© Mariko Mitsui Real Estate

Volume 7 2019 Issue
Washington state's increase was second only to California, which had anet inflow of 3,597 wealthy millennials. The analysis defined richmillennials as people under the age of 35 with adjusted gross incomesof at least $100,000.

B uyers Getting “Some Relief” as KeyIndicators Point to Strong Summer for
Housing Market
Inventory, pending sales and prices all increased during June compared to ayear ago, according to the latest report from Northwest Multiple ListingService. The same report, which covers 23 counties in Washington state,shows year-over-year drops area-wide in both the volume of new listings andclosed sales.
"Clearly we now see that the market is moderating - that is we're definitely
moving from a 'hyper-market' to one where a correction is underway
compared to last year," remarked Mike Grady, president and COO of
Coldwell Banker Bain. "While it's the best time to buy that we've seen insome time, and buyers are getting some relief, it is still a seller's market," headded, noting some buyers are experiencing multiple offer situations, orconsidering inspection waivers, or are even forced to consider markets
outside King County for affordability.
MLS figures show the median price for single family homes and condos
that sold last month in King County was $637,675. In Pierce County it was$372,500, about 58 percent of the King County price, and in Kitsap County it
was $387,000, about 60 percent of the sales price in King County.
At midyear, the overall median price was $424,517, which compares to$405,000 for the first six months of 2018, an increase of 4.82 percent.
House hunters had a broader selection to consider as inventory at monthend totaled 16,800 active listings, about 9.5 percent larger than at the sametime a year ago. Brokers added 11,977 new listings during the month, a dropfrom both a year ago when they added, 13,153 new listings, and from May,
when they added 14,689 new listings.
Northwest MLS figures for King County show there were 5,931 activelistings at the end June, the highest for that month since 2012 when theselection totaled 6,500 listings.
"Every summer, we see the highest level of new listings and homes goingunder contract. After the surge of new listings in May, areas close to the job
centers saw listings return to the normal seasonal pattern in June,"commented J. Lennox Scott, chairman and CEO of John L. Scott Real Estate.
Commenting on the latest report from Northwest MLS, director ofWashington Center for Real Estate Research, James Young said "The perfectstorm of low interest rates and falling inventory continues along the I-5
corridor, with double-digit house price increases also continuing."
Market Activity Summary for June 2019
Listings
Single Family

NewHomes & Condos Listings

Closing Sales

TotalPending

Active# ofClosings

Average

MedianPrice

PriceKing

4,381

5,931

3,931

3,357

$780,172$637,675

Snohomish

1,756

2,163

1,722

1,447

$535,420$488,950

Pierce

1,892

2,045

2,017

1,622

$412,213$372,500

Total

8,029

10,139

7,670

6,426

$575,935$499,708

B reakouts! – Residential SOLD Average
June 2019 (King/Snohomish/Pierce County) SOLD Average
June 2019

Average $2019 VS

June 2018

2018

Auburn-Federal Way (110-310)$

437,692$

432,241

1.26%

Kent-Maple Valley (320-340)$522,852$501,471

4.26%

West Seattle (140)$718,148$

713,952

0.59%$

SODO-Beacon Hill (380-385)$

747,223

E.lake-Madison-Capital Hill (390)$

1,148,024

Queen Anne-Magnolia (700)$1,203,586*Belltown-Downtown Seattle(701)$

797,267

Ballard-Greenlake (705)$896,758

North Seattle (710)$

Shoreline/Richmond Beach (715)756,135-1.18%$ 1,377,678-16.67%$ 1,394,098-13.67%$

853,853-6.63%$

937,346-4.33%

915,834$

966,517-5.24%$

769,825$868,130-11.32%

Bellevue Downtown (520)$3,573,246$ 2,845,049

25.60%

Mercer Island (510)$2,236,992$ 1,946,391

14.93%

Bellevue South-Newcastle (500)$

1,168,828$ 1,143,324

2.23%

Renton Highlands-Downtown (350)$

629,642$-2.79%

Microsoft-Bellevue East (530)$1,180,936$ 1,240,427-4.80%

Kirkland Downtown (560)$

1,485,252$ 1,658,358-10.44%

Redmond (550)$918,961$

956,521-3.93%

Issaquah-Sammamish (540)$935,905$

964,385-2.95%

Juanita-Bothell-Woodinville (600)$

909,489$889,131

2.29%

Bothell North-Mill Creek (610)$696,871$

723,012-3.62%

Edmonds-Lynnwood (730)$680,048$616,270

10.35%

Everett-Mukilteo-Snohomish (740)$548,832$

524,743

4.59%

647,699*Condominium SOLD Average

W ho is buying vacation homes now?
You might think people who buy vacation homes are older, high-networth individuals, but a recent survey from Vacasa proves this is notnecessarily the case.
In fact, a number of older Millennials and young Gen Xers arelooking to buy vacations homes, drawn to their investment potential,with one quarter of prospective buyers in their 20s and 30s.
According to Vacasa’s survey of 721 buyers actively looking topurchase a vacation home, these younger buyers are more likely to be
motivated by the idea of owning an investment property, while older
prospects are looking to buy a second home for personal use.

W ealthy Millennials moving to Washington
More rich millennials are moving to Washington than any other state in
the nation except California, according to a newly released analysis.
The study, by the financial planning website SmartAsset and based on
the latest IRS data available, found a net inflow of 1,920 affluent
millennials into Washington state in one year. That breaks down to atotal inflow of 5,729 rich millennials and a total outflow of 3,809.

Average $Area (Area Code)Weekly Primary Mortgage Market Survey® (PMMS®)

Gina Brown (NMLS#115337)
Senior Loan Officer
425-766-5408
gina@gmgloan.com
www.loansbygina.com

July 12, 2019
Regional Breakdown

Average Rates
Fees & Points
APR30-Yr
FNMA
3.625%

30-Yr
FHA
3.25%

15-Yr
FNMA
3.125%5/1
ARM
3.875%*All loans are with a one point origination fee.

4.689%

4.384%

3.613%** Owner Occupied / Single Family Residence
740 credit score and 20% down payment for conventional
620 credit score and 3.50% down payment for FHA

4.009%