Bob’s Bugle – Real Estate Newsletter – May 2007

 

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Bob's Bugle Real Estate Newsletter May 2007REAL ESTATE NEWS & INFORMATION

 

May 9, 2007

*Housing Market in Western Washington Remains Relatively Healthy*

KIRKLAND, Wash. (May 5, 2007) –  Unlike many regions of the country, the Puget Sound area continues to enjoy a healthy housing market, according to the latest figures from Northwest Multiple Listing Service. Condominiums are showing steady – and in some areas very strong – demand.

Pending sales fell short of year-ago volumes, inventory is still growing, and prices are still rising to continue the pattern of recent months. Northwest MLS brokers tallied 9,156 pending sales (offers made and accepted, but not yet closed) during April, about 5.6 percent fewer than the same month a year ago.

That total includes single family homes and condos.

Viewed separately, sales of single family homes slipped 7.5 percent from twelve months ago, while sales of condominiums increased by more than 4 percent.

Six counties in the NWMLS service area reported double-digit drops in pending sales. King County, which accounted for almost forty percent of NWMLS transactions, had only a 5.4 percent decline compared to a year ago.

Prices for last month’s closed sales of single family homes and condominiums area-wide rose 9.5 percent from a year ago. For the first time, the median selling price for single family homes and condos combined topped $400,000 in King County. Residences that sold and closed last month had a median sales price of $407,265.

Single family homes that sold in King County last month had a median sales price of $465,000, up almost 10.9 percent from the year-ago figure of $419,500. For the condo segment, which accounted for 29 percent of the county’s sales, prices surged 19 percent, rising from $247,900 to $295,000.

In the four- county Puget Sound region (King, Snohomish, Pierce and Kitsap counties), the storyline was similar. Pending sales of single family homes and condominiums (combined) were down 9.7%, with Pierce County experiencing the sharpest drop (13.1 percent). Prices were up almost 9.6 percent in the region, led by Snohomish County, where prices for last month’s closed sales jumped 12.2 percent.

Inventory continues to expand, with MLS members adding 14,930 new listings during April, boosting the month-end total to 38,408 offerings. The selection is 52 percent bigger than a year ago, when brokers represented 25,215 listings system-wide.

For would-be homeowners, one bright spot may be some slowing in home-price appreciation.

The year-to-date median asking price for single family homes only (excluding condominiums) is $369,950 – only $20,000 more than a year ago (a 5.7 percent increase). In King County, the year-to-date median listing price is $525,000, up $25,050 (5 percent) from twelve months ago.

An analysis of King County’s current inventory shows scant selection at the lower end of the price spectrum, while those seeking luxury have far more choices:

King County Inventory by Price Range (as of 5/5/07)
(includes single family homes and condominiums

Price Range

# of listings

% of total

Under $200,000

231

2.6%

$200,000 to $399,999

2862

32.6%

$400,000 to $599,999

2613

29.8%

$600,000 to $799,999

1188

13.6%

$800,000 or higher

1873

21.4%

TOTAL

8767

100%

Most industry watchers expect prices will continue to rise, with job growth, population gains and growth management controls being factors.

The Puget Sound region’s resiliency in housing is illustrated by a report issued last month by Standard & Poor’s for its S&P/Case-Shiller® Home Price Indices. Its analysis of 20 cities found 15 of the metropolitan areas showed declines in home prices from a year ago. Seattle was the only area to register a double-digit gain in house values.

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 May 2007

Statistical Summary by Counties: Market Activity Summary for April 2007

Apr 2007

Single Fam. Homes + Condos
LISTINGS

PENDING SALES

CLOSED SALES

New Listings

Total Active

# Pending Sales

# Closings

Avg. Price

Median Price

King Co.

5318

9870

3620

3035

$496,358

$407,265

Snohomish

2301

5224

1552

1218

$384,141

$349,950

Pierce

2537

7305

1394

1103

$313,649

$274,950

Kitsap

732

2223

408

323

$335,140

$284,900

Mason

201

711

103

87

$238,652

$206,000

Skagit

354

1078

189

169

$304,116

$277,950

Grays Harbor

190

774

107

83

$194,513

$159,000

Lewis

229

714

91

72

$226,182

$198,500

Cowlitz

173

622

117

86

$205,252

$182,700

Grant

147

397

102

96

$171,373

$148,500

Thurston

773

2085

448

353

$299,366

$267,500

San Juan

49

273

35

22

$568,227

$434,750

Island

266

953

143

118

$366,055

$319,500

Kittitas

115

456

83

57

$268,950

$256,000

Jefferson

112

463

38

32

$410,156

$367,500

Okanogan

82

375

37

28

$192,252

$167,500

Whatcom

655

2305

334

256

$311,829

$271,556

Clark

330

1174

200

147

$294,337

$265,000

Pacific

78

337

29

32

$207,836

$191,500

Others

288

1069

126

93

$224,356

$190,000

MLS TOTAL

14,930

38,408

9,156

7,410

$393,124

$328000

 

4-county Puget Sound Region Pending Sales (SFH + Condo combined)

(totals include King, Snohomish, Pierce & Kitsap counties)

 

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

 

 

 

 

 

 

 

 

This information is from the Northwest Multiple Listing Service which is the largest full-service MLS in the Northwest. Based in Kirkland and owned by its member brokers, it currently encompasses more than 2,100 companies with approximately 26,000 sales associates. Together, they serve 19 counties, mostly in western Washington, plus Grant, Kittitas and Okanogan counties in the central part of the state. NWMLS recently added service to Clark County with the opening of an office in Vancouver.

Bob’s Bugle Real Estate Newsletter May 2007, copyright 2007. 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.

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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.