Bob’s Bugle – Real Estate Newsletter – December 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 December 2010REAL ESTATE NEWS & INFORMATION

Bob’s Bugle Real Estate Newsletter December 2010

December 11, 2010

*November 2010 Home Sales Rose a Modest Two Percent*

KIRKLAND, WA, December 6, 2010 – Northwest Multiple Listing Service members recorded a few pleasant surprises last month.  Pending sales during November outgained the same month a year ago, marking the first year-over-year increase since April, when the tax credits expired.

Also noted as encouraging were an upswing in relocation sales, shrinkage in the number of new listings added to inventory, and a year-to-date volume of closed sales that is outpacing 2009.

Northwest MLS director OB Jacobi described last month’s gain in the number of transactions written as “surprising.”  “That’s surprising, since November is typically one of the slowest sales months of the year, and this year we essentially lost a week to poor weather conditions.” Jacobi, the general manager at Windermere Real Estate Company, also reported increased activity at open houses last month. 

Jacobi suggested the increase  in sales was due in part to an uptick in interest rates that motivated some buyers to move forward, combined with a desire for people to be in their new homes before the holidays.

Members of NWMLS, which covers 21 counties in Washington, reported 4,987 pending sales of single family homes and condominiums during November.  That volume of mutually accepted offers was up about 2 percent from twelve months ago, when brokers logged 4,888 pending sales.

In the four-county Puget Sound region, pending sales rose more than 2.8 percent, from 3,829 a year ago to last month’s total of 3,938. That’s the highest November volume since 2006.

“We’re seeing an upswing in relocation sales after a long lull, which indicates a positive sign in terms of local hiring,” Jacobi remarked, adding, “Employers traditionally want new hires in place by the first of the year, so sales are happening now.”     

House-hunters have ample choices in most price ranges, with inventory currently priced from $15,000 for a manufactured home in Shelton (Mason County) to a $28.8 million home on Mercer Island.

Inventory is up slightly (1.6 percent) from twelve months ago, but fewer new listings were added during November compared to a year ago. At month end, NWMLS tallied 36,835 active listings of single family homes and condominiums in its database, which compares to the year-ago total of 36,266 listings.

Members reported 6,340 new listings during November, about 6.8 percent fewer than a year ago when they added 6,801 residential properties.  Last month’s additions included 5,401 single family homes and 939 condominiums.

Area-wide, there is about a 7.3 month supply at the current sales pace. King County has about a 5.7 month supply. The National Association of Realtors (NAR) reported a 10.5 month supply at the end of October.  (A market with a supply of approximately six months is considered balanced, favoring neither buyers nor sellers.)

With inventory plentiful, brokers say buyers are taking their time before making any decisions.

“Move-up buyers are moving into the market,” Jacobi said, but noted, “They know value and have the luxury of time.  Buyers are willing to wait for the right home at the right price, and then they jump on it. A few years ago, the hares were driving the market.  Now it’s the tortoises. Today’s buyer’s motto seems to be: Slow and steady wins the race.” 

Prices on sales that closed last month dipped below year-ago totals.  The median price area-wide for November’s closed sales of single family homes and condominiums was $250,000, down about 5.7 percent from the year-ago figure of $265,000.

In King County, prices edged up slightly, from $337,000 to $340,000.  Clallam, Grant, Jefferson, Okanogan, San Juan, Skagit and Whatcom counties also reported year-over-year price gains.

Condominium prices continue to slump.  The median price for last month’s closed sales was $204,500, down more than 11 percent from twelve months ago when the median price was $229,950.

Through eleven months, the volume of closed sales for 2010 is slightly ahead of 2009 (up 1.2 percent).

Tight credit continues to worry brokers, despite favorable affordability conditions.

NAR’s chief economist, Lawrence Yun, expects the recent sales pattern to continue. In remarks accompanying NAR’s latest report on the housing market, he described it as experiencing an uneven recovery. The temporary foreclosure stoppage in some states is likely to have held back a number of completed sales, he noted.  “Still,” he said, “Sales activity is clearly off the bottom and is attempting to settle into normal sustainable levels.”

Check out my website(s): 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 December 2010

Statistical Summary by Counties: Market Activity Summary for November 2010

Nov 2010

Single

Family

Homes

+ Condos

LISTINGS

PENDING

SALES

CLOSED SALES

New

Listings

Total

Active

#Pending

Sales

# Closings

 

Average

Price

Median

Price

King

2,457

11,867

2,014

1,331

$418,341

$340,000

Snohomish

1,058

5,129

854

572

$277,901

$254,975

Pierce

994

5,636

843

625

$233,591

$208,500

Kitsap

306

1,714

227

187

$263,642

$230,000

Mason

74

735

51

28

$195,329

$155,000

Skagit

152

1,104

91

78

$270,730

$233,500

GraysHarbor

111

943

55

43

$125,527

$119,900

Lewis

87

769

58

33

$165,110

$145,000

Cowlitz

96

632

73

50

$158,578

$158,250

Grant

60

576

42

45

$171,050

$162,900

Thurston

287

1,676

212

220

$235,620

$215,000

San Juan

23

435

19

8

$744,188

$510,000

Island

127

972

62

47

$301,538

$240,000

Kittitas

49

464

45

35

$234,273

$190,900

Jefferson

39

489

24

23

$286,757

$293,000

Okanogan

25

386

19

16

$227,219

$198,000

Whatcom

215

1,665

200

144

$258,987

$243,500

Clark

35

285

27

20

$203,116

$196,500

Pacific

33

386

16

23

$149,644

$124,000

Ferry

6

55

0

2

$69,250

$69,250

Clallam

47

440

20

31

$287,240

$219,000

Others

59

477

35

22

$180,245

$179,500

MLS TOTAL

6,340

36,835

4,987

3,583

$310,447

$250,000

 

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

Bob’s Bugle Real Estate Newsletter December 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
201043815211682173684058423943064520435043763938 

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 December 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.