborhood. Especially considering the alternative of just trying to get out of West Seattle and into a downtown Seattle hotel when West Seattle is where you want to stay.

From the Seattle Times article:

“The 90-day cutoff would affect just 20 percent of listings for entire houses or apartments in Seattle, according to a recent Airbnb report, Burgess says. The December report said almost 80 percent of entire-home listings here are rented for 90 nights or fewer per year…

“We don’t know how many of those are primary residences,” Burgess said. “But imagine if we put 300 homes back on the long-term rental-housing market. That would be worth a lot. To build 300 new units would cost more than $70 million.”

Burgess is looking at only allowing those who live on the property as their primary residence to be able to rent the homes longer than 90 days. His figures of having this impact only 20 percent of the listings is probably inaccurate.

I sincerely hope the City Council will take some time to do more research before impacting 3800 properties.  And a majority of those homes will not go back on the market as long-term rentals.

If you own a vacation rental in Seattle, I recommend that you reach out to your council member to share your story.