November Real Estate Market.. HOT, HOT!

 

Snohomish County Statistics as of November 2016

15078749_1420841284600348_1785316821576766752_n

 

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!!

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?

30 Offers on one house???

Yep I am not kidding! See this house?

What a day yesturday! Put in an offer on a home in a HOT neighborhood for one of my investor clients and we were one of 30 offers! Yes, 30 I could not believe it!

I have been really rocking lately on getting homes for my clients in multiple offer situations but today I was humbled and reminded sometimes you can do everything possible and still not be the winning bid. I dont know exactly as of yet but, was told the winning offer was WAY over asking! It must have been because ours was too.

Sometimes this market is so crazy and just goes to show you what I have been saying lately there are more people looking earlier this year than I have seen in the last few years. So if you are in the market get out there soon because the best deals go very fast.

Or if your considering selling give me a call for a FREE Price Analysis anytime!

Here are some recent listings from my office and more coming. Its getting busy!

Remax Town Center Listings

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

 

 

Summer Time Means Some Great Concerts

snohomishcountyhomes4u Real Estate

Marymoor Concerts in the Park

Welcome June and To The Home Connection Newsletter.

Smokin deal in Outlook Ridge!

Brian

Had to let you know about this beautiful fully upgraded family home!!  Listed now for $345K~  Make us an offer!

This perfect sized 1900+ sq ft. home on a corner lot features 3 bedrooms, 2.5 bath, w/ Large bonus room or 4th bedroom.

The kitchen is a cook’s dream with warm cherry cabinets, slab granite counter tops, recessed lighting, birch hardwood floors and stainless steel appliances. Great Family neighborhood with community parks, basketball court and generous views of the mountains throughout the neighborhood.

New Snohomish schools and close to everything with a bit of a country feel. You will Love this home!  Outlook Ridge SnohomishBrina2    Outlook Ridge SnohomishOutlook RidgeBrian5Briab6Call me for more details and pictures.