Bob’s Bugle – Real Estate Newsletter – April 2010

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Bob Chapman
Managing Broker

Windermere Real Estate
Lake Stevens, Inc.

9327 4th St. NE, Ste #3
Lake Stevens, WA 98258
USA
Ph: (425) 268-2940
Fax: (425) 335-1838

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Bob's Bugle Real Estate Newsletter April 2010REAL ESTATE NEWS & INFORMATION

Bob’s Bugle Real Estate Newsletter April 2010

April 17, 2010

*Northwest MLS Brokers Report 51% Jump in Pending Sales*

KIRKLAND, WA, April 5, 2010 – Home sales around Washington state surged last month, with brokers reporting activity at levels “like we haven’t seen in a while,” according to the owner of a Seattle brokerage.  Northwest Multiple Listing Service members reported 8,605 pending sales during March for a 51 percent increase over the same month a year ago.

Notably, while entry-level home sales have been driving the market, brokers also reported strong activity at the upper end of the price spectrum. Last month, 91 residences (76 of them in King County) sold for $1 million or more; twelve months ago only 40 homes and condos fetched $1 million or more.

Pending sales (offers made and accepted, but not yet closed) in the four-county Puget Sound region rose 60 percent from twelve months ago, led by Snohomish County where the number of transactions jumped more than 77 percent.

NWMLS director Diedre Haines, regional managing broker in Snohomish County, said her network of three offices broke a nine-year old record for the most transactions in a single month.  She attributes the gains to several factors, including tax incentives and the return of jumbo loan financing, but also noted an uptick in activity for parcels of land.

“We are once again representing buyers in the purchase of both raw undeveloped land and platted lots,” Haines remarked, adding, “This is the first time we have seen land purchases in over two years.” Of the buyers, she said some intend to start building now and others are buying for investment.

MLS brokers also reported year-over-year increases in the number of new listings added to inventory and in the volume of closed sales.  Members added 12,994 new listings to the system last month, up 26.7 percent from the year-ago total of 10,252 new listings. 

Last month’s new listings included 11,041 single family homes and 1,953 condominiums. Those additions brought the total inventory to 38,716.  That compares to 39,825 total active listings at the same time a year ago, a decrease of about 2.8 percent.

Closed sales outpaced year-ago totals by a wide margin.  Members reported 4,972 completed transactions during March, a gain of 1,590 sales for a 47 percent increase.

Prices for last month’s closed sales of single family homes and condominiums (combined) were down about 2 percent system wide.  Since January, however, prices have inched up almost 1.8 percent.

Within King County, price changes from a year ago ranged from double-digit increases for homes on Mercer Island (up 26.9 percent), Central Seattle (up 14.9 percent), and Vashon (up 10 percent), to double- digit declines in some parts of South King County. 

“Homes that are positioned well – at every price range – are selling quickly,” commented NWMLS director Pat Grimm, the owner/designated broker of a Windermere Real Estate franchise in Seattle, Washington. Among examples he cited was a Medina home that sold for its $2.35 million asking price in seven days. It drew three quick offers with escalation clauses. At the lower end of the price spectrum was a 2-bedroom Capitol Hill condo listed at $230,000. It also received multiple offers and sold for full price in three days.

Some buyers have to make offers on multiple properties before they win, but they’re still reticent about paying more than the list price, according to Grimm. He noted buyers are not waiving inspections, but said some bidders are doing pre-offer inspections.

“Sales activity is at a high level like we haven’t seen in a while, but still not the frenzy we saw a few years ago,” Grimm remarked, adding, “And that’s a good thing.”

Condo sales across the 21 counties in the MLS system showed significant improvement from a year ago. MLS members reported 1,199 pending sales last month, which compares to 645 sales for the same month a year ago for an increase of almost 86 percent.

Condo prices still lag year-ago figures. The median price for last month’s completed sales was $225,000, down about 7 percent from the year ago figure of $242,000.  Within Seattle, however, prices are up.  The median price for last month’s completed sales of condos in Seattle was $291,000, an increase of 5.8 percent from a year ago when the median sales price was $275,000.

Check out my website(s): www.washingtonrealestatepage.com or www.washingtonlandandhomes.com 

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

Bob’s Bugle Real Estate Newsletter April 2010

Statistical Summary by Counties: Market Activity Summary for March 2010

March 2010

Single

Family

Homes

+ Condos

LISTINGS

PENDING

SALES

CLOSED SALES

New

Listings

Total

Active

#Pending

Sales

# Closings

 

Average

Price

Median

Price

King

5083

12415

3479

2008

$425,545

$343,950

Snohomish

2202

5383

1532

813

$295,666

$268,000

Pierce

1890

5769

1416

768

$245,818

$215,000

Kitsap

568

1836

394

250

$284,798

$240,000

Mason

177

728

78

44

$199,329

$158,000

Skagit

315

1229

156

92

$255,870

$218,943

Grays

Harbor

233

886

113

66

$136,922

$135,000

Lewis

166

740

77

55

$158,128

$139,000

Cowlitz

155

683

111

61

$173,036

$160,000

Grant

168

682

91

45

$178,384

$159,900

Thurston

656

1817

416

286

$240,631

$227,500

San Juan

45

435

14

14

$362,530

$350,000

Island

255

1054

124

69

$298,102

$240,000

Kittitas

116

500

52

45

$262,126

$190,550

Jefferson

117

568

47

27

$276,022

$270,000

Okanogan

58

364

23

14

$223,579

$207,500

Whatcom

588

1985

294

205

$262,960

$224,900

Clark

77

286

61

29

$222,736

$202,500

Pacific

89

403

29

28

$137,577

$125,000

Ferry

7

44

1

1

$50,000

$50,000

Clallam

48

177

30

10

$263,155

$243,000

Others

181

732

67

42

$206,617

$193,450

MLS TOTAL

12,994

38,716

8,605

4,972

$325,001

$264,475

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

Bob’s Bugle Real Estate Newsletter April 2010

 

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

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

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

4153

4447

3896

2975

2008

3291

4167

4520

4624

4526

4765

4580

4584

4445

334628412432
2009325034074262537254985963555157645825570238293440
2010438152116821         

Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest. Its membership includes more than 24,000 brokers and agents. The organization, based in Kirkland, currently serves 21 counties in Western and Central Washington.  Ferry and Clallam counties are now included in the monthly statistical reports.

Bob’s Bugle Real Estate Newsletter April 2010, copyright 2010. 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.

Past Issues – Bob’s Bugle

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 a home loan or mortgage calculator.

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.