© Mariko Mitsui Real Estate

Volume 12 2016 Issue

R eal Estate Brokers Expect No Holiday
BreatherPending sales of homes hit an all-time high for the month of November
according to the latest statistics from Northwest Multiple Listing Service.
The report covering 23 counties around Washington state also shows thenumber of new listings added during the month plunged to the lowest levelin 11 months, prompting MLS leaders to predict a busy winter forresidential real estate as buyers compete for the smallest inventory sinceMarch.
"Last year's holiday season ended up being the best time to sell a homearound King County as sellers took the winter months off, but buyers
remained persistent. The supply of homes for sale hit a post-recession low,and so far, this year is mirroring last winter's trends," remarked Northwest
MLS director Robert Wasser, owner/broker at Prospera Real Estate inSeattle.
Figures for November show a 13.2 percent drop in inventory of single
family homes and condominiums, a 9.4 percent gain in pending sales, a31.3 percent spike in closed sales, and an 11 percent increase in pricescompared to the same month a year ago.
Pending sales (mutually accepted offers) totaled 8,217, and eclipsed thenumber of new listings (5,779) by 2,438 units. That imbalance depleted
total inventory, dropping the number of active listings to 13,303, down 13.2
percent from a year ago.
"November's pending sales for the four-county area of King, Snohomish,Pierce and Kitsap were the highest since 2005. There were 44 percent more
pendings than new listings," noted J. Lennox Scott, chairman and CEO ofJohn L. Scott Real Estate, who described market activity as a mini power
surge. "Every time interest rates increase 0.5 percent we see these surges
because buyers become anxious about increasing rates - but on a historicalbasis rates are still amazing," he remarked.
John Deely, vice chairman of the Northwest MLS board, said the Seattle
residential real estate market is not taking time off for an end-of-year
breather. "The seemingly inexhaustible supply of ready, willing and ablebuyers continues to purchase available inventory. This imbalance in supply
and demand continues to fuel multiple offers and drive prices upward," said
Deely, the principal managing broker at Coldwell Banker Bain in Seattle.
Well-paying jobs in the tech sector are fueling demand, with "the increasein equity and tick up in interest rates enticing more sellers to the market."Prices for single family homes (excluding condos) rose 10.9 percent froma year ago to $350,500. King County reported the highest median price forsingle family homes at $550,000 (up 10 percent year-over-year).
Market Activity Summary for November 2016
Listings
Single FamilyNewHomes & Condos Listings
KingSnohomish

Closing Sales

Total

Pending

Active# ofClosings

Average

MedianPrice

Price

1,960

2,803

2,856

2,911

$607,743$497,500

939

1,451

1,314

1,270

$408,418$379,950

Pierce

1,017

2,173

1,518

1,298

$312,301$280,370

Total

3,916

629

5,688

5,479

$442,821$385,940

New co-working facility will open in Bellevue
The gig economy shows no signs of slowing down, and WeWork is
betting it will continue according to a report in the Puget Sound
Business Journal. The company announced in October it will open an

80,000 square-foot co-working facility in Lincoln Square high-rise inBellevue. The new facility, opening in early 2017, will be the fourth
WeWork in the area, but the first outside Seattle.

B reakouts! – Residential SOLD Average
November 2016 (King/Snohomish/Pierce County) SOLD Average
Average $Area (Area Code)Nov. 2016

Average $2015 VS

Nov. 20152014
13.14%

Auburn-Federal Way (110-310)$

347,836$

307,426

Kent-Maple Valley (320-340)$

397,518$

369,077

7.71%

West Seattle (140)$530,089$546,502-3.00%

SODO-Beacon Hill (380-385)$

538,652$

520,981

3.39%

E.lake-Madison-Capital Hill (390)$886,003$

802,388

10.42%

Queen Anne-Magnolia (700)$

1,042,711$

943,114

10.56%*Belltown-Downtown Seattle(701)$887,046$755,201

17.46%

Ballard-Greenlake (705)$

687,176$

640,805

7.24%

North Seattle (710)$

718,918$

719,443-0.07%

Shoreline/Richmond Beach (715)$

589,255$634,217-7.09%

Bellevue Downtown (520)$

2,430,207$ 2,338,701

3.91%

Mercer Island (510)$

1,738,560$ 1,855,456-6.30%

Bellevue South-Newcastle (500)$

839,861$

768,480

9.29%

Renton Highlands-Downtown (350)$

523,642$

443,400

18.10%

Microsoft-Bellevue East (530)$995,780$

771,04429.15%

Kirkland Downtown (560)$

976,371$863,341

13.09%

Redmond (550)$828,106$

685,783

20.75%

Issaquah-Sammamish (540)$

800,920$724,951

10.48%

Juanita-Bothell-Woodinville (600)$

698,205$

601,00216.17%

Bothell North-Mill Creek (610)$582,693$503,235

0.00%

Edmonds-Lynnwood (730)$494,079$

426,246

15.91%

Everett-Mukilteo-Snohomish (740)$415,149$

373,775

11.07%*Condominium SOLD Average

T he rates are still fantastic
So many people have been nervous of the rising rates. I look backover the last few years of incredibly low rates and I then look attoday’s rates.
The rates are still at historically low levels. Do not let rising rates
deter you from purchasing. The rates are still fantastic. I remember
way back when (1980’s) that they were hovering around 18%. We
still have GREAT, LOW rates!
As of January 2017, we will see an increase in loan amount limits.
Conforming will rise to $424,100.00. High Balance Conforming willrise to $592,250.00. FHA will increase to $592,250.00. This is
awesome, because you only need 3.5% down payment for an FHAloan.

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

Weekly Primary Mortgage Market Survey® (PMMS®)
December 6, 2016
Average Rates

30-Yr
30-Yr
15-Yr
5/1
FNMA
FHAFNMA
ARM
3.99%
3.00%
3.25%
3.25%

Fees & Points*All loans are with a one point origination fee.

Regional Breakdown

APR

4.121% 4.513% 3.477%** Owner Occupied / Single Family Residence
740 credit score and 20% down payment for conventional
640 credit score and 3.50% down payment for FHA

3.375%