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

Bob’s Bugle Real Estate Newsletter July 2011

July 15, 2011

*Pending Sales Around Washington State at Mid-Year Surpass One Year Ago Levels*

KIRKLAND, WA, July 6, 2011 – Continuing the double-digit gain in home sales during May, last month’s pending sales surpassed the volume for June 2010 by nearly 36 percent. Northwest Multiple Listing Service members reported 7,539 mutually accepted offers last month, up nearly 2,000 transactions from the year-ago total of 5,547 pending sales of single family homes and condominiums.

At midyear, Northwest MLS brokers have logged 41,151 pending sales for a slight improvement on the total of 41,001 for the first six months of 2010 when sales were stimulated by a federal tax incentive.

Closed sales for the 21 counties in the Northwest MLS service area are running slightly behind 2010 figures. Through June, members have completed 26,034 sales, which compares to a total of 27,624 closings for the midpoint of 2010.

MLS members reported 5,561 closed sales during June, down 3.5 percent from the same month a year ago when there were 5,763 closings. Five counties (Clark, Cowlitz, Jefferson, King and Mason) reported year-over-year increases in the number of closed sales.

PLEASE NOTE: Northwest MLS reports both pending sales (mutually accepted offers) as a barometer of the most recent activity, and closed sales (completed transactions).

Matt Deasy, the general manager of a Windermere Real Estate office, noted the early signs of a market shift, which he expects will prompt shifts in buyers’ priorities. “The combination of lower inventory levels and higher sales is leading to early signs of a market shift,” he observed, adding, “These conditions are also causing the median home price to stabilize, despite being lower than last year.”

Deasy, who is also a member of the Northwest MLS board of directors, said brokers are “seeing a lot of activity in the markets close to the job centers in Seattle and Bellevue which is causing some buyers to miss out on opportunities if they don’t act fast enough.” As this cycle continues, he expects buyers’ priorities will shift from looking for the best deal possible to finding the best house for their needs at a fair price.

Prices on last month’s closed sales area-wide were down about 9 percent from the same month a year ago, but compared to January, the drop is only about 2.8 percent. The median price for sales that closed last month was $240,950; a year ago it was $265,000. In January it was $250,000.

CoreLogic, Inc., a California company that analyzes various statistical data, attributes much of the drops in home prices to distressed sales. In a report issued last week, the company said year-over-year prices for sales during May fell 5.8 percent in the Seattle area and 7.4 percent nationwide. If homes in or under threat of foreclosure are excluded, the drops were just 1.75 percent in King and Snohomish counties, according to CoreLogic’s analysis

Like prices, inventory is showing signs of stabilizing. Northwest MLS members added 10,334 new listings to inventory last month, about the same number as a year ago when they added 10,354 new listings. With those additions, there were 36,871 single family homes and condominiums offered for sale in the MLS database at the end of June. That’s down about 14 percent from a year ago when inventory stood at 42,940 active listings.

Measured by “month’s supply,” there is about a 5-month supply of homes system-wide, which is considered to be a balanced (or neutral) market favoring neither buyers nor sellers. Inventory is tighter in King County where the month’s supply is about 3.7 months. 

“For the most part, Kitsap County is seeing a normalization of our market in the price ranges below $350,000,” said Frank Wilson, branch managing broker in Poulsbo. “We are seeing inventory levels in the 4-to-6 month timeline,” he reported, while noting it’s much higher at the upper end of the price spectrum. The MLS map areas encompassing East Bremerton and Silverdale are experiencing good activity said Wilson, a member of the Northwest MLS board of directors.

With the return of buyer confidence, Scott said multiple offers are occurring in markets where there is low inventory. “Buyers are seeing the advantage of historic low interest rates, lower adjusted prices and low down payment options,” he stated.

Commenting on the current market, Wilson emphasized the “basics have not changed” for buyers and sellers, “even though it is easy to get caught up in the national news. Real estate is a micro discussion, not a macro one,” he emphasized. “Your broker should be able to talk neighborhood specifics and what the inventory and turnover are within each area,” he added.

Northwest MLS director Meribeth Hutchings reported “the buyers are out there,” and noted they’re looking for an “opportunity.” She also said they are seeing multiple offers, but added no uptick in prices is expected. “Where I am seeing increased activity is with our property management company, which reports vacancy rates of only 3-to-4 percent,” said Hutchings, the designated broker/owner at Windermere Real Estate/Lake Stevens Inc.

“Buyers need to talk with a lender first to better understand their mortgage options, become informed about today’s market and be prepared to make a reasonable offer when they find a home that meets their needs,” Wilson advises. Sellers need to be priced within about 3 percent of what the home will sell for, and they need to look at their home and property through the eyes of a buyer. “Paint, clean, de-clutter and above all, be prepared to move,” he suggests.

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 July 2011

Statistical Summary by Counties: Market Activity Summary for June 2011

Single

Family

Homes

+ Condos

LISTINGS

PENDING SALES

CLOSED SALES

New ListingsTotal Active

# Pending

Sales

# ClosingsAvg. PriceMedian Price
King

3948

11173

3008

2362

$412,836

$317,000

Snohomish

1466

4548

1279

866

$264,163

$239,925

Pierce

1509

5501

1266

872

$209,078

$195,278

Kitsap

472

1834

315

248

$277,923

$238,000

Mason

176

897

75

59

$179,264

$145,000

Skagit

220

1113

147

91

$234,474

$185,000

Grays Harbor

179

925

107

60

$129,263

$113,500

Lewis

157

780

76

40

$153,950

$145,500

Cowlitz

149

602

100

97

$149,225

$140,000

Grant

124

630

65

60

$164,518

$154,000

Thurston

480

1746

360

290

$236,378

$228,475

San Juan

57

499

12

9

$462,889

$415,000

Island

240

1062

116

67

$268,964

$245,000

Kittitas

120

579

60

31

$227,551

$190,000

Jefferson

109

613

40

28

$244,505

$247,500

Okanogan

79

450

27

17

$206,200

$157,500

Whatcom

431

1864

291

215

$287,558

$247,450

Clark

59

285

48

42

$184,051

$178,450

Pacific

81

463

27

20

$123,650

$101,546

Ferry

9

63

0

1

$55,000

$55,000

Clallam

101

483

43

31

$222,412

$194,900

Others

168

761

77

55

$209,613

$185,000

MLS TOTAL

10,334

36,871

7,539

5,561

$310,007

$240,950

 

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

Bob’s Bugle Real Estate Newsletter July 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
2011427247676049573259635868      

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 July 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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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.