© Mariko Mitsui Real Estate

Volume 3 2018 Issue

H ome buyers, sellers feel “loomingpressure” but Western Washington market
stays strong
Interest rates are creeping up, inventory is still squeezed, and some feared
revised tax laws would have a chilling effect on home sales, but Northwest
Multiple Listing Service leaders say the local market remains competitive.
Closed sales outgained last year's volume, 5,548 to 5,358, for an increaseof nearly 3.6 percent. Median prices on those sales surged almost 14.8
percent area-wide, rising from the year ago figure of $335,515 to lastmonth's price of $385,000.
Brokers added 7,284 new listings of single family homes and condos
during February, an improvement of nearly 6.4 percent from a year ago
when they added 6,848 new listings. Like many months during 2017, lastmonth's pending sales (7,980) outgained new listings (7,284), keeping
inventory depleted in many areas.
There is about 1.4 months of supply area-wide, but both King and
Snohomish counties have less than a month's supply. For condos, there isonly 0.88 months of supply .
Many brokers expect inventory levels to improve. "The arrival of daylightsavings triggers a burst in new listings," proclaimed J. Lennox Scott,chairman and CEO of John L. Scott Real Estate. "More listings lead to moresales. In real estate, it's all about the new listing," he stated.
Scott expects the boost in home price appreciation during the wintermarket when inventory is reduced will moderate. "Over the second half ofthe year, as more listings come on the market, home price appreciation
tends to flatten out," he explained while noting small upticks in mortgage
interest rates. Such increases have led to slightly higher mortgage payments,
Scott said, "but they have not put a damper on the market."B reakouts! – Residential SOLD Average
February 2018 (King/Snohomish/Pierce County) SOLD Average
Average $Average $2018 VS

Feb. 2018

Feb. 2017

Auburn-Federal Way (110-310)$391,524$ 377,293

2017
3.77%

Kent-Maple Valley (320-340)
West Seattle (140)$$473,064
742,049$ 423,779$ 573,211

SODO-Beacon Hill (380-385)$682,465$ 542,843

29.45%
25.72%E.lake-Madison-Capital Hill (390)$ 1,037,846$ 916,393

13.25%

Queen Anne-Magnolia (700)$ 1,220,302$ 1,064,843

14.60%
19.88%

Area (Area Code)11.63%*Belltown-Downtown Seattle(701) $950,962$ 793,252

Ballard-Greenlake (705)

838,251$ 766,953

9.30%
19.69%$

North Seattle (710)$984,126$ 822,201

Shoreline/Richmond Beach (715)$872,973$ 819,513

6.52%
62.43%

Bellevue Downtown (520)$ 3,472,584$ 2,137,854

Mercer Island (510)$ 2,112,327$ 2,222,971-4.98%$ 946,852

16.24%

Bellevue South-Newcastle (500)$ 1,100,616

Renton Highlands-Downtown (350) $547,822$ 585,494-6.43%

Microsoft-Bellevue East (530)$ 1,148,931$ 948,353

21.15%

Kirkland Downtown (560)$ 1,498,810$ 1,131,365

32.48%

Redmond (550)$873,821$ 807,561

8.20%

Issaquah-Sammamish (540)$929,722$ 852,502

9.06%

Juanita-Bothell-Woodinville (600) $862,018$ 698,970

23.33%

Bothell North-Mill Creek (610)$712,045$ 630,121

13.00%

Edmonds-Lynnwood (730)$611,582$ 492,29324.23%

Everett-Mukilteo-Snohomish (740) $498,101$ 423,203

17.70%*Condominium SOLD Average"Many buyers and sellers feel looming pressure, and with a mix of doomand elation, both are preparing for a flurry of activity," reported GeorgeMoorhead, designated broker at Bentley Properties. "We have not seen thetypical aggressive spring market yet," he added, noting "Buyers are coming
to the harsh reality that high home prices are here to stay" and they need toconsider smaller homes or longer than hoped-for drive times.

All good things come to an end—even low mortgage interest rates.
They've been steadily rising and are poised to climb even higher thisyear.

Moorhead also noted 30-year mortgage rates climbed slightly for theseventh consecutive weekly increase, but he said these small increases "arenot yet creating too much of a stir." Conversations with buyers are "morearound the cost of commuting and time away from home versus floor planand home size."

When they do, the cost of buying a home will rise as well. This could
make the challenges of today's buyer's market even worse for someprospective purchasers—particularly first-time buyers, having tosettle for smaller abodes, fixer-uppers and homes farther out wherereal estate is cheaper.
Some may even be priced out of the market altogether thanks to a
toxic combination of soaring home prices and increasing mortgage
rates.

Market Activity Summary for February 2018
Listings
Single Family

NewHomes & Condos Listings

Closing Sales

Total

Pending

ActiveT ime to act is Now.

# ofAverage

MedianClosings

PricePrice$590,000

King

2,549

1,645

2,480

1,864

$706,518

Snohomish

1,100

672

1,215

812

$487,307$460,000

Pierce

1,211

1,189

1,617

1,049

$347,666$320,000

Total

4,860

3,506

5,312

3,725

$513,830$456,667

S afest city in Washington state: Sammamish
A new report released recently and reported by komonews.com ranks
the safest cities in Washington state. The list, compiled by the National
Council for Home Safety and Security, ranks Sammamish as the No. 1
safest city in the state. Eighty cities were ranked altogether. Seattle
came in at No. 69 on the list and Tacoma was No. 77. Sammamish had
the lowest property crime rate, with only 8.3 per 1,000 residents.

Time to act is now. Seek a mortgage Pre-approval to see where you
stand in todays market.

Gina Brown (NMLS#115337)

Weekly Primary Mortgage Market Survey® (PMMS®)

Mortgage Specialist /Mortgage Capital Associates

M arch 13, 2018425-766-5408
gina@gmgloan.com
www.loansbygina.com

A verage Rates

Regional Breakdown

Fees & Po ints
A PR

30-Yr
FNM A
4.375%

30-Yr
FHA
3.875%

15-Yr
FNM A
3.75%

5/1
A RM
3.875%*All loans are wit h a one point originat ion f ee.

4.439%

5.295%

3.904%

3.836%** Owner Occupied / Single Family Residence
740 credit score and 20% down payment for conventional
640 credit score and 3.50% down payment for FHA