Bob’s Bugle – Real Estate Newsletter – November 2010

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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

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Bob's Bugle Real Estate Newsletter November 2010REAL ESTATE NEWS & INFORMATION

Bob’s Bugle Real Estate Newsletter November 2010

November 14, 2010

*Housing Activity Remained Sluggish for October 2010*

KIRKLAND, WA, November 4, 2010 – Housing activity around Washington state remained lackluster during October, with brokers reporting year-over-year declines in pending sales. On a brighter note, prices on sales that closed last month showed signs of stabilizing, with eight counties showing price gains compared to 12 months ago.

“The change in the market will not be a ‘light switch’ moment,” remarked NWMLS director Frank Wilson, branch managing broker of a real estate office in Poulsbo, WA. He expects 2011 will be a little better than 2010, with 2012 likely to be a little better than 2011.

Northwest MLS members reported 5,653 pending sales (mutually accepted offers) during October, a drop of nearly 22 percent from the same month a year ago. Compared to September, brokers wrote 88 fewer transactions, a decline of 1.5 percent.

Broker-members are reporting upticks in activity in some geographic areas and in certain price segments.

While entry-level buyers dominated sales earlier in the year due to the tax credit, move-up buyers have a growing presence in the market, according to OB Jacobi, another NWMLS director. Commenting on October activity, Jacobi, the president of Windermere Real Estate Company, said during the first quarter, homes priced at $500,000 or more made up less than a quarter (23 percent) of all home sales in King County, Washington. Since mid-year, his analysis shows $500,000-plus homes have accounted for over a third of all sales (34 percent). 

NWMLS members reported 4,072 closed sales during October, reflecting the slower pace of pending sales. Last month’s closed sales, which include single family homes and condominiums, had a median selling price of $255,932. That area-wide figure is down about 5.2 percent from twelve months ago.

In King County, the median price for last month’s sales of single family homes and condominiums (combined) was $350,000, about the same as the year-ago figure of $349,950. Seven other counties also reported price gains from a year ago. They include Clark, Ferry, Grant, Kittitas, Lewis, Mason, and Okanogan, Washinton state.

Inventory remained plentiful, despite the addition of fewer new listings during October than during the same month a year-ago.

Brokers added 8,212 new listings to the MLS system last month, including 7,039 single family homes and 1,173 condominiums. That total is down from a year ago, when members added 9,344 new listings.

With October’s new listings, there were 39,677 active listings in the NWMLS database at month end, an increase of nearly 4 percent from the year-ago selection that totaled 38,159 listings.

Wilson noted there is considerable variation across the NWMLS service area when measuring the months supply of homes (a barometer of how long it would take for the entire inventory of active listings to sell given recent sales activity and assuming no new listings were to appear on the market).

In Kitsap County, for example, Wilson said listings in the Indianola and Gamblewood areas are selling quite well with roughly a 4-month supply of inventory. “On the other hand,” he noted, “in the Hansville/Driftwood Key area in the northernmost part of the county, there is close to a 20-month supply.”

“Buyers and sellers need to live in the now and not try to second-guess the market or when it will actually bottom out,” Wilson suggested, adding the messages to sellers and buyers are unchanged.

Sellers need to be realistic, Wilson emphasized, noting on average 27 percent of listings sell within the first 30 days and 46 percent of listings either take more than six months or don’t sell at all. “This is why it is critical to price your home correctly right out of the gate when it is being seen by the most buyers,” he explained.

The advice to buyers has not changed either, according to Wilson. With interest rates low and inventory fairly abundant, prospective owners should be prepared to make an offer if they see an appealing house that has just been listed.

In a statement accompanying a report last week on existing home sales across the U.S., Lawrence Yun, chief economist for the National Association of REALTORS®, said the housing market is in the early stages of recovery. “A housing recovery is taking place, but will be choppy at times depending on the duration and impact of a foreclosure moratorium. But the overall direction should be a gradual rising trend in home sales with buyers responding to historically low mortgage interest rates and very favorable affordability conditions,” he said.

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 November 2010

Statistical Summary by Counties: Market Activity Summary for October 2010

Oct 2010

Single

Family

Homes

+ Condos

LISTINGS

PENDING

SALES

CLOSED SALES

New

Listings

Total

Active

#Pending

Sales

# Closings

 

Average

Price

Median

Price

King

3,331

13,135

2,194

1,589

$437,136

$350,000

Snohomish

1,301

5,455

968

579

$284,825

$260,000

Pierce

1,312

5,920

958

675

$237,740

$214,950

Kitsap

347

1,836

256

183

$275,199

$245,000

Mason

112

808

60

48

$197,462

$169,681

Skagit

172

1,166

123

76

$287,202

$220,000

GraysHarbor

135

975

70

61

$140,641

$121,500

Lewis

91

825

61

48

$160,953

$152,450

Cowlitz

107

656

64

45

$161,448

$149,900

Grant

92

622

50

44

$173,330

$165,500

Thurston

360

1,754

298

229

$239,201

$224,000

San Juan

34

461

10

16

$507,431

$425,000

Island

156

1,014

78

75

$342,676

$270,000

Kittitas

78

533

47

36

$250,683

$257,000

Jefferson

57

535

37

33

$302,230

$239,000

Okanogan

27

405

24

26

$171,761

$164,500

Whatcom

249

1,829

236

182

$276,694

$244,500

Clark

58

295

26

27

$223,323

$235,000

Pacific

45

406

30

26

$149,608

$145,000

Ferry

4

51

5

1

$285,000

$285,000

Clallam

65

462

23

33

$187,526

$187,000

Others

79

534

35

40

$219,510

$193,000

MLS TOTAL

8,212

39,677

5,653

4,072

$324,276

$255,932

 

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

Bob’s Bugle Real Estate Newsletter November 2010

 

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
20104381521168217368405842394306452043504376  

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 November 2010, copyright 2010. 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.

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 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.