© Mariko Mitsui Real Estate

Volume 7 2017 Issue“T ypical summer slowdown” may mean
opportunities for frustrated house hunters
For frustrated house hunters, there's hope: the volume of new listings
added to inventory during June (13,658) was the highest total for any single
month since May 2008 (14,176 new listings), according to the latest
statistics from Northwest Multiple Listing Service.
"This time of year we see more new listings coming on the market thanpending sales, and June didn't disappoint," stated J. Lennox Scott, chairman
and CEO of John L. Scott.
While the number of new listings was up about 7 percent year-over-year,
total inventory lagged. Brokers reported 14,482 active listings of single
family homes and condos at the end of June, which is down 14 percent fromtwelve months ago when would-be buyers could choose from 16,838
listings. Compared to the previous month, however, inventory jumped up 16
percent (12,481 vs. 14,482).
MLS brokers reported 12,397 pending sales (mutually accepted offers)
during June for a gain of nearly 3.4 percent from a year ago. Compared toMay, the volume of pending sales dropped slightly. Nine counties reported
year-over-year decreases in the number of pending sales, with inventory
shortages a likely contributing factor since most of these counties show
double-digit declines in the number of active listings.

Case-Shiller home price index. Nationally, home price increases are
slowing down a bit, and grew 5.5 percent from a year ago. Seattle homeprices are growing 2.3 times faster than the U.S. average. The price ofstarter homes has nearly doubled in five years while incomes have notcome close to keeping up.

B reakouts! – Residential SOLD Average
June 2017 (King/Snohomish/Pierce County) SOLD Average
Average $Average $2017 VS

June 2017

June 2016

Auburn-Federal Way (110-310)$401,482$ 349,805

2016
14.77%

Kent-Maple Valley (320-340)
West Seattle (140)$$453,157
678,821$ 412,007$ 589,746

SODO-Beacon Hill (380-385)$663,426$ 530,130

E.lake-Madison-Capital Hill (390)$ 1,087,371$ 1,048,539

3.70%

Queen Anne-Magnolia (700)$ 1,144,131$ 1,082,489

5.69%

Area (Area Code)

9.99%
15.10%
25.14%*Belltown-Downtown Seattle(701) $710,278$ 636,196

11.64%

Ballard-Greenlake (705)$820,009$ 728,329

12.59%

North Seattle (710)$904,667$ 785,975

15.10%

Shoreline/Richmond Beach (715)$650,146$ 532,034

22.20%

Bellevue Downtown (520)$ 2,446,813$ 2,164,808

13.03%

Mercer Island (510)$ 1,904,033$ 1,593,943

19.45%

Bellevue South-Newcastle (500)$ 1,076,562$ 928,692

15.92%

596,885$ 526,228

13.43%

Microsoft-Bellevue East (530)$ 1,039,458$ 804,247

29.25%"Strong job growth, price appreciation, and low interest rates continue tofuel the Puget Sound housing market," stated Scott.

Kirkland Downtown (560)$ 1,298,693$ 987,105

31.57%

Redmond (550)$942,146$ 730,950

28.89%

Seattle's growing population is another likely factor. Recent U.S. Census
Bureau data shows Seattle is gaining about 1,100 residents per week, an"astounding" figure, said MLS director Diedre Haines.

Issaquah-Sammamish (540)$872,523$ 756,313

15.37%

Juanita-Bothell-Woodinville (600)$791,702$ 703,221

12.58%

Bothell North-Mill Creek (610)$637,153$ 564,726

12.83%

Prices for single family homes and condos combined surged 10 percent inJune compared to a year ago, rising from $350,000 to $385,000. For thefour-county Puget Sound region, year-over-year prices are up about 11.4
percent. In King County, the median price of a single family home(excluding condos) jumped 13.9 percent, from $573,522 to $653,000.

Edmonds-Lynnwood (730)$565,251$ 525,698

7.52%

Everett-Mukilteo-Snohomish (740) $467,440$ 428,551

9.07%

In the four-county region encompassing King, Kitsap, Pierce andSnohomish counties, MLS members notched a record-setting 9,042 pending
sales, beating the previous high for the month of June that was reached in2005. Figures show May also beat the record for that month.

Commenting on the latest MLS statistics, Mike Grady, president and
COO of Coldwell Banker Bain, said the numbers "tell the continuing storyof a very tight market created by the situation of a region where far morejobs are being created than new housing units -- whether they areapartments, condos or single-family homes. This pattern won't change until
developers can out-build net new job creation, especially in the greater
Puget Sound area."
Market Activity Summary for June 2017Listings
Single Family

NewHomes & Condos Listings

Total

Closing Sales
Pending

Active# ofAverage

Closings

Price

MedianPrice

Renton Highlands-Downtown (350) $*Condominium SOLD Average

Don’t Regret Poor Prep Before Moving
The 2017 summer home buying season is gearing up to be one of themost competitive in recent history as a shortage of homes for sale iskeeping inventory tight in many areas.
Buyers:- Plan a realistic budget and stick to it.
- Get pre-approved!
- Communication is key – be on top of all emails, phone calls andemails with your agent and lender
Sellers:- Start early and be strategic – Plan your sale a couple of months
before you actually list the property.
- Work with an agent from day one.
- Pay attentions to online “curb appeal”

King

4,769

3,057

4,309

3,655

$705,893$590,000

Snohomish

2,135

1,580

1,957

1,558

$454,906$420,000

Pierce

2,295

2,326

2,150

1,721

$347,854$314,965

Gina Brown (NMLS#115337)

Total

9,199

6,963

8,416

6,934

$502,884$441,655

Mortgage Specialist /Mortgage Capital Associates

H ottest housing market in the country
According to a report published in the Seattle Times, for the eighth
straight month Seattle is the hottest housing market in the country. The
typical single-family house across the Seattle metro area cost 12.9
percent more in April than a year ago, according a recent monthly

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

Weekly Primary Mortgage Market Survey® (PMMS®)
July 17, 2017
Regional Breakdown

Average Rates
Fees & P o ints
AP R

30-Yr
FNM A
3.875%

30-Yr
FHA
3.25%

15-Yr
FNM A
3.00%

5/1
A RM
3.00%

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

4.004%

4.512%

3.224%

3.122%** Owner Occupied / Single Family Residence
740 credit score and 20% down payment for conventional
640 credit score and 3.50% down payment for FHA