© MarikoMariko Mitsui
Mitsui Real
Real Estate
Estate©

Volume 11
11 20162016 Issue
Issue
VolumeH ome Sales and Prices Still Climbing
H
Around Puget
Puget Sound
Sound
AroundHome sales
sales aroundaround Western
Western Washington
Washington outgained
outgained newnew listings
listings again
again ininHome
October, fuelingfueling competitioncompetition forfor scarce
scarce inventory
inventory andand pushingpushing prices
prices
October,higher. Some
Some seasonalseasonal slowdown
slowdown isis still
still expected
expected -- andand thethe Nov.
Nov. 88 elections
electionshigher.
maybeinplay
aswell,according
tobrokers
atNorthwest
MultipleListing
may be in play as well, according to brokers at Northwest Multiple Listing
Service who
who commented
commented onon last
last month's
month's activity.
activity.
ServiceMLS members
members reported
reported 9,950
9,950 pending
pendingsales
sales during
during October,October, butbutthey
theyMLS
added
only
7,591
newlistings,
thelowest
numbersinceJanuary.
A
yearadded only 7,591 new listings, the lowest number since January. A yearover-yearcomparisonofpending
sales
shows
there
were633
moremutually
over-year comparison of pending sales shows there were 633 more mutuallyaccepted offers
offers last
last month
month than
than twelve
twelve months
months ago
ago forfor aa gain
gain ofof 6.86.8 percent.
percent.
accepted
Closed sales
sales improved
improved even
even more,
more, risingrising fromfrom thethe year-ago
year-ago total
total ofof 7,769
7,769
Closedcompletedtransactions
tolastmonth's
volumeof
8,554(up10.1percent).
completed transactions to last month's volume of 8,554 (up 10.1 percent).
"The furtherfurther wewe move
move into
into November,
November, thethe more
more we'll
we'll start
start feelingfeeling thethe"Thetypicalseasonaldropwhennewlistings
comingonthemarketdecline
by 50
50
typical seasonal drop when new listings coming on the market decline bypercentonamonthlybasis
compared
tospring
andsummermonths,"
percent on a monthly basis compared to spring and summer months,"suggested J.J. Lennox
Lennox Scott,
Scott, chairman
chairman andand CEO
CEO ofof John
John L.
L. Scott
Scott Real
Real Estate.
Estate.
suggestedBuyers areare still
still out
outthere,
there, hehe emphasized.
emphasized. "We're"We're heading
heading into
into winterwinter withwith aa
Buyersrepeatoflast
year'sconditions:lowinventory,abacklogofbuyers,
andrepeat of last year's conditions: low inventory, a backlog of buyers, andhistorically low
low interest
interest rates."
rates." On
On thethe heels
heels ofof thethe "best"best October
October onon record"
record"historically
Scott predicts
predicts "a"a strong
strong winterwinter market
market wherewhere thethe inventory
inventory remains
remains tight
tight
Scott
throughoutthe
the season."season."throughout
System-wide, prices
prices forfor single
single familyfamily homes
homes andand condos
condos(combined)(combined) rose
rose
System-wide,
nearly 8.2
8.2 percent
percent fromfrom aa year
year ago,
ago, increasing
increasing fromfrom $318,000$318,000toto $344,000.
$344,000.
nearlyIn thethe four-county
four-county Puget
PugetSound
Sound region,region, KingKing County
Countyclaimed
claimed thethe largest
largestIn
increaseandthehighest
prices.
Year-over-yearprices
jumped
14.5
percent,
increase and the highest prices. Year-over-year prices jumped 14.5 percent,from $432,750$432,750toto $495,500.
$495,500.
fromSingle familyfamily home
home prices
prices (excluding(excluding condos)
condos)increased
increased 9.2
9.2 percent
percent fromfrom
Singleayear
ago;
inKingCounty
thegainwasnearly14.6
percent,
climbing
froma year ago; in King County the gain was nearly 14.6 percent, climbing from
$480,000
to$550,000.
That
countywide
medianpriceishigher
than$480,000 to $550,000. That countywide median price is higher thanSeptember (which(which waswas $538,000)$538,000)but
but lower
lower than
than thethe year-to-dateyear-to-date peak
peak ofof
September$573,522
inJune.
$573,522 in June.
Mike Grady,Grady, president
president andand COO
COO atat Coldwell
Coldwell Banker
Banker Bain
Bain cited
cited solid
solid
Mike
local
economic
indicators
andtheFederal
Reserve'sdecisionon
Wednesday
local economic indicators and the Federal Reserve's decision on Wednesday
to hold
hold off
off onon increasingincreasing interest
interest rates
rates asas signals
signals forfor aa good
good time
time forfor homehometobuyers
andsellers
tomakeamove.
"Itactuallycould
beagreatwindowofbuyers and sellers to make a move. "It actually could be a great window ofopportunity,"
hestated.
opportunity," he stated.
Market Activity Summary for September 2016
MarketActivity Summary for October 2016
Listings
Listings
Pending
SingleFamily
NewTotal
Pending
Single Family
NewTotal
Homes
Condos Listings
Listings Active
ActiveHomes& &Condosof## ofClosings
Closings

Closing
Sales
Closing Sales
Average
MedianAverage
Median

3,777
3,576
1,601
1,561

3,309
3,272
1,431
1,364

Price
Price
$600,129$596,900$404,414$398,234$494,950$495,500

PiercePierce4,019 3,667
4,519
2,746
1,625 1,788
2,133
1,161
1,524 2,548
2,863
1,333

1,805
1,779

1,508
1,339

$306,745$313,540$274,900$275,000

Total
Total

7,168 8,003
9,515
5,240

7,183
6,916

6,248
5,975

$437,096$436,225$382,283$380,150

KingKing
Snohomish
Snohomish

Price
Price
$377,000$369,950

citycityin
inthe
thecountry.
country.The
Thestatewide
statewideunemployment
unemployment rate
rateininSeptember
September
droppedto5.6
percent.
Thestateadded
20,000jobs
in
dropped to 5.6 percent. The state added 20,000 jobs inSeptember
Septembercomparedcompared totothethemonthmonthbefore,
before, thethemost
mostsince
sincethethespring
springofof2000.
2000.

B reakouts!
reakouts! –– Residential
Residential SOLDSOLD Average
Average
B
September
2016(King/Snohomish/PieceCounty)
SOLD
Average
October
2016(King/Snohomish/PieceCounty)
SOLD
AverageArea(Area(AreaCode)
Code)
Area
Auburn-FederalWay
Way (110-310)(110-310)
Auburn-Federal
Kent-Maple Valley
Valley (320-340)(320-340)
Kent-Maple
WestSeattle
Seattle (140)
(140)
West
SODO-BeaconHill
Hill(380-385)(380-385)
SODO-Beacon
E.lake-Madison-CapitalHill
Hill(390)(390)
E.lake-Madison-Capital

Average$$ 2016
2016VS
VS
Average

Sept.20162016 Oct.
Sept.2015
2015
Oct.
340,990 $$ 329,996
316,613$$ 366,859
423,096 $$ 353,345
359,142$$ 404,168
547,488 $$ 486,200
521,510$$ 589,918
567,844 $$ 498,129
493,876$$ 525,319

878,721$$ 1,001,292
990,258 $$ 882,720
QueenAnne-Magnolia
Anne-Magnolia(700)(700)
964,404
Queen$$ 1,105,903
974,644 $$ 861,186*Belltown-DowntownSeattle(701)
Seattle(701) $$ 745,293
895,125 $$ 638,984
805,122*Belltown-Downtown

2015
2015
7.70%
11.17%
17.81%
14.38%
4.98%
21.33%
14.98%
5.46%
13.95%
12.18%
14.67%
13.17%
11.18%
16.64%

8.97%
8.08%
685,071 $$ 629,180
628,700$$ 680,011
0.42%
719,238 $$ 702,957
716,239 26.65%$$ 890,268-7.68%
Shoreline/RichmondBeach
Beach(715)(715) $$ 518,657
540,908 $$ 593,066
585,923 -12.55%
Shoreline/Richmond-2.23%
Bellevue Downtown
Downtown(520)(520)
2,254,208 $$2,264,997
2,305,735 -14.19%
Bellevue$$ 1,943,662
21.12%
4.52%
MercerIsland
Island(510)(510)
1,627,658 $$1,393,958
1,343,832
Mercer$$ 1,456,932
Ballard-Greenlake (705)(705)
Ballard-Greenlake
NorthSeattle
Seattle (710)
(710)
North

Bellevue South-Newcastle
South-Newcastle (500)(500) $$ 961,575
949,470 $$ 814,967
805,848Bellevue
RentonHighlands-Downtown
Highlands-Downtown(350)(350) $$ 509,126
487,912 $$ 451,819
449,320
RentonMicrosoft-Bellevue East
East(530)(530)
786,296 $$ 753,242
784,927
Microsoft-Bellevue$$ 830,631
KirklandDowntown
Downtown(560)(560)
KirklandRedmond(550)(550)
Redmond998,933 $$ 909,896
956,798$$ 1,059,400
779,240 $$ 746,725
648,351$$ 792,995
823,120 $$ 684,540
664,946$$ 797,737

Issaquah-Sammamish(540)(540)
Issaquah-Sammamish
Juanita-Bothell-Woodinville (600)(600) $$ 691,629661,593 $$ 568,195
597,935
Juanita-Bothell-Woodinville
BothellNorth-Mill
North-MillCreek
Creek (610)(610)
544,849 $$ 504,132
500,802
Bothell$$ 575,151
Edmonds-Lynnwood(730)$499,120$
454,685
Edmonds-Lynnwood (730)$ 485,779 $ 458,571
Everett-Mukilteo-Snohomish(740)$413,344$383,221
Everett-Mukilteo-Snohomish (740) $ 410,997 $ 405,939

17.82%
17.99%
8.59%
12.68%
0.17%
10.27%
4.40%
16.43%
20.19%
6.20%
23.79%
16.54%
10.65%
21.72%
8.80%
14.09%
9.77%
5.93%
7.86%
1.25%

*CondominiumSOLDSOLDAverage
Average*Condominium

hetop
top10
10RulesRulesofofBuying
BuyingaaHome
Home
TThe
Avoidbigbigheadaches
headachesififyou
you keep
keepthese
theseininmind:mind:
Avoid
1.StudyStudythe
thepurchasepurchaseagreementagreement carefully
carefully
1.
2.Personally
Personallyinspectinspectthetheinterior
interiorand
andexterior
exterior
2.
3.Do
Doaaneighborhoodneighborhoodcheck
check
3.
4.Review
Reviewthe
thesellers
sellersdisclosure
disclosurestatement
statement
4.
5.HireHireananinspector
inspector
5.
6.ReadReadthethePestPestinspection
inspectionreport,
report,ififapplicableapplicable
6.
7.Contact
Contactagencies
agenciesresponsible
responsiblefor
forroads,
roads,public
publicworks
worksandandzoningzoning7.
8.MakeMakesure
surethetheproperty
propertyhas
hasbeen
beenproperly
properlysurveyed,surveyed, nonohidden
hidden8.
easements
easements
9.Buy
Buytitle
titleinsurance
insuranceififyou
youarearepayingpayingcash.
cash.ItItwill
willbeberequired
requiredififyou
you9.
aregetting
gettingaahome
homeloanloan
are10.PutPutallallverbal
verbalagreements
agreements ininwritingwriting
10.

eattle area
area employment
unemployment
below
SSeattle
raterate
below
4%4%
According to the Seattle Times, the Seattle area unemployment rate has
According to the Seattle Times, the Seattle area unemployment rate hassqueaked below 4 percent. September's 3.9 percent unemployment ratesqueaked below 4 percent. September's 3.9 percent unemployment rate
for the Seattle-Bellevue-Everett area is down 4.1 percent a monthfor the Seattle-Bellevue-Everett area is down 4.1 percent a monthprior, and 4.6 percent a year ago. It marks the first time since Juneprior, and 4.6 percent a year ago. It marks the first time since June2008 that the jobless rate was below 4 percent. No other metro area in2008 that the jobless rate was below 4 percent. No other metro area inthe state has a jobless rate below 6 percent. In September, the Census
the state has a jobless rate below 6 percent. In September, the Census
Bureau reported that Seattle saw the fastest-growing incomes of any
Bureau reported that Seattle saw the fastest-growing incomes of any

Average $$Average

WeeklyPrimaryPrimaryMortgageMortgageMarket
MarketSurvey®
Survey®(PMMS®)(PMMS®)
WeeklyGinaBrown
Brown(NMLS#115337)(NMLS#115337)
GinaOcto
ber 17,11201
66
No
vember, 201

MortgageSpecialist
Specialist/ /Mortgage
MortgageCapital
CapitalAssociates
Associates
Mortgage

RegionalBreakdown
Breakdown FNM
FNMAARegional

425-766-5408
425-766-5408
gina@gmgloan.com
gina@gmgloan.com
www.loansbygina.com
www.loansbygina.com

A verageRates
Rates
AverageFees&&PPointsFees
o ints
A PR
AP
R

30-Yr
30-Yr

30-Yr
15-Yr
5/1
30-Yr
15-Yr
5/1
FHA
FNMAA
RM
FHA
FNMAARM
3.375%
2.875%
2.750%
2.750%
3.75%
3.00%
3.00% 2.875%*Allloansloansarearewitwithhaaone
onepoint
pointoriginat
origination
ionf fee.
ee.
*All

3.501%
3.879%

4.278%
2.973%
4.51
3% 3.225%

2.871%
2.99%

OwnerOccupied
Occupied/Single/SingleFamily
FamilyResidence
Residence****Owner
740credit
creditscore
scoreandand20%
20%down
downpayment
paymentfor
forconventional
conventional
740
640credit
creditscore
scoreandand3.50%
3.50%down
downpayment
paymentfor
forFHAFHA
640