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Tag: Real Estate Lake Stevens
The Home Connection for September
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.
Snohomish County Statistics July 2016
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
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!!!
Hurry New Listing today! At $150,000 will go very fast!
FHA approved condo in a great location! Bonus 2 private Garages and a parking space!!! You wont find one like this! Perfectly maintained ground floor one owner condo in Autumn Brook. This two Master bedroom, two bath has it all. Tile entry, breakfast bar, dining area, gas fireplace, gorgeous updated baths w/ custom cabinets & granite counters in kitchen & one bath. Large patio over looking greenbelt. Quiet community tucked away w/playground & sports court. Close to Boeing, bus and shopping.
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.
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
2013 Summer Events
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 |
__________
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