Bob’s Bugle – Real Estate Newsletter – September 2007

 

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

 

September 13, 2007

*Key Indicators for August Home Sales Around Washington Show Continuing Trend of Fewer Sales & Higher Prices*

KIRKLAND, Wash. (Sept. 10, 2007) –  Housing activity around western Washington during August resembled the pattern of the past several months with inventory continuing to grow, fewer homes selling and prices increasing compared to the same month a year ago.

New figures from Northwest Multiple Listing Service show pending sales in its 19-county service area dropped more than 22 percent from twelve months ago, while prices rose 2.8 percent. Last month’s volume of pending sales, which totaled 7,751 transactions, was down about 10 percent from July when members reported 8,614 pending sales system-wide.

Brokers report plentiful selection in most areas, with inventory almost 46 percent larger than the number of listings offered a year ago. At month end, there were 48,585 active listings of single family homes and condominiums in the Northwest MLS database, up from the year-ago total of 33,316.

The total includes 14,500 new listings that MLS members added during the month – the fewest number since March. Those additions include 12,239 single family homes and 2,261 condominiums.

“The market is adjusting to a slower but steady pace,” said Northwest MLS director Dick Beeson, a broker/owner of Windermere Real Estate in Tacoma. He noted savvy buyers are finding real values because they know motivated sellers are more flexible than they’ve been in a long time.

Despite market conditions that tend to favor buyers in many areas, home prices are still increasing, but at a slower pace. For most counties in the NWMLS service area, the year-over-year gain was less than 7 percent, although five counties (Grant, Island, Lewis, Okanogan and San Juan) experienced double-digit price jumps compared to twelve months ago.

For the Puget Sound region encompassing King, Snohomish, Pierce and Kitsap counties, selling prices rose about 5 percent from a year ago. The median price for the 5,975 sales of single family homes and condos in the four-county region that closed during August was $361,822; a year ago, the median selling price was $344,575.

A closer look reveals considerable variation in year-over-year price changes within the MLS service area. In King County, for example, the median price of a single family home (excluding condominiums) that sold last month was $477,345, a jump of more than 9.7 percent from a year ago. For single family homes in Pierce County, the median selling price rose 6 percent, rising from $275,000 to $291,500. In Snohomish County, sales prices climbed from $368,875 to $375,000, a gain of about 4.5 percent.

Prices surged 30 percent for single family homes that sold in San Juan County last month compared to a year ago. Sellers in Jefferson County experienced a similar gain (28.4 percent).

Condo prices also vary widely across the Northwest MLS service area. In eight counties, the median price of a condo that sold during August was under $200,000.

In King County, which accounts for about six of every 10 condo sales in the MLS system, the median sales price for last month’s completed sales rose 5.75 percent, increasing from $269,500 to $285,000. Within King County, the southwest and eastside sub-areas had double-digit price gains on condo sales compared to a year ago.

The highest priced condos continue to be found in downtown Seattle. The median price for last month’s completed sales of condos in the downtown area was $430,000, a slight drop from the year-ago figure of $440,000.

Washington state continues to experience little fallout from loan delinquencies and foreclosures. A recent analysis by the Mortgage Bankers Association pegs the state’s foreclosure rate on all loans at 2.6 percent, one of only six states with rates under 3 percent. For subprime ARMS (adjustable rate mortgages) the default rate for Washington stood at 10.4 percent; only Oregon (10.2 percent) and Utah (9.4 percent) claimed lower rates of delinquencies.

Washington also fared better than most states for home price appreciation for the second quarter. Surveys by the Office of Federal Housing Enterprise Oversight (OFHEO) shows Washington was one of only four states where homes appreciated at 9 percent or more between the second quarter of 2006 and the second quarter of 2007.  

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 September 2007

Statistical Summary by Counties: Market Activity Summary for August 2007

August 2007

Single Fam. Homes + Condos
LISTINGS

PENDING SALES

CLOSED SALES

New Listings

Total Active

# Pending Sales

# Closings

Avg. Price

Median Price

King Co.

5123

13415

2987

3210

$477,058

$415,000

Snohomish

2353

6841

1151

1280

$367,223

$352,475

Pierce

2291

8839

1104

1120

$312,651

$285,000

Kitsap

656

2765

338

365

$354,963

$299,950

Mason

217

955

98

86

$232,445

$199,350

Skagit

341

1256

220

208

$318,454

$280,500

Grays Harbor

229

1013

116

94

$203,397

$177,050

Lewis

227

850

90

103

$197,002

$200,000

Cowlitz

214

809

101

110

$203,359

$185,350

Grant

171

630

108

100

$173,955

$171,114

Thurston

686

2415

398

439

$289,981

$269,000

San Juan

53

380

20

30

$551,787

$574,125

Island

282

1226

119

137

$368,219

$330,000

Kittitas

174

654

71

74

$258,870

$262,925

Jefferson

99

578

49

43

$373,422

$339,500

Okanogan

69

409

41

47

$189,137

$182,000

Whatcom

657

2524

381

398

$326,559

$275,000

Clark

251

1258

150

156

0

$259,238

Pacific

77

438

34

33

$166,019

$150,000

Others

330

1330

175

174

$239,491

$187,475

MLS TOTAL

14,500

48,585

7,751

8,207

$382,754

$329,000

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

7311

6876

6371

5580

 

 

 

 

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 September 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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