© Mariko Mitsui Real Estate

Volume 12 2017 Issue

H oliday shoppers include homebuyers,
but inventory is still a challenge"Normal seasonal slowdowns" are reported by some real estate leaderswith Northwest Multiple Listing Service, but other brokers say this holiday
season is still drawing crowds at open houses along with competitive
bidding in some neighborhoods.
MLS members reported 8,304 pending sales of single family homes andcondos, a slight (1.6 percent) gain over the year-ago figure of 8,173. Lastmonth's mutually accepted offers surpassed the number of new listings(6,098) by 2,206 properties to keep supply tight.
"Until we see a balanced rate of 4-to-5 months of supply, instead ofhovering around one month, we're not likely to see much change," remarked
George Moorhead, designated broker at Bentley Properties. "However," headded, "since we have seen these low inventory levels since 2013, maybe
this is going to be the new normal."
Moorhead, a member of the Northwest MLS board of directors, also said
this time of year is actually one of the best times to find a home. "There isless competition and sellers who list their homes at this time are usually
motivated to make their move. Some of the best pricing can be attained
from December through early February," he indicated.
J. Lennox Scott, chairman and CEO of John L. Scott Real Estate,described sales activity for new listings as "extremely strong." Despite
lower overall volumes of new listings and sales, Scott said the majority ofnew listings are selling within their first 30 days on the market. Hecalculated November's pending sales of single family homes outgained newlistings by nearly 41 percent.
Despite improvements in new listings, brisk sales kept inventory well
below year-ago levels.
Measured by months of supply, there is about 1.4 months of inventory
overall. In King County, supply has dwindled to 0.79 months, and only
slightly better, at 0.89 months, in Snohomish County.
Home values continue to escalate across the region. The system-wide
median price of $379,000 was up 10.8 percent from a year ago, with 15
counties reporting even sharper gains.
In King County the median price for single family homes and condoscombined jumped 15.6 percent, from $497,254 to $575,000. For single
family homes (excluding condos), the median price was $630,750, up
nearly 14.7 percent from last year. Condo prices surged 17.1 percent, due toa combination of depleted inventory (down 28 percent from a year ago) andhigher prices for new condos. (In King County, the condo component
classified as new construction that sold during November had a median
price of $873,490.)
Market Activity Summary for November 2017
Listings
Single FamilyNewHomes & Condos Listings
KingSnohomish2,102

TotalClosing Sales
Pending

Active
2,234

2,831

# ofAverage

Closings

Price

Price

$678,388$575,000

2,821

Median924

1,100

1,332

1,237

$468,411$429,950

Pierce

1,035

1,830

1,478

1,385

$342,173$301,900

Total

4,061

5,164

5,641

5,443

$496,324$435,617

Seattle home price increase highest in U.S.

a hefty margin. Seattle, Las Vegas and San Diego reported the highest
year-over-year gains. Home prices jumped 12.9 percent in Seattle, 9percent in Las Vegas and 8.2 percent in San Diego.

B reakouts! – Residential SOLD Average
November 2017 (King/Snohomish/Pierce County) SOLD Average
Area (Area Code)Average $2017 VS
2016
11.13%

Nov. 2017

Nov. 2016

Auburn-Federal Way (110-310)$386,547$ 347,836

Kent-Maple Valley (320-340)
West Seattle (140)$$449,100
654,225$ 397,517$ 530,088

SODO-Beacon Hill (380-385)$643,569$ 538,651

23.42%
19.48%

E.lake-Madison-Capital Hill (390)$ 1,160,775$ 886,002

31.01%

Queen Anne-Magnolia (700)$ 1,213,018$ 1,042,710

16.33%*Belltown-Downtown Seattle(701) $887,020

12.98%$ 887,046

0.00%

Ballard-Greenlake (705)$838,067$ 687,176

21.96%

North Seattle (710)$855,682$ 718,917

19.02%

Shoreline/Richmond Beach (715)$714,450$ 589,255

21.25%

Bellevue Downtown (520)$ 2,518,427$ 2,430,206

3.63%

Mercer Island (510)$ 1,670,306$ 1,738,560-3.93%

Bellevue South-Newcastle (500)$ 1,046,140$ 839,860

24.56%

623,478$ 523,642

19.07%

Microsoft-Bellevue East (530)$ 1,062,681$ 995,780

6.72%

Kirkland Downtown (560)$ 1,157,836$ 976,370

18.59%

Redmond (550)$827,965$ 828,106-0.02%

Issaquah-Sammamish (540)$857,248$ 800,919

7.03%

Juanita-Bothell-Woodinville (600)$799,613$ 698,482

14.48%

Bothell North-Mill Creek (610)$695,474$ 582,693

19.36%

Edmonds-Lynnwood (730)$553,282$ 494,079

11.98%

Everett-Mukilteo-Snohomish (740) $478,372$ 415,149

15.23%

Renton Highlands-Downtown (350) $*Condominium SOLD Average

L ow Inventory and Rising Prices Slow
National Home Sales
Existing-home sales improved slightly in September, rising monthover month 0.7 percent to 5.39 million. However, year-over-year sales
are down (1.5 percent) for the first time in the past year. According toLawrence Yun, chief economist for NAR, "Home sales in recent
months remain at their lowest level of the year and are unable to breakthrough despite considerable buyer interest in most parts of thecountry." Sales growth is being restricted by the same two factors thathave been plaguing the housing market since the start of the year: lowinventory and rising prices.

Gina Brown (NMLS#115337)

Weekly Primary Mortgage Market Survey® (PMMS®)

Mortgage Specialist /Mortgage Capital Associates

December 11, 2017425-766-5408
gina@gmgloan.com
www.loansbygina.com

A verage Rates

Regional Breakdown

Fees & Po ints
A PR

U.S. home prices rose at the fastest pace in more than three years in
September, lifted by a record-low supply of houses for sale. Seattle
posted the highest year-over-year increase, topping all other cities by

Average $30-Yr
FNM A
3.875%

30-Yr
FHA
3.375%

15-Yr
FNM A

5/1A RM

3.25%

3.50%

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

4.005%

4.867%

3.447%

3.626%** Owner Occupied / Single Family Residence
740 credit score and 20% down payment for conventional
640 credit score and 3.50% down payment for FHA