Bob’s Bugle – Real Estate Newsletter – August 2008

 

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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

Contact Me


Bob's Bugle Real Estate Newsletter August 2008REAL ESTATE NEWS & INFORMATION

 

August 13, 2008

*July’s Pending Home Sales Dip Slightly from June but Prices Edge Up*

KIRKLAND, Wash. (Aug. 6, 2008) – Inventory remained plentiful during July, pending sales nearly matched June’s volume, and last month’s selling prices edged up from June in more than half the counties served by Northwest Multiple Listing Service, according to a new report.

“Considering the market adjustment because of the sub-prime mess, we’re doing better than expected,” said NWMLS director Dick Beeson, a Windermere broker/owner in Tacoma.

Northwest MLS brokers reported 6,350 pending sales (offers made and accepted, but not yet closed) during July. That volume was down slightly from June’s total of 6,470 sales, which was the highest level in ten months, and off about 26 percent from the same month a year ago. Ten counties reported more pending sales in July than in June.

Prices showed resiliency in many areas, despite being about 8 percent lower than a year ago for the area overall. The median selling price for last month’s closed sales of single family homes and condominiums across the MLS service area was $310,000. For the same month a year ago, it was $337,500 and for June it was $314,900. Ten counties reported price gains for July’s transactions compared to sales that closed in June.

For the four-county Puget Sound region, the median selling price for single family homes and condominiums (combined) was $340,070, slightly more than June when the price was $340,000.

This may be an historic opportunity to buy in Washington State, suggests Scott Jarvis, director of the state’s Department of Financial Institutions. He believes the true nature of the state’s real estate market has been lost among the national headlines.

Among reasons Jarvis cited for optimism were attractive long-term mortgage rates, generally stable prices, a relatively strong local economy, and local availability of loans from various institutions DFI oversees. “Excellent financing options” exist for homebuyers with reasonably good credit, “including great programs for first-time homebuyers,” he noted in a statement.

Northwest MLS brokers added 13,093 new listings to inventory during July. That was nearly 1,800 fewer than the number of residences (14,875) added the same month a year ago. At month end, buyers could choose from 51,694 total active listings, up about 9.7 percent from the year-ago inventory of 47,106 listings.

The current selection includes 43,688 single family homes and 8,006 condominiums.

Homes in the more affordable price ranges in many markets may have already adjusted and the new housing legislation will continue to boost this positive momentum. Expected increased sales in the more affordable markets will set a new foundation for housing, helping to stabilize the overall real estate economy.

Beeson described July as a month of transition with the passage of the federal housing bill and new incentives for first-time buyers. Despite persistent uncertainty among would-be buyers, he said his Tacoma office had its best month for sales so far this year, spurred in part by brisk sales in the medium to lower price ranges, first-time buyers utilizing incentives, and shrinking inventory in Pierce County. (The number of active listings is down 6.6 percent from a year ago.)

“The balance of the year appears to portend more even-handedness in the market place,” Beeson commented. Serious sellers are pricing properties more realistically, he reports. “While it is not 2005, 2006 or even 2007, we are beginning to see more balance between demand and supply,” the veteran Realtor noted.

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 August 2008

Statistical Summary by Counties: Market Activity Summary for July 2008

July 2008

Single Family Homes

+ Condos

LISTINGS

PENDING

SALES

CLOSED SALES

New

Listings

Total

Active

#

Pending

Sales

#

Closings

Average

Price

Median

Price

King

4862

16313

2365

2041

$502,500

$401,500

Snohomish

1973

7459

883

719

$367,055

$332,500

Pierce

2100

8123

1036

796

$286,666

$255,000

Kitsap

603

2838

296

242

$321,076

$266,500

Mason

202

1012

85

68

$212,234

$195,000

Skagit

281

1402

145

114

$307,542

$259,995

Grays Harbor

229

1067

94

85

$198,119

$169,900

Lewis

181

847

89

54

$211,934

$189,900

Cowlitz

162

838

86

64

$214,426

$199,425

Grant

167

735

95

81

$188,759

$165,000

Thurston

615

2249

349

322

$281,932

$256,326

San Juan

96

476

24

18

$549,152

$497,500

Island

264

1318

123

80

$320,136

$255,200

Kittitas

163

792

65

52

$239,806

$218,500

Jefferson

90

610

37

35

$320,523

$275,000

Okanogan

97

547

40

19

$179,779

$130,000

Whatcom

527

2351

316

262

$294,844

$265,000

Clark

157

831

64

72

$275,114

$245,000

Pacific

58

472

32

25

$163,016

$144,000

Others

266

1414

126

122

$232,573

$188,950

MLS TOTAL

13,093

51,694

6,350

5,271

$376,604

$310,000



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

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
     


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.

Bob’s Bugle Real Estate Newsletter August 2008, 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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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.