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Inviting, open entry with hardwood floors and large coat closet. Bright and open living room features large windows showcasing front yard. Dining room surrounded with natural light, decorative light fixture and slider access to back deck. Updated kitchen with beautiful cabinetry, granite counters, tile backsplash, 4 burner gas range with griddle, range hood, wine cooler, large island and stainless steel appliances included. Huge laundry room with ample cabinets and counter space – washer and dryer included!

Inviting, spacious primary suite with large walk-in closet. Updated primary 3/4 bath with dual sinks, granite counter and backsplash, oversized tile shower and tile flooring. Three additional spacious bedrooms with large closets. Adjacent updated hall bath with tile counters, tub with tile surround, and tile flooring.

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Wonderful home on a quiet cul-de-sac in the College Hill neighborhood. The open floorplan boasts a total of 2,820 s.f. and features 4 bedrooms and 2.75 baths with a huge family room and additional craft space, which is ready for your imagination!

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NWMLS Market Report: February 2016 – Buyer Frustration Builds as Inventory Shrinks!

KIRKLAND, Washington (March 7, 2016) – Home prices in King County hit new highs in February as buyers tried to outbid each other for the sparse inventory in much of Western Washington.

“We’re in for another crazy spring real estate market,” predicts J. Lennox Scott, chairman and CEO of John L. Scott, Inc.

With the number of single family homes for sale in King County down nearly 30 percent from a year ago, prices on last month’s sales surged 19.8 percent, jumping from $429,900 to $514,975. Ten other counties in the 23-county area served by Northwest Multiple Listing Service also reported double-digit price gains for single family homes that sold last month, according to its latest statistics. Condo prices surged 19.6 percent.

“Buyers who are looking for houses cannot start looking at the top of their affordability range — they should look 15 or 20 percent below their limit and be prepared to go over list price if they have any hope of success,” suggested Frank Wilson, immediate past chair of the Northwest MLS board.

Northwest MLS brokers scrambled to replenish depleted inventory as pending sales outpaced new listings, resulting in a sizeable drop in the total number of active listings by month end.

Member-brokers added 7,931 listings area-wide to inventory last month for a slight improvement from a year ago when they added 7,852 homes and condominiums to their database. At month end, they reported 12,107 active listings, a sharp drop from a year ago when there were 16,946 properties offered for sale.

Current levels of inventory translate to 2.4 months of supply, well below the four-to-six months that industry experts use to indicate a balanced market. In the four-county Puget Sound region, supply is hovering near or below two months, with King County having the lowest level at only 1.3 months of supply. Snohomish County reported about 1.5 months, Pierce had slightly more than 2.1 months, and Kitsap County was at about 2.3 months.

“Buyer frustration continues to build as inventory levels drop and a mixed quality of homes comes on market,” reported MLS director George Moorhead, designated broker at Bentley Properties.

The fast pace of sales combined with shrinking inventory means many areas remain in the throes of a sellers’ market, stated MLS director Bobbie Petrone Chipman.

Despite the frustration for buyers and brokers, pending sales improved on year-ago figures. Northwest MLS members reported 9,052 pending sales, up 5.3 percent from a year ago when they tallied 8,599 mutually accepted offers.

Scott described current activity as a “Pac-Man” market – “Houses are being gobbled up as soon as they come on the market,” he stated.

Seven counties, including King County, reported year-over-year declines in pending sales during February in the wake of inventory shortages. Pending sales in King County fell about 5.6 percent compared to twelve months ago. The selection in the state’s most populous county plummeted nearly 32 percent from year-ago levels while asking prices jumped about 22 percent.

“The big story this month is the nearly 20 percent jump in King County prices which has brought the median home price to an all-time high,” observed OB Jacobi, president of Windermere Real Estate. “Affordability is on the decline in King County which is part of the reason why sales of single family homes are down,” he noted, adding, “So where are those priced-out buyers going? The answer for some is condos. With the rent-versus-buy ratio at about two years, many buyers are seeing the wisdom in investing in a condo as a means to take advantage of low interest rates and get into homeownership.”

Moorhead also commented on growing demand for condos. “We have noticed increasing demand for condos and townhomes as they are becoming more affordable for first-time buyers, so this activity is drawing down that inventory too,” he reported.

Pending sales of condos increased about 4.8 percent area-wide, despite shrinking inventory. The number of active listings dropped 36.6 percent from a year ago, resulting in only 1.4 months of supply. In King County, which accounted for six of every 10 condo sales that closed last month, there is only about a month of supply. Condo prices in that county jumped 26 percent from a year ago, rising from $257,000 to $323,975. That compares to a median selling price of $514,975 for single family homes that sold last month in King County.

For others, a longer commute is the ticket to homeownership.

“This is the type of market that has people who work in Seattle thinking more seriously about moving west,” suggested Wilson, the branch managing broker at John L. Scott’s Poulsbo office. “Typically people who have a Seattle area job look north or east, but with lack of inventory in those areas and prices that have gone through the roof, they are now considering a ferry commute and shopping for homes in Kitsap.” Wilson said they’re even seeing an increase of activity west of the Hood Canal Bridge with more people looking to Port Ludlow and beyond.

Pending sales in Kitsap County rose 9 percent in February compared to a year ago. Prices increased 7.7 percent year-over-year, but Wilson expects even more escalation. “It would not be unreasonable to think we might see double-digit price increases this year,” he commented.

Rapidly rising prices are worrisome to some brokers.

“In some situations sellers, in efforts to glean as much from a sale as possible, and buyers, in efforts to have their offers accepted in competitive presentations, might find themselves the subject of anecdotal stores regarding low appraisals,” noted MLS director Bobbie Petrone Chipman, principal managing broker at John L. Scott in Puyallup.

“Buyers line at houses that are available and find themselves in bidding wars,” said Wilson. “This market squeezes all the fun out of buying a home. Prospective purchasers who are coming up short tend to be first-time buyers or those who are using anything other than cash or conventional loans,” he added.

Moorhead cautioned sellers about being overly aggressive on pricing. Sellers are pushing price harder than ever, he said, and some are missing market price, resulting in longer market times. “Buyers perceive this as ‘there must be something wrong with the home,’ especially if the home is still on the market past an offer review date that was set when the home came on the market.”

Even though the current market poses challenges, brokers remain optimistic about the market’s strength.

Mike Grady, a past chairman of the MLS board, anticipates “a long steady increase in pending sales projecting favorably into 2017.” He cited projections suggesting long-term interest rates will remain stable, job growth in the region will remain strong, and new housing starts will continue to lag behind demand as factors in his prediction. These factors “create the simple formula of high demand, low supply equaling increasing prices, creating the consumer confidence we continue to see,” stated Grady, the president and COO of Coldwell Banker Bain.

Scott also expects robust activity during 2016. “Six months ago we predicted the major decline in inventory throughout the winter months would create a more intense market starting the first of the year. It’s déjà vu all over again,” he commented.

Noting this pattern has existed for the the last three years, Scott said the current lack of inventory is taking its toll on homebuyers. “We are facing the most intense market yet.”

Starting this month, Scott said “We’ll start to see an explosion in the amount of sales activity for the next eight months. That’s the good news. The bad news? Market conditions still require buyers to make an instant response because there are so many other hungry buyers out there.”

Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service MLS in the Northwest. Its membership of nearly 2,100 member offices includes more than 25,000 real estate professionals. The organization, based in Kirkland, Wash., currently serves 23 counties in Washington state.

Selling? You need more than a Great Broker, you need a proven Auctioneer to get the most for your Home!

I am keenly aware of how my role has evolved for our sellers over the last few years. Creating a compelling presentation for our client’s homes has always been important. However, in the market we have had since 2013, extracting value from competing offers is where the real money is made for our clients!

As illustrated in one of our recent articles… “Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price it so that demand for the home is maximized. In that way, the seller will not be fighting with a buyer over the price, but instead will have multiple buyers fighting with each other over the house.”

In doing so, the seller attracts the auction effect to their home, allowing a skilled broker to work the process for them, eliminating contingencies and raising prices dramatically. This auction effect puts the seller strongly in the driver’s seat and pushes prices to levels that would not be seen or expected in any other normal selling situation!

Here are some examples of how we have recently helped clients reap the best benefits our market has for their home:

Sharon Miles – 21 Offers – Sold for 18% above the list price!

Rich Heineck and Edi McSorley – 9 Offers – Sold for 14% above the list price!

Brian and Ann Steel – 6 Offers – Sold for 11% above the list price!

David and Melissa Conlee – 9 Offers – Sold for 10% above the list price!

Mike Hemphill – 5 Offers – Sold for 7% above the list price!

Tim and Linda Bunce – 2 Offers – Sold for 5% above the list price!

Veeru Perianan & Suji Lakshminarayanan – 3 Offers – Sold for 4% above the list price!

Tim and Tam Alden – 3 Offers – Sold for 3.5% above the list price!

These are just a few examples of clients we have helped successfully run an auction for their home. As you can imagine, this does not happen by accident. We have a complete system to produce these results. If you would like to find out if we can do this for your home too, please contact us at 425-466-1000 or through the form below.

5 Demands to Make on Your Seattle Area Real Estate Agent

Are you thinking of selling your house? Are you dreading having to deal with strangers walking through the house? Are you concerned about getting the paperwork correct? Hiring a professional real estate agent can take away most of the challenges of selling. A great agent is always worth more than the commission they charge just like a great doctor or great accountant.

You want to deal with one of the best agents in your marketplace. To do this, you must be able to distinguish the average agent from the great one.

Here are the top 5 demands to make of your Real Estate Agent when selling your house:

1. Tell the truth about the price

Too many agents just take the listing at any price and then try to the ‘work the seller’ for a price correction later. Demand that the agent prove to you that they have a belief in the price they are suggesting. Make them show you their plan to sell the house at that price – TWICE! Every house in today’s market must be sold two times – first to a buyer and then to the bank.

The second sale may be more difficult than the first. The residential appraisal process has gotten tougher. A recent survey showed that there was a challenge with the appraisal on 24% of all residential real estate transactions. It has become more difficult to get the banks to agree on the contract price. A red flag should be raised if your agent is not discussing this with you at the time of the listing.

2. Understand the timetable with which your family is dealing

You will be moving your family to a new home. Whether the move revolves around the start of a new school year or the start of a new job, you will be trying to put the move to a plan.

This can be very emotionally draining. Demand from your agent an appreciation for the timetables you are setting. You agent cannot pick the exact date of your move, but they should exert any influence they can, to make it work.

3. Remove as many of the challenges as possible

It is imperative that your agent knows how to handle the challenges that will arise. An agent’s ability to negotiate is critical in this market.

Remember: If you have an agent who was weak negotiating with you on the parts of the listing contract that were most important to them and their family (commission, length, etc.), don’t expect them to turn into Super hero when they are negotiating for you and your family with your buyer.

4. Help with the relocation

If you haven’t yet picked your new home, make sure the agent is capable and willing to help you. The coordination of the move is crucial. You don’t want to be without a roof over your head the night of the closing. Likewise, you don’t want to end up paying two housing expenses (whether it is rent or mortgage). You should, in most cases, be able to close on your current home and immediately move into your new residence.

5. Get the house SOLD!

There is a reason you are putting yourself and your family through the process of moving.

You are moving on with your life in some way. The reason is important or you wouldn’t be dealing with the headaches and challenges that come along with selling. Do not allow your agent to forget these motivations. Constantly remind them that selling the house is why you hired them. Make sure that they don’t worry about your feelings more than they worry about your family. If they discover something needs to be done to attain your goal (i.e. price correction, repair, removing clutter), insist they have the courage to inform you.

Good agents know how to deliver good news. Great agents know how to deliver tough news. In today’s market, YOU NEED A GREAT AGENT!

Give us a call at 425-466-1000 for more information.

Should I Rent My Eastside House Instead of Selling It?

A recent study has concluded that 39% of buyers prefer to rent out their last residence rather than sell it when purchasing their next home.

The study cites that many homeowners were able to refinance and “locked in a very low mortgage rate in recent years. That low rate, combined with a strong rental market, means they can charge more in rent than they pay in mortgage each month… so they are going for it.”

This logic makes sense in some cases. Residential real estate is a great investment right now.

However, if you have no desire to actually become an educated investor in this sector, you may be headed for more trouble than you were looking for. Are you ready to be a landlord?

Before renting your home, you should answer the following questions to make sure this is the right course of action for you and your family.

10 Questions to ask BEFORE renting your home

How will you respond if your tenant says they can’t afford to pay the rent this month because of more pressing obligations? (This happens most often during holiday season and back-to-school time when families with children have extra expenses).
Because of the economy, many homeowners cannot make their mortgage payment. What percentage of tenants do you think cannot afford to pay their rent?
Have you interviewed experienced eviction attorneys in case a challenge does arise?
Have you talked to your insurance company about a possible increase in premiums as liability is greater in a non-owner occupied home?
Will you allow pets? Cats? Dogs? How big a dog?
How will you actually collect the rent? By mail? In person?
Repairs are part of being a landlord. Who will take tenant calls when necessary repairs come up?
Do you have a list of craftspeople readily available to handle these repairs?
How often will you do a physical inspection of the property?
Will you alert your current neighbors that you are renting the house?

Bottom Line

Again, renting out residential real estate historically is a great investment. However, it is not without its challenges. Make sure you have decided to rent the house because you want to be an investor, not because you are hoping to get a few extra dollars by postponing a sale.

If you would professional advice regarding this decision, please feel free to contact us.

Difference Between a ‘White Lie’ and Lying

Growing up it seemed ‘white lies’ were okay while lying was a sin. As children, we sometimes had difficulty understanding where the line was. As we matured, we realized there most definitely was a difference.

If a husband or wife asks if it is okay to invite their parents over for dinner, the spouse would probably say ‘sure’ even if it wasn’t 100% the truth. That was a ‘white lie’. If a young boy dresses up as a monster on Halloween and asks his father if he looks ‘really scary’, it was okay for his dad to say ‘YES’! That was a ‘white lie’.

In both cases, the person telling the ‘white lie’ was saying what the other person wanted to hear. In both cases, there was no harm in not telling the 100% truth. In both cases, it was a ‘white lie’. However, if we are not telling the 100% truth in order to save someone’s feelings AND IT HURTS THEM, we are lying.

What does this have to do with real estate?

We believe there are some in the real estate industry more worried about a homeowner’s feelings than they are about telling the truth about the current value of their home. These agents are not necessarily malicious. They just realize they may disappoint a seller at a listing appointment by telling the truth about what the house will sell for. They find it difficult to deliver tough news. To make sellers feel better, they lie.

Good agents can deliver good news. Great agents know how to deliver tough news.

In today’s real estate market, you need an agent that will tell you the truth, even when you don’t want to hear it. You need an agent more worried about your family than they are about your feelings. You need an agent who can get the house sold!

What this means to you?

If you are interviewing potential listing agents, demand they tell you the truth. Don’t hire the agent that tells you what you want to hear. Hire the agent that tells you what you need to know. Reward their honesty.

If you would like a complete picture of the real estate market as it pertains to your needs, please contact us:
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King County Real Estates Price Are Up 9.7% Compared to 1 Year Ago.

Housing activity in Western Washington ranges from “red hot” to “slowly healing”

KIRKLAND, Wash. (May 6, 2014) – Brokers report some skittishness among both buyers and sellers, but the latest statistics from Northwest Multiple Listing Service indicate the housing market is continuing to rebound. Both the number of pending sales and the number of new listings added to inventory during April reached their highest levels in 11 months.

Closed sales of single family homes and condominiums were slightly below the year-ago volume, while the median sales price rose slightly (up about 1.9 percent).

“The residential market is red hot,” reported J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. He said multiple offers are the “norm” for new listings, with about two-thirds of homes near job centers selling in the first 30 days. That’s about twice the normal rate, according to Scott.

Many areas outside the Greater Seattle job centers also show signs of positive activity, but at a more moderate pace.

“The real estate market continues to show positive signs both locally and nationally,” stated John Deely, one of the directors of Northwest MLS.

MLS members reported 9,590 pending sales of single family homes and condominiums during April, about even with the same period a year ago when brokers tallied 9,600 mutually accepted offers. Last month’s total marks the highest level since May 2013 when the MLS reported 10,045 pending sales across its 21-county area.

Improving inventory is helping to boost sales, but MLS officials say the number of distressed sales in some areas, and shortages of the “right kinds” of inventory persist, are causing some drag on activity. Some brokers also expressed concern about the sluggish pace of new construction.

Members added 11,043 new listings to inventory during April, about 700 more than a year ago for a 6.7 percent gain. At month end, there were 21,390 listings system-wide, up nearly 7.9 percent from twelve months ago when active listings totaled 19,826.

“A lot of potential sellers who would like to move up are reluctant to list due to uncertainty that there will be something on the market they would want or be able to purchase,” said Northwest MLS director Diedre Haines. Changes in the new construction segment are also affecting activity, she suggested.

Other brokers had similar comments about current inventory.

“We are still desperate for inventory in spite of statistics indicating we have more listings,” commented MLS director Kathy Estey. Inventory is being held back because potential sellers fear they will sell their home and not find one to move into, said Estey, the managing broker at John L. Scott in Bellevue.

The result is a catch-22 situation “because nearly no one will accept a contingent offer,” according to Estey. Also, she explained, “bridge financing is scarce and risk tolerance is low” as a result of the hangover from the recession.

The imbalance between supply and demand is reflected in the market indicator known as months of supply, a ratio of active listings and sales. Industry experts say a balance occurs (favoring neither buyers nor sellers) with four-to-six months of supply. The National Association of Realtors® tends to use six months of supply as its gauge.

MLS figures show there is slightly less than 3.5 months of supply area-wide, but amounts vary widely around its service area. Eight counties are below the 6-month threshold, including three counties with less than four months of supply: King (1.74 months), Snohomish (2.47) months, and Pierce (3.6 months).
Tight inventory is creating bidding wars in some sought-after neighborhoods, resulting in some price escalation.

The median price on last month’s sales area-wide was $275,000, rising from the year-ago figure of $269,950 for a gain of nearly1.9 percent. Twelve counties reported year-over-year increases. For single family homes the median price was $287,500, up about 2.7 percent from a year ago. The median price for condos that sold last month jumped nearly 8.3 percent from a year ago, rising from $203,000 to $219,750.

In the Puget Sound region, price changes for sales of single family homes and condos were mixed. King County had the sharpest gain at 9.7 percent versus a year ago, followed by Snohomish County, up about 7.6 percent. Prices dipped slightly in Pierce County (down 0.9 percent) and were basically unchanged in Kitsap County (down 0.15 percent).
Deely, the principal managing broker at Coldwell Banker Bain in Seattle, noted a surge of sales of high-end properties in King County. His analysis of year-to-date sales shows the number of closed units is up about 25 percent, rising from 377 for the first four months of 2013 to this year’s total of 473. He cites research by Core Logic that shows a correlation between million dollar homes sales and stock market gains. “We are experiencing that effect here as well,” he remarked.

South Puget Sound seeing impact of distressed properties
Distressed properties are still influencing activity and prices in the South Sound, reported Dick Beeson, principal managing broker at RE/MAX Professionals in Tacoma. According to his analysis of Northwest MLS data, about 30 percent of April’s sales in both Pierce and Thurston counties were distressed properties, either bank owned or short sales. He noted this appears to be more than twice the ratio in King County.

Buyers are indecisive, Beeson noted, explaining, “They can’t decide if they like a bigger selection or not, especially if much of the inventory is not in the greatest physical condition, which describes many distressed properties.”

Despite the relatively high proportion of distressed properties in Pierce and Thurston counties, multiple offers are occurring on “right priced, right conditioned” listings, remarked Beeson.
Commenting on the minor price drop (down 0.15 percent) compared to a year ago, Beeson believes it is due to the high number of bank owned properties and short sales that were in the mix. He indicated his analysis revealed a median price of $240,000 for non-distressed single family homes, or about 30 percent higher than the distressed component. The gaps in King County, with a smaller proportion of distressed sales, were not as pronounced.

Snohomish County hoping for more balanced market
Haines, who is Coldwell Banker Bain’s regional managing broker for Snohomish County, said even though brokers there have seen “a slight increase in active listings, there are still shortages, especially in the south portion of Snohomish County.” Buyers, sellers, and those in the industry “long for a more balanced market,” she stated, adding, “Of course, to reach that goal, we need more inventory.”

Haines said brokers in Snohomish County aren’t seeing as many widespread multiple offers as during some prior periods. “Multiple offers do exist but seem to be located more in pockets within south and north Snohomish County,” she reported.

Opportunities abound in Kitsap County
Most of Kitsap County continues to experience a healthy balanced market with a 4.3 month supply of inventory, said MLS director Frank Wilson. “As a result our prices are stable with plenty of opportunity for buyers who wish to move to Kitsap,” he added.

Wilson also commented on multiple offers in Kitsap County where his office is located. Sales for homes priced from $200,000 to $350,000 are “pretty fast paced,” he commented, often drawing multiple offers. “Bainbridge more closely resembles the Seattle market, with only about a 2.2 month supply, and thus attracts many multiple offer situations,” added Wilson, the district manager and branch managing broker at John L. Scott Real Estate Poulsbo.

Slower pace of new construction and “buyer fatigue” worrying some brokers
In reviewing the latest MLS report, some brokers commented on changes affecting new construction.
“Most of the new construction we are seeing are by big builders who were able to buy up much of the foreclosed approved plats, raw land and new developments that were lost by the smaller builders during the recession,” noted Haines, a broker in Snohomish County. “The smaller plat developers and builders who are trying to recover and rebuild their business are, understandably so, a bit gun shy.”

Also, Haines continued, “We are seeing for the first time the big developers/builders utilizing in-house employees to manage and sell their plats as opposed to the historical practice of listing them through NWMLS by using traditional real estate firms and their brokers.”

Beeson also noted some “problematic” shifts in this segment. “New construction is mostly limited to a few large production builders,” he observed.

Other sources of worry for some MLS members are “buyer fatigue” and consequences of bidding wars.

“We are seeing some “push-back” by buyers who have seen prices rising so fast and are tired of competing in multiple offer situations,” reported Estey. For example, she noted, sellers sometimes set a “review date” for considering offers. Buyers preview the house but may wait to make an offer until that date passes. “In some situations the day to review comes, but offers do not. Then one or two days later, several offers materialize.” This same phenomenon took place late last spring, according to Estey.

In markets where multiple offers are common, “it is even more imperative that sellers demand that their home be exposed to the full market,” Wilson urged. Such full exposure to all MLS brokers and active buyers will help ensure sellers receive full market value, he explained.

Despite some anxiety, Beeson characterized the market as “stable and slowly healing, save new construction.” Despite a shaky start, he said he expects “a smooth real estate ride into 2015, as excitement builds in Pierce County and beyond when the men’s U.S. Open Golf Tournament will take place at Chambers Bay, a public course owned by Pierce County. Organizers project the event will have an economic impact of $144 million.

Multiple Listing Service, owned by its member real estate firms, is the largest full-service MLS in the Northwest. Its membership includes more than 21,000 real estate brokers. The organization, based in Kirkland, Wash., currently serves 21 counties in Washington state.

March 2014 Real Estate Market Update – Northwest MLS brokers report mixed results for March, but suggest “only lack of inventory is holding back sales”

KIRKLAND, Wash. (April 3, 2014) – Northwest Multiple Listing Service brokers reported rising prices on fewer sales during March compared to a year ago, citing inventory shortages as the main reason.

Members of the MLS reported 9,183 pending sales (mutually accepted offers) during the month, about 300 fewer than the same period a year ago for a 3.2 percent drop. Compared to February, pending sales surged 26.7 percent in March, or by 1,936 transactions.

“The only thing holding back sales is the lack of inventory,” said John Deely, a member of the Northwest MLS board of directors. He said one recent listing priced at a fair market value drew more than 40 offers. “The depth of buyer demand appears to have no bottom in the most popular price ranges,” added Deely, the principal managing broker at Coldwell Banker Bain in Seattle.

Closed sales were about the same as twelve months ago – 5,753 completed transactions last month, which compares to the year-ago total of 5,745 closed sales.

The median price on last month’s sales of single family homes and condominiums that sold across the 21 counties in the MLS report increased 6 percent, rising from the year-ago figure of $258,500 to last month’s price of $274,000.

Adequate supply to meet demand is a continuing concern, according to Northwest MLS representatives who commented on the latest numbers. Many industry leaders expect the imbalance to persist.

“Once again we entered the year with a low inventory of homes for sale, and we believe the shortage will persist through this year and into 2015 in price ranges where 90 percent of sales activity is occurring,” said J. Lennox Scott, chairman and CEO of John L. Scott Real Estate.

MLS members added 9,598 new listings to the database during March, slightly more than a year ago when they added 9,332 new listings. While last month’s additions were about 33 percent more than February when 7,234 new listings were tallied, brisk sales meant supply remained low.

At month end, the Northwest MLS reported 19,736 active listings of single family homes and condos across its service area. That’s up about 6.7 percent from twelve months ago.

The MLS said there is about 3.6 months of supply, which is down from the end of February when the service reported about 4.6 months of supply. King County has only about 1.8 months of supply, while Snohomish County was slighter better with 2.2 months of supply.

In general, industry analysts say four-to-six months is the supply needed for a balanced market. “We need a housing supply of over 6 months to have a generally balanced market between home buyers and sellers,” stated Lawrence Yun, chief economist and senior vice president of research at the National Association of Realtors®.

“There are many reasons potential sellers should consider selling now,” said Mike Gain, CEO and president of Berkshire Hathaway HomeServices Northwest Real Estate in Seattle. There is less competition now at the beginning of the spring selling season (usually the busiest time of the year) and interest rates are still very low but will likely rise, he noted.

“Now is a great time for move up sellers/buyers who can sell their home quickly and secure another at today’s prices and today’s lower interest rates,” Gain suggested, emphasizing, “Buying a home today is going to prove to be a smart investment in the long run.”

Commenting on March activity, OB Jacobi, president of Windermere Real Estate, said he expects market conditions of low inventory, strong competition among buyers, steadily rising prices – and rising rents – will continue in the foreseeable future. “Rents are on the rise, and when this happens, there’s often a shift where people get priced out of the rental market and move into home ownership. This leads to more demand for homes and upward pressure on prices,” he stated.

Stiff competition among buyers is creating frequent multiple offer situations, according to Gain. “We have way more people wanting to buy than we have appropriate homes to sell in the right locations and at the right prices,” he remarked, adding, “Our market is literally starving for good inventory in desirable neighborhoods.”

Gain also said there are more first-time buyers than he has seen in many years. “Many are very well qualified for a mortgage and have more than minimum down payments.” As an example, he mentioned a resale townhome listing in West Seattle with an asking price of $439,950. Within a few days of it being listed, it had four offers, all with accelerator clauses. The property sold for $459,950, prompting Gain to say, “It’s heartbreaking to have so many good purchasers and not enough good inventory to satisfy their needs.”

Not all markets in the MLS service area are experiencing the same pressure.

“Despite low inventory and falling market time, our prices are still flat overall in Kitsap County,” said Frank Wilson, Kitsap district manager and branch managing broker at John L. Scott Real Estate Poulsbo.

Wilson noted distressed properties (short sales or bank acquired homes) are still a factor. “Those home owners are now renting and most will not be able to buy again for a few years as they get the credit ding of a short sale or repossession behind them.”

As these sidelined buyers reenter the market, Wilson expects inventory will drop lower and prices will rise. Qualified purchasers who are thinking about buying “should take advantage of the stay of rate increases,” he suggested, referring to statements by Federal Reserve Chairwoman Janet Yellen, who made assurances earlier in the week that the Fed intends to keep interest rates low for now.

Pending sales in Kitsap County were about even with a year ago, while 12 of the 21 counties in the MLS system reported declines.
The condominium component ended on a positive note during March, with pending sales rising nearly 7.9 percent from a year ago. MLS members reported 1,345 pending sales, up from the year-ago total of 1,247.

Closed sales rose 2.4 percent, but prices on those sales jumped 14.7 percent. The median sales price on last month’s condo sales was $220,000, up from twelve months ago when it was $191,750.

Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service MLS in the Northwest. Its membership includes more than 21,000 real estate brokers. The organization, based in Kirkland, Wash., currently serves 21 counties in Washington state.

Waiting to buy a home? You can no longer afford to do so!

The housing market has turned a corner. Two years of solid appreciation in the Seattle area shows that to be true. In addition, the Federal Government is easing their support for the bond market, so the ability to get a loan at a discounted rate is coming to an end.

Here is the change seen on the Eastside from 2012 to 2013:

What will waiting cost you in 2014?
If we take a conservative look at value and rate increases…

The costs above are for each year of ownership. If you plan to own a home for 5 years or more, the cost of waiting goes up dramatically!

If you want to find out if now is the right time for you to buy a home or move up in the market, feel free to contact me.

Is King County Real Estate Still a Good Investment?

Yes, in fact it is one of the best investments you can make! The graphic above is based upon national numbers, here is what King County looks like:

Residential Median Price in 2000 = $250,000

Residential Median Price in 2013 = $415,000

Total Increase = 66%

As much as my investment adviser would hate for me to tell you this, the Seattle area’s real estate market remains one of the best places to invest your money!

Whether it be purchasing your first home, moving up or buying an investment property, I can help! With 25 years of experience, I will make sure you next real estate move is a profitable one.

Contact me here:

Tony Meier
425-466-1000

Or fill out this form:
[contact-form-7 id=”1448″ title=”Contact form 1″]

Another Sign the Real Estate Market is in Recovery Mode – Mortgage Delinquencies in U.S. Fall Below 4%

DAILY REAL ESTATE NEWS | THURSDAY, FEBRUARY 13, 2014

Mortgage delinquencies nationwide have plummeted to their lowest level in more than five years, as more home owners are coming out of the red on their payments, according to credit reporting agency TransUnion.

The number of borrowers who are at least two months behind on their mortgage payments dropped to 3.85 percent in the fourth quarter of 2013. A year prior, the delinquency rate stood at 5.08 percent.

Nevertheless, the mortgage delinquency rate is still about twice as high as it was prior to 2007.

“We are on the downward slope of the mortgage delinquency curve, so we expect to continue seeing delinquency rates that have not been seen for several years,” says Steve Chaouki, head of financial services for TransUnion.

Struggling home owners are shoring up their finances as home values and equity rise, the job market improves, and refinancing helps to lower their monthly payments, the survey notes. Plus, “many of the risky home loans made before 2008 that went unpaid are no longer a factor, since the homes have been sold or foreclosed upon,” the Associated Press reports. “Loans issued since then, after banks tightened lending standards, are less likely to go unpaid.”

What’s more, with rising home values, borrowers increasingly are saying that keeping up with their mortgage payments is a priority over other financial obligations — a reversal from the days of the recession, says Chaouki.

The states that posted the largest annual declines in the mortgage delinquency rate were Arizona, California, and Nevada. New York and New Jersey were the only two states that did not post a double-digit percentage drop in their mortgage delinquency rates, according to TransUnion.

Source: “Fewer Americans Fall Behind on Mortgage Payments,” The Associated Press (Feb. 12, 2014)

Rising Prices Chip Away at Housing Affordability

320px-Aerial_Bellevue_Washington_November_2011

DAILY REAL ESTATE NEWS | WEDNESDAY, FEBRUARY 12, 2014

Strong year-over-year price gains are starting to take a bite into housing affordability, particularly in the West, according to the National Association of REALTORS®’ latest quarterly report.

The median single-family home price rose in 73 percent of the markets, or 119 out of 164 metro areas, in the fourth quarter of 2013, with 26 percent, or 42 of those metros, posting double-digit gains.

“The vast majority of home owners have seen significant gains in equity over the past two years, which is helping the economy through increased consumer spending,” says Lawrence Yun, NAR’s chief economist. “At the same time, home prices have been rising faster than incomes, while mortgage interest rates are above the record lows of a year ago. This is beginning to hamper housing affordability.”

The national median existing single-family home price in the fourth quarter was $196,900, up 10.1 percent from $178,900 one year earlier.

NAR’s Housing Affordability Index, calculated on the relationship between median home prices, median family incomes, and the average effective mortgage interest rate, dropped to 175.8 in 2013 from a record high of 196.5 in 2012. The higher the index, the stronger household purchasing power is, according to NAR.

Yun says tight inventories have accounted for most of the double-digit price growth. The average supply of homes for sale in the fourth quarter was 4.9 months – an improvement over the 4.8 months a year ago, but still not what most economists consider healthy of a 6 to 6.5 month supply. Yun says that new home activity needs to increase in fast appreciating markets to help relieve the upward pressure on home prices.

“Added housing supply will help moderate price growth this year, and should help to stem erosion in affordability, but mortgage interest rates are projected to rise above 5 percent by the end of the year,” Yun says.

The five priciest housing markets in the fourth quarter were:

San Jose, Calif.: $775,000
San Francisco: $682,400
Honolulu: $670,800
Anaheim-Santa Ana, Calif.: $666,300
San Diego: $476,800

On the other hand, according to NAR’s report, the following metro areas had the best housing affordability conditions in 2013:

1.    Toledo, Ohio
2.    Rockford, Ill.
3.    Decatur, Ill.
4.    Lansing-East Lansing, Mich.
5.    Springfield, Ill.

By REALTOR® Magazine Daily News

NWMLS Report: Broker says Western Washington housing market “definitely in full recovery mode”

KIRKLAND, Wash. (Feb. 5, 2014) – Home sales during January may not have been as super as the Seahawks’ performances, but brokers cite several reasons for optimism during 2014. “We are finally going to be looking at the ‘housing crisis’ in the rear view mirror,” said Mike Gain, CEO and president of Berkshire Hathaway HomeServices Northwest Real Estate. “In 2014 we are definitely in full recovery mode,” he added.

Following the usual pause during the holidays, activity picked up during January when members of Northwest Multiple Listing Service reported 7,044 pending sales, about even with the same month a year ago, and a jump of nearly 35 percent from December’s total of 5,224 mutually accepted offers.

Inventory, while improving, continues to be a source of worry.

“Lots of buyers and not enough of the right inventory to satisfy our buyers’ wants and needs,” was how Gain described current conditions. “Following the worst year for inventory I have seen in my 35 years of practicing real estate locally, we are expecting the number of homes for sale to increase in 2014,” Gain added, emphasizing there is pent up demand and “a very active market is anticipated once the number of listings increases.”

J. Lennox Scott, chairman and CEO of John L. Scott Real Estate agreed. “Available inventory remains tight with shortages or low inventory where 90 percent or more of the sales activity is taking place,” he remarked.

Members added 7,342 new listings to inventory during January, improving on the year-ago total of 7,096. With those additions, the selection increased to 19,195 active listings across the 21 counties served by Northwest MLS. That’s up 6.6 percent from the same period a year ago when there were 18,008 listings.

Thirteen counties have more listings than a year ago, but eight counties are reporting declines in total inventory. “We are literally starving for inventory. We need more homes to sell, especially in the most desirable neighborhoods,” Gain stated.

Area-wide there is about 4.5 months of inventory, an amount at the low end of the 4-to-6 month range most analysts deem to be a balanced market. At this time a year ago, there was about 4.2 months of inventory. The tightest supplies are found in King County (less than 2.5 months) and Snohomish County (3.5 months).

One of the counties with fewer listings is Kitsap, where there is about 5.2 months of supply, down from the year-ago figure of 6.6 months.

Northwest MLS director Frank Wilson, the branch managing broker at John L. Scott in Poulsbo, described overall activity in that market as healthy. “Homes are still coming on the market and buyers are still buying them,” he commented, but noted they are starting to see a bit of stratification on prices.

“Homes that are overpriced are sitting on the market a while, but homes that are priced correctly for today’s market may receive multiple offers,” Wilson explained. Countywide prices are down about 9.4 percent from a year ago. His analysis indicates prices on waterfront listings are lagging, and MLS data indicate prices on condos (a small segment of sales) dropped by double digits compared to a year ago.

Overpriced homes are also a concern in Snohomish County. “Even though we have a nearly 40 percent increase in inventory compared to a year ago, many listings are overpriced, and buyers are not interested in making offers on those properties,” reported Diedre Haines, regional managing broker in Snohomish County for Coldwell Banker Bain.

“We are not yet fully recovered from the recession and sellers need to be realistic in expectations of the value of their homes,” said Haines, a member of the Northwest MLS board of directors.

The most desirable listings in Snohomish County are still receiving multiple offers, Haines noted, while acknowledging activity is “not as frenzied as a year ago,” due in part to lingering doubts about the future of Boeing and other factors. She said new developments are drawing strong interest and traffic. “In some locations reservation agreements are being taken for homes not yet built with many of these developments already getting close to selling out,” she reported.

Home prices area-wide increased nearly 6.6 percent from a year ago, but dipped from December. The median price for last month’s closed sales of single family homes and condominiums was $255,055, rising from the year-ago figure of $239,300. ). In King County, where nearly one of every four closings occurred, the median sales price was $364,875. That represents an increase of 15.8 percent from the year-ago price of $315,000.

Single family prices (excluding condos) increased from $249,200 to $264,995 (up more than 6.3 percent).
Condo prices surged 14.8 percent, from $169,000 a year ago to $194,000 for last month’s sales.

“Years 2012 and 2013 were fantastic recovery years,” said Scott. “We have now experienced two years of positive price appreciation after the five years of market correction,” he added.

MLS director George Moorhead said recent fluctuations in interest rates and upticks in online activity are noteworthy. “We have all seen interest rates go up and down, but I have not seen such an immediate response from buyers,” he remarked. Moorhead, the branch manager at Bentley Properties in Bothell, also reported a 30 percent increase in online activity in the past few weeks.

Gain expects the rebound to be fueled in part by “repeat move-up buyers” and first-time purchasers. “The first time buyer will return to the marketplace in 2014. With the economy improving they will finally be able to move out of their parents’ homes and when comparing renting verses buying, many will choose homeownership,” he stated.

Brokers point to recent reports of the state’s unemployment rate dropping to 6.6 percent, the lowest in five years, as a positive thrust for home sales, but also cited factors that could hamper activity.

“There are always issues surrounding real estate that erode confidence in the market,” Wilson commented, citing uncertainty on flood insurance. “Until Congress takes action to continue the flood insurance subsidy, people buying in flood-prone areas may suffer sticker shock when they see the premium for coverage,” he believes.

Among other factors brokers mentioned as threats to activity are:
— “The volatility of the roller coaster stock market, the new financing and appraisal rules imposed by Dodd/Frank, and fatigue being felt by many buyers who were unsuccessful in purchasing last year.” (Diedre Haines)
— Rising interest rates and tighter lending requirements. Short sales are waning as buyers encounter long timelines and uncertainties. (George Moorhead)

Mike Grady, president and COO of Coldwell Banker Bain, expects activity to continue picking up until May. “Inventory levels are pretty much the same as they were a year ago. Now we’ll have to wait and see if the sellers come out,” he remarked.

Nation’s Largest Home Builder Seeing Strong Sales – Raising Prices

Homebuilder Says It’s Upbeat Enough to Raise Prices Again

DAILY REAL ESTATE NEWS | WEDNESDAY, JANUARY 29, 2014

D.R. Horton, the largest U.S. home builder by homes sold, announced that strong sales will allow the company to raise prices for an early start of the spring home-selling season.

The homebuilder announced a 4 percent increase in sales contracts in the first fiscal quarter ending Dec. 31, and a net income of $123.2 million — its highest since 2006.

“In January, and especially in this last week, our sales have been better than expected,” says Donald Tomnitz, D.R. Horton’s chief executive. “I feel that we’re right on the cusp of a strong spring-selling season.”

In November, the builder had said that if sales signaled a slow start to the spring selling season it would try promotions such as free upgrades and assistance with closing to spur sales. But D.R. Horton says that sales are strong enough that it will mostly forgo incentives and raise home prices in some markets.

The average price of D.R. Horton homes under contract last quarter was $275,600, up 10 percent from last year.

The National Association of Home Builders predicts that new-home sales will increase 40 percent in 2014 over 2013. But any steep rise in mortgage rates and aggressive price increases from builders could derail that, housing analysts and economists warn.

The fact that D.R. Horton has “struck an optimistic chord gives us incremental confidence that the spring-selling season is off to a good start,” says Robert C. Wetenhall Jr., managing director of equity research at RBC Capital Markets.

Source: “D.R. Horton Says Strong Sales Allow It To Raise Prices,” The Wall Street Journal (Jan. 28, 2014)

Northwest Multiple Listing Service Annual Report – Recap of 2013 – A strong year for Real Estate!

Northwest MLS brokers report nearly $25.5 billion in sales for 2013, outgaining prior year in both number of homes sold and dollar volume!
KIRKLAND, Wash. (Jan. 22, 2014) – Members of Northwest Multiple Listing Service reported 75,517 closed sales during 2013, surpassing the 2012 volume by around 11,000 transactions for an increase of nearly 17 percent. Measured by dollars, last year’s sales of single family homes and condominiums were valued at nearly $25.5 billion to outgain the previous year by more than $5.5 billion (up 27.4 percent).

Last year’s completed sales included 65,122 single family homes and 10,395 condominiums, as tallied by nearly 21,000 real estate brokers in the 21 counties that make up the Northwest MLS service area. The total units and dollar volume are the best since 2007 when members registered 82,197 sales valued at $32.3 billion.

The area-wide median price for last year’s sales was $270,000, improving on the previous year’s figure of $245,000 (up 10.2 percent). A comparison by county shows median sales prices ranged from $118,750 in Pacific County to $372,000 in King County.

Prices for single family homes (excluding condominiums) also rose 10.2 percent from 2012, increasing from $255,000 to $281,000. Condo prices jumped 15.3 percent, rising from the 2012 figure of $175,200 to last year’s median price of $202,000.

By one measure, buyers who shopped during 2013 had a bigger selection as members added more than 104,000 listings to inventory during the year. That was an improvement over 2012 when members added 91,359 new listings. However, brisk sales meant the total number of active listings, which averaged 21,946 during 2013, fell below the previous year’s average of 24,604.

During 2013, the area-wide supply, as measured by months of inventory, ranged from a low of 1.95 in March to 3.68 in December. Industry watchers tend to use a 4-to-6 month range as an indicator of a balanced market, favoring neither buyers nor sellers. Supply tended to be tightest in King and Snohomish counties.

Further evidence of a housing recovery is reflected in high-end sales. Northwest MLS members reported 1,621 sales of single family homes priced at $1 million or more, up 45.2 percent from the 2012 total of 1,116 such sales. Condos priced at $1 million and up accounted for another 137 sales, about the same number as 2012 (138 sales).

The highest-priced single family home that sold during 2012 by a member of Northwest MLS was a property in Medina that fetched $9.75 million. A penthouse in downtown Seattle that sold for $6.2 million topped the condo list.

Among other highlights in its annual compilation of statistics, Northwest Multiple Listing Service reported:

– Single family homes accounted for 86 percent of last year’s residential sales.

– Nearly half (49 percent) of last year’s single family home sales were 3-bedroom homes. More than three-fourths (77 percent) of condos that sold had 2 bedrooms.

– The median price for a 3-bedroom home that sold in 2013 was $250,000. A comparison by county shows the median price for this size home ranged from $128,000 in Pacific County to $450,000 in San Juan County.

– Of the condo sales, about two-thirds (64.1 percent) were located in King County. Within that county, the Eastside edged out Seattle for the largest share (39.7 percent versus 37 percent).

– Last year’s sales included 8,298 newly built single family homes that sold for a median price of $325,000, and 846 condos that sold for a median price of $350,214.

– A 10-year comparison of median prices of single family homes shows prices peaked in most counties in 2007. In 2013, Grant County selling prices returned to 2007 levels, Okanogan prices were at 96.7 percent of 2007 prices, and King County prices were at 91.2 percent of 2007 prices. Other counties have not yet reached those levels, but most are experiencing steady gains.

– Prices vary widely among school districts. An analysis of some of the largest districts in the MLS market area shows single family homes on Mercer Island have the highest prices, followed by homes in the Bellevue, Issaquah, Lake Washington and Bainbridge school districts.

In addition to summarizing sales and listing activity, Northwest MLS also reported enhancements to several services for its members, including more capacity for displaying photos with each listing, additional fields to describe amenities (including “green” features), added apps for mobile devices, and a revamped member website with expanded functionality.

Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service MLS in the Northwest. Its membership includes more than 20,000 real estate brokers. The organization, based in Kirkland, Wash., currently serves 21 counties in Washington state.

More news that the Western Washington Real Estate Market has changed!

From the Northwest Multiple Listing Service:

FOR IMMEDIATE RELEASE: March 5, 2012

Washington homebuyers realizing “market may have reached bottom of cycle”

KIRKLAND, Wash. (March 5, 2012) – With spring on the horizon and consumer confidence on the rise, members of Northwest Multiple Listing Service are reporting positive gains in activity. Pending sales for February increased more than 27 percent from a year ago, more sellers are listing their homes, and brokers are reporting an uptick in multiple offers.

“Buyers are beginning to realize that we may have seen the bottom of this real estate market,” remarked Frank Wilson, branch managing broker at John L. Scott Real Estate in Poulsbo and a member of the Northwest MLS board of directors. “Waiting to buy may only result in paying a higher interest rate, having fewer houses to choose from, or finding that sellers do not need to give up as much as they have in the past,” he added.

Brokers reported 7,623 pending sales during February, the highest volume since August when they notched 7,632 mutually accepted offers. Last month’s tally jumped 27.4 percent from twelve months ago, with 20 of the 21 counties in the MLS service area reporting double-digit gains.

Within King County, pending sales were particularly robust in the Lake Forest Park/Kenmore neighborhoods (up 73 percent), Kent (up 61 percent), Burien/Normandy Park (up 58 percent) and central Seattle (up 56 percent). The northeast portion of Snohomish County also experienced strong sales (up 63 percent from a year ago).

“The only thing tempering this from being a hot, thriving market are the short sales and foreclosed properties which represent about one-third of the transactions,” Wilson commented.

J. Lennox Scott, CEO and chairman of John L. Scott Real Estate, said the combination of job growth and historic low interest rates is creating a seller’s market through the mid-price ranges and contributing to surging activity close to job centers. “It’s a special moment in time in real estate history,” he observed, adding “We have a backlog of qualified buyers looking for homes to purchase.”

Buyers have fewer homes to consider compared to a year ago, with inventory down 22.5 percent area-wide. At month end, there were 25,510 active listings in the Northwest MLS database; a year ago, there were 32,922 homes and condos listed for sale.
The selection compared to twelve months ago is down sharply in both King County (off 32.3 percent) and Snohomish County (down 38.2 percent). Measured by months of supply, Snohomish has about 2.1 months while King is slightly better at 2.3 months. (Five to six months of supply is considered to be a balanced market, with less than that presumed to be a seller’s market.)

Northwest MLS brokers added 7,390 new listings to inventory during February, about 400 fewer than the same month a year ago.

Asking prices are comparable to a year ago. System-wide, the median asking price for the current inventory of single family homes and condominiums is $249,900, about $5,000 below the year-ago median figure of $254,950 (down 1.98 percent). Six counties (Ferry, Grant, King, Mason, Snohomish, and Whatcom) reported higher median listing prices in February than 12 months ago.

Northwest MLS members reported 3,846 closed sales last month, up about 25 percent from the year-ago total of 3,080 completed transactions.

Selling prices continued to slip, but the decline was under 9 percent for the first time in nearly a year. The area-wide median price for last month’s closed sales of single family homes and condominiums (combined) was $218,944, down about 8.8 percent from the year-ago figure of $240,000.

For single family homes only (excluding condominiums), prices were down about 7.7 percent from a year ago. Last month’s closed sales fetched a median sales price of $229,000, which compares to the year-ago price of $248,000. Five counties (Clallam Ferry, Grant, Lewis and San Juan) reported year-over-year price increases.

Commenting on the market around Kitsap County, where prices dipped nearly 11 percent, Wilson said he expects prices to “stabilize and even reverse as we move further into 2012.” With 4.3 months of supply in that county, he believes the market is tilting toward sellers. “We continue to see more multiple offer situations on homes that come on the market correctly priced,” he stated.

Wilson also pointed to recently released consumer confidence numbers as a positive indicator. He noted The Conference Board Consumer Confidence Index posted sizeable improvements in February, approaching levels last seen a year ago.

In a statement accompanying the latest report, Lynn Franco, director of The Conference Board Consumer Research Center, said consumers were more optimistic about the short-term outlook than they were a month ago. “Consumers are considerably less pessimistic about current business and labor market conditions than they were in January. And, despite further increases in gas prices, they are more optimistic about the short-term outlook for the economy, job prospects, and their financial situation,” she declared.

Nationally, the overall direction for the housing market is positive, according to analysts with the National Association of Realtors (NAR). Its latest figures show the past few months of contract activity are the highest in more than four years outside of the home buyer tax credit impact. In comments accompanying the latest figures, NAR suggested the market isn’t as strong as it could be because of overly restrictive lending standards and contract cancellations due in part to appraised values coming in below a negotiated price.

Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service MLS in the Northwest. Its membership includes more than 22,000 real estate brokers. The organization, based in Kirkland, Wash., currently serves 21 counties in Washington state.

Statistical Summary by Counties: Market Activity Summary – Feb. 2011

Single Family Homes + Condos	LISTINGS		PENDING SALES	CLOSED SALES
Single Family Homes + Condos	New Listings	Total Active	# Pending Sales	# Closings	Avg. Price	Median Price
King	2832	7048	3123	1574	$340,826	$275,000
Snohomish	1126	2925	1391	698	$236,694	$220,000
Pierce	1152	4018	1234	636	$193,209	$169,450
Kitsap	368	1397	321	170	$265,910	$225,400
Mason	119	601	63	36	$134,536	$95,800
Skagit	147	799	153	64	$193,386	$169,000
Grays Harbor	125	701	100	41	$117,875	$108,000
Lewis	95	620	74	37	$126,450	$113,000
Cowlitz	100	476	78	36	$136,528	$142,400
Grant	98	481	65	30	$184,930	$171,750
Thurston	353	1307	345	154	$225,913	$211,500
San Juan	36	341	17	10	$656,300	$443,500
Island	131	735	108	53	$228,611	$220,000
Kittitas	54	389	43	26	$177,514	$157,450
Jefferson	62	425	35	25	$227,343	$203,500
Okanogan	26	318	25	13	$160,335	$140,000
Whatcom	265	1232	250	128	$235,645	$218,750
Clark	52	237	56	17	$149,833	$133,000
Pacific	52	337	32	12	$129,124	$92,500
Ferry	3	58	0	2	$70,500	$70,500
Clallam	64	364	31	27	$195,993	$184,000
Others	130	701	79	57	$184,417	$165,000
MLS TOTAL	7,390	25,510	7,623	3,846	$265,993	$218,944

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	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

Monday’s Market Update – Eastside Residential

Eastside & Seattle Market Absorption Rates
By: Tony Meier
Eastside & Seattle Realtor

This week we will be looking at the Residential market absorption rates for the Eastside over the last 7 weeks. When looking at these numbers, keep in this in mind:

1. These are an average of the all price ranges in the area. Some price ranges are definitely moving faster than others! If you would like to know how things break down in a specific price range for an area, send me an email at tony@eastsidehomes.com

2. These numbers are a result of the sales activity over the last 7 weeks when comparing the number of active listing vs. the number of pending sales to determine what the market absorption rate is for a particular area.

3. When measuring the heat of the market, the following rules apply:

a. 12 weeks or less = Seller’s Market

b. 12-24 weeks = Balanced Market

c. 24 or more weeks = Buyer’s Market

Most areas showed improvement over the last 4 weeks. Those that didn’t improve remained largely flat. Hopefully this trend will increase as we continue with the spring selling season.

Residential Only, NWMLS Area 500 (Bellevue, South of I-90) = 31.9 weeks of inventory (was 43.4 four weeks ago)

Residential Only, NWMLS Area 510 (Mercer Island) = 62 weeks of inventory (was 75.3 four weeks ago)

Residential Only, NWMLS Area 520 (Bellevue, West of 405) = 42.4 weeks of inventory (was 50.2 four weeks ago)

Residential Only, NWMLS Area 530 (Bellevue, East of 405) = 28.8 weeks of inventory (was 31.3 four weeks ago)

Residential Only, NWMLS Area 540 (East of Lake Sammamish) = 43 weeks of inventory (was 42.8 four weeks ago)

Residential Only, NWMLS Area 550 (Redmond/Carnation) = 33.7 weeks of inventory (was 35.1 four weeks ago)

Residential Only, NWMLS Area 560 (Kirkland/Bridle Trails) = 48.4 weeks of inventory (was 47.2 four weeks ago)

Residential Only, NWMLS Area 600 (Juanita/Woodinville) = 29.2 weeks of inventory (was 35.7 four weeks ago)

If you have any questions on this information, I welcome you to email me at tony@eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com

Monday’s Market Update – Eastside Residential

Eastside & Seattle Market Absorption Rates
By: Tony Meier
Eastside & Seattle Realtor

This week we will be looking at the Residential market absorption rates for the Eastside over the last 7 weeks. When looking at these numbers, keep in this in mind:

3. When measuring the heat of the market, the following rules apply:

a. 12 weeks or less = Seller’s Market

b. 12-24 weeks = Balanced Market

c. 24 or more weeks = Buyer’s Market

All areas showed some improvement as compared to 4 weeks ago, except area 560 which slipped a little further into a buyer’s market. Area 560 showed an increase in listings and a decrease in average sales per week.

Residential Only, NWMLS Area 500 (Bellevue, South of I-90) = 42.3 weeks of inventory (was 42.6 four weeks ago)

Residential Only, NWMLS Area 510 (Mercer Island) = 76.9 weeks of inventory (was 97.5 four weeks ago)

Residential Only, NWMLS Area 520 (Bellevue, West of 405) = 49.8 weeks of inventory (was 68.8 four weeks ago)

Residential Only, NWMLS Area 530 (Bellevue, East of 405) = 32.1 weeks of inventory (was 32.9 four weeks ago)

Residential Only, NWMLS Area 540 (East of Lake Sammamish) = 39.9 weeks of inventory (was 42.3 four weeks ago)

Residential Only, NWMLS Area 550 (Redmond/Carnation) = 36.4 weeks of inventory (was 45.5 four weeks ago)

Residential Only, NWMLS Area 560 (Kirkland/Bridle Trails) = 48.9 weeks of inventory (was 39.1 four weeks ago)

Residential Only, NWMLS Area 600 (Juanita/Woodinville) = 40.1 weeks of inventory (was 45.1 four weeks ago)

If you have any questions on this information, I welcome you to email me at tony@eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com

Monday’s Market Update – Eastside Condos

Eastside & Seattle Market Absorption Rates
By: Tony Meier
Eastside & Seattle Realtor

This week we will be looking at the Condo market absorption rates for the Eastside over the last 7 weeks. When looking at these numbers, keep this in mind:

3. When measuring the heat of the market, the following rules apply:

a. 12 weeks or less = Seller’s Market

b. 12-24 weeks = Balanced Market

c. 24 or more weeks = Buyer’s Market

Condo Only, NWMLS Area 500 (Bellevue, South of I-90) = 63.6 weeks of inventory

Condo Only, NWMLS Area 510 (Mercer Island) = 38 weeks of inventory

Condo Only, NWMLS Area 520 (Bellevue, West of 405) = 84.9 weeks of inventory

Condo Only, NWMLS Area 530 (Bellevue, East of 405) = 34.6 weeks of inventory

Condo Only, NWMLS Area 540 (East of Lake Sammamish) = 38.4 weeks of inventory

Condo Only, NWMLS Area 550 (Redmond/Carnation) = 18.2 weeks of inventory

Condo Only, NWMLS Area 560 (Kirkland/Bridle Trails) = 54.7 weeks of inventory

Condo Only, NWMLS Area 600 (Juanita/Woodinville) = 47.4 weeks of inventory

If you have any questions on this information, I welcome you to email me at tony@eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
425-466-1000
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com

Monday’s Market – Eastside Condos

Eastside & Seattle Market Absorption Rates
By: Tony Meier
Eastside & Seattle Realtor

This week we will be looking at the Condo market absorption rates for the Eastside over the last 7 weeks. When looking at these numbers, keep this in mind:

3. When measuring the heat of the market, the following rules apply:

a. 12 weeks or less = Seller’s Market

b. 12-24 weeks = Balanced Market

c. 24 or more weeks = Buyer’s Market

Condo Only, NWMLS Area 500 (Bellevue, South of I-90) = 47.8 weeks of inventory

Condo Only, NWMLS Area 510 (Mercer Island) = 50.8 weeks of inventory

Condo Only, NWMLS Area 520 (Bellevue, West of 405) = 45.2 weeks of inventory

Condo Only, NWMLS Area 530 (Bellevue, East of 405) = 25.1 weeks of inventory

Condo Only, NWMLS Area 540 (East of Lake Sammamish) = 27.1 weeks of inventory

Condo Only, NWMLS Area 550 (Redmond/Carnation) = 32.2 weeks of inventory

Condo Only, NWMLS Area 560 (Kirkland/Bridle Trails) = 46.2 weeks of inventory

Condo Only, NWMLS Area 600 (Juanita/Woodinville) = 45.7 weeks of inventory

If you have any questions on this information, I welcome you to email me at tony@eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
425-466-1000
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com

Market Update – Eastside Residential

Eastside & Seattle Market Absorption Rates
By: Tony Meier
Eastside & Seattle Realtor

This week we will be looking at the Residential market absorption rates for the Eastside over the last 7 weeks. When looking at these numbers, keep in this in mind:

3. When measuring the heat of the market, the following rules apply:

a. 12 weeks or less = Seller’s Market

b. 12-24 weeks = Balanced Market

c. 24 or more weeks = Buyer’s Market

Residential Only, NWMLS Area 500 (Bellevue, South of I-90) = 44.3 weeks of inventory

Residential Only, NWMLS Area 510 (Mercer Island) = 71.8 weeks of inventory

Residential Only, NWMLS Area 520 (Bellevue, West of 405) = 68.2 weeks of inventory

Residential Only, NWMLS Area 530 (Bellevue, East of 405) = 27.6 weeks of inventory

Residential Only, NWMLS Area 540 (East of Lake Sammamish) = 35.7 weeks of inventory

Residential Only, NWMLS Area 550 (Redmond/Carnation) = 34.7 weeks of inventory

Residential Only, NWMLS Area 560 (Kirkland/Bridle Trails) = 60.1 weeks of inventory

Residential Only, NWMLS Area 600 (Juanita/Woodinville) = 39.9 weeks of inventory

If you have any questions on this information, I welcome you to email me at tony@eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle's Eastside Real Estate Resource
tony@eastsidehomes.com

Monday’s Market Update – Eastside Condos

Eastside & Seattle Market Absorption Rates
By: Tony Meier
Eastside & Seattle Realtor

This week we will be looking at the Condo market absorption rates for the Eastside over the last 7 weeks. When looking at these numbers, keep this in mind:

3. When measuring the heat of the market, the following rules apply:

a. 12 weeks or less = Seller’s Market

b. 12-24 weeks = Balanced Market

c. 24 or more weeks = Buyer’s Market

We’ll it looks like the condo market is generally favoring the buyer at this point. Most areas showed slowing as comnpared to 4 weeks ago.

Condo Only, NWMLS Area 500 (Bellevue, South of I-90) = 30.8 weeks of inventory (was 27.2 four weeks ago)

Condo Only, NWMLS Area 510 (Mercer Island) = 22.3 weeks of inventory (was 21.7 four weeks ago)

Condo Only, NWMLS Area 520 (Bellevue, West of 405) = 57.8 weeks of inventory (was 30.9 four weeks ago)

Condo Only, NWMLS Area 530 (Bellevue, East of 405) = 27.7 weeks of inventory (was 28.3 four weeks ago)

Condo Only, NWMLS Area 540 (East of Lake Sammamish) = 32.0 weeks of inventory (was 33.7 four weeks ago)

Condo Only, NWMLS Area 550 (Redmond/Carnation) = 33.3 weeks of inventory (was 22.9 four weeks ago)

Condo Only, NWMLS Area 560 (Kirkland/Bridle Trails) = 33.9 weeks of inventory (was 30 four weeks ago)

Condo Only, NWMLS Area 600 (Juanita/Woodinville) = 40.4 weeks of inventory (was 36.9 four weeks ago)

If you have any questions on this information, I welcome you to email me at tony@eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
425-466-1000
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com

Monday’s Market Update – Eastside Residential

Eastside & Seattle Market Absorption Rates
By: Tony Meier
Eastside & Seattle Realtor

This week we will be looking at the Residential market absorption rates for the Eastside over the last 7 weeks. When looking at these numbers, keep in this in mind:

3. When measuring the heat of the market, the following rules apply:

a. 12 weeks or less = Seller’s Market

b. 12-24 weeks = Balanced Market

c. 24 or more weeks = Buyer’s Market

Another mixed bag this week, with only slight declines or improvements. It does appear that inventory is continuing to build, with most areas showing 40+ weeks of inventory now. We usually build inventory as we move toward summer and it looks like this year will be no different!

Residential Only, NWMLS Area 500 (Bellevue, South of I-90) = 42 weeks of inventory (was 41 four weeks ago)

Residential Only, NWMLS Area 510 (Mercer Island) = 42.5 weeks of inventory (was 32.7 four weeks ago)

Residential Only, NWMLS Area 520 (Bellevue, West of 405) = 56.4 weeks of inventory (was 57.4 four weeks ago)

Residential Only, NWMLS Area 530 (Bellevue, East of 405) = 29.2 weeks of inventory (was 26.7 four weeks ago)

Residential Only, NWMLS Area 540 (East of Lake Sammamish) = 34.5 weeks of inventory (was 32 four weeks ago)

Residential Only, NWMLS Area 550 (Redmond/Carnation) = 28 weeks of inventory (was 30.7 four weeks ago)

Residential Only, NWMLS Area 560 (Kirkland/Bridle Trails) = 46.9 weeks of inventory (was 63.5 four weeks ago)

Residential Only, NWMLS Area 600 (Juanita/Woodinville) = 42.7 weeks of inventory (was 39.9 four weeks ago)

If you have any questions on this information, I welcome you to email me at tony@eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle's Eastside Real Estate Resource
tony@eastsidehomes.com

Monday’s Market Update – Eastside Condos

Eastside & Seattle Market Absorption Rates
By: Tony Meier
Eastside & Seattle Realtor

This week’s update is coming to you on Tuesday, due to the Memorial Day holiday. I was busy playing with my kids! 🙂

This week we will be looking at the Condo market absorption rates for the Eastside over the last 7 weeks. When looking at these numbers, keep this in mind:

3. When measuring the heat of the market, the following rules apply:

a. 12 weeks or less = Seller’s Market

b. 12-24 weeks = Balanced Market

c. 24 or more weeks = Buyer’s Market

Condo Only, NWMLS Area 500 (Bellevue, South of I-90) = 27.2 weeks of inventory

Condo Only, NWMLS Area 510 (Mercer Island) = 21.7 weeks of inventory

Condo Only, NWMLS Area 520 (Bellevue, West of 405) = 30.9 weeks of inventory

Condo Only, NWMLS Area 530 (Bellevue, East of 405) = 28.3 weeks of inventory

Condo Only, NWMLS Area 540 (East of Lake Sammamish) = 33.7 weeks of inventory

Condo Only, NWMLS Area 550 (Redmond/Carnation) = 22.9 weeks of inventory

Condo Only, NWMLS Area 560 (Kirkland/Bridle Trails) = 30 weeks of inventory

Condo Only, NWMLS Area 600 (Juanita/Woodinville) = 36.9 weeks of inventory

If you have any questions on this information, I welcome you to email me at tony@eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
425-466-1000
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com

Monday’s Market Update – Eastside Residential

Eastside & Seattle Market Absorption Rates
By: Tony Meier
Eastside & Seattle Realtor

This week we will be looking at the Residential market absorption rates for the Eastside over the last 7 weeks. When looking at these numbers, keep in this in mind:

3. When measuring the heat of the market, the following rules apply:

a. 12 weeks or less = Seller’s Market

b. 12-24 weeks = Balanced Market

c. 24 or more weeks = Buyer’s Market

Another mixed bag this week, with only slight declines or improvements. Area 520 showed the most improvement, but with over a year of inventory at current absorption rates, the Buyer’s are still in control.

Residential Only, NWMLS Area 500 (Bellevue, South of I-90) = 41 weeks of inventory (was 43.2 four weeks ago)

Residential Only, NWMLS Area 510 (Mercer Island) = 32.7 weeks of inventory (was 26.8 four weeks ago)

Residential Only, NWMLS Area 520 (Bellevue, West of 405) = 57.4 weeks of inventory (was 79.4 four weeks ago)

Residential Only, NWMLS Area 530 (Bellevue, East of 405) = 26.7 weeks of inventory (was 23.4 four weeks ago)

Residential Only, NWMLS Area 540 (East of Lake Sammamish) = 32 weeks of inventory (was 30.9 four weeks ago)

Residential Only, NWMLS Area 550 (Redmond/Carnation) = 30.7 weeks of inventory (was 32 four weeks ago)

Residential Only, NWMLS Area 560 (Kirkland/Bridle Trails) = 63.5 weeks of inventory (was 51 four weeks ago)

Residential Only, NWMLS Area 600 (Juanita/Woodinville) = 39.9 weeks of inventory (was 35.9 four weeks ago)

If you have any questions on this information, I welcome you to email me at tony@eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com

Monday’s Market Update – Eastside Condos

My usual stattistics are unavailable this week, so we are going to look at something different. Thanks to the great information from Trendgraphix, which we subscribe to, we are going to chart the condo market since January 2007. Here is the trend for condos over the last year.

This first chart shows how the inventory has climbed steeply since last year and sales have fallen. We had as much as 64% of the inventory selling in March of 2007. March 2008 only has 12% of the inventory going pending.

This next chart shows the average list price per month and the average sales price. The difference in these numbers of about 100k would indicate that the lower end of the market is where the majority of sales are.

This last chart shows months of supply based upon the pending sales. We have gone from a hot sellers market to one that is more favored towards the buyer.

While the economy remains strong in the region, the effects of the national credit market are clearly shown. Hopefully lending guideline will loosen up and allow more buyers to re-enter the market.

However, if you were thinking of investing. There has been no better time!

Posted By:
Tony Meier
Eastside & Seattle Realtor
425-466-1000
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com

Monday’s Market Update – Eastside Residential

Eastside & Seattle Market Absorption Rates
By: Tony Meier
Eastside & Seattle Realtor

This week we will be looking at the Residential market absorption rates for the Eastside over the last 7 weeks. When looking at these numbers, keep in this in mind:

3. When measuring the heat of the market, the following rules apply:

a. 12 weeks or less = Seller’s Market

b. 12-24 weeks = Balanced Market

c. 24 or more weeks = Buyer’s Market

Four weeks ago all areas except 600 showed improvement. Now we have all areas remaining the same or showing decline except for Mercer Island which showed some modest improvement.

Residential Only, NWMLS Area 500 (Bellevue, South of I-90) = 43.2 weeks of inventory (was 32.1 four weeks ago)

Residential Only, NWMLS Area 510 (Mercer Island) = 26.8 weeks of inventory (was 37.2 four weeks ago)

Residential Only, NWMLS Area 520 (Bellevue, West of 405) = 79.4 weeks of inventory (was 58.3 four weeks ago)

Residential Only, NWMLS Area 530 (Bellevue, East of 405) = 23.4 weeks of inventory (was 23.7 four weeks ago)

Residential Only, NWMLS Area 540 (East of Lake Sammamish) = 30.9 weeks of inventory (was 29.4 four weeks ago)

Residential Only, NWMLS Area 550 (Redmond/Carnation) = 32 weeks of inventory (was 26.1 four weeks ago)

Residential Only, NWMLS Area 560 (Kirkland/Bridle Trails) = 51 weeks of inventory (was 36.2 four weeks ago)

Residential Only, NWMLS Area 600 (Juanita/Woodinville) = 35.9 weeks of inventory (was 36.1 four weeks ago)

The bright spot on the Eastside is area 530 – East Bellevue, which shows to be a sellers market under 500k. However according to my friends analysis of Area 530 sales under 500k these sellers are not fetching any more for their homes then they were a year ago as the average size of homes in this price range is up, meaning price per square foot is down by $39 per square foot. If the seller favored conditions persist, this will likely change though.

If you have any questions on this information, I welcome you to email me at tony@eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com

Monday’s Market Update – Eastside Condos

Eastside & Seattle Market Absorption Rates
By: Tony Meier
Eastside & Seattle Realtor

This week we will be looking at the Condo market absorption rates for the Eastside over the last 7 weeks. When looking at these numbers, keep this in mind:

3. When measuring the heat of the market, the following rules apply:

a. 12 weeks or less = Seller’s Market

b. 12-24 weeks = Balanced Market

c. 24 or more weeks = Buyer’s Market

Last week week’s numbers showed improvement across most of the Eastside in the Residential market. The condos are more mixed with some areas showing improvement while others are declining.

Condo Only, NWMLS Area 500 (Bellevue, South of I-90) = 31.5 weeks of inventory (was 31.5 four weeks ago)

Condo Only, NWMLS Area 510 (Mercer Island) = 63.5 weeks of inventory (was incalculable four weeks ago with no sales in 7 weeks)

Condo Only, NWMLS Area 520 (Bellevue, West of 405) = 39.5 weeks of inventory (was 45.3 four weeks ago)

Condo Only, NWMLS Area 530 (Bellevue, East of 405) = 31 weeks of inventory (was 27.8 four weeks ago)

Condo Only, NWMLS Area 540 (East of Lake Sammamish) = 40.9 weeks of inventory (was 39.3 four weeks ago)

Condo Only, NWMLS Area 550 (Redmond/Carnation) = 25.8 weeks of inventory (was 34.4 four weeks ago)

Condo Only, NWMLS Area 560 (Kirkland/Bridle Trails) = 30 weeks of inventory (was 40.8 four weeks ago)

Condo Only, NWMLS Area 600 (Juanita/Woodinville) = 44.3 weeks of inventory (was 38.5 four weeks ago)

If you have any questions on this information, I welcome you to email me at tony@eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
425-466-1000
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com

Monday’s Market Update – Eastside Residential

Eastside & Seattle Market Absorption Rates
By: Tony Meier
Eastside & Seattle Realtor

This week we will be looking at the Residential market absorption rates for the Eastside over the last 7 weeks. When looking at these numbers, keep in this in mind:

3. When measuring the heat of the market, the following rules apply:

a. 12 weeks or less = Seller’s Market

b. 12-24 weeks = Balanced Market

c. 24 or more weeks = Buyer’s Market

All areas except 600 showed improvement from 4 weeks ago. The majority of this improvement is shows up in the homes priced at 599k or below.

Residential Only, NWMLS Area 500 (Bellevue, South of I-90) = 32.1 weeks of inventory (was 40.8 four weeks ago)

Residential Only, NWMLS Area 510 (Mercer Island) = 37.2 weeks of inventory (was 60.5 four weeks ago)

Residential Only, NWMLS Area 520 (Bellevue, West of 405) = 58.3 weeks of inventory (was 66.9 four weeks ago)

Residential Only, NWMLS Area 530 (Bellevue, East of 405) = 23.7 weeks of inventory (was 31.5 four weeks ago)

Residential Only, NWMLS Area 540 (East of Lake Sammamish) = 29.4 weeks of inventory (was 30.9 four weeks ago)

Residential Only, NWMLS Area 550 (Redmond/Carnation) = 26.1 weeks of inventory (was 34.2 four weeks ago)

Residential Only, NWMLS Area 560 (Kirkland/Bridle Trails) = 36.2 weeks of inventory (was 39 four weeks ago)

Residential Only, NWMLS Area 600 (Juanita/Woodinville) = 36.1 weeks of inventory (was 36 four weeks ago)

If you have any questions on this information, I welcome you to email me at tony@eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com

Monday’s Market Update – Seattle Residential

Eastside & Seattle Market Absorption Rates
By: Tony Meier
Eastside & Seattle Realtor

This week we will be looking at the Residential market absorption rates for the Seattle Area over the last 7 weeks. It appears that Seattle is back on the mend with many of the numbers returning to a balanced market. In fact, some areas and price ranges are clearly favoring the seller!

When looking at these numbers, keep this in mind:

3. When measuring the heat of the market, the following rules apply:

a. 12 weeks or less = Seller’s Market

b. 12-24 weeks = Balanced Market

c. 24 or more weeks = Buyer’s Market

Residential Only, NWMLS Area 140 (West Seattle) = 19.4 weeks of inventory

Residential Only, NWMLS Area 380 (Central Seattle) = 35 weeks of inventory

Residential Only, NWMLS Area 385 (SODO/Beacon Hill) = 22 weeks of inventory

Residential Only, NWMLS Area 390 (Central Seattle) = 26 weeks of inventory

Residential Only, NWMLS Area 700 (Queen Anne/Magnolia) = 17 weeks of inventory

Residential Only, NWMLS Area 705 (Ballard/Greenlake) = 14.8 weeks of inventory

Residential Only, NWMLS Area 710 (North Seattle) = 13.4 weeks of inventory

Residential Only, NWMLS Area 715 (Richmond Beach) = 20.8 weeks of inventory

Residential Only, NWMLS Area 720 (Lake Forest Park) = 24.1 weeks of inventory

If you have any questions on this information, I welcome you to email me at tony@eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com

Monday’s Market Update – Eastside Condos

Eastside & Seattle Market Absorption Rates
By: Tony Meier
Eastside & Seattle Realtor

This week we will be looking at the Condo market absorption rates for the Eastside over the last 7 weeks. When looking at these numbers, keep this in mind:

3. When measuring the heat of the market, the following rules apply:

a. 12 weeks or less = Seller’s Market

b. 12-24 weeks = Balanced Market

c. 24 or more weeks = Buyer’s Market

Condo Only, NWMLS Area 500 (Bellevue, South of I-90) = 31.5 weeks of inventory

Condo Only, NWMLS Area 510 (Mercer Island) = Incalculable weeks of inventory (average of 18 listings and no pending sales in last 7 weeks)

Condo Only, NWMLS Area 520 (Bellevue, West of 405) = 45.3 weeks of inventory

Condo Only, NWMLS Area 530 (Bellevue, East of 405) = 27.8 weeks of inventory

Condo Only, NWMLS Area 540 (East of Lake Sammamish) = 39.3 weeks of inventory

Condo Only, NWMLS Area 550 (Redmond/Carnation) = 34.4 weeks of inventory

Condo Only, NWMLS Area 560 (Kirkland/Bridle Trails) = 40.8 weeks of inventory

Condo Only, NWMLS Area 600 (Juanita/Woodinville) = 38.5 weeks of inventory

If you have any questions on this information, I welcome you to email me at tony@eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
425-466-1000
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com

Monday’s Market Update – Eastside Residential

Eastside & Seattle Market Absorption Rates
By: Tony Meier
Eastside & Seattle Realtor

This week we will be looking at the Residential market absorption rates for the Eastside over the last 7 weeks. When looking at these numbers, keep the following in mind:

3. When measuring the heat of the market, the following rules apply:

a. 12 weeks or less = Seller’s Market

b. 12-24 weeks = Balanced Market

c. 24 or more weeks = Buyer’s Market

Residential Only, NWMLS Area 500 (Bellevue, South of I-90) = 40.8 weeks of inventory

Residential Only, NWMLS Area 510 (Mercer Island) = 60.5 weeks of inventory

Residential Only, NWMLS Area 520 (Bellevue, West of 405) = 66.9 weeks of inventory

Residential Only, NWMLS Area 530 (Bellevue, East of 405) = 31.5 weeks of inventory

Residential Only, NWMLS Area 540 (East of Lake Sammamish) = 30.9 weeks of inventory

Residential Only, NWMLS Area 550 (Redmond/Carnation) = 34.2 weeks of inventory

Residential Only, NWMLS Area 560 (Kirkland/Bridle Trails) = 39 weeks of inventory

Residential Only, NWMLS Area 600 (Juanita/Woodinville) = 36 weeks of inventory

If you have any questions on this information, I welcome you to email me at tony@eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com

Redmond Real Estate Housing Statistics – 6/06/2007

Redmond Real Estate Housing Statistics – 6/06/2007
By: Tony Meier – Eastside Realtor

The market has firmed up slightly this week. With the total volume averaging 14.11 weeks of inventory (which is down again from last week) the market remain robust. The hotest range is still $400,000 to $499,999 and the coolest part of the market is $1,750,000 to $2,249,999 which has shown no sales in the last 7 weeks.

When looking at this speadsheet keep this in mind…

The following is generally accepted as to the state of the market –

1. Less than 18 weeks of inventory = Seller’s Market
2. About 18 to 22 weeks of inventory = Balanced Market
3. More than 22 weeks of inventory = Buyer’s Market

So if you study the table below… You will see price ranges that have sellers in firm control and others that have the buyer in control. This information puts my clients in the drivers seat when it comes to correctly pricing their home to sell or knowing what to offer for the dream home!

Below is a the statistics for last 7 weeks ending on 6/6/2007…

Price Range		Active Avg	Pending Avg	Weeks Avg
$0	$299,999	3.29	0.29	11.50
$300,000	$399,999	14.00	1.57	8.91
$400,000	$499,999	25.00	3.86	6.48
$500,000	$599,999	29.00	2.86	10.15
$600,000	$699,999	28.29	1.86	15.23
$700,000	$799,999	27.43	2.29	12.00
$800,000	$899,999	24.14	1.86	13.00
$900,000	$999,999	22.29	1.43	15.60
$1,000,000	$1,249,999	17.43	0.29	61.00
$1,250,000	$1,499,999	17.14	0.29	60.00
$1,500,000	$1,749,999	4.00	0.14	28.00
$1,750,000	$1,999,999	8.86	0.00
$2,000,000	$2,249,999	4.00	0.00
$2,250,000	$2,499,999	5.57	0.14	39.00
$2,500,000	and up	9.43	0.14	66.00
	Total	239.9	17.0	14.11

Armed with this information we can then dig deeper to see what is happening in a particular neighborhood, then make a highly educated decision. It is important to me that my clients know what to do but also the ‘why" behind it!

I track these statistics for all of the Eastside and Seattle. If you would like to know the absorbtions rates in your area, call or email me.

Tony Meier
Redmond Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com

Northwest MLS Releases Market Statistics for May 2007

Hot off the press!

Northwest MLS Releases Market Statistics for May 2007
Posted by: Tony Meier – Eastside Realtor

Western Washington Housing Market Continues Trend

of Expanding Inventory, Fewer Sales, Rising Prices

KIRKLAND, Wash. (June 6, 2007) – Fewer home sales, more choices and higher prices were the themes again in May, according to new statistics from Northwest Multiple Listing Service.

Figures show three key indicators — pending sales, active listings and selling prices — for last month’s activity followed the pattern of recent months. The report covers 19 counties, mostly in Western Washington.

Pending sales (offers made and accepted, but not yet closed) fell about 9.9 percent compared to twelve months ago, with wide variation across the MLS service area. King County, which accounted for about 40 percent of the pending sales volume, lagged year-ago totals by 7.5 percent. Three counties, Okanogan, Pacific and Skagit, improved on May 2006 activity. Thirteen counties reported double-digit drops in pending sales of single family homes and condominiums (combined).

In the four-county Puget Sound region (King, Snohomish, Pierce and Kitsap counties), brokers reported 7,311 pending sales during May. That was 1,100 fewer transactions than the same month a year ago (a 13 percent decline), but the largest volume since August 2006.

Inventory continued to grow. Member brokers added 16,888 new listings of single family homes and condominiums to the inventory during May. At month end, buyers could choose from 42,514 active listings, a 53.7 percent larger selection than a year ago when there were 27,660 listings area-wide.

Despite the slower pace of sales, prices are still rising. Area-wide, the median selling price for last month’s closed sales rose nearly 10 percent (9.95 percent) from a year ago. The sales price for May’s 8,590 completed transactions (including single family homes and condominiums) was $332,600, which compares to the year-ago figure of $302,500.

For single family homes only (excluding condominiums), the median sales price was $350,258, up 9.8 percent from the year-ago figure of $319,000. In King County, the median price for a single family home that sold and closed last month was $469,000, up more than $41,000 (9.6 percent) from twelve months ago when the median selling price was $427,950.

Condo sales dipped last month as well. Brokers reported 99 fewer pending sales compared with the same month a year ago for a 5.5 percent decline. In King County, where about two-thirds of the pending sales occurred, the volume nearly matched year-ago numbers. Brokers notched 20 fewer pending sales for a 1.8 percent decline from twelve months ago.

Prices for condominiums continue to jump at a fast clip. For last month’s closed sales, the median selling price system-wide was $270,000, up 18.4 percent from a year ago. In King County, the median price for last month’s closed sales of condos increased 17.6 percent, rising from $246,500 a year ago to $289,950.

"Bargain deals are few and far between," observed NWMLS director Kathy Estey, the managing broker at John L. Scott’s Bellevue Downtown office. "In spite of growing inventory, prices are still increasing and homes that are priced right are selling very quickly," she commented, adding, "Insulting a seller with a ridiculous offer is not necessarily a winning negotiation strategy."

Procrastinating may be counter-productive as well, according to some brokers.

Buyers who take their time to decide may be "surprised and sorrowful when they lose their favorite property because they waited a day too long to make an offer and someone else sneaks in before them," reports Northwest MLS director Dick Beeson, broker/owner of Windermere Real Estate/Commencement Associates in Tacoma.

Beeson said sellers with unrealistic expectations are changing their approach, too. Those who expect last year’s rapidly escalating prices are realizing that simply isn’t happening in 2007, he noted. More sellers understand the importance of getting their properties market ready before listing them, Beeson remarked.

In a season of growing competition, sellers need to have strategies in place to market their home and attract other agents with serious, qualified buyers, Estey emphasized. "More than ever, sellers need to hire full-time, knowledgeable trusted advisors – not just someone who can dump the listing into the MLS system."

Buyers are being conservative in not selling their homes first, Estey reported, "for fear of not having one to move into, yet they don’t have alternative financing arranged – in other words they want to buy contingent."

Although this is still not really a contingent buyers’ market, Estey said the likelihood of getting bumped is high so sellers should be prepared to consider contingent offers. "With building inventory they may not get other non-contingent buyers in to see their home," she explained. Carefully structured contingent sales may be a viable option after the home has been fully exposed to the market for a few weeks without a sale, she suggests.

Estey also reported seeing a "great deal of activity on million-dollar plus properties." Northwest MLS figures show a 28.5 increase in the number of closed sales of million-dollar plus properties in King County for the first five months of this year compared to same period a year ago. From January-May 2006, brokers reported 568 closings of single family homes and condominiums priced at one million dollars or more. Through the first five months this year, there have been 730 completed transactions in that price category.

Brokers are not seeing much local fallout from the recent shake-up of the subprime mortgage market, although they acknowledge prospective borrowers in the "least creditworthy" category may have more difficulty finding favorable terms. Bankrate.com estimates about 15 percent of mortgage borrowers are in the subprime category and may be subject to stricter standards in the form of higher minimum credit scores, lower maximum loan amounts and requirements for bigger down payments.

NWMLS director Pat Grimm, president of Windermere Western Washington Services Company, said he still hears of occasional success stories about "exotic" loans. He mentioned clients who had purchased a condo in Kirkland’s Totem Lake area 30 months ago on a zero down loan. "They had to bring only $50 to the closing table," he recalls, adding, "Now, they’re ready to sell and move up – with more than $125,000 in equity in that same condo."

Northwest Multiple Listing Service, based in Kirkland, is the largest full-service MLS in the Northwest. The MLS is owned by its member brokers and currently encompasses nearly 2,100 companies with more than 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.

Statistical Summary by Counties: Market Activity Summary for May 2007

May 2007 Single Fam. Homes + Condos	LISTINGS		PENDING SALES	CLOSED SALES
May 2007 Single Fam. Homes + Condos	New Listings	Total Active	# Pending Sales	# Closings	Avg. Price	Median Price
King Co.	6056	11204	3966	3514	$521,402	$411,868
Snohomish	2476	5753	1509	1378	$383,558	$353,779
Pierce	2857	8039	1436	1311	$315,512	$281,000
Kitsap	851	2488	400	336	$405,819	$307,000
Mason	264	821	91	100	$247,759	$205,450
Skagit	391	1161	227	179	$327,765	$269,900
Grays Harbor	269	877	112	105	$178,113	$162,000
Lewis	223	766	94	83	$228,293	$187,000
Cowlitz	215	668	120	97	$193,864	$170,000
Grant	198	475	117	91	$193,021	$150,000
Thurston	843	2266	501	438	$303,341	$265,475
San Juan	109	348	25	26	$1,006,538	$578,500
Island	332	1090	145	128	$331,699	$280,750
Kittitas	157	526	55	54	$320,167	$235,750
Jefferson	124	518	55	46	$357,784	$322,000
Okanogan	74	395	41	35	$203,601	$150,000
Whatcom	707	2375	422	314	$309,155	$280,450
Clark	328	1224	222	205	$301,805	$274,900
Pacific	83	365	44	23	$162,022	$144,000
Others	331	1155	161	127	$218,436	$191,000
MLS TOTAL	16,888	42,514	9,743	8,590	$407,565	$332,600

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

Tony Meier
Redmond Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com

Redmond Real Estate Housing Statistics – 5/30/2007

Redmond Real Estate Housing Statistics – 5/30/2007
By: Tony Meier – Eastside Realtor

Another strong week for Redmond Home Sales. With the total volume averaging 14.9 weeks (which is down from last week) the market remain robust. The hotest range is $400,000 to $499,999 and the coolest part of the market is $1,750,000 to $2,249,999 which has shown no sales in the last 7 weeks.

When looking at this speadsheet keep this in mind…
The following is generally accepted as to the state of the market –

1. Less than 18 weeks of inventory = Seller’s Market
2. About 18 to 22 weeks of inventory = Balanced Market
3. More than 22 weeks of inventory = Buyer’s Market

Below is a the statistics for last 7 weeks ending on 5/30/2007…

Price Range		Active Avg	Pending Avg	Weeks Avg
$0	$299,999	3.14	0.14	22.00
$300,000	$399,999	13.29	1.29	10.33
$400,000	$499,999	24.00	3.86	6.22
$500,000	$599,999	26.29	2.57	10.22
$600,000	$699,999	25.14	1.71	14.67
$700,000	$799,999	26.00	2.29	11.38
$800,000	$899,999	23.29	1.57	14.82
$900,000	$999,999	22.86	1.14	20.00
$1,000,000	$1,249,999	17.29	0.14	121.00
$1,250,000	$1,499,999	16.43	0.29	57.50
$1,500,000	$1,749,999	3.71	0.14	26.00
$1,750,000	$1,999,999	8.29	0.00
$2,000,000	$2,249,999	4.29	0.00
$2,250,000	$2,499,999	5.43	0.14	38.00
$2,500,000	and up	9.71	0.14	68.00
	Total	229.1	15.4	14.85

I track these statistics for all of the Eastside and Seattle. If you would like to know the absorbtions rates in your area, call or email me.

Tony Meier
Redmond Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com

Redmond Real Estate Housing Statistics – 5/16/2007

Redmond Real Estate Housing Statistics – 5/16/2007
By: Tony Meier – Redmond Realtor

Another strong week for Redmond Home Sales. We are still seeing inventory build which is customary as we move into the summer months. I have enhanced the spreadsheet this week with 2 digits after the decimal point. This will more accurately reflect the price ranges with few sales, like the upper end,

When looking at the spreadsheet keep this in mind…
The following is generally accepted as to the state of the market –

1. Less than 18 weeks of inventory = Seller’s Market
2. About 18 to 22 weeks of inventory = Balanced Market
3. More than 22 weeks of inventory = Buyer’s Market

Below is a the statistics for last 7 weeks ending on 5/16/2007…

Price Range		Active Avg	Pending Avg	Weeks Avg
$0	$299,999	2.71	0.43	6.33
$300,000	$399,999	11.43	1.14	10.00
$400,000	$499,999	20.71	2.29	9.06
$500,000	$599,999	23.57	2.43	9.71
$600,000	$699,999	19.43	1.43	13.60
$700,000	$799,999	23.14	2.14	10.80
$800,000	$899,999	21.71	1.14	19.00
$900,000	$999,999	23.14	1.29	18.00
$1,000,000	$1,249,999	16.43	0.14	115.00
$1,250,000	$1,499,999	15.57	0.29	54.50
$1,500,000	$1,749,999	3.57	0.14	25.00
$1,750,000	$1,999,999	7.14	0.14	50.00
$2,000,000	$2,249,999	4.29	0.00
$2,250,000	$2,499,999	5.14	0.14	36.00
$2,500,000	and up	10.00	0.14	70.00
	Total	208.0	13.3	15.66

Tony Meier
Redmond Realtor
EastsideHomesBlog.com
Eastsidehomes.com
Seattle’s Eastside Real Estate Resource

King County Median Price Up 10% From March 2006

King County Median Price Up 10% From March 2006
By: Tony Meier
Redmond Realtor

The numbers are just in and I have update my spreadsheets that I use to stay abreast of the market place. King County still remains a strong sellers market with 10% appreciation since March 2006. The median priced resale home was worth $399,000 in March 2006 and is now closing at $439,900. The market has increased 3.51% in 2007 as noted by the graphs below…

While the market remains hot… the rate of appreciation is showing signs of slowing. From March 2004 to March 2005 the median price rose 15%. From March 2005 to March 2006 the median price rose 14%. The graphs below show the absorbtion rate of the market place. The pace remains quite active, but does show declines as compared to the red hot markets of 2005 and 2006.

So what does all this mean? Well for sellers… it indicates they are still in the drivers seat, however they will have more competition this year, so correct pricing will be critical to their success. For buyers… it means the good homes will still sell quickly and they may still have to compete in a multiple offer enviroment, but the pace will be a bit slower than the last 2 years. Keep in mind these graphs represent a wide range of homes thrs oughout the county. There are areas and price ranges that are in the midst of a red hot sellers market, while other segments of the market clearly are favored towards the buyer. Be sure you know which segement of the marketplace you are in before making any real estate moves!

Tony Meier
Redmond Realtor
EastsideHomesBlog.com
EastsideHomes.com – Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com

1. Tell the truth about the price

2. Understand the timetable with which your family is dealing

3. Remove as many of the challenges as possible

4. Help with the relocation

5. Get the house SOLD!

Good agents know how to deliver good news. Great agents know how to deliver tough news. In today’s market, YOU NEED A GREAT AGENT!

Give us a call at 425-466-1000 for more information.

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Homebuilder Says It’s Upbeat Enough to Raise Prices Again

King County Median Price Up 10% From March 2006By: Tony MeierRedmond Realtor

King County Median Price Up 10% From March 2006
By: Tony Meier
Redmond Realtor