© Mariko Mitsui Real Estate

Volume 9 2019 Issue

H ome Buyers Seeking Affordability Are
Expanding Search Outside Greater Seattle
Depleted inventory continues to frustrate would-be buyers in WesternWashington. Many of these potential homeowners are expanding their searchbeyond the major job centers in King County, according to market watchers
who commented on the latest statistics from Northwest Multiple ListingService.
The MLS report summarizing August activity shows less than two monthsof supply system-wide, and only about 1.6 months of supply in the fourcounty Puget Sound region. The sparse selection is pushing up prices. For
last month's sales of single family homes and condos across the 23 counties
served by Northwest MLS, prices rose nearly 6.2% compared to a year ago.
Brokers reported 10,602 pending sales (mutually accepted offers) during
August for a 4.9% increase from a year ago. Pending sales rose nearly 6.6%in the Puget Sound region, led by Snohomish County with a gain of 15.8%.
Six counties had double-digit gains while an equal number had declines.
The volume of total active listings is down more than 10% from a year ago.
Fourteen counties had double-digit drops. At month end there were 16,697
active listings in the MLS database, down from the year-ago total of 18,580.
OB Jacobi, president of Windermere Real Estate noted buyers are drawn toareas outside King County in search of affordability. "Pierce County is now
experiencing what King County did 24 months ago where a surplus of buyers
and lack of supply are pushing up home prices. Snohomish County also saw
a big bump with a massive 16% increase in pending sales year-over-year.
This tells us the secret is clearly out that housing in the counties to the northand south of Seattle is more affordable."
The median price for the single family homes and condos that sold lastmonth in King County was $615,000, slightly higher than the year-ago figureof $610,000. In Snohomish County, last month's median sales price was$470,000, up about 1.8% from the year-ago price of $461,832. The Pierce
County price of $369,000 is $246,000 lower than King County. It's up 6.1%
from a year ago.
"As we enter the fall housing market, both interest rates and job growth inPuget Sound are extremely positive," stated J. Lennox Scott, chairman andCEO of John L. Scott Real Estate. Saying these are both key indicators of astrong housing market, Scott noted September and October are "historicallythe best for selection and availability out of the next six months," adding,"With kids back in school and summer vacations over, homeowners whowish to sell their house before the winter season will look to put their homeon the market soon. Similarly, buyers can take advantage of the market
timing and low interest rates in the next two months to come."
Market Activity Summary for August 2019
Listings
Single FamilyNewHomes & Condos Listings

Closing Sales

Total

Pending

Active# ofAverage

Closings

Price

MedianPrice

King

3,333

5,472

3,298

3,152

$748,436$615,000

Snohomish

1,651

2,181

1,664

1,486

$515,407$470,000

Pierce

1,763

2,146

1,862

1,606

$405,295$369,000

Total

6,747

9,799

6,824

6,244

$556,379$484,667

rates and career outcomes. When all of the criteria were counted up,
Washington state's community college system had the highest averagescore of any state. Within Washington itself, Pierce College in
Puyallup had the highest score, followed by Shoreline Community
College, South Puget Sound Community College, Big BendCommunity College, Lower Columbia College, Everett Community
College and Bates Technical School.

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

July 2019

Average $2019 VS

July 2018

2018

Auburn-Federal Way (110-310)$

446,140$

410,344

8.72%

Kent-Maple Valley (320-340)$518,986$495,111

4.82%

West Seattle (140)$721,973$

678,974

6.33%

SODO-Beacon Hill (380-385)$

695,831$

668,570

4.08%

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

1,271,401$ 1,225,323

3.76%

Queen Anne-Magnolia (700)$1,285,147$ 1,190,585

7.94%*Belltown-Downtown Seattle(701)$

932,347$

767,267

21.52%

Ballard-Greenlake (705)$825,388$

838,156-1.52%

North Seattle (710)$

819,652$

873,012-6.11%

Shoreline/Richmond Beach (715)$664,089$

686,613-3.28%

Bellevue Downtown (520)$

3,077,850$ 2,735,953

12.50%

Mercer Island (510)$1,940,813$ 1,870,386

3.77%

Bellevue South-Newcastle (500)$1,169,209$ 1,179,007-0.83%

Renton Highlands-Downtown (350)$665,444$

3.88%

Microsoft-Bellevue East (530)$1,110,452$ 1,087,958

2.07%

Kirkland Downtown (560)$

1,376,267$ 1,121,650

22.70%

Redmond (550)$926,161$ 1,013,789-8.64%

Issaquah-Sammamish (540)$993,948$956,731

3.89%

Juanita-Bothell-Woodinville (600)$

859,807$903,431-4.83%

Bothell North-Mill Creek (610)$724,766$722,199

0.36%

Edmonds-Lynnwood (730)$

625,217$616,180

1.47%

Everett-Mukilteo-Snohomish (740)$531,489$

518,877

2.43%

640,586*Condominium SOLD Average

M ortgage application overview
Total mortgage application volume rose 2% last week compared withthe previous week, according to the Mortgage Bankers Association’s
seasonally adjusted index. Volume was 69% higher than the same
week one year ago, when interest rates were much higher.
Mortgage applications to purchase a home increased 5% for the week
and were 9% higher than the same week one year ago.
Weekly Primary Mortgage Market Survey® (PMMS®)

B est community college system in the nation

Gina Brown (NMLS#115337)

Washington state's community college system is the best in the nation,according to a new study released in August. The new report, bypersonal finance website WalletHub, ranked hundreds of U.S. schools
in the American Association of Community Colleges based on 19
different criteria, including costs, efficiency, retention rates, graduation

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

Senior Loan Officer

September 13, 2019
Regional Breakdown

Average Rates
Fees & PointsAPR30-Yr
FNMA
3.625%

30-Yr
FHA
3.125%

15-Yr
FNMA
3.125%

5/1
ARM
3.625%*All loans are with a one point origination fee.

3.524%

4.625%

3.371%** Owner Occupied / Single Family Residence
740 credit score and 20% down payment for conventional
620 credit score and 3.50% down payment for FHA

3.899%