© Mariko Mitsui Real Estate

Volume 10 2020 Issue

N orthwest MLS brokers say September’s homesales reached highest level since June 2018
Northwest Multiple Listing Service brokers completed 10,175 sales
transactions during September – the highest monthly volume since June 2018
when MLS members reported 10,072 closed sales. September’s closings also
marked a jump of nearly 28% from the same month a year ago, according to
the latest statistical summary from the MLS.
“I believe this significant increase speaks to sellers becoming much more
confident and buyers competing more effectively, most likely due to lowinterest rates,” remarked Mike Grady, president and COO at Coldwell Banker
Bain. “It’s as if we just completed our typical ‘spring’ market,” he added.
The new report from Northwest MLS showed a sharp year-over-year (YOY)drop in inventory (down 43% from a year ago), a robust increase (23%) inpending sales (mutually accepted offers), and a sizeable surge (19%) in prices
for single family homes and condos combined.
Impacts of the coronavirus pandemic on the housing market are prevalent,according to several Northwest MLS representatives who commented on lastmonth’s activity.
“COVID-19 has made many reflect on what their home means to them,”
remarked J. Lennox Scott, chairman and CEO of John L. Scott Real Estate.
“As a result, many people are looking to create that ideal place to call home.
We are seeing a rotation of home ownership, whether that means refinancing,remodeling, or moving.”
James Young, director of the Washington Center for Real Estate Research at
the University of Washington, also commented on shifting desires. “Peopleworking from home, especially those with kids being schooled at home, seek
both space and value. Those who already have a home have little incentive toleave.” He described the current scenario of “too much demand and limitedsupply” coupled with low interest rates as “the perfect price storm.”
Brokers added 11,210 new listings to inventory during September, a healthy
increase from a year ago when they added 9,435 for a YOY gain of 18.1%.
Compared to August, the volume declined by 733 listings (down about 6%).
At the end of September, the supply totaled 9,099 active listings, well-belowthe year-ago selection of 15,982 listings (down 43%), and the lowest level
since February.
The median price for homes and condos that sold last month across theNorthwest MLS market area was $499,950, a hefty 19% jump from the yearago figure of $420,000. San Juan County had the highest median price at$850,000, followed by King County at $698,230.
For single family homes only (excluding condos), last month’s median pricesystem wide was $519,864. In King County, the median price for single
family homes was $753,600. Within King County, where NWMLS tracks 30sub-areas, six of these areas had median prices over $1 million; five of thoseareas were on the Eastside.
Market Activity Summary for September 2020
Listings
Single Family

NewHomes & Condos Listings

Closing Sales

Total

Pending

Active3,970# ofClosings

4,153

3,535

Average

MedianPrice

Price$849,073$698,230

King

4,371

Snohomish

1,741

888

1,997

1,596

$596,331$550,000

Pierce

1,591

1,001

1,892

1,590

$482,189$428,750

Total

7,703

5,859

8,042

6,721

$642,531$558,993

2 021 Color of the year “Urbane Bronze”
Paint company Sherwin-Williams on Tuesday announced its 2021 colorof the year: "urbane bronze." The hue is said to instill calmness and hasties to nature, Sherwin-Williams says. The color trends of 2020 ushered
in a return to bolder hues, moving away from the popularity of cooler

neutrals that dominated most of the 2010s. Now, Sherwin-Williams
describes the 2021 choice as "bold and understated at the same time.
"Urbane bronze” can work inside or out in a home, used as a primaryor accent color in bedrooms, living rooms, dens, or home offices,
Sherwin-Williams says.

B reakouts! – Residential SOLD Average
September 2020 (King/Snohomish County) SOLD Average
Average $Area (Area Code)Average $2020 VS

Sept. 2020

Sept. 20192019

Auburn-Federal Way (110-310)$520,251$434,885

19.63%

Kent-Maple Valley (320-340)$

576,427$

505,19414.10%

West Seattle (140)$753,317$710,335

6.05%

SODO-Beacon Hill (380-385)$

762,733$670,029

13.84%

E.lake-Madison-Capital Hill (390)$1,252,281$ 1,212,369

3.29%

Queen Anne-Magnolia (700)$1,315,092$ 1,015,25129.53%*Belltown-Downtown Seattle(701)$

796,776$

648,635

22.84%

Ballard-Greenlake (705)$909,004$817,656

11.17%

North Seattle (710)$

1,154,931

Shoreline/Richmond Beach (715)$820,446

Bellevue Downtown (520)$

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

1,203,991

Renton Highlands-Downtown (350)$

736,435

Microsoft-Bellevue East (530)$1,223,756

Kirkland Downtown (560)$Redmond (550)$Issaquah-Sammamish (540)$ 1,099,273

5.06%$679,537

20.74%

2,916,879$ 2,345,154

24.38%

2,111,438$ 2,234,113-5.49%$ 1,086,48510.82%$561,562

31.14%$ 1,110,894

10.16%

1,682,493$ 1,325,517

26.93%

1,056,122$

969,874

8.89%$

1,056,702$

934,650

13.06%

Juanita-Bothell-Woodinville (600)$995,612$881,501

12.95%

Bothell North-Mill Creek (610)$778,648$

708,056

9.97%

Edmonds-Lynnwood (730)$703,214$623,061

12.86%

Everett-Mukilteo-Snohomish (740)$606,052$534,715

13.34%*Condominium SOLD MedianJ uly’s Home Prices Increase by 5.5%,
Breaking a Two-Year Record
Entry-level priced homes, which continue to be in short supply, arehelping to drive strong price gains. CoreLogic says home prices
nationwide, including distressed sales, increased year over year by 5.5
percent in July 2020 and were up 1.2 percent compared to the previousmonth. The annual increase was the fastest in nearly two years.
The company said the "one-two punch of strong purchase demand bolstered by falling mortgage rates, which dipped below 3 percent for
the first time ever in July - and further constriction of for-sale inventory
has driven upward pressure on home price appreciation."
Weekly Primary Mortgage Market Survey® (PMMS®)
October 16, 2020

Gina Brown (NMLS#115337)

Regional Breakdown

Senior Loan Officer

Average Rates

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

Fees & Points
APR

30-Yr
FNMA30-Yr
FHA15-Yr
FNMA

5/1
ARM

2.625%

2.75%

2.250%-*All loans are with a one point origination fee.

2.753%

3.016%

2.484%-**** 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