Bob’s Bugle – Real Estate Newsletter – June 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 June 2012REAL ESTATE NEWS & INFORMATION

Bob’s Bugle Real Estate Newsletter June 2012

June 13, 2012

*Reduced Inventory and Record Low Interest Rates Fueling Western Washington Home Sales*

KIRKLAND, WA, June 4, 2012 – Low listing inventory and plunging mortgage rates are fueling buyer competition for homes close to job centers, according to brokers who commented on the latest market report from Northwest Multiple Listing Service.

The figures for the 21 counties in the MLS market area show inventory is down sharply from a year ago (declining almost 28 percent), while pending sales (mutually accepted offers) rose almost 22 percent. The volume of closed sales increased more than 20 percent, topping the 6,000 mark for the first time since September 2007.

The median price on last month’s completed transactions of single family homes and condominiums edged up slightly more than a percentage point compared to a year ago, rising from $239,999 to $242,500. For single family homes (excluding condos) prices area-wide increased 2.34 percent, while condo prices slipped more than 5 percent.

Since January, 2012, median prices are up 12.8 percent system-wide, with nine counties reporting gains of 15 percent or higher (Clallam, Grays Harbor, Island, King, Kittitas, Kitsap, San Juan, Skagit, and Snohomish counties). Grays Harbor county topped the list, reporting a 34.8 percent spike in prices since the first of the year.

“The six month trend of low listing inventory continues to cause strong buyer competition for homes close to job centers,” noted Northwest MLS director Joe Spencer, area director for a large real estate brokerage in the Seattle, WA area. He said he does not expect this trend to change direction “for quite some time due to what appears to be long-term economic and demographic influences.”

MLS data suggest competition is strong in many areas. Pending sales surged more than 30 percent in nine counties last month compared to a year ago. Those areas included Clallam, Island, Jefferson, Kittitas, Kitsap, Okanogan, Pacific, San Juan, and Skagit counties.

Spencer said low inventory levels, combined with “unbelievably low interest rates” will continue to lead to home values stabilizing in most areas, while in other areas “we are already experiencing modest appreciation.”

Northwest MLS figures show 10 counties in its service area experienced year-over-year price gains on closed sales of single family homes.

Several areas scattered around King County reported double-digit gains in both the volume of closed sales of single family homes and the corresponding median selling prices. Those areas included:

MLS Map Area

% change in closed sales, May 2011 vs May 2012

(Single Family homes)

% change in prices,

May 2011 vs May 2012

(Single Family homes)

110 – Dash Pt., Fed. Way

31.0%

11.8

300 – Enumclaw

116.7%

53.1

350 – Renton Highlands

39.2%

40.1

380 – Central Seattle, SE/Leschi, Mt. Baker

35.0%

15.1

700 – Queen Anne, Magnolia

47.1%

15.1

710 – North Seattle

23.3%

14.5

510 – Mercer Island

25.9%

19.1

530 – Bellevue, E. of I-405

48.7%

19.9

King County total (Single Family homes)

24.3%

4.93

Northwest MLS brokers added 9,861 new listings to inventory during May, down from the year-ago total of 10,293 new listings. At month end, there were 26,191 single family homes and condominiums for sale across 21 counties, a drop of almost 28 percent from the year-ago selection of 36,261 properties.

Five counties have less than a four-month supply of homes available for sale, well below the figure of 5-to-6 months that many industry analysts use as a barometer of a balanced market. Using this gauge, Snohomish County reports the lowest supply at 1.51 months, followed by King (1.73), Pierce (2.52), Thurston (3.53) and Kitsap (3.75) counties.

Three other counties have less than five months of supply: Clark (4.46 months), Whatcom (4.83) and Skagit (4.88).

Record-low mortgage rates are driving homebuyer affordability, according to Frank Nothaft, vice president and chief economist at Freddie Mac. Rates as of May 31 were reported to be 3.75 for a 30-year fixed average, an all-time record low, and “an unprecedented” 2.97 percent for a 15-year fixed average.

Nothaft said ongoing economic turmoil in Europe contributed to a decline in long-term Treasury bond yields to help bring fixed mortgage rates to new record lows. Compared to a year ago, he said rates on a 30-year fixed mortgage rate are almost 0.9 percentage points lower which translates into nearly $1,200 less in annual payments on a $200,000 loan.

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 June 2012

Statistical Summary by Counties: Market Activity Summary for May 2012

Single

Family

Homes

+ Condos

LISTINGS

PENDING

SALES

CLOSED SALES

New

Listings

Total

Active

# Pending

Sales

# Closings

Avg.

Price

Median

Price

King

3,602

6,592

3,812

2,618

$397,576

$324,997

Snohomish

1,258

2,383

1,579

1,000

$263,403

$245,000

Pierce

1,354

3,758

1,490

865

$217,453

$192,000

Kitsap

517

1,551

414

269

$287,595

$228,000

Mason

220

751

88

55

$170,267

$146,000

Skagit

259

917

188

108

$238,522

$201,500

Grays Harbor

189

845

81

71

$123,709

$105,000

Lewis

130

678

66

63

$151,189

$134,900

Cowlitz

170

584

99

80

$148,726

$148,950

Grant

129

585

69

48

$170,188

$153,277

Thurston

444

1,336

378

262

$223,221

$212,563

San Juan

68

435

31

18

$461,269

$368,500

Island

234

912

150

88

$282,055

$260,000

Kittitas

127

498

60

49

$229,267

$208,400

Jefferson

127

536

51

30

$257,512

$225,800

Okanogan

105

417

35

20

$213,997

$172,500

Whatcom

514

1,544

320

201

$269,949

$235,000

Clark

57

250

56

47

$199,884

$170,000

Pacific

79

429

35

19

$138,713

$116,000

Ferry

11

67

1

3

$127,133

$94,000

Clallam

99

451

48

39

$182,913

$160,000

Others

168

672

83

74

$199,841

$166,750

MLS TOTAL

9,861

26,191

9,134

6,027

$306,398

$242,500

 

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

Bob’s Bugle Real Estate Newsletter June 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

3346

2841

2432

2009

3250

3407

4262

5372

5498

5963

5551

5764

5825

5702

3829

3440

2010

4381

5211

6821

7368

4058

4239

4306

4520

4350

4376

3938

3474

2011

4272

4767

6049

5732

5963

5868

5657

5944

5299

5384

4814

4197

2012

4921

6069

7386

70157295       

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 June 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.

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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 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.