© Mariko Mitsui Real Estate

Volume 9 2018 Issue

I mproving supply helps slow escalatinghhome prices in Western Washington
House-hunters in Western Washington can choose from the largest supplyof homes in three years, and they are facing fewer bidding wars, according
to officials from Northwest Multiple Listing Service.
New statistics from the MLS show prices appear to be moderating (upabout 6.7 percent overall), but brokers say they are not bracing for a bubble,
or even anticipating a quick shift to a buyers' market.
Area-wide, the number of active listings of single family homes andcondos (combined) rose 16.2 percent, but 16 counties reported year-overyear drops in inventory. At month end there were 18,580 active listings, thehighest level since September 2015 when buyers could choose from 19,724
listings. Compared to July, inventory was up nearly 11 percent.
The latest numbers from Northwest MLS show wide-ranging changes inthe volume of active listings when comparing the 23 counties in the report.
In Clark County, inventory doubled from a year ago to lead the list based on
percentage gains. King County was runner-up with a 74.3 percent increase,rising from 3,329 active listings a year ago to 5,803 at the end of August.
System-wide there is about two months of supply, but less than that in thefour-county Puget Sound region - well below the "balanced market" rangeof four-to-six months.
"The Puget Sound residential housing market remains positive, though themarket has transitioned from a frenzied state to one of strong sales activity,"
remarked J. Lennox Scott, chairman and CEO of John L. Scott Real Estate.
"We are seeing stability in the affordable and mid-price ranges in all market
areas," he said, citing "one of the best job growth markets in the nation" andfavorable interest rates as contributing factors.
In the four-county Puget Sound region, pending sales were down morethan 20 percent, ranging from a 12 percent decline in Pierce County to adrop of more than 23 percent in King County.
For single family homes, the median sales price was $415,000 overall, a
6.4 percent year-over-year increase. Single family homes in King County
continue to command the highest price at $669,000, up 2.9 percent from theyear-ago price of $650,000, but down from May when a countywide median
price of $726,275 was reached, the highest so far this year.
"Homes that are priced and presented right are still garnering multiple
offers, but unlike the past few years, buyers aren't having to waive
protections with their offers," Scott said.
Affordability is an ongoing concern, particularly for first-time buyers
wanting to live near job centers. In King County, for example, nearly 60
percent of the current inventory of homes and condos has an asking price of$750,000 or higher. Despite that challenge, brokers are upbeat about what
Scott describes as a more "normal pace" with buyers having greater
selection and availability.
Market Activity Summary for August 2018
Listings
Single Family

NewHomes & Condos Listings

Closing Sales

Total

Pending

Active# ofAverage

Closings

Price

MedianPrice

King

4,090

5,803

3,072

3,028

$728,030$610,000

Snohomish

1,798

2,357

1,437

1,386

$500,713$461,832

Pierce

2,050

2,737

1,867

1,610

$388,218$347,750

Total

7,938

10,897

6,376

6,024

$538,987$473,194

3 00,000 new people in last four years
According to Puget Sound Regional Council, the four-county central
Puget Sound region (King, Snohomish, Pierce, Kitsap) gained 67,860
people over the last year as the region’s total population reached 4.135
million. Over 380,000 jobs have been added to the region since 2010.

Almost 300,000 new people have been added to the region in the last
four years. Since 2010, nearly 60 percent of the population growthhas been due to people moving into the region from other parts of thecountry and world.

B reakouts! – Residential SOLD Average
August 2018 (King/Snohomish/Pierce County) SOLD Average
Average $Average $2018 VS

August 2018

August 20172017

Area (Area Code)
Auburn-Federal Way (110-310)$410,345 $

396,988

3.36%

Kent-Maple Valley (320-340)$

495,111 $464,793

6.52%West Seattle (140)$678,974 $

636,971

6.59%

SODO-Beacon Hill (380-385)$

668,571 $

691,691-3.34%

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

1,225,323$ 1,134,931

7.96%

Queen Anne-Magnolia (700)$1,190,585$ 1,110,081

7.25%*Belltown-Downtown Seattle(701)$

767,267 $745,904

Ballard-Greenlake (705)$

838,156 $

836,866

0.15%

North Seattle (710)$873,012 $894,845-2.44%

686,614 $2.86%

Shoreline/Richmond Beach (715)$

706,741-2.85%

Bellevue Downtown (520)$

2,735,953$ 3,360,915-18.59%Mercer Island (510)$

1,870,387$ 1,636,662

14.28%

Bellevue South-Newcastle (500)$

1,179,008$ 1,030,363

14.43%

Renton Highlands-Downtown (350)$640,586 $

587,418

9.05%

Microsoft-Bellevue East (530)$1,087,959 $

928,223

17.21%

Kirkland Downtown (560)$

1,121,650$ 1,180,566-4.99%

Redmond (550)$

1,013,790 $

862,830

Issaquah-Sammamish (540)$956,732 $

900,658

6.23%

Juanita-Bothell-Woodinville (600)$

903,432 $772,619

16.93%

Bothell North-Mill Creek (610)$

722,199 $658,471

9.68%

Edmonds-Lynnwood (730)$

616,180 $

550,944

11.84%

Everett-Mukilteo-Snohomish (740)$518,877 $

480,308

8.03%

17.50%*Condominium SOLD Average

R eal reason for the housing slowdown
Seattle’s housing market has risen to record levels — for better orworse — fueled in part by Amazon’s historic success, but the tech
giant’s hiring has slowed in recent months. At the same time, theregion’s housing market has cooled, losing its nearly two-year title as
the nation’s hottest.
But correlation does not necessarily mean causation, and real estateexperts interviewed by GeekWire say they don’t see a connection
between the slowdowns at Amazon and in the housing market.
Instead, they say the real reason for the housing slowdown is that for
the first time in years there are more than just a handful of houses forsale in any given area.

Gina Brown (NMLS#115337)

Weekly Primary Mortgage Market Survey® (PMMS®)

Senior Loan Officer

September 14, 2018425-766-5408
gina@gmgloan.com
www.loansbygina.com

Regional Breakdown

Average Rates
Fees & Points
APR

30-Yr
FNMA
4.50%

30-Yr
FHA
4.125%

15-Yr
FNMA
3.875%

5/1
ARM
4.125%*All loans are with a one point origination fee.

4.629%

5.221%

4.097%

4.251%** Owner Occupied / Single Family Residence
740 credit score and 20% down payment for conventional
620 credit score and 3.50% down payment for FHA