© Mariko Mitsui Real Estate

Volume 2 2019 Issue

H omebuyers Resuming Search Amid
Improving Inventory, Attractive Terms
Homebuyers around Washington state are making their way back to themarket, hoping to take advantage of improving inventory, attractive interest
rates, and more approachable sellers, according to officials with Northwest
Multiple Listing Service.
J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, saidbuyers "came out of the woodwork" after the holidays, eager to takeadvantage of better housing conditions. "Areas close to the job centers areseeing improved affordability from spring 2018," he said, attributing it tolower interest rates, strong job growth, and adjusted pricing.
Scott said buyers are also attracted by expanded inventory resulting fromthe addition of new listings and a higher number of unsold inventory,
although he noted "inventory levels are still considered a shortage.“MLS members added 7,090 new listings of single family homes andcondos during January, up from the year-ago figure of 6,805 and nearly
doubling December's total of 3,631. At month end there were 11,687 activelistings in the database, up more than 45 percent from the year-ago total of8,037. Listing inventory more than doubled in both King and Snohomishcounties.
"New listing inventory in King County is bringing more homebuyers to themarket. We are enjoying increased open house traffic, including during theSuper Bowl weekend," remarked Dean Rebhuhn, owner of Village Homesand Properties in Woodinville. He also commented on the early arrival of thespring market, crediting jobs and immigration as factors. "Properly priced
homes are selling!" he exclaimed.
Mike Grady, president and COO of Coldwell Banker Bain, expects activity
to pick up heading into spring, as is customary. "I have absolutely noconcerns about 2019 being a strong year, with prices rising 4-to-6 percent
and units up 10-to-12 percent. There is no reason for sellers not to move on
with their lives and list their homes," he remarked.
Prices on single family homes (excluding condos) rose 5.4 percent from thesame month a year ago. In the four-county Puget Sound region, prices
increased in Kitsap, Pierce and Snohomish counties, but decreased about 2.9
percent in King County, dropping from $628,388 to $610,000.
"The minor decline in King County home prices in January doesn't mean
the housing market is tanking; it's primarily because of the significant
increase in the number of homes for sale," suggested OB Jacobi, president ofWindermere Real Estate. "We may see prices take minor dips periodically inthe coming year, but for the most part they are expected to continue rising,just at a far more modest rate than in recent years," he added.
Market Activity Summary for January 2019
Listings
Single FamilyNew

Homes & Condos Listings

Closing Sales

Total

Pending

Active# ofClosings

Average

MedianPrice

PriceKing

2,591

3,688

2,452

1,575

$676,809$565,000

Snohomish

1,101

1,452

1,239

725

$467,439$430,000

Pierce

1,245

1,623

1,418

895

$374,723$326,950

Total

4,937

6,763

5,109

3,195

$506,324$440,650

STEM-friendliness and quality of life. Seattle topped the list for
professional opportunities which included metrics like job openings
and employment growth. Also included in the ranking was STEMfriendliness, like qualities of engineering schools and math scores. And
quality of life, which included metrics like housing affordability -Seattle did not make the top 10 for quality of life.

B reakouts! – Residential SOLD Average
January 2019 (King/Snohomish/Pierce County) SOLD Average
Average $Area (Area Code)Jan. 2019

According to a 2017 analysis by the U.S. Bureau of Labor Statistics,
STEM jobs grew at double the rate of non-STEM jobs between 2009
and 2015. WalletHub released a ranking of the best cities for STEM
jobs, determined by a set of 20 key metrics assigned points that were
evenly distributed into three categories: professional opportunities,2019 VS

Jan. 2018

2018

Auburn-Federal Way (110-310)$411,227$388,012

Kent-Maple Valley (320-340)$

484,552$473,475

2.34%West Seattle (140)$670,155$

728,864-8.05%$

5.98%

SODO-Beacon Hill (380-385)$

621,990

721,275-13.77%E.lake-Madison-Capital Hill (390)$1,181,088$ 1,019,831

15.81%

Queen Anne-Magnolia (700)$

1,175,598$ 1,179,199-0.31%*Belltown-Downtown Seattle(701)$

720,987$ 1,022,298-29.47%

Ballard-Greenlake (705)$826,236$805,263

2.60%

North Seattle (710)$

919,447$ 1,028,073-10.57%$-13.29%

Shoreline/Richmond Beach (715)$

676,818

Bellevue Downtown (520)$

3,005,250$ 2,809,190

6.98%

Mercer Island (510)$

1,563,729$ 1,578,468-0.93%

Bellevue South-Newcastle (500)$969,591$ 1,127,433-14.00%

Renton Highlands-Downtown (350)$

529,575$

Microsoft-Bellevue East (530)$

Kirkland Downtown (560)

780,555564,297-6.15%

1,109,819$ 1,114,924-0.46%$

1,315,939$ 1,390,567-5.37%

Redmond (550)$918,714$895,849

2.55%

Issaquah-Sammamish (540)$966,645$913,311

5.84%

Juanita-Bothell-Woodinville (600)$

849,556$

845,990

0.42%

Bothell North-Mill Creek (610)$696,799$695,9210.13%

Edmonds-Lynnwood (730)$563,218$594,715-5.30%

Everett-Mukilteo-Snohomish (740)$464,994$

467,791-0.60%*Condominium SOLD Average

H ave you checked your credit score recently?
Millennials often, and unfairly, get a bad rap for how they deal withmoney. In one of the many ways they're actually doing quite well, they'reimpressively on top of their credit scores — especially older millennials.
Almost nine of 10 older millennials, those ages 30 to 38, have checked
their credit score at least once, according to a new poll by
CreditCards.com. That's a better showing than any other age group.
And those who are looking up their score are checking in regularly.
Almost 45 percent have checked their score within the last three months.
Weekly Primary Mortgage Market Survey® (PMMS®)
February 15, 2019

Seattle, best city for STEM jobs

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

Regional Breakdown

Average Rates
Fees & Points
APR

30-Yr
FNMA
4.25%

30-Yr
FHA

15-Yr
FNMA

5/1
ARM

3.75%

3.625%

4.25%*All loans are with a one point origination fee.

4.387%

4.574%

3.862%** Owner Occupied / Single Family Residence
740 credit score and 20% down payment for conventional
620 credit score and 3.50% down payment for FHA

4.387%