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

Bob’s Bugle Real Estate Newsletter November 2012

November 16, 2012

*Housing Recovery Continues with Prices Rising as Inventory Dips*

KIRKLAND, WA, November 5, 2012 Last month’s housing inventory around western Washington fell to its lowest level since February 2006, according to statistics from Northwest Multiple Listing Service. The MLS report covering 21 counties also shows year-over-year prices on closed sales area-wide increased by double-digits for the first time since March 2007.

Brokers reported 6,000 closed sales of single family homes and condominiums last month, outperforming the year-ago volume by 1,236 transaction for an increase of nearly 26 percent. Last month’s activity in the areas served by Northwest MLS marked a rebound from September when members reported 5,535 completed transaction.

Prices on October’s sales were up 10.4 percent compared to twelve months ago. The median price for last month’s closed sales of single family homes and condominiums (combined) was $251,625; a year ago the figure was $228,000. The last time the multiple listing service reported an area-wide double digit hike in prices was March 2007 (up 11.3 percent).

Prices for single family homes, which accounted for more than 86 percent of October’s sales, rose more than 11 percent, while prices for condominiums jumped 16.6 percent.  

Northwest MLS members added 6,979 listings to inventory during October, the fewest since January. The additions included 6,108 single family homes and 871 condominiums. With those new listings, the selection at month end totaled 23,115 homes and condos. That’s down about 30 percent from the year-ago total of 33,094 listings.

Pending sales outpaced brokers’ ability to replenish inventory. Northwest MLS reported 8,312 pending sales during the month, a 22 percent increase from the year-ago total of 6,187 pendings. Last month’s number of mutually accepted offers also surpassed September’s total by 818 transactions.

The brisk sales activity is creating imbalanced markets in some Northwest MLS counties. Area-wide there is less than a three month supply of homes based on the pace of pending sales when matched with inventory. (Many industry experts consider 5-to-6 months as the indicator of a balanced market.)

At the end of October, five counties in the MLS system have less than four months of supply:

County

Active Listings

Pending Sales

Months Supply

King

5,437

3,400

1.60

Snohomish

1,960

1,325

1.48

Pierce

3,539

1,383

2.56

Thurston

1,218

320

3.81

Clark

213

54

3.94

NWMLS total (21 counties)

23,115

8,312

2.78

NWMLS director Frank Wilson said Kitsap County is continuing its “slow and sane” recovery. “October continued the trend of increased sales activity,” he noted, pointing to a 23 percent increase in pending sales of single family homes last month versus a year ago. “We also have fewer houses on the market,” added Wilson, the branch managing broker at a real estate frnachise in Poulsbo/Kingston, WA. MLS figures show inventory of single family homes and condos (combined) is down 12.4 percent.

Wilson said fourteen of the 19 Northwest MLS map areas in Kitsap County have less than a 5-month supply of homes and condos. Among areas with limited supply are Bainbridge Island, Chico, Indianola, Port Orchard and Poulsbo.

Wilson also cited extremely low interest rates as a contributor to healthy activity. “Where there is activity there is recovery and appreciation,” he remarked.

In King County there is only 1.6 months of supply for the county overall and even less in the MLS areas covering the Eastside, north King County and Seattle.

Closed sales rose more than 33 percent in King County last month, led by the Eastside areas, which posted a 48.5 percent increase from a year ago. Prices for homes and condos that sold last month in King County increased 19 percent compared with the same time a year ago, and rose 2.2 percent from September. The biggest gains occurred on Mercer Island (up 49.4 percent), Dash Point/Federal Way (up 46.7 percent) and Renton-Highlands/Kennydale (up 38.4 percent).

Brokers also reported solid gains in condominium activity during October. Year-over-year pending sales increased nearly 19 percent for MLS areas overall. Prices rose 16.6 percent, while the selection shrunk. The number of listings was at about half the inventory offered for sale at this time last year. 

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 2012

Statistical Summary by Counties: Market Activity Summary for October 2012

Single

Family

Homes

+ Condos

LISTINGS

PENDING

SALES

CLOSED SALES

New

Listings

Total

Active

# Pending

Sales

#

Closings

Avg.

Price

Median

Price

King

2,606

5,437

3,400

2,474

$420,345

$342,250

Snohomish

967

1,960

1,325

937

$265,631

$245,000

Pierce

1,150

3,539

1,383

877

$221,858

$199,950

Kitsap

348

1,480

345

279

$297,732

$225,000

Mason

94

692

95

63

$203,329

$170,000

Skagit

152

819

182

120

$250,018

$212,450

Grays Harbor

126

769

101

84

$126,828

$116,500

Lewis

111

665

105

53

$163,941

$160,000

Cowlitz

115

504

114

76

$144,355

$142,000

Grant

97

532

71

57

$184,278

$170,000

Thurston

308

1,218

320

297

$237,440

$220,000

San Juan

27

380

29

31

$399,485

$327,600

Island

130

748

147

109

$322,407

$269,950

Kittitas

67

446

52

61

$222,334

$185,000

Jefferson

58

461

56

44

$277,767

$235,000

Okanogan

35

404

30

24

$186,349

$149,450

Whatcom

310

1,353

312

242

$278,791

$257,625

Clark

43

213

54

41

$224,738

$195,000

Pacific

44

379

47

20

$91,950

$80,000

Ferry

5

78

3

3

$60,967

$39,900

Clallam

48

398

36

29

$241,847

$216,650

Others

138

640

105

79

$188,920

$164,500

MLS TOTAL

6,979

23,115

8,312

6,000

$316,505

$251,625

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

Bob’s Bugle Real Estate Newsletter November 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

7015729567336489634158716453 

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 November 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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