Bob’s Bugle – Real Estate Newsletter – January 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 January 2011REAL ESTATE NEWS & INFORMATION

Bob’s Bugle Real Estate Newsletter January 2011

January 13, 2011

*Western Washington Home Sales Nearly Equal December from A Year Ago*

KIRKLAND, WA, January 5, 2011 – December’s volume of pending sales around Western Washington nearly matched the total for the same month a year ago, which was the best December since 2006.

Sellers accepted offers from 4,359 buyers last month, only 40 fewer than a year ago when members of Northwest Multiple Listing Service reported 4,399 pending sales of single family homes and condominiums. In 2008, members notched 3,255 pending sales, down from 2007’s total of 3,950 pendings and the 2006 figure of 5,744 mutually accepted offers.

Eight counties had year-over-year increases in pending sales for December, with two others equaling the year-ago totals.

“If you were in any mall in Washington state in December, you got the feeling that the economy is headed in the right direction,” said OB Jacobi, president of Windermere Real Estate Company and a member of the board of directors of Northwest Multiple Listing Service. “That increase in consumer confidence is the boost the real estate market needs,” he suggested. 

Closed sales, another barometer of activity, improved on November’s volume, but dipped about 6 percent when compared to figures from twelve months ago.  MLS members reported 4,430 closings across its 21-county service area during December.  A year ago, brokers logged 4,711 completed transactions.

For 2010, Northwest MLS members tallied 52,408 closed sales of single family homes and condos (combined), up slightly from the previous year when there were 52,105 completed transactions.  

“Despite the expiration of the tax credit, King County saw about 3 percent more home sales in 2010 than in 2009,” Jacobi noted.

The area-wide median price for last month’s closed sales of homes and condos was $255,000, up slightly from November’s figure of $250,000, but down about 3.8 percent from a year ago when the median selling price was $265,000.  In King County, where 40 percent of last month’s closings occurred, the median sales price was $342,400, about 2.2 percent lower than a year ago when it was $350,000.

Listing activity tapered off last month compared to 12 months ago.  Northwest MLS members added 5,460 new listings of single family homes and condominiums during December. That’s down 7 percent from a year ago when 5,873 sellers listed their homes with a member-broker.

Last month’s additions boosted system-wide inventory to 32,171 at month end. That number nearly equals the selection of a year ago when the NWMLS database encompassed 32,152 active listings, although thirteen counties have fewer properties for sale than at this time a year ago. 

Measured by months supply (the time, in months, that it would take to sell existing inventory at the current rate of sales), there is a supply of less than 7.4 months across the NWMLS market area. (A market with a supply of approximately six months is considered balanced, favoring neither buyers nor sellers.)

Nationwide, the National Association of REALTORS® reported a 9.5-month supply. Both King and Snohomish counties have less than a 6-month supply.

“Buyers are taking their time and looking for the ‘perfect’ house,” Jacobi observed. “One of our agents worked with a couple for over a year before a higher-end home they’d been eying for months had a price drop and they jumped on it,” he noted, adding, “Whether it’s a starter home or a luxury property, to sell in today’s market a great home also needs to have a great price.”

Lawrence Yun, NAR chief economist, described continuing gains in home sales as encouraging and believes all the indicator trends are pointing to a gradual housing recovery. “In addition to exceptional affordability conditions, steady improvements in the economy are helping bring buyers into the market,” he commented. However, he cautioned, further gains are needed to reach normal levels of sales activity, and home price prospects will vary depending largely upon local job market conditions.

NAR president Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., expects good buying opportunities to continue.  The third generation real estate professional noted serious buyers have a lot of opportunities during the winter months since “traditionally there are far fewer buyers competing for properties at this time of year.”  He believes buyers will enjoy favorable affordability conditions into the new year, even though he expects mortgage rates will gradually rise as 2011 progresses.

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 January 2011

Statistical Summary by Counties: Market Activity Summary for December 2010

DEC 2010

Single

Family

Homes

+ Condos

LISTINGS

PENDING

SALES

CLOSED SALES

New

Listings

Total

Active

#Pending

Sales

# Closings

 

Average

Price

Median

Price

King

1,896

10,049

1,719

1,776

$422,008

$342,400

Snohomish

923

4,538

787

684

$273,727

$245,700

Pierce

1,035

5,118

760

701

$234,974

$215,450

Kitsap

241

1,500

208

239

$296,056

$235,000

Mason

76

623

44

46

$204,811

$164,650

Skagit

156

1,023

87

96

$285,461

$228,750

GraysHarbor

86

872

54

53

$166,451

$148,000

Lewis

83

679

53

52

$139,692

$125,250

Cowlitz

89

582

56

58

$159,957

$147,500

Grant

58

480

35

47

$162,040

$151,400

Thurston

244

1,446

201

217

$235,596

$229,000

San Juan

23

336

12

14

$586,929

$562,500

Island

107

836

67

87

$244,823

$230,000

Kittitas

31

374

25

43

$256,454

$205,000

Jefferson

49

437

23

19

$253,448

$218,000

Okanogan

19

337

12

22

$205,523

$189,000

Whatcom

170

1,486

121

162

$307,572

$255,000

Clark

37

243

26

28

$194,437

$187,000

Pacific

22

349

14

15

$110,145

$75,000

Ferry

5

57

0

4

$148,061

$152,000

Clallam

27

370

30

42

$215,380

$205,000

Others

83

436

25

25

$226,093

$189,900

MLS TOTAL

5,460

32,171

4,359

4,430

$319,461

$255,000

 

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

Bob’s Bugle Real Estate Newsletter January 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

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 January 2011, copyright 2012. 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.