REAL ESTATE NEWS & INFORMATION  

January 8, 2012

*Healthier Market Emerging with Shrinking Inventory and Favorable Lender Financing *

KIRKLAND, WA, January 4, 2012 – Home sales finished the year much stronger than they started, with pending sales for the fourth quarter outgaining the first quarter by more than 3,000 transactions for a 21 percent increase, according to new figures from Northwest Multiple Listing Service.

A year-over-year comparison shows December's pending sales (mutually accepted offers) rose more than 20 percent from a year ago. Northwest MLS brokers reported 5,237 pending sales last month, up from the previous year when they recorded 4,359 transactions.

Last month's pending volume exceeded the number of new listings (4,604) for the second consecutive month. The last time such an imbalance occurred was November 2006.

Closed sales also outgained year-ago totals. December's completed transactions were up 7 percent from twelve months ago, rising from 4,430 closings to 4,741. Six counties registered double-digit gains (Grays Harbor, Jefferson, Pacific, Pierce, San Juan, and Snohomish).

Following the pattern of recent months, prices were down. The median price for December's closed sales of single family homes and condominiums declined about 11.8 percent from a year ago, dropping from $255,000 to $225,000. Brokers attribute much of the slip in prices to the number of distressed properties in the mix. In some areas, foreclosures and short sales, which tend to be sharply discounted, account for about one-third of sales.

Also trending downward is inventory. Brokers across the Northwest MLS service area, which encompasses 21 counties, added 4,604 new listings last month, down from the year-ago total of 5,460 listings. With those additions, there were 26,639 active listings in the MLS database at month end, a drop of more than 5,500 listings from a year ago (a 17.2 percent decrease).

For the Northwest map areas covering Seattle, inventory is down 30 percent compared to a year ago.

The combination of shrinking inventory and favorable financing is causing some areas to tilt toward a seller's market, as measured by the supply of homes. Area-wide, there is about a five month supply of homes, which is generally considered to be a balanced market favoring neither buyers nor sellers.

In Snohomish County the months' supply is pegged at 3.2 months, which means it would take approximately that much time to exhaust current inventory at the current pace of sales with no replenishment. Inventory of active listings in that county is down more than 28 percent from a year ago.

For King County overall, the supply is approximately 3.6 months, but in some sub-areas within the county the supply is less than 3 months -- including parts of South King County (notably around Renton and Federal Way), parts of North Seattle (including Ballard, Sand Point, and Lake City), and parts of Bellevue (East of I-405). 

OB Jacobi, president of Windermere Real Estate, believes the market has undergone a shift. "Where we've been during the past year is a place of transition. It has been a slow recovery, but the housing market has finally turned a corner, albeit a soft one with some bumps along the way," he commented.

Despite rising sales, Jacobi, a member of the Northwest MLS board of directors, noted foreclosures and short sales continue to cause downward pressure on prices. "Many would-be sellers are still wary of the market, and as a result, there are fewer homes for sale," he observed, adding, "At the same time, there are buyers who are eager to strike while the iron is hot, so in some areas, homes are selling before many buyers even have a chance to react."

I am a Short Sale specialist for Seller's needing to list their home for sale or Buyer's wanting to obtain a Great deal by Buying a Short Sale home!

Referrals are a “very” important part of my business. Please let me know of anyone that you know who may be considering Buying or Selling real estate – or please give them my name and contact information!

Thank You!  Bob Chapman

Statistical Summary by Counties: Market Activity Summary for December 2011

 4-County Puget Sound Region Pending Sales (SFH + Condo combined)
(Totals include King, Snohomish, Pierce & Kitsap counties)

 Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest. Its membership includes more than 22,000 brokers and agents. The organization, based in Kirkland, currently serves 21 counties in Western and Central Washington.

Copyright 2012. All material contained herein is owned and protected. Any attempts to reproduce this information without the express written consent from the owner will be prosecuted.

Let a trained professional Windermere agent, Bob Chapman, assist you in your Snohomish County real estate home or vacant land buying or selling transaction.

This Snohomish County real estate website page also has up to date information on Real Estate Mortgage Loan and Qualification Calculator.

Please use the navigation bar at the LEFT of the page or CLICK on one of the "City" or “County” Link pages above to locate Snohomish County Washington real estate. These will quickly take you to the specific information that your Snohomish County real estate search requires.

Please visit the links pages in the navigation bar. There you will find links to:  Snohomish County & Washington State School Districts information which includes the official websites of School Districts in Snohomish County and Washington State; The official Washington State government website, Snohomish County & City government websites and Valuable Real Estate Informational and Resource links.  

Also in the navigation bar, please open and view the Bob's Bugle - Western Washington State Real Estate Blog page.