© Mariko Mitsui Real Estate

Volume 2 2017 Issue

B rokers Report “High Velocity” Market
Western Washington's "high velocity" market continued during Januarywith the number of pending sales (7,745) outgaining the number of newlistings (6,507), according to new figures from Northwest Multiple Listing
Service.
"Properties are moving through the market at an unusually fast pace,"
remarked John Deely, chairman of the board at Northwest MLS and theprincipal managing broker at Coldwell Banker Bain. "Although we have ahigh number of new listings, they are moving into a pending or sold status
within the typical 30-day reporting period. This phenomenon causes a low
active listing count," he added.
At month-end, there were 9,752 active listings in the MLS service area,
which encompasses 23 counties. That total was 2,605 fewer than the yearago volume of 12,357, a decline of 21 percent.

of cranes is decreasing in some major cities, including New York,
Phoenix, and Los Angeles. Meanwhile, almost 50 percent of tower
cranes currently operating in North America are in Seattle, Chicago,and Toronto, according to the Journal.

B reakouts! – Residential SOLD Average
January 2017 (King/Snohomish/Pierce County) SOLD Average
Average $Area (Area Code)Average $2017 VS
2016
8.91%

Jan. 2017

Jan. 2016

Auburn-Federal Way (110-310)$342,123$ 314,143

Kent-Maple Valley (320-340)
West Seattle (140)$$434,735
525,853$ 383,503$ 529,904

SODO-Beacon Hill (380-385)$557,396$ 554,011-0.76%
0.61%-11.79%13.36%

E.lake-Madison-Capital Hill (390)$830,887$ 941,922

Measured by months of inventory, the selection is at historic lows inmany counties. At month end, there was just under 1.7 months of supply
system-wide, which compares to the year-ago figure of about 2.5 months ofsupply. Both King and Snohomish counties have less than one month ofsupply.

Queen Anne-Magnolia (700)$958,776$ 872,076

9.94%*Belltown-Downtown Seattle(701) $896,996$ 573,286

56.47%"List it and they will come" is the new mantra as new listings come on themarket, commented J. Lennox Scott, chairman and CEO of John L. Scott.
Despite having more sales than new listings over the past few months, Scottsaid there is hope for homebuyers. "As the days start getting longer thefuture will look brighter for the backlog of buyers waiting to find a home."
Describing February as the bridge month between winter and spring
markets, Scott expects to start seeing an increase in the number of newlistings.
Not surprisingly given the imbalance in supply and demand, prices
continue to rise. Last month's median price for the 5,874 completed sales ofsingle family homes and condominiums was $327,175, up 9 percent fromthe year ago figure of $300,000. There were 889 more closed sales inJanuary than for the same month a year ago for a 17.8 percent increase.
Single family home prices (excluding condos) increased 9 percent, risingfrom $309,950 to $338,000. The median price for single family homes thatsold in King County last month was $525,000, up more than 6.9 percent
from the year-ago sales price of $490,970. Several outlying counties
reported double-digit gains.
"The softening of single family home prices in King County over the last
few months, combined with the relatively large price increase in Snohomish
County (8.2 percent) suggests buyers are migrating north in order to findmore affordable housing," said OB Jacobi, president of Windermere RealEstate.
Market Activity Summary for January 2017
Listings
Single Family

NewHomes & Condos Listings
King
Snohomish
PierceTotal

Closing Sales

Total

Pending

Active# ofMedianClosings

Price

2,272

1,887

2,488

2,010

999

888

1,238

938

$380,000

1,141

1,575

1,530

1,099

$267,000

4,412

4,350

5,256

4,047

$475,000$374,000

S eattle leads the country in the crane race
According to the Puget Sound Business Journal, the number of cranes in
Seattle increased to 62 in the latter part of 2016 and now leads thecountry in the crane race. The Business Journal reported that the number

Ballard-Greenlake (705)$724,595$ 677,559

6.94%

North Seattle (710)$809,242$ 690,373

17.22%

Shoreline/Richmond Beach (715)$594,349$ 506,408

17.37%

Bellevue Downtown (520)$ 1,649,200$ 1,989,749-17.12%Mercer Island (510)$ 2,184,850$ 1,798,500

21.48%

Bellevue South-Newcastle (500)$ 1,035,302$ 751,469

37.77%

Renton Highlands-Downtown (350) $491,107$ 474,636

3.47%

Microsoft-Bellevue East (530)$875,990$ 687,400

27.44%

Kirkland Downtown (560)$ 1,005,574$ 1,031,955-2.56%

Redmond (550)$768,926$ 699,019

10.00%

Issaquah-Sammamish (540)$842,374$ 788,454

6.84%

Juanita-Bothell-Woodinville (600)$761,911$ 596,566

27.72%

Bothell North-Mill Creek (610)$610,690$ 509,168

19.94%

Edmonds-Lynnwood (730)$532,876$ 498,813

6.83%$ 391,638

12.46%

Everett-Mukilteo-Snohomish (740) $440,427*Condominium SOLD Average

2 017 Housing Market Outlook
Mortgage rates are predicted to rise gradually in 2017, ultimately
reaching a fourth quarter average of 4.3%. (Fannie Mae)
Existing home prices are expected to increase by around 4%(nationally) over the year.
Homebuyer affordability will be a challenge during 2017 due tohigher home prices and higher home mortgage rates.
The average number of days homes will spend on the market is
expected to be less in 2017 than any other year on record.
The loan amount limits have increased for King/Pierce/Snohomish$421,100.00 for Conventional and FHA. Fannie Mae High Balance
is $592,250.00.
Weekly Primary Mortgage Market Survey® (PMMS®)

Gina Brown (NMLS#115337)

February 10, 2017

Mortgage Specialist /Mortgage Capital Associates

Regional Breakdown

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

A verage Rates
Fees & Po ints
A PR

30-Yr
FNM A
3.59%

30-Yr
FHA
3.375%

15-Yr
FNM A

5/1
A RM

3.25%

3.00%

*All loans are wit h a one point originat ion f ee.

4.081%

4.867%

3.477%** Owner Occupied / Single Family Residence740 credit score and 20% down payment for conventional
640 credit score and 3.50% down payment for FHA

3.123%