Bob’s Bugle – Real Estate Newsletter – September 2011

Bob's Bugle - Real Estate Newsletter

           Menu

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 September 2011REAL ESTATE NEWS & INFORMATION

Bob’s Bugle Real Estate Newsletter September 2011

September 19, 2011

*Northwest MLS Brokers Have Best Month to Date for 2011 in August*

KIRKLAND, WA, September 6, 2011 – August now ranks as this year’s best month for both pending and closed sales around Washington state, according to the latest report from Northwest Multiple Listing Service. Last month’s volume of pending sales was the highest number of mutually accepted offers since April 2010 when the homebuyer tax incentive expired.

Northwest MLS brokers reported 7,632 pending sales during August, a gain of more than 26 percent from the same month a year ago when they notched 6,037 pending sales. Last month’s total for the 21 counties in the MLS service area surpassed July by 450 transactions.

Thirteen counties had double-digit gains from a year ago, led by Snohomish County where pending sales jumped more than 46 percent.

“For the first time in a long time, I can say with confidence that things feel better,” said Northwest MLS director OB Jacobi, president of Windermere Real Estate. “We shouldn’t get too distracted by the large increase in pending sales,” he cautioned, noting, “It’s a positive sign, but these figures are being compared to last summer’s post-tax incentive doldrums. With that being said, we’re excited about the positive momentum in the market.”

“Interestingly enough,” Jacobi remarked, “We’re seeing the most activity in the $600,000 to $800,000 price ranges in King County, but low inventory continues to be an issue across the board.” He also noted the company’s mortgage reps are reporting a 50 percent increase in non-refinance loan applications, which he believes “is a positive indicator of things to come.”

Closed sales during August climbed more than 35 percent from the same month a year ago, rising from 4,211 sales to 5,704. Through eight months, this year’s completed transactions have outgained last year by 592 sales (36,918 versus 36,326, for an increase of more than 1.6 percent).

Northwest MLS members added 9,128 new listings to inventory last month, the fewest since February. With those additions, the selection at month end included 36,907 active listings, with about 86 percent of the inventory being single family homes.

Inventory has dropped more than 16 percent compared to a year ago (36,907 active listings at end of August versus 44,186 for same month a year ago).

 Selling prices are still below year-ago levels. Area-wide, the median price for last month’s completed sales was $236,000, about 12.4 percent less than twelve months ago. Year-to-date through August, prices for sales of single family homes and condominiums (combined) are down about 9.4 percent.

In King County, last month’s median selling price was $315,000, down nearly 9.9 percent from a year ago. A year-to-date price comparison shows a decline of just under 8.4 percent.

Five counties show slight year-to-date price changes: Kitsap (-2.1%); Grant (-1.85%); San Juan (+2.6%); Okanogan (unchanged); and Whatcom (-0.65%).

Commenting on the latest numbers, NWMLS director Frank Wilson emphasized, “A real estate market is about activity and momentum.” He also noted historic affordability, with the cost of a home better matching income levels and extremely low interest rates contributing to favorable conditions. “We continue to live in a real estate market of extreme affordability, affordability levels that have not been seen in decades,” he stated.

Wilson, a branch managing broker in Poulsbo, WA, noted Kitsap County is seeing slightly more new listings come on the market than a year ago, but total inventory is down about 6.6 percent.

“From a marketing prospective there is nothing better than motivated sellers who are willing to stage their home for sale and price it to be competitive in today’s market,” Wilson stated. “This market is now about serious buyers and serious sellers — people who have a plan and goals in mind,” he observed, adding, “Our pending sales are up more than 15 percent which shows the activity of a healthy market.” He also noted a more balanced market, based on months supply (currently about 5.8 months supply compared to the year-ago figure of 7.1 months). However, he acknowledged, home prices continue to settle as they have dropped about 12 percent in Kitsap County compared to a year ago.

The National Association of Realtors® attributes much of the price drops around the country to sales of distressed homes, which are usually sold at deep discounts. NAR’s analysis shows 29 percent of sales nationwide are classified as distressed.

NAR officials also fault banks for “unnecessarily restrictive practices.” Such practices are restraining the housing recovery by denying loans to many creditworthy potential buyers, according to NAR. “Those declined buyers represent the difference between an uneven recovery, and a much more robust housing market that could stimulate the economy and create jobs,” the association declared.

Commenting on the Realtors’ most recent statistics, NAR Chief Economist Lawrence Yun described sales activity as underperforming. “The underlying factors for improving sales are developing, such as rising rents, record high affordability conditions and investors buying real estate as a future inflation hedge. It is now a question of lending standards and consumers having the necessary confidence to enter the market.”

Check out my website(s): https://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 September 2011

Statistical Summary by Counties: Market Activity Summary for August 2011

Single

Family

Homes

+ Condos

LISTINGS

PENDING SALES

CLOSED SALES

New ListingsTotal Active

# Pending

Sales

# ClosingsAvg. PriceMedian Price
King

3,219

10,771

2,996

2,256

$396,533

$315,000

Snohomish

1,364

4,425

1,325

916

$255,925

$232,000

Pierce

1,409

5,283

1,290

952

$216,006

$186,750

Kitsap

455

1,925

333

270

$269,111

$235,000

Mason

175

949

83

55

$164,619

$141,000

Skagit

233

1,134

138

112

$235,977

$205,250

Grays Harbor

166

957

101

66

$136,859

$135,350

Lewis

124

824

89

60

$156,015

$134,750

Cowlitz

130

610

95

81

$147,892

$135,500

Grant

123

675

59

53

$170,485

$159,000

Thurston

482

1,813

370

240

$238,464

$225,500

San Juan

40

528

19

12

$458,000

$295,000

Island

182

1,132

120

107

$311,889

$268,000

Kittitas

97

621

48

57

$204,919

$172,000

Jefferson

79

652

36

24

$268,301

$239,000

Okanogan

69

495

17

19

$185,484

$168,000

Whatcom

414

1,915

296

250

$263,994

$234,750

Clark

62

281

55

52

$210,632

$177,500

Pacific

66

490

35

23

$129,003

$95,000

Ferry

5

61

4

2

$277,000

$277,000

Clallam

73

518

42

36

$219,735

$186,000

Others

161

848

81

61

$208,829

$179,000

MLS TOTAL

9,128

36,907

7,632

5,704

$298,222

$236,000

 

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

Bob’s Bugle Real Estate Newsletter September 2011

 

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
2010438152116821736840584239430645204350437639383474
201142724767604957325963586856575944

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 September 2011, copyright 2011. 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.