Bob’s Bugle – Real Estate Newsletter – August 2011

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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 2011REAL ESTATE NEWS & INFORMATION

Bob’s Bugle Real Estate Newsletter August 2011

August 5, 2011

*July Housing Activity Around Washington State Described as “Good News/Bad News” Story*

KIRKLAND, WA, August 4, 2011 – Sellers of more than 7,000 residential properties listed with Northwest Multiple Listing Service members accepted offers on their homes last month, continuing a stretch of five months with 7,000-plus pending sales. Last month’s 7,182 pending transactions (mutually accepted offers) improved on the year-ago total of 5,571 pendings for an increase of almost 29 percent.

“It’s classic good news, bad news story,” said Northwest MLS director Frank Wilson, a branch office managing broker in Poulsbo, WA. “The good news is that we seem to be at the bottom,” he remarked, adding, “The bad news is we are just sitting there. Although homes are still selling, and in some cases at the asking price and in a reasonable amount of time, these are isolated to specific price ranges and geographic areas.”

Pending sales of single family homes and condominiums jumped by more than 30 percent in seven counties served by Northwest MLS (Ferry, Grant, King, Kittitas, Lewis, Okanogan and Snohomish).

Closed sales also outpaced year-ago totals. Members reported 5,180 completed transactions during July, an improvement of 15.3 percent from twelve months ago when 4,491 sales closed.

The median price on last month’s closed sales system wide was $237,975, about 13.5 percent less than a year ago when the median selling price was $274,990. Wilson, whose office is in Kitsap County, said the under $350,000 price range continues to be active.

“Homes are more affordable now than they have been in the past four decades while interest rates remain historically low,” noted Joe Spencer, another member of the Northwest MLS board of directors. He expects consumer confidence and sales to continue rising now that fears over the national debt crisis have subsided. “In spite of the political drama we saw play out, interest rates have actually dropped, lowering the cost of homeownership even further,” he remarked.

“The increased number of pending and closed sales, particularly in the four-county area, is certainly encouraging,” said Mike Grady, also a member of the Northwest MLS board. He noted brokers in the field are reporting pockets of greatly increased buyer activity and interest, “and in some cases, intense competition among buyers for the best properties on the market.”

Grady said it is apparent that home sales in all areas served by the NWMLS are not improving at the same rate. Nevertheless, he suggested, “with a substantially lower number of single family homes and condominiums on the market, and with rents rising significantly in many areas, it’s not too difficult to imagine that stable or modestly increasing prices ̶ currently the ‘missing piece’ in the recovery puzzle ̶ might soon become more prevalent in the most active segments of our market.”

Listing inventory area-wide is down about 16 percent from year-ago levels. As of the end of July, there were 37,465 active listings in the MLS system, which compares to 44,770 for the same month a year ago.

Northwest MLS members added 9,626 new listings of single family homes and condominiums during the month, the fewest since February, and a drop of more than 11 percent from the year-ago total of 10,850 new listings.

The shrinking inventory is spurring vigorous activity in some areas.

“Perhaps this is the ‘pent up demand’ we’ve been expecting to materialize for some time now based on our region’s increased job creation and a better economic position relative to most other states or metros,” Grady remarked.

Wilson reiterated that observation. “We have two forces at work here: Homes at historic levels on the affordability index and low/confused consumer confidence.” If the two forces were to meet, Wilson believes a robust market would emerge, but added, “until consumers get excited about what is happening in our economy, here we will sit, which in the big picture is better than where we were a few years ago.”

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

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

Bob’s Bugle Real Estate Newsletter August 2011

Statistical Summary by Counties: Market Activity Summary for July 2011

Single

Family

Homes

+ Condos

LISTINGS

PENDING SALES

CLOSED SALES

New ListingsTotal Active

# Pending

Sales

# ClosingsAvg. PriceMedian Price
King

3,584

11,091

2,933

2,072

$410,618

$319,000

Snohomish

1,368

4,546

1,207

851

$247,771

$225,000

Pierce

1,409

5,488

1,210

838

$227,299

$194,972

Kitsap

454

1,923

307

222

$274,449

$239,000

Mason

153

925

77

72

$179,198

$162,250

Skagit

219

1,130

136

100

$261,158

$222,450

Grays Harbor

177

980

77

72

$134,705

$128,000

Lewis

126

812

70

46

$130,911

$137,450

Cowlitz

121

614

88

67

$153,411

$150,700

Grant

116

655

68

55

$203,831

$165,000

Thurston

476

1,827

294

247

$244,642

$225,000

San Juan

46

519

18

9

$456,722

$400,000

Island

260

1,131

129

85

$293,296

$240,000

Kittitas

112

612

55

37

$246,520

$184,250

Jefferson

105

643

23

30

$275,186

$227,650

Okanogan

75

475

29

22

$211,882

$180,000

Whatcom

419

1,927

284

184

$278,082

$246,250

Clark

67

298

44

43

$200,210

$185,000

Pacific

60

483

26

19

$132,655

$114,000

Ferry

8

63

3

1

$209,000

$209,000

Clallam

88

510

26

28

$179,381

$175,450

Others

183

813

78

80

$191,842

$166,000

MLS TOTAL

9,626

37,465

7,182

5,180

$305,727

$237,975

 

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

Bob’s Bugle Real Estate Newsletter August 2011

 

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
2010438152116821736840584239430645204350437639383474
20114272476760495732596358685657    

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.

Bob’s Bugle Real Estate Newsletter August 2011, copyright 2011. 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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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.