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Bob's Bugle / June 2008
REAL ESTATE NEWS & INFORMATION
June 10, 2008
*Northwest MLS Brokers Report Buyers Slow to Take Advantage of Market Conditions*
KIRKLAND, Wash. (June 5, 2008) – "If you're a buyer, this is the time to take advantage of unique market conditions." That's the message one industry leader offered in reviewing the latest report from Northwest Multiple Listing Service summarizing housing activity for the month of May.
NWMLS figures show inventory remains plentiful (up nearly 22 percent from the same month a year ago, and up about 5.4 percent from April), with thirteen of the nineteen counties in its service area reporting double-digit increases from twelve months ago. At month end, the selection included 43,546 single family homes and 8,271 condominiums – with one of every five of those listings classified as newly built.
"There are such great opportunities for buyers right now to position themselves for the future," remarked an NWMLS board member. "Interest rates are historically low, there's a healthy inventory of homes to choose from, and the new, higher conforming loan limits have increased housing affordability," he noted, adding, "If you're a buyer, this is the time to take advantage of these unique market conditions."
Prices area-wide are showing moderate fluctuation. While median selling prices in most counties served by NWMLS are down from a year ago, many areas are showing stability and even increases. In 30 "sub-areas" the MLS tracks within King County, for example, 21 areas reported higher prices in May compared to April.
NWMLS director Diedre Haines, said that office had twice as many multiple offer transactions in May compared to April (rising from six to 12). Last month, agents in that office wrote the highest volume of transactions since August, she reported. "I've stopped reading the papers," she remarked, adding, "We're seeing good increases in activity."
Pending sales are down from a year ago, but nearly kept pace with April's volume (down about 2 percent). NWMLS members reported 6,085 pending sales area-wide during May. That compares to 9,743 pending transactions of a year ago and 6,208 for April.
Pending sales of single family homes declined about 3.8 percent from April, while the volume of pending sales of condominiums rose nearly 8 percent from April to May.
"We still haven't had summer hit us yet as the weather remains cool, wet and cloudy. I expect both temperatures and the market to heat up as summer approaches," commented Dick Beeson, a Windermere broker in Tacoma. "Open house traffic is picking up and buyers are coming off the sidelines to make buying decisions. Buyers are realizing that interest rates may creep up and they would be in a worse position if rates went up 1 percent than if prices fell 5 percent, he stated.
NWMLS director Mike Skahen believes the price drop has "already happened." "It's a great time to negotiate with sellers." He reports a noticeable pickup in activity in the close-in Seattle markets where sellers are pricing competitively.
"We didn't have a spring selling season this year," he observed. When the press gets less negative, Skahen believes "It's going to push buyers off the fence and they'll regret having waited."
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 May 2008
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May 2008
Single Family Homes
+ Condos
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LISTINGS
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PENDING SALES
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CLOSED SALES
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New Listings
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Total Active
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# Pending Sales
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# Closings
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Average Price
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Median Price
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King
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5,473
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16,435
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2,414
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2,081
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$494,868
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$399,950
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Snohomish
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2,254
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7,472
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883
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775
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$357,363
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$329,950
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Pierce
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2,092
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8,548
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971
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759
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$293,118
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$259,739
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Kitsap
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639
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2,834
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258
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225
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$310,534
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$263,000
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Mason
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209
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956
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78
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67
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$245,259
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$188,000
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Skagit
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255
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1,392
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136
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131
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$300,925
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$273,578
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Grays Harbor
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260
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1,026
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77
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75
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$172,208
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$150,000
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Lewis
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196
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814
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46
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37
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$194,292
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$185,000
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Cowlitz
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169
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833
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69
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62
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$171,623
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$157,000
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Grant
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179
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744
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82
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66
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$185,578
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$168,500
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Thurston
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629
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2,248
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361
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297
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$292,806
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$264,000
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San Juan
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79
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437
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12
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11
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$1,076,273
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$569,000
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Island
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232
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1,229
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91
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74
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$323,927
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$302,500
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Kittitas
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159
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737
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33
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26
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$280,913
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$258,450
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Jefferson
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91
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566
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24
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19
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$360,147
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$325,000
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Okanogan
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68
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466
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43
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17
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$217,653
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$180,700
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Whatcom
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622
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2,351
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268
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238
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$280,872
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$255,000
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Clark
|
167
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870
|
92
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60
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$288,504
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$266,950
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Pacific
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82
|
452
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32
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29
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$187,849
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$170,000
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Others
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321
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1,407
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115
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109
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$237,000
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$209,000
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MLS TOTAL
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14,176
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51,817
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6,085
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5,158
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$378,835
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$312,000
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4-County Puget Sound Region Pending Sales (SFH + Condo combined)
(Totals include King, Snohomish, Pierce & Kitsap counties)
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Jan
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Feb
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Mar
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Apr
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May
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Jun
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Jul
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Aug
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Sep
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Oct
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Nov
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Dec
|
|
2000
|
3706
|
4778
|
5903
|
5116
|
5490
|
5079
|
4928
|
5432
|
4569
|
4675
|
4126
|
3166
|
|
2001
|
4334
|
5056
|
5722
|
5399
|
5631
|
5568
|
5434
|
5544
|
4040
|
4387
|
4155
|
3430
|
|
2002
|
4293
|
4735
|
5569
|
5436
|
6131
|
5212
|
5525
|
6215
|
5394
|
5777
|
4966
|
4153
|
|
2003
|
4746
|
5290
|
6889
|
6837
|
7148
|
7202
|
7673
|
7135
|
6698
|
6552
|
4904
|
4454
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|
2004
|
4521
|
6284
|
8073
|
7910
|
7888
|
8186
|
7583
|
7464
|
6984
|
6761
|
6228
|
5195
|
|
2005
|
5426
|
6833
|
8801
|
8420
|
8610
|
8896
|
8207
|
8784
|
7561
|
7157
|
6188
|
4837
|
|
2006
|
5275
|
6032
|
8174
|
7651
|
8411
|
8094
|
7121
|
7692
|
6216
|
6403
|
5292
|
4346
|
|
2007
|
4869
|
6239
|
7192
|
6974
|
7311
|
6876
|
6371
|
5580
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4153
|
4447
|
3896
|
2975
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| 2008 |
3291
|
4167
|
4520
|
4624
|
4526
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This information is from the Northwest Multiple Listing Service which is the largest full-service MLS in the Northwest. Based in Kirkland and owned by its member brokers, it currently encompasses more than 2,100 companies with approximately 31,000 sales associates. Together, they serve 19 counties, mostly in western Washington, plus Grant, Kittitas and Okanogan counties in the central part of the state. NWMLS recently added service to Clark County with the opening of an office in Vancouver.
Copyright 2008. 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.
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Bob Chapman, Managing Broker 
