© Mariko Mitsui Real Estate

Volume 3 2019 Issue

H eavy Snowfall Ices February Housing
Activity Around Western Washington
Seattle's snowiest month in 50 years had an obvious chilling effect on
February's housing activity, agreed officials with Northwest Multiple Listing
Service. Statistics for last month show pending sales dropped nearly 14
percent compared to the same month a year ago.
Despite the weather disruptions, brokers added 6,247 new listings toinventory during the month, 1,037 fewer than a year ago. At month end,
Northwest MLS members reported 11,275 total active listings, a robust 42.3
percent jump from twelve months ago. Thirteen of the 23 counties served by
the MLS reported year-over-year increases in inventory.
Northwest MLS figures show about 2.2 months of inventory system-wide,with four counties (Kitsap, Pierce, Snohomish, and Thurston) having lessthan two months of supply. King County was slightly above two months(2.09).
Area-wide median prices for the 5,145 sales of single family homes andcondos that closed last month were up 5.7 percent from a year ago, risingfrom $385,000 to $407,000. Compared to January, prices increased 6.6percent. Single family home prices increased 7.44 percent, while condo
prices were nearly flat (up about 1.3 percent).
In King County, brokers reported a price gain of nearly 2.4 percent from ayear ago. The median selling price jumped $14,000 from a year ago, from$590,000 to $604,000. The comparison to January shows a price increase of
6.9 percent.
J. Lennox Scott, chairman and CEO of John L. Scott Real Estate
commented on the return of the multiple-offer market. "While the snow inFebruary created a short distraction, the housing market is back on hot as wehead into spring," he remarked, reporting "Dedicated buyers braved thesnow. The market is on track for a strong spring.""Between January and February, home prices in the tri-county
King/Snohomish/Pierce area rose significantly, ending the month-overmonth declines that started last May," remarked OB Jacobi, president ofWindermere Real Estate. He called the increase "pretty unexpected and likely
a result of the drop in interest rates we saw in December." Jacobi believes it's
too early to know if this is the start of a trend, but added "It might suggestthat the slowing in prices that began last summer has come to an end."
As the pace of activity picks up, Scott emphasized the importance of buyer
preparation to ensure they can secure the home of their choice. "We
recommend working with a qualified broker, becoming fully underwritten bya lender, and signing up for text notifications for new listings to find successthis spring."
Market Activity Summary for February 2019
Listings
Single FamilyNewHomes & Condos Listings

Closing SalesTotalPending

Active# of

Average

Closings

Price

Median
Price

2,381

3,744

2,278

1,795

$702,378$604,000

914

1,375

1,029

843

$493,962$454,995

Pierce

1,025

1,486

1,290

901

$388,635$350,000

Total

4,320

6,605

4,597

3,539

$528,325$469,665

King
SnohomishIf you can only put down 10 percent, you'll need $122,484. Seattle isthe seventh most expensive city in they U.S. to buy a home. Of the 50
largest metro areas in the country, Pittsburgh is the least expensive. It
takes just $37,660 in income. The median home price there is$141,625. No surprise, San Jose is most expensive. You need a quarterof a million dollars to buy the median home there ($1.25 million).

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

It now takes $105,367 annual income to buy a median home in theSeattle-Tacoma area, according to HSH.com, a mortgage resourcecompany based in California. A median home in the Seattle-TacomaBellevue market was priced at $489,600 as of the fourth quarter of 2018
(National Association of Realtors). One catch, that's the income you'll
need if you can afford a 20 percent down payment, nearly $98,000.

2019 VSFeb. 2018

2018

Auburn-Federal Way (110-310)$417,116$

391,524

Kent-Maple Valley (320-340)$

495,783$

473,063

4.80%

West Seattle (140)$658,435$

742,048-11.27%

SODO-Beacon Hill (380-385)$

690,014$682,464

1.11%

E.lake-Madison-Capital Hill (390)$908,145$ 1,037,846-12.50%Queen Anne-Magnolia (700)$1,240,561$ 1,220,302

1.66%*Belltown-Downtown Seattle(701)$904,863$

950,961-4.85%

Ballard-Greenlake (705)$814,151$

838,251-2.88%

North Seattle (710)$

865,268$

984,125-12.08%$6.54%

Shoreline/Richmond Beach (715)$660,056

872,972-24.39%Bellevue Downtown (520)$

2,657,773$ 3,472,584-23.46%

Mercer Island (510)$

2,072,267$ 2,112,326-1.90%

Bellevue South-Newcastle (500)$

1,078,646$ 1,100,616-2.00%

Renton Highlands-Downtown (350)$634,282$547,821

15.78%

Microsoft-Bellevue East (530)$987,799$ 1,148,931-14.02%

Kirkland Downtown (560)$

1,303,331$ 1,498,809-13.04%

Redmond (550)$739,347$

873,821-15.39%Issaquah-Sammamish (540)$877,122$

929,722-5.66%

Juanita-Bothell-Woodinville (600)$

888,843$

862,017

3.11%

Bothell North-Mill Creek (610)$

710,348$

712,044-0.24%

Edmonds-Lynnwood (730)$598,995$

611,581-2.06%

Everett-Mukilteo-Snohomish (740)$484,438$

498,100-2.74%*Condominium SOLD Average

G rowing home equityHomeowners keep racking up equity, and this could mean big volume
for home equity loans, especially as interest rates slide. The average
U.S. homeowner gained $9,700 in equity from the fourth quarter of 2017
to the fourth quarter of 2018, according to the latest report fromCoreLogic. This equates to an 8.1% increase year over year and represents
an aggregate gain of $678.4 billion since Q4 2017.
Home equity levels grew in almost every state, with the western region
seeing the greatest increases, CoreLogic reported. Washington state
average was $17,000.00.
Weekly Primary Mortgage Market Survey® (PMMS®)March 14, 2019

Annual income takes to buy a median home

Average $Gina Brown (NMLS#115337)

Regional Breakdown

Senior Loan Officer

Average Rates

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

Fees & Points
APR30-Yr
FNMA
4.00%

30-Yr
FHA
3.50%

15-Yr
FNMA

5/1
ARM

3.50%

3.875%*All loans are with a one point origination fee.

4.135%

4.534%

3.738%** Owner Occupied / Single Family Residence
740 credit score and 20% down payment for conventional
620 credit score and 3.50% down payment for FHA

4.009%