Bob’s Bugle – Real Estate Newsletter – January 2014

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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 2014REAL ESTATE NEWS & INFORMATION

Bob’s Bugle Real Estate Newsletter January 2014

January 13, 2014

*Western Washington Real Estate Market Set for a Good Year*

Kirkland, WA – January 6, 2014 – Brokers with Northwest Multiple Listing Service ended 2013 with  the best year-over-year improvement in inventory (up 8.4 percent) and a similar gain in closed sales to buoy confidence heading into the new year. December’s pending sales slipped slightly (down about 1.7 percent) compared to the same month a year ago.

Friday’s narrow approval of Boeing’s contract proposal for Machinists union members bodes well for members of Northwest Multiple Listing Service and the real estate industry.

Reacting to the vote, MLS board member John Deely said, “The robust and diverse economy of the Pacific Northwest is solidified by Boeing’s continued presence in the Seattle area.” Deely, a managing broker in Seattle, Washington, said the vote helps secure the region’s position as “the aerospace epicenter of the world with top-notch manufacturing jobs that support the industry.”

Boeing workers and others hoping to buy a home have a bigger selection of homes to consider than house-hunters who were looking twelve months ago – especially in Snohomish County, where the number of active listings is up 43.6 percent.

Northwest MLS members added 4,333 new listings during December, improving on the same period a year ago by 476 listings for a gain of 12.3 percent. 

At month end, there were 19,214 active listings in the MLS database, improving on the year-ago supply by 1,496 listings for a gain of 8.4 percent. In Snohomish County, which had the largest jump in supply (43.6 percent), the selection of condos nearly doubled from a year ago, increasing from 172 to 342 listings.

Pending sales activity during December was mixed around the 21 counties in the MLS service area, with 11 counties showing increases in mutually accepted offers and the other 10 having fewer pending sales than the same month a year ago.

An imbalance between supply and demand could be crimping sales in some areas.

Four counties in the Puget Sound region (King, Snohomish, Pierce and Kitsap) all had year-over-year drops in pending sales. In three of those counties – King, Snohomish and Pierce – there is less than four months of supply, which is below the threshold of 4-to-6 months that many analysts say indicates a balanced market. King County only has about two months of supply.

Brokers notched 5,710 closed sales last month, improving on the previous year by 443 transactions for a gain of 8.4 percent. During 2013, Northwest MLS members tallied 75,517 closed sales system-wide. That total outgains the previous year’s volume of 64,624 closings for an increase of nearly 16.9 percent.

The median price on last month’s sales of single family homes and condominiums was $275,000, up more than 7.8 percent from a year ago when the median price was $255,000. In King County, prices jumped 9.9 percent, rising from $342,000 to $375,900. Prices in Snohomish County climbed 13.7 percent.

Of last month’s closed sales, about 86 percent were single family homes. Those homes had a median selling price of $285,000, about 7.6 percent higher than the year-ago figure of $265,000. In King County, the median sales price was $419,825, up nearly 10.5 percent from a year ago when the median selling price was $380,046.

Condo prices surged 18.6 percent from twelve months ago. Area-wide, condos commanded a selling price of $209,900, up from the year-ago figure of $177,000. In King County, where nearly two-thirds of last month’s condo sales were located, the price soared 21.4 percent, rising from $206,000 to $250,000.

Commenting on the housing recovery, Deely said improvements in the luxury segment (defined as properties priced at $1 million or more) were noteworthy. A comparison of 2012 and 2013 shows brokers reported nearly 500 more high-end sales last year to outperform the previous year by nearly 40 percent. 

“The luxury market will continue to see an increase in sales activity and home values in 2014,” Deely proclaimed. “This market will be driven by pent up demand and by the owners of trophy properties who are confident that values have returned to acceptable levels,” he added.

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 2014

Statistical Summary by Counties: Market Activity Summary for December 2013

Single

Family

Homes

+ Condos

       LISTINGS

      PENDING

SALES

                               CLOSED  SALES

MONTHS

SUPPLY

 

 

New

Listings

Total

Active

# Pending

Sales

#

Closings

Median

Price

Avg.Price
King

2,051

4,876

2,617

2,244

$452,285

$379,202

1.86

Snohomish

900

2,451

1,010

833

$308,095

$288,000

2.43

Pierce

1,042

3,384

1,131

878

$226,932

$205,000

2.99

Kitsap

289

1,356

325

255

$279,993

$220,000

4.17

Mason

90

650

77

59

$206,297

$158,000

8.44

Skagit

132

720

143

138

$281,745

$247,750

5.03

Grays Hbr

118

737

76

79

$123,733

$122,500

9.70

Lewis

99

669

83

64

$153,627

$140,000

8.06

Cowlitz

87

434

92

79

$154,093

$140,000

4.72

Grant

81

487

52

47

$173,182

$162,225

9.37

Thurston

301

1,176

302

262

$235,437

$220,000

3.89

San Juan

15

366

25

21

$633,405

$450,000

14.64

Island

106

661

112

99

$321,670

$245,000

5.90

Kittitas

58

382

63

53

$257,200

$206,750

6.06

Jefferson

46

385

39

49

$283,883

$265,000

9.87

Okanogan

26

427

35

25

$214,150

$169,500

12.20

Whatcom

200

1,283

236

199

$294,779

$260,000

5.44

Clark

50

216

42

51

$261,352

$242,000

5.14

Pacific

30

379

34

32

$118,672

$84,625

11.15

Ferry

6

64

3

2

$106,750

$106,750

21.33

Clallam

44

325

63

66

$206,891

$162,625

5.16

Others

82

633

64

81

$220,263

$192,000

9.89

MLS TOTAL

5,853

22,061

6,624

5,616

$334,831

$271,062

3.33

 

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

Bob’s Bugle Real Estate Newsletter January 2014

 JanFebMarAprMayJunJulAugSepOctNovDec
2007486962397192697473116876637155804153444738962975
2008329141674520462445264765458045844445334628412432
2009325034074262537254985963555157645825570238293440
2010438152116821736840584239430645204350437639383474
2011427247676049573259635868565759445299538448144197
2012492160697386701572956733648963415871645351884181
2013554860957400746277437374726469165951622250833957

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

Bob’s Bugle Real Estate Newsletter January 2014, copyright 2014. 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.