Snohomish County Statistics May 2019

May was not as hot as 2018 but with summer here we are starting to heat up a bit! I have started to see a bit more listings come on the market and price points under $450k were faster to move as buyers are starting to pick up the pace. Homes under $400,000 your chances of competing with multiple offers was much higher. It has certainly helped all price points that interest rates have leveled and even dropped a bit.

Active Inventory

We are up 1% May 2019 vs. May 2018

There were 2,426 available homes to come on the market +362 vs. April.

Pending Transactions

Down 5% May 2019 vs. May 2018

1962 units -109 vs. April

Sold Transactions

+0%!!! May 2019 vs. 2018

1660 units +223 than April

Days on Market

Snohomish County Active to pending 27 days vs. 18 a year ago. Down 8 days from last month. Homes prices over 450k seem to be taking up most of that time.

Median home price in Snohomish County 494,000 +0% last year. Down $1,000 from last month!

Area price and % based on last month (includes new construction)

Bothell-$670,500 down 8% from last month.

Edmonds/Lynnwood -4% to $525,000.

Everett/Mukilteo -3% to $452,000. Snohomish/Monroe +4% to $465,000

Lake Stevens/Granite Falls + 10% to $449,000

Marysville +6% to $410,000

King County Median home prices are $661,000 that is down 2% over last year and up $22k from last month. Woodinville area Median price is $764,000. Last year they were over 800k. Definitely a leveling in our east Snohomish/King County area.  Days on market 36 compared to 11 a year ago.

May19_MktSnapshot

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.

 

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Monday’s Real Estate Update

fort-lawton-view_600

LOCAL news 

The historic residences in Seattle’s Discovery Park that will soon be on the market have mountain and water views. I loved this place when I was a kid and will definitely be touring these homes.

Soon you’ll be able to buy one of the historic homes in Discovery Park

Snapshot of Snohomish and King County

In order below: County, New listings, total active, pending sales, closed sales, Average Price, Median Price. month of inventory and same time last year inventory. Read the full information from the NWMLS.

Snohomish 1,083 1,918 1,237 686 $341,735 $315,000 2.80 3.50
King 2,518 3,536 2,788 1,688 $487,745 $390,000 2.09 2.46

MORTGAGE & FINANCE news

 How to buy a home when you can’t afford one

There are down payment assistance programs in our state too. Just ask me and I can direct you to many that may help. Remember however there are guidelines and income requirements.

REAL ESTATE news 

Paul McCartney’s childhood home up for auction [VIDEO]

Home automation comes of age. Yes were heading towards the “Jetsons” age.

FOR FUN

Meeting the World’s first luxury tiny house. I am not sure about these they look like a trailer to me. Thoughts?

FHA Approved Condo With 2 Garages!!!

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US. Housing Price Appreciation and Real Estate News

Real Estate News

In 2013, the housing markets with the biggest increases in asking prices were all rebounding from severe price drops in the housing bust. Home prices are still in rebound mode, but this effect will weaken in 2014. Job growth, in contrast, mattered little for price gains in 2013 but helped drive rent increases.

In December, the year-over-year increase in asking home prices slowed for the first time since the price recovery began in early 2012: prices rose 11.9% year-over-year in December, compared with November’s 12.2% year-over-year increase. Asking prices rose 0.4% month-over-month, seasonally adjusted, the third straight month of gains less than 1%.

Overall, regression analysis shows that recent price gains are most strongly associated with the severity of the local housing bust. Markets where prices fell most during the bust (roughly 2006 to 2011, but varies by metro) offered bargains for investors and other buyers who have helped bid prices back up over the past two years. A second important factor is foreclosures: adjusting for other factors, metros with a higher foreclosure inventory today – including many in Florida – have slower price growth. Job growth, however, had little impact on local home price gains in 2013: the relationship between job growth and price gains was positive but not statistically significant.

Therefore, year-over-year price gains in December 2013 are still primarily a reaction to the housing bust, but this rebound effect is fading as we enter 2014. Looking at the quarter-over-quarter price changes throughout 2013, the relationship between the severity of the housing bust and the recent price recovery was stronger earlier in the year than later in the year. More specifically, the correlation between peak-to-trough price change (FHFA) and the Trulia Price Monitor quarter-over-quarter change was -.59 in March; -.45 in June; -.43 in September; and -.33 in December. This correlation is moving closer to zero, which signifies that the rebound effect is fading. As the housing market continues to recover, factors other than the rebound effect – like job growth – will matter more for price gains. That means slower but more sustainable price increases.

Note: These asking prices are SA (Seasonally Adjusted) – and adjusted for the mix of homes – and this suggests further house price increases, but at a slower rate, over the next few months on a seasonally adjusted basis.

From Trulia chief economist Jed Kolko: The Post-Crash Rebound, Not Job Growth, Drove 2013 Price Gains

Interactive Chart

Please take a look at this great interactive PDF with a map and average home price appreciation info for the entire United States by clicking  through to this link, you’ll find the US Map and much more state specific data in an interactive version.

US Housing app

We hope you find this information useful and never hesitate if you would like to see more or would like more information.

http://www.snohomishcountyhomes4u.com

 

 

Competition among home buyers Fierce!

News from NW Multiple Listing Service

FOR IMMEDIATE RELEASE: June 5, 2013

Competition among home buyers “still fierce;” rising interest rates adding to fury

NWMLS, Kirkland, WA, June 5, 2013 – Well-priced homes continue to draw multiple offers and sell at a brisk pace around Western Washington as buyers react to increases in interest rates and asking prices.

Northwest Multiple Listing Service reported double-digit gains in several key indicators it tracks for the 21 counties in its service area. Compared to a year ago, the number of new listings climbed 16 percent, pending sales increased about 10 percent, closed sales jumped nearly 22 percent, and prices rose more than 13 percent. Despite gains in listing activity, inventory remains tight.

Commenting on the latest report, brokers said the fast pace is frustrating some buyers — and surprising sellers with unrealistic expectations. One broker cautioned against an overheated market. “We do not want a market that escalates too fast and topples again,” commented Frank Wilson, Kitsap district manager at John L. Scott Real Estate and branch managing broker for its Poulsbo/Kingston office.

“Overly aggressive sellers find themselves disappointed when no or low offers are presented,” remarked Northwest MLS director Kathy Estey, the managing broker at John L. Scott in downtown Bellevue.

With inventory apparently improving, some would-be buyers are staying on the sidelines. The increased inventory is “cooling some buyers,” reported George Moorhead, managing broker at Bentley Properties in Mill Creek and a member of the MLS board of directors. “We also have buyers who are stepping back as they are frustrated with current inventory and multiple offers going well above asking price,” he added.

Inventory showed signs of improving with the addition of 11,445 new listings during May, the highest number since April 2010. May’s total outgained the year-ago figure of 9,861 new listings for a 16 percent gain.

“It has been refreshing to see more listings coming on the market, but with overall inventory remaining low the competition among buyers is still fierce for homes that are priced properly,” commented Estey.

At month end, there were 21,943 total active listings in the Northwest MLS database, a drop of 4,248 from the same time a year ago for a decline of more than 16 percent.

Buyers looking for condominiums will find slim pickings. Condos currently account for only about 10 percent of the available inventory. The area-wide selection, which numbers 2,253 listings, is down more than 26 percent from a year ago.

Brokers reported nearly as many pending sales system-wide (10,045) as new listings (11,445). Nine counties reported year-over-year gains in pending sales that exceeded 30 percent (Clallam, Cowlitz, Ferry, Grant, Grays Harbor, Island, Kitsap, Lewis, and Okanogan).

Most metro area counties had more modest gains in pending sales: King (up 6 percent) Snohomish (down 5.8 percent) and Pierce (up 10.6 percent).

Closed sales continue to track well ahead of a year ago. During May, members tallied 7,349 completed transactions, outpacing the year ago total of 6,027 by nearly 22 percent.

Prices jumped 13.4 percent from twelve months ago, rising from an area-wide median selling price of $242,500 to last month’s price of $275,000. The median price for homes and condos that sold in both King County and San Juan County was $375,000 ($100,000 higher than the area-wide figure). In King County, that represented a gain of 15.4 percent, while for San Juan County prices edged up only about 1.8 percent compared to a year ago.

“We’re seeing the trajectory of home prices beginning to soften and the number of days on the market decline,” observed Mike Grady, president and COO of Coldwell Banker Bain, adding, “The trends suggest inventory levels are slightly more sustainable, but we’re still clearly in a seller’s market. For the foreseeable future, buyers will continue to pay more the longer they wait to purchase a home.”

Frank Wilson, who is also a board member for Northwest MLS, said recent market activity is affecting home values. In Kitsap County, where his office is located, brokers added 575 new listings to inventory during May, improving on the year-ago total of 515. During the same period, MLS members reported 567 pending sales to soar past the year ago figure of 414 sales for an increase of nearly 40 percent. Median selling prices in Kitsap County rose 5.3 percent, from the year-ago figure of $228,000 to $240,000.

“Slow and steady is the key here,” Wilson cautioned, while also raising concern about low appraisals, which he described as the “inchworm effect” of the market. “As prices begin to appreciate we will continue to see challenges with low appraisals,” he predicted.

Moorhead said increased activity is very noticeable, with mixed outcomes. “We are seeing multiple offers at 5-to-12 percent over list price in highly sought-after areas,” he reported, but also noted “there are other homes on the market that are not selling with no real reason why.”

Some brokers also commented on rising interest rates.

Wilson said the biggest effect of the upswing in the real estate market has been the erosion of a buyer’s buying power. In May alone, interest rates jumped almost 0.75 percent, he noted, which reduces a buyer’s ability to purchase a $350,000 home by almost $31,000. Coupled with an increase in price, he said it “creates a compounding affect, which will frustrate buyers in today’s market.”

Estey said interest rate increases are “adding fury to the already frenzied buyers who must finance their purchase.”  A one-half percentage point increase in interest rates reduces buying power by 5 percent, she explained, adding, “so as prices increase about a percentage a month, the feeling of urgency mounts too.”

Commenting on the challenges buyers are encountering, Estey said, “The joy of buying a home in today’s market is in the long-term result of settling in, but the competitive process is sometimes not so joyful! Hiring the right broker who can add some fun elements and insights while wisely guiding buyers through the decision process can make a huge difference,” she suggests.

Federal officials are downplaying rising interest rates. In a recent interview, Frank Nothaft, Freddie Mac’s chief economist, commented on the latest rise that marked three consecutive weeks of increases. “While this may slow some of the refinance momentum, rates are nonetheless low and home-buyer affordability high, which should further aid home sales and construction in coming weeks,” he remarked, adding, “The rates are also lower today than they were a year ago at this time.”

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.

###

Statistical summary and sources quoted follow.

Statistical Summary by Counties: Market Activity Summary – May 2013

Single
Family
Homes
+ Condos
LISTINGS PENDING
SALES
CLOSED SALES MONTHS
SUPPLY
New
Listings
Total
Active
# Pending
Sales
#
Closings
Avg.
Price
Median
Price
King

4,352

4,832

4,041

3,122

$457,903

$375,000

1.20

Snohomish

1,564

1,777

1,487

1,131

$309,112

$285,000

1.20

Pierce

1,576

3,025

1,648

1,116

$234,875

$210,000

1.84

Kitsap

575

1,426

567

345

$286,870

$240,000

2.51

Mason

206

759

94

71

$178,045

$149,900

8.07

Skagit

245

785

226

149

$238,902

$220,020

3.47

Grays Hrbor

165

807

114

68

$143,411

$139,000

7.08

Lewis

187

700

90

74

$150,977

$134,500

7.78

Cowlitz

164

455

134

83

$174,330

$169,000

3.40

Grant

145

547

92

76

$169,412

$157,840

5.95

Thurston

506

1,121

482

332

$241,093

$225,500

2.33

San Juan

67

415

25

19

$519,047

$375,000

16.60

Island

279

834

199

117

$281,624

$240,000

4.19

Kittitas

150

447

66

60

$285,393

$217,995

6.77

Jefferson

123

466

53

40

$308,200

$298,750

8.79

Okanogan

114

447

48

28

$193,686

$147,950

9.31

Whatcom

552

1,448

398

279

$290,196

$250,000

3.64

Clark

83

149

69

54

$255,812

$229,000

2.16

Pacific

91

436

36

27

$136,736

$121,000

12.11

Ferry

11

76

4

5

$139,600

$151,000

19.00

Clallam

104

415

68

62

$191,923

$181,000

6.10

Others

186

576

104

91

$217,902

$179,900

5.54

MLS TOTAL

11,445

21,943

10,045

7,349

$343,639

$275,000

2.18

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 7386 7015 7295 6733 6489 6341 5871 6453 5188 4181
2013 5548 6095 7400 7462 7743

__________
Copyright © 2013 Northwest Multiple Listing Service
ALL RIGHTS RESERVED
This material may not be copied, published, broadcast, rewritten or redistributed without prior permission.

Earth Day Lets Celebrate

Earth Day

 

Earth Day is tomorrow April 22 and there are many things you can do that are great for the planet and are free or inexpensive for you. They will also help lower your energy bills, saving you money!

 

FREE LOW COST
Cut your shower each day by 2 minutes Switch your light bulbs to CFL’s
Turn off the faucet while brushing your teeth Purchase a programmable thermostat
Turn off lights when you are not in the room Lower your heat at night and while away at work
Carpool or take the bus to work 1 day a week Use reusable bags for grocery shopping
Recycle your food scraps in the yard waste (if available   in your area) or start your own compost bin When you can, try to shop and eat locally.
Pay all your bills online Replace your shower head with one that is low flow
Unplug appliances (coffee maker, toaster, printer etc)   when not in use. When buying new appliances, make sure thy are energy   efficient(not always low cost but it will save you money on your utility   bills)
Rather than drive walk to dinner at your local restaurant   (weather permitting of course) Purchase products that use minimal packaging
  Buy compostable trash bags for kitchen waste.
  Buy biodegradable products (cups, napkins, plates, etc)

Nylons?

This one is a bit of Beauty, Green tips and household all rolled into one. When you have fine particles and you need to strain them in a colander cut off a piece of old clean (of course) pantyhose (yes, pantyhose!) secure them over the bowl or cup to make a sieve, and flip it over to strain. I know it sounds weird but it works great!

Here’s one more nylon tip. If you run out of Swiffer pads use a pair of nylons! Preferably an old pair just cut them and put it over your swiffer pad. Works Great on the floors and really picks up the fuzz and dog hair! Or if you don’t have nylons around the house those chenille socks at the dollar store also work great!