© Mariko Mitsui Real Estate

Volume 5 2020 Issue

W estern Washington housing market adjusting
to new ways of operating
Residential real estate activity around Western Washington reflected
expected declines during April with the impact of the coronavirus pandemic
taking its toll. A new report from Northwest Multiple Listing Service shows
year-over-year (YOY) drops system-wide in new listings, pending sales andclosed sales, but prices increased nearly 6.4%.
“With the first full month of post-COVID-19 data in hand, it’s clear thePuget Sound housing market has been hit but not knocked out,” stated
Windermere Chief Economist Matthew Gardener. “The normally active
spring market is significantly slower than normal due to COVID-19, but it has
not come to a halt,” he observed, adding, “In my opinion, it is responding to
the current circumstances exactly as expected.”
The Northwest MLS report for April shows area-wide inventory fell nearly
21% from a year ago, dropping from 12,955 listings to 10,282. A comparisonof the 23 counties in the report shows only four counties with YOY increases(Jefferson at 0.9%, Whatcom at nearly 6%, Douglas at 13.8% and Lewis at17.7%), while three counties had shrinkages of around 30% or more (King at-29.6%, Clallam at -32.9% and Island at - 39.2%).
The volume of new listings added during April was off 34.7% compared tothe same month a year ago. Brokers added 7,641 new listings last month,
down from both March when 10,291 new listings were added, and April 2019
when brokers added 11,697 new listings.
J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, described
the market as “virtually sold out everywhere locally in the more affordable
and mid-price ranges.” Commenting on the local market, he said, “We areseeing buyer demand coming forward. With historically low interest rates, thelocal market needs additional listings to meet pent-up demand from thebacklog of buyers,” he stated.
In King County, prices rose 4% from a year ago, from $625,000 to$650,000. Snohomish County prices were up nearly 6% and Pierce County
joined Kitsap with a double-digit gain; prices there increased from $355,000
to $397,750 for a 12% gain.
System-wide, prices were up about 6.4%, rising from the year-ago figure of$424,950 to last month’s figure of $452,030. Year-to-date prices are up nearly
9.3% compared to twelve months ago.
“Buyers are relying more and more on technology and tools to allow for
virtual open houses and viewings. Social distancing, face masks, showings byappointment only and only two people in a home at a time with one of them
being the broker are the new norm,” stated Frank Wilson, branch managing
broker at Kitsap regional manager at John L. Scott Real Estate. He said he
could imagine homeowners wanting to change their living conditions toaccommodate for more room or more outdoor space. “This could well cause ashift in what buyers are looking for in the future.”
Market Activity Summary for April 2020
Listings
Single Family

NewHomes & Condos Listings

Closing Sales

Total

Pending

Active# ofClosings

Average

MedianPrice

PriceKing

2,707

3,255

2,246

2,073

$763,176$650,000

Snohomish

1,224

1,243

1,130

896

$544,392$507,500

Pierce

1,258

1,330

1,341

998

$437,380$397,750

Total

5,189

5,828

4,717

3,967

$581,649$518,417

according to a survey from Creditful, a personal finance resource.
Millennials are most likely to use their checks for housing, the surveyfinds. Baby boomers, on the other hand, are more likely to use theirstimulus check on groceries, health and medical supplies, and clothing.
Gen Xers are the most likely to use their stimulus check on bills andutilities, savings, credit card debt, and toiletries and hygiene products,
the survey finds.

B reakouts! – Residential SOLD Average
April 2020 (King/Snohomish County) SOLD Average
Area (Area Code)The first round of stimulus checks was expected to reach Americans on
mid-April, and consumers are already making plans for how they plan to
use the funds. More than one in four-or 28%-of about 1,000 Americans
surveyed said they'll use their check to cover rent and mortgage costs,Average $2020 VS

Apr. 2020

Apr. 20192019

Auburn-Federal Way (110-310)$

481,834$

431,039

11.78%

Kent-Maple Valley (320-340)$

549,122$510,801

7.50%

West Seattle (140)$766,348$

729,796

5.01%

SODO-Beacon Hill (380-385)$773,408$684,607

12.97%

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

1,177,315$ 1,146,072

2.73%

Queen Anne-Magnolia (700)$

1,204,455$ 1,230,592-2.12%*Belltown-Downtown Seattle(701)$781,783$

689,974

13.31%

Ballard-Greenlake (705)$891,299$

856,725

4.04%

North Seattle (710)$

991,422$ 1,030,633-3.80%$

Shoreline/Richmond Beach (715)$

790,692806,268-1.93%

Bellevue Downtown (520)$

3,409,211$ 3,078,581

10.74%

Mercer Island (510)$

1,688,211$ 1,788,183-5.59%

Bellevue South-Newcastle (500)$

1,181,700$ 1,091,274

8.29%

Renton Highlands-Downtown (350)$651,417

Microsoft-Bellevue East (530)$1,143,943

Kirkland Downtown (560)$

1,219,804

Redmond (550)$947,477

Issaquah-Sammamish (540)$

975,417

Juanita-Bothell-Woodinville (600)$Bothell North-Mill Creek (610)646,9930.68%$ 1,116,189

2.49%$ 1,530,097-20.28%$

978,132-3.13%$

987,404-1.21%

905,562$843,032

7.42%$

744,590$713,129

4.41%

Edmonds-Lynnwood (730)$

658,610$604,078

9.03%

Everett-Mukilteo-Snohomish (740)$567,355$

523,045

8.47%$*Condominium SOLD MedianC OVID-19 impact on mortgages
Mortgages in forbearance as a result of COVID-19 have to be reported
as “current” on credit reports.
That’s the law, as laid out in Section 4021 of the CARES Act passed byCongress at the end of March. It says servicers “shall report the credit
obligation or account as current.”
But there’s a workaround that can make it difficult for people withmortgages in forbearance to get another home loan after the COVID-19
crisis is over – for as long as a year after the forbearance period ends.
That can impact their ability to refinance or buy a home when times arebetter.

Weekly Primary Mortgage Market Survey® (PMMS®)

Gina Brown (NMLS#115337)
Senior Loan Officer

H ow do you plan to use your stimulus check?

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

May 14, 2020
Regional Breakdown

Average Rates
Fees & Points
APR30-Yr
FNMA
2.875%

30-Yr
FHA
2.75%

15-Yr
FNMA
2.500%

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

3.006%

3.016%

2.737%-**** 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