© Mariko Mitsui Real Estate

Volume 4 2020 Issue

N orthwest MLS report for March shows
initial disruptions from coronavirus pandemic
Like many sectors of the economy, residential real estate is experiencing
disruption and uncertainty just when the vigorous spring market was ramping
up. Not surprisingly, the March activity report from Northwest Multiple
Listing Service, which covers 23 counties across Washington state, wasmixed as guidelines affecting how brokers conduct business evolved.
Housing activity around Western Washington in March showed the volumeof new listings added during the month surpassed February’s total, as did
both pending and closed sales. Year-over-year prices increased. However,commenting on the latest report, Northwest MLS brokers emphasized thenumbers do not yet reflect the impact the coronavirus pandemic is having on
local real estate.
“We expect that all numbers will decline in April and May as a direct resultof the governor’s “Stay Home” order that became effective on March 26,”
stated Mike Grady, president and COO at Coldwell Banker Bain. He also
expects April and May will be “bridge months” before the market returns to a“more normal” activity level, “assuming we all abide by Governor Jay
Inslee’s directives.”“The local real estate market experienced a bit of turbulence in late Marchas the coronavirus crisis evolved,” reported J. Lennox Scott, chairman andCEO of John L. Scott Real Estate. “Following statewide orders, the market
virtually paused for a few days, but began picking up after real estate
guidelines were adjusted to support social distancing,” he remarked.
Despite limitations, Northwest MLS brokers added 10,291 new listings tothe database during March, outgaining February by 2,505 listings (up 31.2%)
and nearly matching the year-ago number (10,516). At the end of March,
there were 9,418 active listings in the NWMLS database, a drop of nearly
22% from twelve months ago, but a gain of 23% from February.
Pending sales (mutually accepted offers) slowed during March, dropping
about 13.5% from a year ago. Brokers reported 8,880 pending sales during
the month, which compares to 10,261 for the same month a year ago.
Compared to February, pendings rose by 525 transactions.
System-wide, closings were nearly even with a year ago (6,735 versus
6,750), a reflection of strong activity at the start of the year.
Median prices on last month’s completed transactions rose 10.3% from ayear ago, increasing from $415,950 to $458,900. Only two counties (SanJuan and Ferry) reported year-over-year price drops.
“With social distancing guidelines in place, buyers and sellers can takeadvantage of historically low interest rates in the mid-threes. With inventory
shortages in many price ranges, the focus remains on each new listing.
Though our business practices have adjusted, we’re seeing sales activity
starting to pick back up.” added Lennox Scott.
Market Activity Summary for March 2020
Listings
Single Family

NewHomes & Condos Listings

Closing Sales

Total

Pending

Active# ofAverage

Closings

Price

MedianPrice

King

3,787

2,813

3,031

2,450

$776,296$645,000

Snohomish

1,542

1,060

1,421

1,083

$544,307$509,130

Pierce

1,637

1,203

1,566

1,099

$435,209$404,000

Total

6,966

5,076

6,018

4,632

$585,271$519,377

most educated large cities in the country, defined as places that had apopulation of 500,000 or more. According to the study, 43.6% of people
in Seattle ages 25 and older had a bachelor's degree and 16.8% had
graduate degrees. Nationally, 35% of people had bachelor's degrees and13.1% had graduate degrees, according to the study.

B reakouts! – Residential SOLD Average
March 2020 (King/Snohomish County) SOLD Average
Area (Area Code)Seattle ranked as one of the most educated cities across the country,
according to a new study printed on seattlepi.com. The study, conductedby AdvisorSmith, found Seattle took the seventh spot on the list of theAverage $2020 VS

Mar. 20192019

Auburn-Federal Way (110-310)$509,275$420,466

Kent-Maple Valley (320-340)$541,800$510,581

6.11%

West Seattle (140)$799,065$708,468

12.79%

21.12%$

SODO-Beacon Hill (380-385)$

737,841

688,420

7.18%

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

1,114,387$ 1,198,111-6.99%

Queen Anne-Magnolia (700)$1,353,459$ 1,252,918

8.02%*Belltown-Downtown Seattle(701)$808,582$ 1,294,548-37.54%

Ballard-Greenlake (705)$914,390$

831,754

9.94%

North Seattle (710)$952,726$

961,796-0.94%$

Shoreline/Richmond Beach (715)$698,106

749,232-6.82%

Bellevue Downtown (520)$

2,735,130$ 2,865,035-4.53%

Mercer Island (510)$

1,898,070$ 1,726,425

9.94%

Bellevue South-Newcastle (500)$

1,103,088$ 1,060,518

4.01%

Renton Highlands-Downtown (350)$

701,323

Microsoft-Bellevue East (530)$

Kirkland Downtown (560)Redmond (550)638,7729.79%

1,290,794$ 1,058,275

21.97%$

1,639,318$ 1,416,642

15.72%$

982,134$ 1,089,202-9.83%

Issaquah-Sammamish (540)$969,175$

977,598-0.86%

Juanita-Bothell-Woodinville (600)$894,079$888,608

0.62%

Bothell North-Mill Creek (610)$

793,087$

711,066

11.53%

Edmonds-Lynnwood (730)$

640,398$

610,178

4.95%

Everett-Mukilteo-Snohomish (740)$574,004$

486,545

17.98%$*Condominium SOLD Average

Mortgage related news
Mortgage rates have fallen back to recent lows, and though homebuyers
aren't exactly banging on the doors during the spring housing market
amid the coronavirus crisis, there are some hardy ones out there in thehunt. And there are still plenty of current homeowners who could savemoney through a refinance.
Mortgage credit availability in March fell to the lowest level in fiveyears, according to a survey by the Mortgage Bankers Association.
Lenders cite a large drop in liquidity, as investors in jumbo mortgagebacked bonds pull back. Jumbo loans are those valued above theconforming loan limit of $510,400.
Weekly Primary Mortgage Market Survey® (PMMS®)

Gina Brown (NMLS#115337)
Senior Loan Officer

O ne of the most educated cities in U.S.

Average $Mar. 2020425-766-5408
gina@gmgloan.com
www.loansbygina.com

April 15, 2020
Regional Breakdown

Average Rates
Fees & Points
APR30-Yr
FNMA
3.125%

30-Yr
FHA-15-Yr
FNMA
2.500%

5/1
ARM-*All loans are with a one point origination fee.

3.259%-2.737%-****FHA loans and the 5/1 ARM’s are not pricing right now due
to liquidity issues with the Forbearance due to COVID 19** Owner Occupied / Single Family Residence
740 credit score and 20% down payment for conventional