© Mariko Mitsui Real Estate

Volume 7 2016 Issue

M arket showing signs of adjusting, butbuyers still see double-edged sword

sold homes across the state hit $307,658 in April, according to The
Seattle Times. That's a 37-percent increase from four years ago,according to Zillow data.

Home sales around Western Washington continued at a torrid pace during
June, but a 10 percent year-over-year increase in new listings has somebrokers with Northwest Multiple Listing Service suggesting a little relief
may be emerging.

B reakouts! – Residential SOLD Average

J. Lennox Scott, chairman and CEO of John L. Scott, Inc., described themarket as "frenzy hot" in June, but suggested there was a "short breath offresh air for homebuyers." He credits the combination of more inventory
coming on the market and lower interest rates with bringing some"welcome relief to the backlog of buyers who have been waiting topurchase a home."

June 2016 (King/Snohomish/Piece County) SOLD Average
Area (Area Code)Average $Average $2016 VS2015
10.97%

June 2016

June 2015

Auburn-Federal Way (110-310)$349,806$ 315,222Kent-Maple Valley (320-340)
West Seattle (140)$$412,008
589,747$ 370,710$ 519,229

SODO-Beacon Hill (380-385)$530,130$ 463,832

13.58%
14.29%

There were fewer multiple offers for each new listing, according to Scott's
analysis of the latest data, but he said 80 percent of new listings are still
selling within the first 30 days in price ranges where 90 percent of the sales
activity is taking place. That, he said, contrasts with a "healthy" (morebalanced) market when only around 30 percent of listings are selling in thefirst 30 days.

E.lake-Madison-Capital Hill (390)$ 1,048,539$ 996,742

5.20%

Queen Anne-Magnolia (700)$ 1,082,489$ 1,071,013

1.07%

New listing activity improved compared to a year ago with 12,759 sellers
putting their home or condo on the market. That's a 10.2 percent
improvement from twelve months ago and marks the largest number of newlistings added in a single month since March 2010 when brokers
replenished supply with 12,994 new listings. Last month's additions brought
the number of total active listings up to 16,838 properties. A year ago,across the 23 counties in the report, buyers could choose from 20,333
listings.
In King County, which accounted for about 40 percent of the sales, themedian price surged 13.3 percent from a year ago, rising from $450,000 to$510,000. For single family homes only (excluding condos), prices in KingCounty rose 14.7 percent, from $500,000 to $573,522. Condo prices
skyrocketed nearly 22 percent compared to a year ago. The median sales
price last month was $350,000; twelve months ago the buyer of a medianpriced condo in King County paid $287,000.
Buyers are seeing rapidly-rising prices as a double-edged sword,
according to George Moorhead, the designated broker at Bentley Properties.
"On one hand, the market is a fabulous investment and a way to securemonthly housing costs," he explained, but added, "On the other side, prices
and scarce inventory are getting out of hand. For the first time, we'rehearing a common theme," he stated. Buyers are willing to make "hugesacrifices," such as significant concessions on a home's square footage, inorder to be closer to jobs and good schools, he said, and they're foregoingonce-desired "core features" for their family's home.
Market Activity Summary for June 2016
Listings
Single FamilyNewHomes & Condos Listings

Total

Closing Sales
Pending

Active# ofAverage

Closings

PriceMedianPriceKing

4,767

3,889

4,328

3,800

$606,172$510,000

Snohomish

1,927

1,746

1,862

1,493

$410,047$372,150

Pierce

2,015

2,486

2,055

1,558

$309,870$280,000

Total

8,709

8,121

8,245

6,851

$442,030$387,383

WA home prices rising fastest in the nationWashington home prices are growing at a rate of nearly double thenational average. Washington home prices in April rose 10.6 percent
compared with a year ago. Data firm CoreLogic says that's the biggest
jump in any state for the third month in a row. The median cost of all*Belltown-Downtown Seattle(701) $636,197

11.14%$ 614,245

3.57%

Ballard-Greenlake (705)$728,329$ 653,246

11.49%

North Seattle (710)$785,975$ 666,455

17.93%

Shoreline/Richmond Beach (715)$532,034$ 544,397-2.27%

Bellevue Downtown (520)$ 2,164,809$ 2,174,317-0.44%

Mercer Island (510)$ 1,593,944$ 1,663,462-4.18%$928,693$ 798,568

16.29%

Renton Highlands-Downtown (350) $526,229$ 461,968

13.91%

Microsoft-Bellevue East (530)$804,248$ 793,651

1.34%

Kirkland Downtown (560)$987,106$ 933,347

5.76%

Redmond (550)$730,950$ 704,558

3.75%

Issaquah-Sammamish (540)$756,314$ 658,576

14.84%

Juanita-Bothell-Woodinville (600)$703,222$ 624,474

12.61%

Bothell North-Mill Creek (610)$564,727$ 490,138

15.22%

Edmonds-Lynnwood (730)$525,699$ 475,393

10.58%

Everett-Mukilteo-Snohomish (740) $428,552$ 389,623

9.99%

Bellevue South-Newcastle (500)*Condominium SOLD Average

W hen are people with Foreclosures andShort Sales eligible to borrow again?
For people with foreclosures or short sales on their record, the waiting
period depends on if there are "Extenuating Circumstances" EC(death in family, company relocation/shut down - about 5/10% ofcases) or if the foreclosure or short sale was due to "FinancialMismanagement" FM.
Jumbo loans, Foreclosure: 7 years (FM and EC)
Jumbo loans, Short Sale: 7 years FM, only 4 years EC
Fannie/Freddie, Foreclosure: 7 years FM, 3 years EC
Fannie/Freddie, Short Sale: 4 years FM, 2 years EC
FHA Foreclosure/Short Sale: 3 years (FM and EC)
A large number of the foreclosures were in 2009 and 2010, so thosepeople will be eligible to borrow soon.
Weekly Primary Mortgage Market Survey® (PMMS®)

Gina Brown (NMLS#115337)
Mortgage Specialist /Mortgage Capital Associates
425-766-5408
gina@gmgloan.com
www.loansbygina.com

July 12, 2016
Regional Breakdown

A verage Rates
Fees & P o ints
APR30-Yr
FNM A
3.250%

30-Yr
FHA
2.750%

15-Yr
FNM A
2.500%

5/1
A RM
2.750%*All loans are with a one point origination fee.

3.375%

3.869%

2.721%

2.871%** Owner Occupied /Single Family Residence
740 credit score and 20% down payment for conventional
640 credit score and 3.50% down payment for FHA