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

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

washington.jpg

Real Estate news and more

Happy Friday! I hope you enjoy this Real Estate round up of our area and other interesting articles plus some fun stuff too.seattle

REAL ESTATE news

Real estate getting bubbly but unlikely to pop, Seattle “is on fire across every sector

 

Number of million-dollar homes in Seattle area has tripled since 2012

U.S. existing home sales rise for a second straight month

MORTGAGE & FINANCE news

3 financial apps that will transform how you manage money

Will Millennials ever be able to retire?

The 7 biggest investment mistakes celebrities make

 

 fireplace

HOME trends

From ceiling space to playroom

10 tips for budget-friendly lawn care

7 weird ways to stay cool this summer

LOCAL news

Massive frozen food recall in Washington State

Seattle No. 3 on top 25 best cities to find great jobs

Seattle to host 2018 Special Olympics

Is Seattle a better bicycle city than Portland?

Seattle homes selling faster than anywhere else in the U.S.

Seattle growth was 11th fastest according to just released Census data, now 18th on list of biggest U.S. cities

Facebook unveils Frank Gehry design for its new South Lake Union offices

Snohomish County looking to increase bike tourism

Snohomish county offers top teacher salaries in the state

City of Edmonds to develop an affordable housing strategy by 2019

WEEKLY DOSE OF awesomeness

House made from cardboard for is not your kid’s refrigerator box

 

 Have a spectacular weekend everyone! 

#snohomishcountyhomes

 

 

 

Buyer Frustration Builds as Inventory Shrinks

News Release

March 7, 2016

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 up 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

The Home Connection January 2015

It has come to my attention that the January Newsletter did not auto send as it was suppose too. I apologize here it is and some great stuff to check out. I can say however  “The Eye on the Market” side Wow I am a busy girl! My partner lender just told me she secured a client of mine 3.75% on a home loan and she and I are excited at how much this is going to save families wanting to buy. Is 2015 your year? If so let me know and lets get you started!

January 2015

January 2015B

 

 

Countdown to Christmas and spotlight on homes~ December 18th

Darrington- $175,000~Price reduction on this remodeled rambler! This is a move in ready home with 3 bedrooms & 2 baths. Custom cabinets, new counter tops w/glass backsplash. New windows, floor coverings such as tile in the kitchen, new carpet in the bedrooms, beautiful laminate in the living room, dining room, & entry. The bathrooms have new vanities w/granite. Glass slider to large deck which looks out to an unobstructed view of Whitehorse Mt. Yard is fully fenced w/RV parking and alley access. Close to schools.

Darrington

Beautiful kitchen with new countertops, backsplash, and ceramic darr3

Holidays~ We love to have fun and enjoy ourselves on the holidays and sometimes that means we over do it. I am in awe of a local tow company and what they are doing to help this Holiday Season if you have a “bit too much” No one has any excuse do drink and drive. If you need them they are there and please pass it around!!

This is from their Facebook page– “Good evening friends, I am sad to report that the last few weekends we have seen a huge up swing in DUI’S, And we here at American towing have a VERY firm stance and on driving impaired, DON’T! Now through the first of the year, on every Friday and Saturday night, as well as Christmas eve, and New Years eve, 8 pm thru 3am, if you have had too much to drink, we will tow your car home FREE OF CHARGE, this is good from Marysville to Lynnwood, please, there is no excuse, DON’T DRIVE UNDER THE INFLUENCE, we ask that if you can afford to, tip the driver, as they are donating their time to get people home safe, please feel free to share this! American towing, 425 355 7212.

www.snohomishcountyhomesinc.com

Western Washington housing market stability continues

Western Washington housing market stability continues

Modest gains in sales, prices

Kirkland, WA – September 4, 2014

“Stability” seemed to characterize the direction of Western Washington’s housing market during August, according to new figures from Northwest Multiple Listing Service.

Both the volume of sales and prices rose slightly from a year ago, although both indicators slipped somewhat from July. MLS members also reported a modest year-over-year increase in inventory, but the number of new listings added to the selection during August was the smallest since April.

“What we are seeing now with the market is a moderated growth in appreciation, a normalizing of sales volume, and continued health overall,” declared MLS director George Moorhead, the owner and designated broker at Bentley Properties in Bothell. “It is not a call for alarm,” Moorhead emphasized, describing it as “just a balancing and adjusting of a healthy market.”

MLS members reported 9,342 pending sales across the 21 counties served by the Kirkland-based organization. That marks a 3.1 percent gain over the year-ago total of 9,065 mutually accepted offers. Eleven counties reported increases in pending sales during August compared to the same month a year ago.

Commenting on inventory, MLS board member Dick Beeson said the pace of activity in the South Sound has slowed, “and that means buyers have to keep a keen eye out for good bargains in areas they have been scouting.” Beeson, a principal managing broker at RE/MAX Professionals in Tacoma who oversees offices in four counties, said sellers are more in the driver’s seat than they were earlier in the year. “It’s not a mad-rush sellers’ market,” he reported, but added, “buyers are realizing they must act in a timely manner to compete.”

At month-end buyers could choose from 27,060 active listings – about 2.4 percent more than the inventory of a year ago when there were 26,433 properties in the MLS system. The total at the end of August included 10,054 new listings that were added during the month, down slightly from the year-ago figure of 10,172. Last month’s total number of new listings was the smallest total since April.

System-wide, there is just under 3.5 months of supply, but that average varies widely among the counties served by Northwest MLS. King County, with only about two months of supply, has the tightest inventory. Four-to-six months of supply is considered a balanced market between buyers and sellers.

“We continue to have a shortage of homes for sale in King County – one of the best housing markets in the nation,” noted J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. He credited “fantastic job growth, foreign buyers and very favorable interest rates” as factors in creating a backlog of buyers.

Through eight months, MLS figures show the number of closed sales is outpacing the same period a year ago by a slim margin (115 units). MLS members reported 7,775 closed sales during August, slightly below the year-ago total of 7,841 (down 0.84 percent) and the previous month’s total of 7,878 completed transactions.

Year-over-year prices for single family homes and condominiums that sold last month rose about 1.6 percent compared to a year ago, increasing from $283,000 to $287,500. Despite the system-wide increase, five counties reported declines in median prices for sales that closed in August compared to 12 months ago (Grant, Jefferson, Kitsap, Okanogan, and Pacific). Seven counties had double-digit increases.

In King County, the median selling price was $398,000 for a 1.4 percent gain from the year-ago figure of $392,500. According to MLS statistics, the sales price in August matched the figure for May, but slipped from the figures for June ($410,000) and July ($425,000).

Single family homes (excluding condos) had a median selling price of $299,950 area-wide, up 2 percent from a year ago when it was $294,000.

In King County, the median sales price for single family homes that sold during August was $437,000; a year ago it was $430,000.

“The current trend for strong pending activities and solid closed transaction numbers should keep the confidence level steady,” remarked Darin Stenvers, chairman of the board of directors at Northwest MLS. “Buoyed by low mortgage rates, buyers should remain optimistic about their new home purchases late into 2014,” he added.

Stenvers, the branch manager at John L. Scott in Bellingham, expects the balance of 2014 will remain at a slow and steady pace of appreciation, which should help distressed sellers. “Sellers should reevaluate the market as they may be surprised at the current values,” he suggests.

The recovering market is also boosting activity for home improvement contractors and subcontractors, Stenvers noted. “Sellers are able to afford to improve their homes prior to marketing them, or buyers are undertaking reasonable remodels shortly after closing,” he reported.

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.

Click here for Statistical Summary by Counties: Market Activity Summary – August 2014, and 4-County Puget Sound Region Pending Sales

WEEKLY DOSE OF Real Estate Awesomness

MORTGAGE & FINANCE news

7 steps to help you navigate the mortgage process

5 tips for unmarried couples buying a house together

 5 tips to help you win a bidding war for your new home

REAL ESTATE news

 Seattle-Bellevue-Everett Metro area 3rd fastest-moving housing market in U.S.

 Home Tips

So you boldly painted a wall a vibrant red. Now what?

 5 ways to turn that drab deck into a relaxing summer oasis

 Tips for cutting down waste while entertaining this summer

 Water conservation tips for Seattle and all Puget Sound homeowners

Just for fun! Take a look at this Everett Home listed for Sale.

What a view of the Cascades and the entire Snohomish Valley!  Can you imagine waking up each morning and having coffee on the deck to this? Its one of the very many scenic views our community offers and is the reason I call this area home.

 View6

 #snohomishcountyrealestate

#snohomishcountyhomesforsale

Mortgages may be easier to get than potential home buyers believe

Many potential buyers think they need near-perfect credit scores to get a home loan. But lenders may be loosening their tight underwriting standards.

WASHINGTON — Are you on the home-buying sidelines this spring because you think you won’t be able to qualify for a mortgage? Do you know what sort of FICO credit scores are being accepted by lenders at the moment — they’re lower than they were a year ago — and whether yours could now be good enough?

You may be part of the surprisingly large crowd of folks who fear the home-loan unknown. A new national consumer survey found that 56% of potential purchasers of homes say they’re out of the market because they don’t want to face the possibility of rejection by lenders. Even 30% of current homeowners believe that they wouldn’t pass muster today.

Using a statistical sample of 1,055 Americans 18 and older, survey research firm OmniTel, polling on behalf of mortgage lender LoanDepot, documented widespread uncertainty and lack of specific knowledge about current market conditions when it comes to qualifying to buy a home. According to the survey, 74% of potential buyers who would need a mortgage concede that they have not scoped out the current market or taken the steps needed to qualify.

Many potential buyers believe that they need near-perfect credit scores to get a home loan. Half of those surveyed said they had no idea what minimum FICO score is needed for a mortgage, and nearly a fifth (18%) said the minimum score might be 770 or higher.

Debt-to-income ratios are another insurmountable obstacle in many potential buyers’ eyes — enough so that they don’t even try to obtain a mortgage.

Most lenders use two forms of debt ratios: a “front end” ratio that compares the monthly costs of the proposed new mortgage and other housing expenses with the applicant’s monthly income, and a “back end” ratio comparing all recurring monthly debt obligations — housing expenses, student loans, credit cards and the like — with the applicant’s monthly income. Roughly a third of potential buyers on the sidelines believe that their debt ratios are too high.

But what’s the statistical reality on debt ratios, FICO score minimums and down payments? What are lenders approving?

The best answers come from a company called Ellie Mae, whose loan origination and tracking software is widely used by lenders. Every month Ellie Mae analyzes a huge sample of new mortgage originations nationwide and issues an overview report rich with the sort of detail that buyers sitting on the sidelines could use.

Here’s what it found in its report on March:

•Thirty-three percent of new loans last month had borrower FICO scores below 700. A year ago it was just 27%. (FICO scores max out at 850, which is considered excellent credit; applicants with scores under 700 present higher credit risks to lenders.) Federal Housing Administration-insured home purchase loans had an average FICO in March of 684. Conventional mortgages, those designed for purchase by investors Fannie Mae and Freddie Mac, still have relatively high FICOs — they averaged 755 in March, but that was down slightly from 759 a year before. Lenders are doing far fewer refinancings this year, so they are loosening up on FICO minimums for purchasers.

•Debt ratios also are more generous than many sidelined potential borrowers probably imagine. The FHA’s average front-end (housing costs) ratio last month for purchase loans was 28%. In other words, if your projected housing and mortgage-related costs represent 28% of monthly income, you’re average. Fannie Mae and Freddie Mac loans averaged 22% ratios on the front end. Back-end (total recurring debt) ratios for FHA averaged 41%. For Fannie and Freddie it was lower — 34%.

•Down payments can be small if that’s what you need. FHA’s average down payment last month for home purchases was 5%, but many borrowers put down just 3.5%. Fannie and Freddie allow 5% down as well, provided that you can pay mortgage insurance premiums. VA loans can go to zero down if your veterans status allows you to qualify. Department of Agriculture home buyer loans, which are designed for people who live in small towns, also allow for no down payments.

The point here: If you’re on the sidelines, check out what’s really going on in the mortgage market. There may be more opportunities — even in an era of tighter underwriting — than you think.

Article by Ken Harvey

%d bloggers like this: