© Mariko Mitsui Real Estate

Volume 8 2017 Issue“S ummer doldrums for home sales “nothappening” around Western Washington

downtown region, 50 major projects are scheduled to begin construction
later this year, according to the Downtown Seattle Association. An
additional 99 developments are in the pipeline for future years.

New figures from Northwest Multiple Listing Service indicate home sales
and prices, like July's temperatures, sizzled. Prices area-wide rose slightly
more than 9 percent from a year ago, but several counties near job centers
saw larger price increases, including King County where the median pricejumped 18.6 percent.

B reakouts! – Residential SOLD Average
July 2017 (King/Snohomish/Pierce County) SOLD Average
Area (Area Code)Average $Average $2017 VSJuly 2017

July 2016201613.30%The latest report confirmed what most buyers and brokers know:
inventory shortages persist even though MLS members added slightly more
new listings last month than the same period a year ago.

Auburn-Federal Way (110-310)$396,934$ 350,329

Kent-Maple Valley (320-340)
West Seattle (140)$$450,580
645,097$ 398,528$ 568,169

Northwest MLS members added 12,300 new listings during July, ameager 122 more than the same month a year ago, but well below June's
total of 13,658 new listings.

SODO-Beacon Hill (380-385)$653,019$ 571,304

E.lake-Madison-Capital Hill (390)$ 1,154,557$ 1,090,214

5.90%

Queen Anne-Magnolia (700)$ 1,015,941$ 1,042,571-2.55%

At month end, there were 15,749 total active listings, down 13.9 percent
from the year-ago total of 18,287. Measured by months of supply, there wasonly about six weeks (1.6 months) in the MLS system overall, which
encompasses 23 counties. Twelve months ago it was closer to two monthsof supply (1.93 months).

*Belltown-Downtown Seattle(701) $791,481$ 745,289

6.20%

Ballard-Greenlake (705)820,915$ 732,050

12.14%King County continued to have the skinniest supply at only one month,but in many parts of Seattle and the Eastside the supply slipped below amonth.
Area-wide there were 11,800 pending sales during July, up 1.3 percent
from a year ago when members logged 11,645 pending sales. King County,
where inventory dropped nearly 20 percent, was one of nine counties thatexperienced a decline in year-over-year sales; mutually accepted offers inKing County slipped about 7.4 percent.

$13.06%
13.54%
14.30%

North Seattle (710)$933,433$ 959,060-2.67%

Shoreline/Richmond Beach (715)$681,210$ 546,753

24.59%

Bellevue Downtown (520)$ 2,551,752$ 2,039,834

25.10%

Mercer Island (510)$ 1,770,251$ 1,820,334-2.75%$ 936,016

10.57%

Bellevue South-Newcastle (500)$ 1,034,936Renton Highlands-Downtown (350) $576,384$ 512,178

12.54%
18.33%

Microsoft-Bellevue East (530)$980,322$ 828,494

Kirkland Downtown (560)$ 1,157,182$ 1,066,183

8.54%
25.60%

Redmond (550)$888,895$ 707,705

Issaquah-Sammamish (540)$860,547$ 791,582

8.71%

The median price on last month's 9,707 closed sales was $382,000, up
more than 9.1 percent from twelve months ago when it was $350,000.

Juanita-Bothell-Woodinville (600) $765,801$ 680,392

12.55%

Bothell North-Mill Creek (610)$646,652$ 573,497

12.76%

Homes in King County continued to command the highest prices. The
median price for homes and condos that sold in King County during July
was $599,000, up 18.6 percent from a year ago when it was $505,000. For
single family homes (excluding condos) in King County, the median pricejumped at the same rate, rising from $555,000 to $658,000.

Edmonds-Lynnwood (730)$580,412$ 501,094

15.83%

Everett-Mukilteo-Snohomish (740) $472,204$ 423,057

11.62%"We're seeing an increase in inventory in the mid- and upper price ranges
and that is creating great selection and breathing room for some of thebacklog of buyers," said J. Lennox Scott, chairman and CEO of John L.
Scott.
Nevertheless, Scott said it continues to be a seller's market. It's still thenorm for homes in areas near job centers to sell quickly with multiple
offers, he noted. "Sales activity remains at a frenzy pace in the more
affordable mid-price ranges in the four-county Puget Sound area."
Market Activity Summary for July 2017
Listings
Single Family

NewHomes & Condos Listings

Total

Closing Sales
Pending

Active# ofAverage

Closings

PriceMedianPrice

King

4,191

3,465

3,787

3,462

$692,401$599,000

Snohomish

1,876

1,759

1,856

1,556

$465,930$430,000

Pierce

2,097

2,499

2,208

1,635

$342,309$306,000

Total

8,164

7,723

7,851

6,653

$500,213$445,000*Condominium SOLD Average

5 Reasons to buy NOW!
1. Robust economy
A relatively healthy economy and steady job growth are boosting
consumer confidence across the country.
2. Interest rates are low
Interest rates have risen over the past few months, but they remainhistorically low.
3. A surge in housing inventory
The prime home-buying season heats up in the spring as new families
search for homes in time to move in before the new school year.
Higher housing inventory levels give buyers more bargaining power.
4. Low down-payment options
Being a first-time homeowner can work in your favor. There areprograms that allow for down payments as low as 3 percent.
5. Rental prices are going up
Rental prices are going up in a majority of US housing markets thisyear and it would be more affordable to buy a home rather than rent.

Gina Brown (NMLS#115337)

Weekly Primary Mortgage Market Survey® (PMMS®)

T he crane capital of America

Mortgage Specialist /Mortgage Capital Associates

A ugust 15, 2017

For the second year in a row, Seattle has been named the crane capitalof America, as reported by the Seattle Times, and no other city is evenclose. Seattle had 58 construction cranes towering over the skyline at thestart of the month, about 60 percent more than any other U.S. city.
Seattle's construction cycle doesn't look like it's letting up. In the greater425-766-5408
gina@gmgloan.com
www.loansbygina.com

A verage Rates

Regional Breakdown

Fees & Po ints
A PR

30-Yr
FNM A
3.875%

30-Yr
FHA
3.25%

15-Yr
FNM A
3.00%

5/1
A RM
3.00%

*All loans are wit h a one point originat ion f ee.

4.004%

4.512%

3.224%

3.122%** Owner Occupied / Single Family Residence
740 credit score and 20% down payment for conventional
640 credit score and 3.50% down payment for FHA