Housing Trends

Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general. 

Please click on this link to view the Housing Trends October 2017 Newsletter http://wendywonder.housingtrendsenewsletter.com 

The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau, Realtor.org reports and other sources. 

Housing Trends eNewsletter is filled with local and national real estate sales and price activity provided by MLSs and the National Association of Realtors, U.S. Census Bureau key market indicators, consumer videos, blogs, real estate glossary, mortgage rates and calculators, consumer articles, and REALTOR.com local community reports. 

If you are interested in determining the value of your home, click the “Home Evaluator” link for a free evaluation report: 

http://wendywonder.housingtrendsenewsletter.com/dispContent.cfm?loadid=2&loadtype=0 

Sound decisions can only be made with accurate and reliable information, and I am happy to be a trusted resource for you. Thank you for the opportunity to provide you with this monthly eNewsletter, and I look forward to answering any questions you may have and to the opportunity to be your REALTOR® in the future. 

Sincerely yours, 

Wendy Ceccherelli
Century 21 NW Realty
216 31st Avenue Seattle WA 98122 
2063551706  
 wendy@c21nwr.com 

King County Housing Stats

Despite a sparse selection in many areas, an expected summer slowdown, and “appraisal conundrums,” Northwest MLS members notched 11,898 pending sales during August, eclipsing the same month a year ago by 1,295 transactions for a 12.2 percent gain. There were 8,628 pending sales in the four-county Puget Sound region -- the best August for mutually accepted offers since 2005 when members tallied 8,874 sales.

Brokers added 11,411 new listings to the Northwest MLS database during August, but they presented
offers for even more buyers (11,898) to keep inventory below two months of supply. At month-end, there were 18,336 active listings in the MLS system, a decrease of 11.6 percent from a year ago, resulting in only 1.9 months of supply. (Four to six months is generally considered to be a “neutral” or balanced market for buyers and sellers.)

In King County, the median price on 3,656 sales that closed during August was just under $500,000.
That’s up nearly 11 percent from the year ago figure of $450,700, but slightly lower than July’s median sales price of $505,000. Prices on single family homes (excluding condos) that closed in King County jumped 10 percent year-over-year, rising from $499,950 to $550,000.

So still a lot of demand for houses in our area, and a shrinking pool of available properties. A very HOT seller's market...

If you are thinking of selling, the market is hungry for inventory - and prices and demand continue to go up. For a free, no-obligation assessment of what your house might bring in today's hot housing market, please send a private email to HomeLandInvestment@gmail.com or leave a message on my 24-hour recorded hotline 888-621-4999.

Happy Investing!

Hot, hot, hot!

MLS figures show there is only 1.76 months of supply system-wide. In both King and Snohomish counties, there is barely more than one month of supply – well below the 4-to-6 months that many experts use as an indicator of a balanced market.

Even though brokers say paltry inventory is limiting sales, the year-over-year volume of pending sales rose more than 7.4 percent last month. Members reported 12,275 mutually accepted offers, up from the year-ago total of 11,425. MLS data going back to 2004 shows that one-month total is the highest on record.

Prices also rose. The median price area-wide for last month’s 8,630 closed sales of single family homes and condominiums (combined) was $339,950. That’s up more than 7.2 percent from twelve months ago when purchasers paid $317,000 for the median-priced home. Ten counties reported double-digit price hikes.

In King County, the median price jumped more than 11.7 percent, from $434,000 to $485,000. Prices on single family homes surged nearly 16.5 percent, rising from $480,942 to $560,000. Condo prices were up 9 percent, but finding one proved challenging as inventory dropped 29 percent in King County.

Happy Investing!

Hot, hot, hot!

The NWMLS reports that 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.

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.

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.

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.

This market is red hot for sellers, and a challenge for buyers...

Happy Investing!

2015 Housing Recap

The latest report from the NWMLS shows the year 2015 ended on a mostly positive note with pending sales, closed sales and prices all showing year-over-year increases.

Not surprisingly, listing activity dropped, in part because some sellers are balking at listing their home for fear of not finding a replacement.

The price of a single family home (excluding condos) that sold in King County during December jumped nearly 15.5 percent, from $440,000 to $508,000,

Area-wide there was just under 1.8 months of supply, with four-to-six months generally considered to be a “balanced” level. In King County, inventory dropped to less than one month (0.84). MLS figures show active listings in King County were down 39 percent (about 1,400 fewer properties) from 12 months ago.

Condo prices increased about 6.7 percent, from $239,000 to $255,000. In King County, which accounted for about 55 percent of the sales, the median sales price was $279,975. That’s up about 7.7 percent from a year ago.

Forecasts for 2016 all look strong for Sellers looking to cash in on their equity. For a free online evaluation of the value of your property in today's market, please send a private message to HomeLandInvestment@gmail.com with your name, contact information and property address.

Happy New Year!

Happy Investing!

Housing Market Slowdown

Housing market slowdown expected, but prices in most areas are still rising
KIRKLAND, Washington (October 5, 2015) – Scarce inventory, new rules for mortgage closings and affordability concerns will likely slow home sales around Western Washington during the remaining months of 2015 and into early 2016, according to spokespersons from Northwest Multiple Listing Service.

The latest statistics from the MLS show a double-digit drop in inventory, a double-digit jump in closed sales, and a near double-digit increase in prices from a year ago, prompting some industry leaders to consider the trends aren’t sustainable.

Despite an expected slowdown, closed sales through the first nine months of this year are running 16.6 percent ahead of the same period a year ago, with median prices up 9.2 percent.

The MLS report for September shows pending sales continue to outnumber new listings, resulting in inventory declines in most of the 23 counties in its service area. That imbalance leads to rising prices.

Northwest MLS members reported 9,574 pending sales (mutually accepted offers) in September for a 7.9 percent increase from the year-ago figure of 8,875.

Compared to the system-wide gain, prices rose at more modest rates in three of the four counties in the Puget Sound region, with Pierce County being the exception. Year-over-year prices there jumped 11 percent. Prices in Kitsap County were up only 4 percent from a year ago; in King County the gain was about 4.8 percent and in Snohomish County it was about 7.5 percent.

Single family homes in King County commanded the highest median price at $490,250, up 6.6 percent from the year-ago figure of $460,000, but down from June’s high of $500,000.

For September, the MLS reported 2.39 months of supply system-wide, about the same as the figure for August. The shortages were most acute in King County, with about 1.4 months of supply, and Snohomish County, with about 1.9 of a balanced market.

What does the future hold for the Seattle housing market, if this pace is not sustainable? Will Sellers be willing to put more inventory on the market as housing prices increase? Will Buyers decide to keep renting for now? What happens to the market as interest rates are expected to rise?

What do you think, dear Readers?

Happy Investing!

King County Real Estate Trends

The top 5 areas within King County* that have had the greatest numbers of real estate transactions in the first half of 2014 are:


1)Kirkland/Redmond with 911 residential resale transactions
2) West Seattle at 765
3) Bellevue with 732
4) South Seattle with 711
5) Kent with 673

Adding together the Seattle neighborhoods of Ballard (49), Capitol Hill (38),Leschi and Madrona (118), Green Lake/ U District (645),Madison Park (140), Magnolia(164), Mt Baker (157), Northgate (193), Queen Anne (142), South Seattle and West Seattle yields a total of 3122 transactions. This makes the City of Seattle the greatest in terms of numbers, but breaking the stats down by neighborhood allows us to see which areas of Seattle are most active. Seattle represents 29% of all residential sales in King County in the first half of 2014.

In terms of median prices for house sales in the first half of 2014, the top 5 areas in King County are:
1) Mercer Island at $1,100,000
2) Madison Park at $904,300
3) Capitol Hill at $813,750
4) Queen Anne at 795,000
5) Magnolia at $695,000

All of these areas were well above the King County median house price of $420,000.

The 10 least expensive places to buy a single family house in King County in 2014, based on median house prices, were:
1) East County at $200,000
2) Seatac at $224,500
3) Auburn at $233,489
4) Federal Way at $245,000
5) Normandy Park at $255,600
6) South Seattle at $256,000
7) Milton at $257,500
8) Kent at $259,500
9) Enumclaw at $260,000
10)Tukwila/Burien at $265,500

These areas have seen a 13% average appreciation in price compared to the same period in 2013; while King County as a whole has appreciated an average of 6%. The trend is clear, that as house prices increase, home buyers and investors look for value in less expensive areas of King County.

Happy Investing!

*Data from Data Data Inc.

House Sales Slowing Over Last Year

Today, the Northwest Multiple Listing Service (NWMLS) just released its market report for April 2014. The figures show that inventory is still tight, with only 1.74 months of inventory in King County. This makes a "Sellers market," as a more balanced market would have four - six months of inventory.

However, in April 2013 there was only 1.55 months of inventory in King County on the NWMLS. So the length of time it takes to sell a residential property has increased slightly.

Currently there are 4511 active listings in King County, with 3797 pending sales. The median price in King County of both condos and single family houses is $386,000. Overall, the median sales price of single family homes and condos on the NWMLS increased 1.9% over last year.

However, pending sales in King County are showing a 2-8% month-to-month decrease from their level in 2013.

For a free copy of the April 2014 NWMLS Market Report, please contact Wendy Ceccherelli at HomeLandInvestment@gmail.com or leave a message on our 24/7 recorded real estate hotline, 888-621-4999.

Happy Investing!

King County Housing Trends

It is still solidly a buyer's housing market in King County. Inventory is up and median prices are, well, flat....

Both new and active listings of residential and condominium units are up over the same period last year. There were 14,217 total active residential listings in King County through August 2010, as compared to 13,145 at this same time last year. Sellers are becoming more realistic in their pricing, down to an average list price of $556,076 compared to average asking prices of $652,363 last year. Nevertheless, the average SOLD price in 2010 is $431,678; as compared to the average sold price of $428,354 last year. This means, on average, that list prices are still 29% higher than where they need to be in order to sell.

Median home prices in King County hovered around $350,000 ($349,238 in 2010) for both residential and condominium sales. Not surprisingly, days on market have gone up dramatically throughout Washington state, and King County is no exception. While homes took approximately 81 days on market to sell in 2009, they are now taking an average of 122 days to sell in 2010.

What does all this mean? If you are a buyer, there is plenty of inventory from which to choose, prices are more affordable than they have been in years, and mortgage interest rates are at historical lows.

If you are a seller, be realistic about your list price, make sure your house is in pristine, ready-to-show condition, and be willing to offer creative and attractive terms for your prospective buyers.

For more tips on how to beat buyers to the hottest listings, how to sell your home fast and for top dollar, and how to sign up for my VIP Client programs, visit my website at www.HomeLandSeattle.com .

Seattle vs. National Housing Market

17 of the top 20 US metro areas saw increases in housing prices between May and June, but Seattle was not one of them, according to the latest Standard & Poor’s/Case-Shiller Home Price Indices report. Phoenix and Las Vegas were the other metro markets where housing prices dropped from May to June.

Nationally these markets saw an average increase in housing prices of 4.2% over the previous year; while Seattle housing prices dropped 1.8% over the same period.

The National Association of Realtors reported that sales of existing homes dropped 27.4% in July from the previous July; and new homes sales dropped 54.6% in Western states from the previous year, according to a joint report by the US Census Bureau and the US Housing and Urban Development Department.

In King County, the median price of single family homes sold in August was $380,000, an increase of 1.3 percent from the year-ago figure of $375,000. Inventory on the NW Multiple Listing Service has gone up 6.4% since last year, creating a strong buyers market for "value-hunters."

Economists believe the housing sales to be artificially low due to the tax credit program pushing some sales earlier in the year. And concern remains regarding the long-term prospects for the housing market. An expected increase in FHA mortgage rates in October may further delay the housing recovery.

Yet Marcus and Millichap expects to see recovery in the local apartment market, due to anticipated growth in jobs and employment in the Puget Sound. 31,000 jobs are to be added in the Puget Sound region this year. New apartment development in the North Seattle/Northgate area however, is expected to increase vacancy rates there.

Life After Tax Credits

Real estate investors and other professionals are all wondering, what will happen to the real estate market, now that first-time homebuyer tax credits have expired (for all but military and certain federal personnel- see my previous blog)?

Financial experts disagree on the potential impact. Economists are of the unanimous opinion that homebuyer tax credits helped boost demand and sell more houses, although how many of those sales would have occurred anyway is unknown. The National Association of Realtors thinks that only 18% of the estimated two million home sales in the last two years would not have occurred without the tax credits. Yet persistently high unemployment and the large number of foreclosures present formidable obstacles to a full economic recovery.

The good news is that housing sales are up, mortgage rates are still at historical lows, and housing prices continue to stabilize in much of the country. Spring time is traditionally a strong season for home buying in the Pacific Northwest. I'll be keeping my eye on sales in the region, and keep it posted here on the "Seattle Real Estate Investor" blog....

King County Real Estate- the Year in Review Part 2

Here's a very nice graph showing statistics from the NWMLS on single family home sales in King County in 2009.