Snohomish County Stats March 31, 2017

Snohomish County Home

Active Inventory

Prices are up 7% over last year March 2016 vs. March 2017. What is more unbelievable there up $4000 from last month!  1788 brand new listings in March up 459 from February however from last year down -5%.

Pending Transactions

Down -12% March 2017 vs. March 2016. Why? No inventory buyers are finding it difficult to find homes.

1933 units went pending last month +343 from February.

Sold Transactions

+4% March 2017 vs. March 2016.

1420 units +330 more than last month

Days on Market

Snohomish County Active to pending 35 days vs. 45 a year ago. Incredible!

Median home price in Snohomish County $415,000 +7% last year. Increase of $4000 from last month. An all-time high!

Median home price in King County $560,000 +11% from last year. Days on market 39.

Median home price in Woodinville $612,000, Days on market 20. This is an incredible $52,000 from last month!

Months of inventory

If no additional homes would be put on the market, there would be no inventory left after approximately 3 weeks. We are sitting at .78 month inventory. This is also a all time record in Snohomish County. In King County that figure is .6 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 +13%. Everett/Mukilteo +10%

Snohomish/Monroe + 11%. Lake Stevens/Granite Falls/Arlington/Darrington +20 %. Marysville 17%. Incredible rising percentages! New Construction is included.

April 2017 Market Characteristics:

  • Sellers: position your home to get premium pricing and if you have been on the fence on selling now is historically the best time.
  • Buyers: need to be Buyer-Ready, Day-One™ to get a home in today’s market. This means fully approved for a loan. If you’re not there is no sense looking the home you liked will be gone before you can get a preapproval.
  • The market continues to be more intense than during the same time in year 2016.
  • 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.
  • 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 seem to come down just a bit and are hovering right around 4% for a 30 year fixed.
  • Multiple offer everything. If you’re a buyer you must have patience.
  • More new listings come on market from March through October than November through February.

 

Active to Sold!

re4-15-k-102-f98-soldSHOWING INSTRUCTIONS– If you are serious about selling, the easier you make it for potential purchasers to see your home, the higher your chances are of receiving an offer. Showing restrictions result in fewer showings which could result in additional days on the market.

 

APPEARANCE
First impressions count, especially when it comes to a house that is listed. If staging is not an option, removing personal photos and clutter should be top on the priority list, next to touching up the paint. Turn lights on the give your home a welcome feeling prior to showings.

ASKING PRICE
Every House must be sold twice: to the buyer and to the bank if a mortgage is involved. To get a home sold the price has to be right! Trust your licensed Real Estate broker to study the market in your area and show you the comparable sales when they present their professional price recommendation. The first few days on the market is when your listing has the utmost impact to capture potential buyers.  To increase your curb appeal check out these practical tips for creating eye-catching curb appeal without spending a fortune:

Power-washing a cement driveway and remove oil, rust and other stains.
Clear the pathway to your front door by cutting back overgrown landscaping.
Check for cobwebs and wipe down your front door and kick plate. Consider painting or staining your door if it looks faded/worn. 
Now is a good time to refresh and prune planted pots to make sure they are blooming with color with what season it is. 
A new layer of mulch will immediately improve the look of your yard.
Make your fence pop! A semi-transparent stain evens out signs of repairs and covers discoloration. Don’t forget your deck, steps, rails, shed, ect.
Add some path lighting to highlight the best plants in your yard.
Crystal clear windows are a strong indicator that the house has been well cared for.

Most of all hire me as your Realtor to make the transaction go fast and smooth!

Home Buyer Frustration Continues

Taxes

Home Buyer Frustration Continues

Latest News Release

KIRKLAND, Washington (Jan. 5, 2017) – Like many other months of 2016, December was frustrating for buyers across Washington state as they encountered depleted inventory and rising prices. Post-election hikes in interest rates – with more on the horizon — added to would-be homeowners’ worries.

Northwest Multiple Listing Service statistics for December show year-over-year drops in new listings, but gains in pending sales, closed sales and prices. Pending sales (mutually accepted offers) in the four-county Puget Sound region reached their highest level since 2005.

“The data just keep telling the same story – low inventory and increasing prices,” remarked Mike Grady, president and COO of Coldwell Banker Bain. “As one of our brokers put it, ‘Sellers received an awesome Christmas gift in December, but buyers, only a lump of coal.'”

Brokers added 4,217 new listings to the inventory during December to bring the supply up to 10,571 listings. The volume of new listings surpassed the year-ago figure of 4,041, but supply still fell, dropping to only 1.4 months for the Northwest MLS market area covering 23 counties. Both King and Snohomish counties reported less than a month of inventory.

Robert Wasser, owner/broker at Prospera Real Estate in Seattle, said his analysis of the MLS data indicates the supply of single family homes for sale in King County just hit a post-recession low. “The only other time supply fell below one month was around this same time a year ago,” noted Wasser, a member of the Northwest MLS board of directors.

At month end, MLS figures show inventory (10,571 listings) was nearly 15.6 percent below year-ago levels (12,522 listings), with about 90 percent of the selection being single family homes.

Seventeen of the 23 counties in the MLS report had double-digit drops in active listings at the end of last month compared to December 2015.

Northwest MLS members reported 6,401 pending sales during December, up from 5,970 for the same month a year ago for a year-over-year gain of 7.2 percent.

“The housing market remains frenzy hot on a seasonal basis,” exclaimed J. Lennox Scott. Noting sales activity was substantially higher than the number of new listings, he said such conditions “continue to foster a competitive market where homebuyers are just waiting for the next new listing to come on the market.”

Commenting on strong sales in the Central Puget Sound region, Scott noted King County recorded the biggest year-over-year jump in pending sales of single family homes, surging nearly 11.3 percent, well ahead of Kitsap (up 4.5 percent), Pierce (up 4 percent) and Snohomish (up 3.2 percent).

“Buyers pursued homes aggressively all through November and December with little to no slowdown amid fears of rising interest rates and worsening inventory levels,” said MLS director George Moorhead. “Inventory levels have dropped to their lowest level, which makes buyer frenzy even more intense as prices approach double-digit appreciation,” he added. Moorhead, the designated broker at Bentley Properties, calculates buyers have lost $37,000 in buying power due to interest rate increases. He likens the situation to having two cars, “one going forward, and one going in reverse. The gap is widening too fast for some buyers.”

Closed sales also finished on a strong note with brokers reporting 7,575 completed transactions during December. That’s up more than 6.8 percent from a year ago when members notched 7,091 closed sales.

Prices area-wide also continued trending upward, rising nearly 9.2 percent from a year ago. The overall median price for single family homes and condominiums that sold during December was $343,950; a year ago it was $315,000.

King County prices jumped 12.2 percent, from $450,000 in December 2015 to $505,000 for last month’s sales. For single family homes (excluding condominiums) the median price for December’s sales was $550,000, unchanged from October and November. Prices peaked this year in King County in June, reaching $573,522.

Condo sales slowed compared to a year ago, due at least in part to a sharp drop in inventory (down more than 19 percent). Pending sales were essentially flat (up 0.73 percent). Closed sales for December slipped nearly 6 percent, while prices on last month’s completed sales of condos rose 9.8 percent. The median price on last month’s closed sales of condos was $280,000. Condo prices in King County jumped more than 12 percent, from $279,975 a year ago to last month’s sales price of $314,000.

“Looking ahead to 2017, the Seattle market will continue to perform well, even with the expected interest rate increase,” stated OB Jacobi, president of Windermere Real Estate. The regional economy is in full stride, he noted, adding, “This will continue to create increased demand for housing across the board. Price growth should start to cool a little as inventory levels rise modestly, but overall, 2017 should be another banner year for the housing market.”

Consumers should expect prices to continue edging upward, suggested Moorhead. “NAR indicates we are 70,000 units short of meeting the housing needs in the Puget Sound area. Builders are just flat out running out of urban land to work with,” he said. Moorhead believes rising costs for construction labor are the driving force for price increases. Builder confidence continues to grow, reaching its highest levels since 2005, he noted, but added, “Naturally, some trepidation is heard as some feel this level of growth in the market is completely unsustainable.”

Grady believes the pattern of low inventory and increasing prices will continue. “We believe it is a predictor for what to expect throughout 2017,” he commented. “There’s simply not enough new construction to fill the needs of new employees being hired both locally and new to the state. The key is employment,” Grady continued, saying “There’s no reason to think that a new administration will cause employment to slow down; rather, it’s more likely we’ll see it increase in the Puget Sound region so we’re off to another strong start in 2017,” he stated.

Scott, the chairman and CEO of John L. Scott, expects a higher number of new listings will start to show up in mid-February – “just in time for the spring housing market rush.”

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 the state.

 

Homes For Heroes

Picture of who is elgible

I am privileged to announce that I have officially joined the Homes for Heroes organization in their mission to help heroes across the country save thousands of dollars in the process of buying or selling their home.

What is Home for Heroes?

Homes for Heroes is an organization that was formed after the tragic events of 9/11 as a way to say “Thank You” to the heroes of our nation. The Homes for Heroes organization is composed of a network of real estate professionals who are prepared to give real savings to those who serve their communities when they buy, sell, or refinance a home. This program is our way to say, “Thank you!”

Who qualifies as a hero?

Our core group of local heroes includes but is not limited to: Military personnel, Police Officers, Firefighters, First Responders, Educators, and Health Care Workers.  If you think you might qualify, please contact me and tell me about what you do for your community. When you are buying, selling or refinancing a home, let us say thank you for all that you do!

How much will I save?

The total amount you save will depend on the final selling or buying price of your home. Homes for Heroes Affiliate Realtors agree to rebate equal to 25% of the gross commission they receive on your transaction. Discounted lender fees are also offered on purchases and refinances with a Homes for Heroes lender. The savings can be thousands of dollars!

Are there a lot of extra applications, forms, and paperwork?

No! Homes for Heroes promises no extra forms, no red tape, no fine print, no hidden fees, and no catch!

Homes for Heroes offers me the chance to help our local community heroes achieve their dreams of home ownership.  If you are interested in taking advantage of this opportunity, please contact me for more info or you can register now at www.snohomishcountyheroes.com to get started.

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