November Real Estate Market.. HOT, HOT!

 

Snohomish County Statistics as of November 2016

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November is known for being on the cold side and normally signs of a slowing Real Estate market as everyone starts to buckle in for the winter and holidays. Not this year however! November was smoking hot with only 1.4 month of inventory and buyers were snatching up everything they could. I saw multiple offers skyrocketing and bidding wars with some homes being bid up 100K. The picture to the left is a Bothell home that had 32 offers and was bid up 95k! Crazy!!

Here are your local inventory stats.

 

Active Inventory

 +17% November 2016 vs. November 2015

1111 available homes currently on market -800 vs. last month.

Pending Transactions

Up 1% November 2016 vs. November 2015

1528 units -88 vs. last month

Sold Transactions

+27%!!! November 2016 vs. 2015

1452 units -182 than last month

Days on Market

Snohomish County Active to pending 33 days vs. 47 a year ago up 7 days from last month.

Median home price in Snohomish County 399,000 +14% last year.  Up $7,000 from last month.

Area price % based on last Quarter

All percentages are up and also include new construction

Bothell + 16%, Edmonds/Lynnwood +17%. Everett/Mukilteo +12%

Snohomish/Monroe+ 11%. Lake Stevens/Granite Falls + 17%.

Marysville +14%

King County Median home prices are $523,000 + 16% over last year and up $6k from last month.

Woodinville area Median price is $550!!

Curious when the best time to buy a house is? 

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You’re not alone.

As a Realtor, one of the questions I hear most frequently is, “When is the best time to buy a house?”

The answer is simple – the best time to buy a house is the right time for you.

That being said, the housing market does experience some seasonal patterns. Traditionally, folks don’t want to move during the holidays and they desperately want to get into a better school district prior to school starting.

This means inventory is typically low during the winter and demand is often high during the summer. While inventory has a tendency to peak during August, buyers who have been on the hunt for a substantial amount of time begin to experience fatigue.

By the time fall rolls around, many house hunters have given up and signed a lease or decided to stay in their current home for another year. In fact, the Seattle area housing market has gone like gangbusters from January through July of this year. Homes were flying off the market. Bidding wars were common. Buyers were waiving inspection and guaranteeing earnest money.

There was a tapering off in August. Bidding wars became less frequent and listed homes received fewer offers. Now that we have hit fall, the competition has dropped even further. Yet, interest rates still remain at record lows.

As a potential buyer, this is great news. With low rates and less competition, you have more choices. Doesn’t fall sound like a good time to buy a home?

Ready to find a home? I can guide you to great lenders, programs that fit your budget and of, course, find you a home. Contact me today!

Real Estate news you can use!

Check out these articles for great information about our community and the real estate industry.

New home sales hit highest level in 9 years! 

Millennials still believe in the homeownership dream even if they can’t afford to buy

Housing market across the U.S. finally starting to look healthy

MORTGAGE & FINANCE news

Salary needed to buy a home in 19 major U.S. cities

Tips for staying out of debt

Calculate how much house you can afford

HOME trends

King County’s eco-remodeling tool provide tips for going green for your next home renovation

Four colors that may hurt a home’s sales price

LOCAL news

7 percent of Puget Sound homes are underwater, compared with 12 percent nationally

A teardown a day: Bulldozing the way for bigger homes in Seattle, suburbs

BLS stats show Seattle-Tacoma-Bellevue is #7 Metro area for fastest job growth

What does Vancouver’s housing market implosion mean for Seattle?

seattle

Seattle home-sale market provides small hint of slowdown

You need an annual salary of $83K to afford a home in Seattle

Everett welcomes the film industry, an important economic driver for local businesses

WEEKLY DOSE OF awesomeness

Happy 100th Birthday U.S. National Parks

 

 I hope your week is a great one! 

Jen Murrweiss | Remax Elite | 425-422-7243

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Snohomish County Statistics July 2016

Snohomish County HomeSnohomish County HomeSnohomish County Home

Active Inventory

Prices are up 5% over last year same time July 2016 vs. July 2015

2141 brand new listings in July that is up 53 from last month. 2141 total active at the end of the month.

Pending Transactions

Up +3% July 2016 vs. July 2015

2079 units went pending last month that is 62 less however than June.  

Sold Transactions

+9% July 2016 vs. July 2015.

1673 units +11 more than last month

Days on Market

Snohomish County Active to pending 25 days vs. 36 a year ago. Incredible!

Median home price in Snohomish County $387,000!!

Median home price in King County $523,000. Snohomish county is gaining however the gap between King and Snohomish is growing.

Months of inventory

If no additional homes would be put on the market, there would be no inventory left after 1.25 months in Snohomish County. In King County that figure is 1.2 months. A balanced “normal” market is 3-6 months. Buyers’ market more than 6 and Sellers less than 3 months.

Area price % growth based on last Quarter

Bothell + 14%, Edmonds/Lynnwood +5%. Everett/Mukilteo +11%

Snohomish/Monroe + 11%. Lake Stevens/Granite Falls/Arlington/Darrington +7 %. Marysville +7%

New Construction is included in these percentages.  

July 2016 Market Characteristics:

  • Sellers: position your home to get premium pricing.
  • Buyers: need to be Buyer-Ready, Day-One™ to get a home in today’s market.
  • The market continues to be more intense than during the same time in year 2015.
  • Sales activity in King and Snohomish County is lower than a year ago but July 2015 was the best July on record. If we had more homes for sale, we would have had more sales activity.
  • There’s a severe shortage of homes for sale close to job centers. We are virtually sold out, and each new property on the market is getting instant action and most of the time multiple offers.
  • More new listings will lead to a higher level of sales activity.
  • Prices are increasing in the price ranges and the market areas where 90 percent of the sales activity is taking place, leading to premium pricing for sellers in those areas.
  • Interest rates continue to be in the upper threes.
  • Multiple offer everything
  • More new listings come on market from March through October than November through February.
  • More selection but also more intense.

 

Bank Owned deals & squeals~

Find Homes | First Look

Check out the HomePath listings in Snohomish County!

 

Click Link to View Property 1018 E KESSLER DR
SULTAN, WA 98294

3.0 br, 2.0 ba | 1334 sq. ft.
$274,900
Just Listed
Click Link to View Property 17316 117TH PL NE
ARLINGTON, WA 98223

3.0 br, 1.0 ba | 1049 sq. ft.
MLS ID: 1001692
$214,900
Just Listed
Click Link to View Property 115 124TH ST SE APT E7
EVERETT, WA 98208

2.0 br, 1.5 ba | 911 sq. ft.
MLS ID: 1003563
$164,900
Just Listed
Click Link to View Property 6304 98TH PL NE
MARYSVILLE, WA 98270

4.0 br, 3.5 ba | 1044 sq. ft.
MLS ID: 972682
$209,900
Back on Market
Click Link to View Property 202 74TH ST SE
EVERETT, WA 98203

2.0 br, 1.0 ba | 812 sq. ft.
MLS ID: 972702
$219,900
Price Reduced
Click Link to View Property 4404 106TH PL NE
MARYSVILLE, WA 98271

4.0 br, 3.0 ba | 1512 sq. ft.
MLS ID: 972859
$319,900
Price Reduced
Click Link to View Property 21221 CYPRESS WAY
LYNNWOOD, WA 98036

3.0 br, 2.0 ba | 1560 sq. ft.
MLS ID: 959715
$399,900
Active
Click Link to View Property 30 F SARATOGA DR
HAT ISLAND, WA 98206

3.0 br, 3.0 ba | 0 sq. ft.
MLS ID: 956230
$200,500
Active
Click Link to View Property 3702 142ND ST NW
MARYSVILLE, WA 98271

3.0 br, 2.0 ba | 1418 sq. ft.
MLS ID: 974005
$315,500
Active
Click Link to View Property 1505 W CASINO RD # 8
EVERETT, WA 98204

2.0 br, 2.0 ba | 0 sq. ft.
MLS ID: 950835
$169,900
Active

HomePath Agent Matters

Check out our latest newsletter.

Home services a Realtor’s referral list.

Under construction REFERRAL RECOMMENDATIONS FOR CLIENTS

An inspector I use, and highly regard, composed this list on tradesman he has used and trusts. If you click on the below link it will bring you a “tool box” in alphabetical order of almost every type of service, you could need in the Puget Sound area. Click here

Below are some that I (with the *) have used, recommendations from other agents and our area neighborhood recommendations.

General Contractors Handy Man 

  1. *RM Landscaping and Renovation – Roland 206-818-5078. Small or large projects. Fences, decks, lawn care, lighting, roofs, waterfalls, ponds, concrete driveways, retaining walls and more.
  2. *We Honey Do.com http://www.wehoneydo.com
  3. Justin Powell (GA Powell construction) 425-356-9022. gapowellconstruction.com
  4. Classic Remodeling NW, INC- Ward Hampson- 425-224-2004; cell-425-530-6818 http://www.classic remodelingnw.com; info@classicremodelingnw.com
  5. mrhandyman.com; 1-877-MRHANDYMAN (674-2639)
  6. Jim’ll Fix It- Handyman- 425-220-3749. http://www.jimllfixit.info/
  7. G-Versitile construction.Gymie Kelly 425-422-2101
  8. Jerry Green @ Image Fence 425-343-6604
  9. Josh Ross contractor/painter who likes to take on small remodels projects! Rosscontracting@zoho.com 206-225-1616

Gutters

  1. *The Gutter Guys- Steven Alley; 206-595-0771; stevencalley@comcast.net

Plumbing/Heating 

  1. *First Response Heating and air solutions 206-643-1525
  2. Solution Plumbing & Heating. Ryan Hurd 425-231-8599 solutionplumbingheating.com
  3. 411 Plumber Ambrose Herrera 206-229-4225
  4. Kings Heating – 206-361-1818
  5. Hamblen & Sons Heating Office: 360-658-0124 Mobile: 425-501-0123
  6. *CM Heating- furnaces, heat pumps, air conditioning, fireplaces (chimney sweep)

Landscaping

  1. *RM Landscaping and Renovation – Roland 206-818-5078. Fences, decks, lawn care, lighting, waterfalls, ponds, concrete driveways, retaining walls and more.
  2. King Landscaping 206-856-1267
  3. Lawn aerating-thatching Stewart Armour @ 206-214-5595 aerating-thatching.com/aeration.com

 Carpet Cleaning

  1. *Patrick Kelley Kelley’s Cleaning & Restoration http://www.kelleyclean.com/ 425-303-8294

Crawl Space

  1. *American Crawlspace- Brian 206-795-5844 or 425-308-1888

Carpentry work

  1. *Stuart Ross 425-268-2299

Kitchen/bathroom cabinets

  1. * Jim – architecturalcabinets.com 425-501-3642- Custom made and great prices!

House Cleaning Service

  1. *Jessica Shields 425-346-0485
  2. *King & Queen Cleaning and household services kingandqueencleaning.com 425-954-3337
  3. Alpine Cleaning http://www.alpineclean.com/

Pest Control

  1. *AA Advantage Pest Control- Stephen Gillis – 360-658-8811- aadvantagepest.com
  2. Eagle pest eliminators 425-398-7365 eaglepesteliminators.com

Electrician

  1. Dad’z Electric in Mukilteo (425) 493-1541
  2. Left Coast Electric 360-920-8484 Toby Foulke
  3. Renfro electric. 425-923-5088

Garage Doors

  1. *Allphase garage doors too. Kevin 360 651 7830

Security Systems

  1. *Jimmie Beam 206-261-1903. Jbeem@freedomsystemsinc.com

Septic

  1. Tri County Septic monitoring & septic services 360-659-7077

ORGANIZATION

  1. Top Shelf Organizing. Jill 425 283 9265 topshelforg.com

 ROOFING

  1. Davison Roofing Inc. 425-344-6151
  2. *Always Roofing in Snohomish info@allwaysroofing.com 425-345-5863

 TREE TRIMMER

  1. All in 1 Tree Service 347.7253
  2. Evergreen Tree Care 800-684-TREE (8733)

Windows and glass replacement and insulation

  1. *Superior Weatherizationjayaskus@yahoo.com 425-350-1194
  2. Washington Energy Services washingtonenergy.com 800-398-4663

 

Have someone you would recommend to a friend? Let me know I am always looking for great people to recommend. As I love to recommend great people and services please remember me for your Real Estate needs or those of your friends and family.

I am never too busy for your referrals!

 

Jenifer Murrweiss               REMAX Elite Realtor Consultant                           425-422-7243

snohomishcountyhomes@hotmail.com

Snohomish County Statistics for November

Snohomish County Home

Snohomish County Statistics as of November 30 2015

Active Inventory

Down -29% November 2015 vs. November 2014

2125 available homes currently on market -700 vs. last month.

Pending Transactions

Up 30% November 2015 vs. November 2014

1513 units -200 vs. last month

Sold Transactions

+11% November 2015 vs. November 2014

1139 units -600 than last month

Days on Market

Snohomish County Active to pending 47 days vs. 55 a year ago up 3 day from last month.

Median home price in Snohomish County 350,000 +5% last year. -12,000 from last year.

Area price % based on last Quarter

Bothell + 6%, Edmonds/Lynnwood +11%. Everett/Mukilteo +5%

Snohomish/Monroe + 11%. Lake Stevens/Granite Falls -2 %.

Marysville +10%

Possible Housing Slowdown, but Activity is Solid

 KIRKLAND, Washington (October 5, 2015) – Scarce inventory, new rules for mortgage closings and affordability concerns will likely slow home sales around Western Washington during the remaining months of 2015 and into early 2016, according to spokespersons from Northwest Multiple Listing Service.

The latest statistics from the MLS show a double-digit drop in inventory, a double-digit jump in closed sales, and a near double-digit increase in prices from a year ago, prompting one industry leader to say the trends aren’t sustainable. “We simply can’t sustain double-digit increases in sales when inventory levels continue to drop every month,” remarked OB Jacobi, president of Windermere Real Estate. “We’re on the cusp of a housing market slowdown,” he predicts.

Northwest MLS director Darin Stenvers also expects a slowdown, pointing to new rules for mortgage closings and rising interest rates as culprits.

“With the introduction of the new TRID(1) banking and closing disclosure requirements we will see longer closing timeframes for the foreseeable future. This will lead to a slowdown in closings and thus may slow the market until early or mid-2016,” explained Stenvers, the office managing broker at John L. Scott in Bellingham. Layoffs and the possibility of higher interest rates result in unpredictability for both buyers and sellers, he suggested.

Despite an expected slowdown, closed sales through the first nine months of this year are running 16.6 percent ahead of the same period a year ago, with median prices up 9.2 percent.

The MLS report for September shows pending sales continue to outnumber new listings, resulting in inventory declines in most of the 23 counties in its service area. That imbalance leads to rising prices.

Northwest MLS members reported 9,574 pending sales (mutually accepted offers) in September for a 7.9 percent increase from the year-ago figure of 8,875. Compared to August, pending sales fell 9.7 percent.

Closed sales jumped 17.5 percent, with year-over-year sales rising from 7,020 finished transactions to 8,245. Twenty of the 23 counties reported double-digit gains from a year ago.

Prices showed more variation. Area-wide, the median price on last month’s closed sales of single family homes and condos was $312,000. That’s up nearly 9.5 percent from the year-ago figure of $285,000, but down slightly from August.

Compared to the system-wide gain, prices rose at more modest rates in three of the four counties in the Puget Sound region, with Pierce County being the exception. Year-over-year prices there jumped 11 percent. Prices in Kitsap County were up only 4 percent from a year ago; in King County the gain was about 4.8 percent and in Snohomish County it was about 7.5 percent.

Single family home prices across the 23 counties in the MLS report rose nearly 7.6 percent from a year ago, from $297,500 to $320,000. Single family homes in King County commanded the highest median price at $490,250, up 6.6 percent from the year-ago figure of $460,000, but down from June’s high of $500,000.

The condo market remained hot with both sales and prices up by double digits. Members reported 1,183 closed sales during September for a gain of nearly 30 percent from a year ago. Prices on last month’s sales jumped 13 percent, from $230,000 to $260,000.

“We’re coming off one of the hottest summer housing markets on record, and the second-best September on record for sales activity in the four-county area,” said J. Lennox Scott, chairman and CEO of John L. Scott. He attributes part of the surge to an interest rates drop in May, and the anticipation of rates increasing in the near future.

Dwindling inventory continues to be a drag on activity, but some brokers believe new construction activity is encouraging. Stenvers said new housing starts could help boost inventory in many markets during the coming months.

For now, new listings are drawing “quick action” when they come on the market, said Scott, adding, “We are virtually sold out of inventory.”

MLS members added 8,772 new listings during September, down slightly from the year ago total of 8,878. At month end, there were 19,724 active listings in the database, down 23.3 percent from the same time a year ago when inventory totaled 25,717 properties.

“We’re selling everything before buyers can turn around,” commented Dick Beeson, principal managing broker at RE/MAX Professionals in Tacoma and a member of the Northwest MLS board of directors. Figures showing the ratio of listings to sales, known as months of supply, tend to support his belief.

For September, the MLS reported 2.39 months of supply system-wide, about the same as the figure for August. The shortages were most acute in King County, with about 1.4 months of supply, and Snohomish County, with about 1.9 months of supply. Industry experts use a range of four-to-six months as an indicator of a balanced market.

“The frenzied market on the Seattle side is taking a toll on Kitsap home prices,” said MLS chairman Frank Wilson, the branch managing broker at John L. Scott in Poulsbo. Prices there rose 4 percent from a year ago. He reported good traffic at open houses in Kitsap County, quick acting buyers when a new listing appears, many multiple offer situations, and an increase in investor interest.

“Since new listings coming to market usually slow during the fourth quarter, we are looking at a severe shortage of inventory heading in to the spring market of 2016,” Wilson remarked. Like others on the MLS board, he said serious buyers need to be prepared to take immediate action when they find a home they like.

“In preparation, buyers need to meet with a lender, find an inspector, check with their insurance agent, and get their financial house in order so they can move aggressively,” Wilson advised.

Scott said house-hunters who procrastinate may be disappointed. “If you’re looking for a home this winter, the number of listings coming on the market each month will drop approximately 50 percent every 30 days compared to spring and summer months,” he predicts.

Brokers say opportunities still exist for buyers who have missed out on homes during multiple offer situations.

Some buyers who are weary of bidding wars are looking in areas where multiple offers are less common, said MLS director George Moorhead. Also, buyers who consider homes that have been on the market more than 120 days are negotiating much better terms without the competition of other buyers,” he reported.

Scott also recommended alternatives for frustrated buyers. “There are still opportunities to take advantage of low interest rates by taking a second look at homes that have been on the market for more than a month. If you don’t mind doing some fix up, you can negotiate the price and avoid multiple offer scenarios,” he stated.

Beeson suggested inventory shortages could be eased if expired listings are re-listed. Not every home sells once it’s listed, he noted. His analysis shows more than 2,600 listings have expired in the tri-county area so far this year. “These are sellers who need coaching on pricing,” he believes.

Even though they’ll face longer commutes, Moorhead said buyers who are feeling squeezed by the lack of inventory are extending their search areas farther than before in hopes of finding a home at an affordable price. These buyers hope to sell the home in the outlying area within five years and purchase another home closer in. “This calculated move hasn’t really been a conversation in the past,” said Moorhead, the designated broker and owner at Bentley Properties in Bothell.

Bobbie Chipman, principal managing broker at John L. Scott’s Puyallup office, said statistics strongly indicate buyers must be strategic in the current market in order to be successful. “If buyers have a home to sell in order to purchase, they should consider selling, then prepare to live in temporary housing while looking for the right home to purchase,” she suggested.

Buyers without a home to sell may be better positioned to have their offer accepted, believes Chipman, a member of the Northwest MLS board of directors. “These buyers should look at both active status listings and contingent listings to expand their choices,” she explained.

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 23,000 real estate brokers. The organization, based in Kirkland, Wash., currently serves 23 counties in Washington state.

(1) TRID is the TILA RESPA Integrated Disclosure rule that became effective 10/3/15. New forms are required for any transaction involving a mortgage. See: TRID.

Statistical Summary By Counties
Market Activity Summary and 4-County Puget Sound Region Pending Sales (PDF)

This information provided by the NWMLS.