Bob’s Bugle – Real Estate Newsletter – January 2012

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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 2012REAL ESTATE NEWS & INFORMATION

Bob’s Bugle Real Estate Newsletter January 2012

January 8, 2012

*Healthier Market Emerging with Shrinking Inventory and Favorable Lender Financing*

KIRKLAND, WA, January 4, 2012 – Home sales finished the year much stronger than they started, with pending sales for the fourth quarter outgaining the first quarter by more than 3,000 transactions for a 21 percent increase, according to new figures from Northwest Multiple Listing Service.

A year-over-year comparison shows December’s pending sales (mutually accepted offers) rose more than 20 percent from a year ago. Northwest MLS brokers reported 5,237 pending sales last month, up from the previous year when they recorded 4,359 transactions.

Last month’s pending volume exceeded the number of new listings (4,604) for the second consecutive month. The last time such an imbalance occurred was November 2006.

Closed sales also outgained year-ago totals. December’s completed transactions were up 7 percent from twelve months ago, rising from 4,430 closings to 4,741. Six counties registered double-digit gains (Grays Harbor, Jefferson, Pacific, Pierce, San Juan, and Snohomish).

Following the pattern of recent months, prices were down. The median price for December’s closed sales of single family homes and condominiums declined about 11.8 percent from a year ago, dropping from $255,000 to $225,000. Brokers attribute much of the slip in prices to the number of distressed properties in the mix. In some areas, foreclosures and short sales, which tend to be sharply discounted, account for about one-third of sales.

Also trending downward is inventory. Brokers across the Northwest MLS service area, which encompasses 21 counties, added 4,604 new listings last month, down from the year-ago total of 5,460 listings. With those additions, there were 26,639 active listings in the MLS database at month end, a drop of more than 5,500 listings from a year ago (a 17.2 percent decrease).

For the Northwest map areas covering Seattle, inventory is down 30 percent compared to a year ago.

The combination of shrinking inventory and favorable financing is causing some areas to tilt toward a seller’s market, as measured by the supply of homes. Area-wide, there is about a five month supply of homes, which is generally considered to be a balanced market favoring neither buyers nor sellers.

In Snohomish County the months’ supply is pegged at 3.2 months, which means it would take approximately that much time to exhaust current inventory at the current pace of sales with no replenishment. Inventory of active listings in that county is down more than 28 percent from a year ago.

For King County overall, the supply is approximately 3.6 months, but in some sub-areas within the county the supply is less than 3 months — including parts of South King County (notably around Renton and Federal Way), parts of North Seattle (including Ballard, Sand Point, and Lake City), and parts of Bellevue (East of I-405).

OB Jacobi, president of Windermere Real Estate, believes the market has undergone a shift. “Where we’ve been during the past year is a place of transition. It has been a slow recovery, but the housing market has finally turned a corner, albeit a soft one with some bumps along the way,” he commented.

Despite rising sales, Jacobi, a member of the Northwest MLS board of directors, noted foreclosures and short sales continue to cause downward pressure on prices. “Many would-be sellers are still wary of the market, and as a result, there are fewer homes for sale,” he observed, adding, “At the same time, there are buyers who are eager to strike while the iron is hot, so in some areas, homes are selling before many buyers even have a chance to react.”

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 2012

Statistical Summary by Counties: Market Activity Summary for December 2011

Single

Family

Homes

+ Condos

LISTINGS

PENDING

SALES

CLOSED SALES

New

Listings

Total

Active

# Pending

Sales

# Closings

Avg.

Price

Median

Price

King

1,552

7,472

2,060

1,849

$359,912

$291,000

Snohomish

763

3,249

1,013

846

$252,144

$222,750

Pierce

846

4,280

923

791

$199,071

$175,199

Kitsap

202

1,403

201

201

$259,441

$228,000

Mason

47

590

47

39

$156,752

$133,800

Skagit

125

863

100

101

$216,803

$200,685

Grays Harbor

102

735

52

60

$133,550

$117,500

Lewis

78

613

48

46

$142,388

$117,750

Cowlitz

74

472

57

59

$138,786

$140,100

Grant

61

470

35

36

$160,490

$146,450

Thurston

211

1,324

230

228

$226,824

$212,000

San Juan

17

329

13

18

$442,235

$361,000

Island

92

739

67

79

$259,915

$215,000

Kittitas

44

398

39

36

$201,072

$177,995

Jefferson

35

435

23

34

$188,685

$152,500

Okanogan

31

349

15

11

$136,666

$117,000

Whatcom

131

1,267

152

170

$236,790

$219,000

Clark

22

191

29

28

$187,891

$170,500

Pacific

31

347

21

23

$176,752

$137,000

Ferry

2

58

1

1

$250,000

$250,000

Clallam

37

365

41

34

$210,326

$194,900

Others

101

690

70

51

$220,919

$169,900

MLS TOTAL

4,604

26,639

5,237

4,741

$276,009

$225,000

 

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

Bob’s Bugle Real Estate Newsletter January 2012

 

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
2011427247676049573259635868565759445299538448144197

Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest. Its membership includes more than 22,000 brokers and agents. The organization, based in Kirkland, currently serves 21 counties in Western and Central Washington.

Bob’s Bugle Real Estate Newsletter January 2012, 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.

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

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 use the navigation bar at the LEFT of the page or CLICK on one of the “City“, “County” or “State” Link pages above to locate Snohomish County Washington real estate. These will quickly take you to the specific information that your Snohomish County real estate search requires.

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.