© Mariko Mitsui Real Estate

Volume 2 2021 Issue

P andemic presents new option for home buyers
as market “kept foot firmly on the accelerator”
Home buyers who have been precluded from entering Puget Sound’scompetitive market may want to consider condominiums as an option,according to industry experts who commented on the latest housing statistics
from Northwest Multiple Listing Service.
“With the trend toward telecommuting and moving to outlying suburban
areas, the Seattle/King County condominium market presents a new option,”suggested Gary O’Leyar, owner and designated broker at Berkshire Hathaway
HomeServices Signature Properties. Noting the county’s bigger supply of
condos – 1.67 months of inventory versus 0.69 months for single family
homes – and a slight break from double-digit appreciation, O’Leyar saidbuyers may want to take a closer look at this “window of opportunity.”
In King County, NWMLS data show prices range from $149,000 to$14,895,000, with a median asking price of $525,495. The median price for
condos that sold in King County last month was $399,975; system-wide themedian sales price was $359,950.
Single family homes (excluding condos) had an area-wide median sales
price of $509,950. That is $150,000 more than condos (nearly 42% higher).
The NWMLS report covering 26 counties, shows a YOY increase in newlistings of single family homes and condos (up about 5.5%) and a jump of
more than 16% in closed sales, rising from 5,074 transactions to 5,896. The
median price for last month’s sales ($483,250) surged 14.3% from the yearago figure of $422,750. Pending sales grew slightly from last year (less than1%) but were up 7.4% from December.
J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, expects
more listings “after Super Bowl Sunday, which serves as the kickoff to theearly spring housing market.” He described the current market as “incredibly
hot, even all the way up to some luxury price ranges.” Historically low
interest rates remain a strong motivator for buyers, Scott stated. “It still feels
like multiple-offer everything this winter.”Some brokers are reporting up to 40 private showings for a single listing,according to Scott. “To compete in today’s ultra-competitive market, we’reseeing some buyers front-loading their offer above the list price,” he reported,
explaining, “This is done in an attempt to ‘stop the action’ and push the sellers
to accept their offer before the set review date.”“We believe we may be heading into the typical busy spring real estatemarket any day now,” Mike Grady, CEO and president of Coldwell Banker
Bain, remarked. Northwest MLS director John Deely echoed that optimism.
“With the major counties moving into Phase 2, resulting in open houses
resuming with up to 10 visitors socially-distanced (including the broker), a
new administration, and COVID-19 vaccinations underway, we’re hearing
much optimism from our brokers.”
Market Activity Summary for January 2021
Listings
Single Family

NewHomes & Condos Listings

Closing Sales

Total

Pending

Active# ofAverage

Closings

Price

MedianPricestay in their homes longer, housing shortages are growing. The typicalhomeowner in 2020 had lived in their home for 13 years, a big jumpfrom 8.7 years a decade earlier, according to the Redfin study. Longer
homeownership tenure has contributed to a logjam in housing
inventory, which dropped 23% year over year in December to an alltime low, according to the National Association of REALTORS®.
Tight inventory is pressing on home prices.

B reakouts! – Residential SOLD Average
January 2021 (King/Snohomish County) SOLD Average
Area (Area Code)2021 VS

Jan. 2020

2020$

537,575$

486,804

10.43%

Kent-Maple Valley (320-340)$

592,721$519,145

14.17%

West Seattle (140)$748,616$

716,252

4.52%

SODO-Beacon Hill (380-385)$

736,748$586,518

25.61%

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

1,166,442$ 1,030,526

13.19%

Queen Anne-Magnolia (700)$

1,085,843$ 1,113,855-2.51%*Belltown-Downtown Seattle(701)$

840,864$

774,062

8.63%

Ballard-Greenlake (705)$885,180$

827,800

6.93%

North Seattle (710)$

996,648$

881,487

13.06%$

Shoreline/Richmond Beach (715)$733,541

Bellevue Downtown (520)$

3,096,548

Mercer Island (510)$Bellevue South-Newcastle (500)$

Renton Highlands-Downtown (350)

680,091

7.86%$ 2,240,879

38.18%

2,996,389$ 1,344,090

122.93%

1,291,666$

919,270

40.51%$

692,950$

630,788

9.85%

Microsoft-Bellevue East (530)$1,338,211$ 1,014,131

31.96%

Kirkland Downtown (560)$

1,897,943$ 1,436,579

32.12%

Redmond (550)$

1,174,936$ 1,072,777

9.52%

Issaquah-Sammamish (540)$

1,145,914$

931,528

23.01%

Juanita-Bothell-Woodinville (600)$

1,108,331$

803,69337.90%

Bothell North-Mill Creek (610)$

827,440$

725,861

13.99%

Edmonds-Lynnwood (730)$

757,303$639,91618.34%

Everett-Mukilteo-Snohomish (740)$610,872$509,808

19.82%*Condominium SOLD Average

Low Rates, COVID are Motivating
Prospective Home Buyers
A high percentage of those who told the National Association ofHome Builders (NAHB) late last year that they were thinking ofbuying a home have now turned thought into action. Rose Quint writes
in the NAHB Eye on Housing blog that 15 percent of those queried inits 4th Quarter 2020 Housing Trends survey said they wereconsidering a purchase and now 56 percent of them are activelylooking. A year ago, only 43 percent of those considering buying had
shifted into gear.

2,598

1,855

2,625

2,006

$804,808$644,950

Snohomish

1,018

372

1,045

907

$589,572$554,990

Pierce1,121

501

1,226990$486,985$435,000

Gina Brown (NMLS#115337)

Total

4,737

2,728

4,896

3,903

$627,122$544,980

Senior Loan Officer

One in four homeowners have lived in their home for more than 20 years- the highest level that owners with that tenure has ever reached, a new
Redfin study shows. That's due in large part to the aging in place trend,
which is accelerating during the COVID-19 pandemic. As Americans

Average $Jan. 2021
Auburn-Federal Way (110-310)

KingL ong homeownership tenure

Average $425-766-5408
gina@gmgloan.com
www.loansbygina.com

Weekly Primary Mortgage Market Survey® (PMMS®)
February 16, 2021
Regional Breakdown

Average Rates
Fees & Points
APR30-Yr
FNMA
2.375%

30-Yr
FHA
2.25%

15-Yr
FNMA
2.00%

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

2.510%

2.580%

2.240%-**** 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