NWMLS Stats

Depleted inventory is contributing to “overwhelming” traffic at open houses, shifts in strategies for both buyers and sellers, and escalating prices, according to officials with the Northwest Multiple Listing Service.

The latest figures show a drop of nearly 28 percent in the number of active listings in the MLS database compared to a year ago. Members added 6,670 new listings during the month across 23 counties in the MLS service area. That’s down nearly 4.6 percent from twelve months ago. At month end, members reported 12,357 active listings, which compares to 17,082 at the end of January 2015.

Measured another way, there is just under 2.5 months of inventory which compares to 3.8 months the
MLS reported for January 2015. Supply was especially tight in King County, at 1.4 months of inventory, and Snohomish County, with just under 1.6 months.

Condo inventory (excluding single family homes) fell sharply, from 1,793 active listings a year ago to last month’s total of 1,145 at month end, a plunge of 36 percent. In King County, the inventory of condos dropped 42 percent.

For the area overall, there is just 1.7 months of condo inventory, with Snohomish County reporting the tightest supply (1.1 months) followed by King County (1.2 months).I have a current listing for a one-bedroom condo in Lake Forest Park for $165,000 (see last week's blog). We have already received one offer, and there seems to be quite a bit of interest in it.

The inventory shortage took a toll on last month’s sales. The number of pending sales (mutually accepted offers) fell about 5.3 percent area-wide during January, although half the counties in the report tallied increases compared to a year ago. The 5.3 percent drop marked the first negative change in year-over-year comparisons since April 2014.

Member brokers reported 7,253 pending sales last month, down from 7,658 for the same month a year ago.

A strong fourth quarter in 2015 is reflected in January’s closed sales of single family homes and condos (combined), which rose 11.6 percent from a year ago. Members reported 4,985 completed transactions; a year ago, they tallied 4,467 closings. The year-over-year median price on these sales increased 7.5 percent, rising from $279,000 to $300,000. Ten counties reported double-digit gains.

Single family home prices (excluding condos) jumped 7.6 percent from a year ago for the area overall.

For the four-county Puget Sound region, the median price for a single family home rose 12 percent, from $325,000 a year ago to last month’s figure of $363,975. Snohomish County reported the largest increase at 16.6 percent. A comparison of prices by county shows King County tops the chart with a median sales price of $490,970, up 11.2 percent from a year ago.

Condo prices spiked 16.3 percent from a year ago, rising from $219,900 to $255,750. Which is why the Lake Forest Park condo listing is such a bargain.

And bargains are hard to find in this market...

Happy Investing!

Record-breaking Home Sales

Members of Northwest Multiple Listing Service reported 88,331 closed sales during 2015, outperforming the prior year’s volume of 77,276 transactions for a 14.3 percent increase.

Measured by dollars, last year’s sales of single family homes and condominiums were valued at more than $34 billion. Compared to 2014, that dollar volume represents a gain of nearly 23 percent.

Last year’s completed sales included 75,975 single family homes (about 86 percent of the total) and 12,356 condominiums. The total units and dollar volume surpassed the previous highs during 2007 when members registered 82,197 sales valued at $32.3 billion.

Year-over-year prices for single family homes (excluding condominiums) increased almost 8.5 percent system-wide, rising from $295,000 in 2014 to last year’s median price of $320,000. Condo prices jumped 13.3 percent, from the 2014 figure of $225,000 to last year’s median selling price of $254,900.

During 2015, the average area-wide supply, as measured by months of inventory, fell to 2.4 month, down from the previous year’s figure of 3.5 months. King County had the lowest level, averaging only 1.3 months of supply. Industry analysts tend to use a 4-to-6 month range as an indicator of a balanced market, favoring neither buyers nor sellers.

Among other highlights in its annual compilation of statistics, Northwest Multiple Listing Service reported:

• About 46 percent of last year’s single family home sales had three bedrooms, while the vast majority of condos (73 percent) had two bedrooms or fewer.

• The median price for a 3-bedroom home that sold in 2015 was $283,250, about 7.9 percent higher than the previous year’s figure of $262,500. 

• Of the condo sales, about six of every 10 (61.9 percent) were located in King County, primarily in Seattle or on the Eastside. That ratio matched the figure for 2014.

• Newly built condos fetched higher prices than single family homes. Last year’s sales included 8,548 newly built single family homes that sold for a median price of $425,000, and 1,018 condos that sold for a median price of $449,950.

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!

Downtown Seattle Condo for Rent December 1st

AVAILABLE December 1.


Located in the historic red brick Austin A. Bell building in hip Belltown location, in the heart of downtown Seattle. Highly walkable! The location is the best. Next-door to Starbucks. Macrina Bakery, and numerous excellent eating places of every cuisine within a few blocks.

Garage parking is available for an additional $150. For car-less commuters, Enterprise rentals will pick you up at the door, and a car-share membership can be arranged for short term needs. Easy walking distance to all downtown amenities and access to public transportation.

In a Soho type atmosphere, the unit contains a small office space, Viking stove, queen-size wallbed with NASA mattress in the loft which has additional den like area for comfortable napping, reading or LCD TV viewing. More photos on request.

This historic building was completely restored a few years ago, and the rental unit remodeled to include a small office, additional closet and storage space.

Amenities: Ceiling fan, Full Kitchen, Microwave, Dishwasher, Refrigerator, Ice Maker, Washer, Dryer, Rooftop patio, additional patio on condo floor.


Activities (on site or nearby): Pike Place Market, Shopping, Restaurants, Cinemas, Museums, Symphony, Ballet, Swimming, Boating, Sailing,Hiking, Golf, Fishing, Downhill Skiing, as well as all other Seattle features. New sculpture park on the Puget Sound is walking distance.

Sorry, no pets.

Exposed brick and 18-foot tall ceilings in this loft-style condominium provide a light-filled urban experience, just blocks from Seattle's Pike Place market.

If interested in a showing, please contact me at HomeLandInvestment@gmail.com

Happy Investing!