© Mariko Mitsui Real Estate

Volume 12 2020 Issue

N orthwest MLS brokers say real estate activity
across Washington remains strong
Some real estate brokers expect the competition for homes to easesomewhat over the holidays, but the latest statistics from Northwest Multiple
Listing Service indicate activity is unusually strong heading into December.
“The rush is on for housing,” exclaimed J. Lennox Scott, chairman and
CEO at John L. Scott Real Estate. “Real estate activity typically chills astemperatures drop but buyer demand remains high. “With low unsold
inventory, all eyes will be on each new home that comes on the market,” hesuggested, adding, “This strong demand is present in the more affordable midprice ranges and extends into high-end homes.”
The Northwest MLS report summarizing November activity shows strong
year-over-year (YOY) increases in closed sales (up about 23%) and prices (up13.8%). Pending sales (mutually accepted offers) rose 7.9% from a year ago,
and the year’s saga of depleted inventory continued last month with thenumber of total listings down nearly 43%.
Commenting on the low inventory, NWMLS director Meredith Hansenemphasized buyers need to be ready to compete. “Offers that have the best
chance of acceptance are from buyers who are pre-approved with a local
lender or have cash. Buyers also need to be prepared to have a pre-inspectionin order to waive that contingency, and be ready to escalate in price ifnecessary,” suggested Hansen, the owner/designated broker at Keller
Williams Greater Seattle.
Thirteen of the 23 counties in the MLS report had less than one month of
supply at month end. Overall, there was about three weeks (0.73) of inventory
at the end of November, well below the four-to-six months many analysts use
as a gauge of a balanced market.
One indicator of brisk activity is the ratio of pending sales to new listings.
November’s 8,584 pending sales outgained the month’s new listings, which
totaled 6,425 area-wide, continuing a pattern reported during much of theyear. New listings surpassed pending sales during only two months (Marchand April) this year, resulting in the depleted supply of active listings.
Dean Rebhuhn, broker-owner at Village Homes and Properties in
Woodinville, said the “COVID Effect” is causing purchasers to want more
space, both inside and outside. “Working and schooling from home, whether
full- or part-time is the new normal,” he commented, noting buyers are
finding suburban and rural solutions to these lifestyle changes.
Prices on last month’s 8,875 closed sales were up nearly 14% from a year
ago, rising from $434,900 to $495,000. Seventeen of the 23 counties in thereport had double-digit price gains compared to a year ago.
Kitsap County is among the areas experiencing double-digit activity inpending sales, closed sales, and prices. “Competition in the fast-moving
market is fierce with buyers now using non-refundable earnest money andwaiving inspections and financing. This is unprecedented compared to pastmarkets,” stated Frank Leach, broker/owner at RE/MAX Platinum Services.
Market Activity Summary for November 2020
Listings
Single Family

NewHomes & Condos Listings
King
SnohomishClosing Sales

Total

Pending

Active# ofAverage

Closings

PriceMedianPrice

The company will invest $40 million in an initiative to reduce rents inexisting market-rate housing in Bellevue and Kirkland. Developer
Stream Real Estate bought three apartment buildings charging marketrate rent and plans to lower rents in 40% of the units to be affordableto people earning less than the area median income. Microsoft will
also loan $25 million to the Washington State Housing FinanceCommission (WSHFC) for a program that funds developers' purchaseof land to build affordable housing.

B reakouts! – Residential SOLD Average
November 2020 (King/Snohomish County) SOLD Average
Nov. 2020433,499

14.16%

Kent-Maple Valley (320-340)$576,901$522,392

10.43%West Seattle (140)$

777,918$

674,90215.26%

SODO-Beacon Hill (380-385)$

716,250$

668,680

7.11%

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

1,195,870$ 1,399,975-14.58%

Queen Anne-Magnolia (700)$1,263,599$ 1,150,641

9.82%*Belltown-Downtown Seattle(701)$726,374$

718,417

1.11%

Ballard-Greenlake (705)$940,968$

804,365

16.98%
25.85%

North Seattle (710)$

1,074,269$853,597

Shoreline/Richmond Beach (715)$

887,191$

669,53132.51%

Bellevue Downtown (520)$3,788,137$ 2,529,904

49.73%

Mercer Island (510)$

2,471,955$ 2,071,115

19.35%

Bellevue South-Newcastle (500)$

1,214,365$984,185

23.39%$

Renton Highlands-Downtown (350)$699,929

592,76718.08%

Microsoft-Bellevue East (530)$1,263,742$ 1,051,775

20.15%

Kirkland Downtown (560)$

1,561,913$ 1,452,946

7.50%

Redmond (550)$

1,060,159$ 1,103,746-3.95%

Issaquah-Sammamish (540)$1,093,548$958,907

14.04%

Juanita-Bothell-Woodinville (600)$963,049$835,294

15.29%

Bothell North-Mill Creek (610)$808,005$

686,19817.75%

Edmonds-Lynnwood (730)$694,086$

606,704

14.40%

Everett-Mukilteo-Snohomish (740)$

617,313$510,745

20.87%*Condominium SOLD AverageHome equity grew $1T, breaking 6-year record
Homeowner equity rose again in the third quarter of 2020, reaching thehighest total in over six years. CoreLogic's quarterly report on that asset
says that those homeowners with mortgages, about 63 percent of thetotal, saw their equity grow by 10.8 percent since the third quarter of2019. This equates to an increase in homeowner wealth of about$17,000 per household, the largest since the first quarter of 2014, andan aggregate national gain of about $1 trillion.

$850,236$685,000

Gina Brown (NMLS#115337)

904

527

1,291

1,380

$579,100$538,475

Senior Loan Officer
425-766-5408
gina@gmgloan.com
www.loansbygina.com

680

1,546

1,516

$484,014$436,000

4,074

5,683

5,994

$637,783$553,158

Microsoft’s loans to local housing groups
Microsoft will make two loans totaling $65 million to local housinggroups with the goal of creating more than 1,000 new affordable housing
units in the Seattle area, the company announced late November.

2019

$

3,098

4,289

Nov. 2019494,861

2,846

1,080

2020 VS

$

2,867

Total

Average $Auburn-Federal Way (110-310)

2,305

PierceAverage $Area (Area Code)Weekly Primary Mortgage Market Survey® (PMMS®)
December 11, 2020
Regional Breakdown

Average Rates
Fees & Points
APR

30-Yr
FNMA
2.375%

30-Yr
FHA
2.25%

15-Yr
FNMA
2.00%

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

2.510%

2.580%

2.240%-**** 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