Courtesy of John L. Scott Real Estate

The number of homes available for purchase in December 2017 was exceptionally low in Redmond, even by “typical” end-of-year standards. Inventory in November was already limited, explained John L. Scott managing broker Mona Spencer, “And then we saw a thirty-three percent reduction in homes available for sale from November to December.”

While the number of homes available for purchase decreased, the median sale price increased. “The median sale price of a home in Redmond at the end of December 2017 was $780,000, and this was a jump of over 13 percent from December 2016,” Spencer said.

According to Spencer, the biggest influencers in the real estate market in Redmond are: job growth, low interest rates and livability. While local and national economic data uphold the first two, livability is considerably more subjective. Spencer believes some of the most alluring factors in Redmond include Redmond Town Center — which offers events ranging from ice skating to a weekly market — and the kaleidoscope of recreation offerings at Marymoor Park, including a climbing wall, a velodrome, trails and a regionally renowned dog park for your four-legged pets.

For those looking to buy, Spencer recommends getting fully underwritten before making an offer or leveraging your buying power with cash. Another trend Spencer and her brokers are seeing is that many buyers are waiving contingencies such as the home inspection to make their offer stronger. Waiving inspections is indicative of a very competitive market and is atypical in a neutral market.

Regarding last month’s federal tax reform, Spencer characterized the impact as minimal and believes the core benefits of home ownership have been preserved, especially in the more affordable and mid price ranges. For specific advice on how it relates to your circumstances and especially if you’re looking to buy or sell in the luxury market, she recommends consulting a tax professional.

In terms of Redmond’s real estate outlook in 2018, Spencer does not foresee a dramatic change in the imbalance between supply and demand. She cites both the strong economy and pent-up buyer demand as two reasons why inventory will continue to be extraordinarily limited for months to come. Nevertheless, Spencer remains optimistic. “To me, the most exciting part of the new year is the sense of possibility. For those who are looking for 2018 to be the year they sell or buy a home, my team and I want help turn possibility into reality,” said Spencer.