© Mariko Mitsui Real Estate

Volume 4 2019 Issue

H ousing Market Rebounds FromFebruary Freeze
Both pending sales and new listing activity around Western Washington
surged during March as buyers, sellers, and brokers emerged from February's
record snowfall.
Brokers added 10,516 new listings of single family homes and condos tothe Northwest Multiple Listing Service inventory last month, the highestmonthly volume since August 2018. Compared to the same month a year
ago, new listings across the 23 counties in the report were down slightly (79fewer units).
MLS members also reported 10,261 pending sales during the same
timeframe, the highest number of mutually accepted offers since July, andnearly matching the year-ago total of 10,311.
"After the housing adjustment in 2018, this year's spring market is back tofrenzied in the more affordable and mid-price ranges," remarked J. Lennox
Scott, chairman and CEO of John L. Scott Real Estate. Noting March is thestart of the prime-time selling season, he expects this year "will be noexception." He also commented on improved affordability from last fall's
price adjustments in the close-in job centers of Seattle and the Eastside. "This
improved affordability, along with lower interest rates and very strong job
growth, all point us in the right direction for red-hot acceleration again thisyear," Scott stated.
Compared to February, prices rose 2.2 percent system-wide. The fourcounty Puget Sound region had larger month-to-month increases, led byKitsap County, up 5.9 percent from February. Prices in Snohomish County
jumped nearly 5.5 percent, while King County's median prices rose morethan 3 percent when comparing February to March.
At month end, there were 12,017 active listings of single family homes andcondos in the Northwest MLS database. That represents an increase of morethan 36 percent from a year ago when there were only 8,825 active listings.
Inventory more than doubled in King County compared to a year ago, risingfrom 2,060 active listings to 4,263 at the end of March.
"Although closed sales were down in March, we believe February's snowy
weather slowed the closing of pending transactions," suggested Mike Grady,president and COO of Coldwell Banker Bain. "Most notably in determining
the strength of our market is the ratio of new listings and pending sales,
which were close, resulting in less than two months of inventory in many
areas. We expect the market to continue these trends as we head into what isalways the busiest time of the year."

Listings
NewHomes & Condos Listings

Closing SalesTotal

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

Average $2019 VS

Mar. 2018

2018

Auburn-Federal Way (110-310)$420,466$403,109

4.31%

Kent-Maple Valley (320-340)$510,581$

512,931-0.46%

West Seattle (140)$708,468$

744,636-4.86%

SODO-Beacon Hill (380-385)$

688,420$739,126-6.86%

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

1,198,111$ 1,134,209

5.63%

Queen Anne-Magnolia (700)$1,252,918$ 1,367,089-8.35%*Belltown-Downtown Seattle(701)$

1,294,549$

785,656

64.77%

Ballard-Greenlake (705)$

831,755$

847,642-1.87%

North Seattle (710)$

961,797$970,259-0.87%$

Shoreline/Richmond Beach (715)$749,232

806,415-7.09%Bellevue Downtown (520)$

2,865,035$ 2,522,816

13.56%

Mercer Island (510)$

1,726,425$ 2,008,801-14.06%

Bellevue South-Newcastle (500)$

1,060,519$ 1,143,767-7.28%

Renton Highlands-Downtown (350)$

638,773

Microsoft-Bellevue East (530)$

Kirkland Downtown (560)$593,6077.61%

1,058,276$ 1,032,017

2.54%

$

1,416,642$ 1,443,616-1.87%

Redmond (550)$

1,089,202$

958,657

13.62%

Issaquah-Sammamish (540)$

977,599$

951,891

2.70%

Juanita-Bothell-Woodinville (600)$888,609$

896,184-0.85%

Bothell North-Mill Creek (610)$711,067$

737,442-3.58%

Edmonds-Lynnwood (730)$

610,179$

604,590

0.92%

Everett-Mukilteo-Snohomish (740)$486,545$

500,897-2.87%*Condominium SOLD Average

H ome Buyers (And Sellers) Much MoreUpdate in March

Market Activity Summary for March 2019
Single Family

Highest Share of STEM professionals and Highest Projected STEM
Job demand by 2020, Wallethub said. We were the top state, only
behind Washington, D.C., on highest share of science and engineering
graduates who are over 25. And we ranked 5th in highest venturecapital funding per capita.

Pending

Active# ofClosings

Average

MedianPrice

Price

King

4,153

4,263

3,657

2,290

$751,693$622,500

Snohomish

1,623

1,435

1,680

1,107

$513,249$479,995

Pierce

1,567

1,474

1,759

1,226

$398,357$359,225

Total

7,343

7,172

7,096

4,623

$554,433$487,240

A few couple of warm days, the appearance of a few tulips, andwham, homebuyer sentiment goes through the roof. At least theresults from the March National Housing Survey (NHS) seem tosupport that theory. Net positive responses to whether it is currently
a good time to buy and/or sell a home shot up 7 and 13 percentage
points respectively in March, driving Fannie Mae's Home Purchase
Sentiment Index (HPSI) up by 5.5 points.
Weekly Primary Mortgage Market Survey® (PMMS®)

S econd-most Innovative State in the U.S.
The Evergreen State was recently named as the second-most innovative
state in the U.S. by WalletHub, ranking only behind Massachusetts andjust ahead of the "other" Washington -- the District of Columbia. The
study evaluated all 50 states plus the District of Columbia on 24 key
metrics, including Projected STEM Job demand in 2020, highest shareof science and engineering graduates who are over 25, and best Eight
Grade Math & Science Performance. Washington ranked third in both

April 11, 2019

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
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%