© Mariko Mitsui Real Estate

Volume 11 2018 Issue

S lower Market Means Homebuyers Have
“Newfound Ability to Negotiate”
Seven months of steadily rising housing inventory reversed course inOctober when Northwest Multiple Listing Service brokers added the fewest
new listings since February, according to a new report. MLS members
believe the onset of wintry weather and transition to the holiday season arefactors, but suggested the slower pace also signals improving conditions forhouse-hunters.
Northwest MLS members added 8,865 new listings to inventory lastmonth in the 23 counties it encompasses, down from September's volume of10,458, but up 4.7 percent from the year-ago total of 8,466 new listings.
Compared to September, last month's number of total active listings shrunknearly 6.7 percent, but year-over-year inventory rose 33.2 percent, from
13,680 to 18,223 offerings.
Northwest MLS figures for October show median prices system-wide forhomes and condos are up about 4.6 percent from a year ago, rising from$373,000 to $390,000. King County prices jumped from $565,000 to$613,509 for a gain of about 8.6 percent. All but four of the 23 counties in
the report experienced price increases from a year ago.
Both pending sales (mutually accepted offers) and closed sales dipped bydouble-digits during October. MLS members reported 9,015 pending sales,
down 14.8 percent from the year-ago total of 10,586, but up slightly fromthe previous month's figure of 8,913.
The volume of closed sales declined nearly 11 percent area-wide,
although eight counties reported double-digit year-over-year increases. For
the four-county Puget Sound region, the number of completed transactions
fell 15.3 percent from a year ago, but rose 5.2 percent compared with
September.
Commenting on the latest MLS statistics, J. Lennox Scott noted "unsold
inventory levels are higher than we've seen in the past three years," adding,"We've gone from being virtually sold out in many areas close to the job
centers to healthier inventory levels." Instead of an "extreme shortage,"
there is now just a "shortage level" of unsold inventory in the more
affordable and mid-price ranges, according to Scott, the chairman and CEOof John L. Scott.
Scott believes the current market provides opportunities for those looking
to move before the New Year, even with a home-to-sell contingency. "It'sokay to buy and sell within same-market timing, although it remains crucial
for those looking to purchase a home to be buyer-ready for the best chance
to get their chosen property," he advised.
Market Activity Summary for October 2018
Listings
Single Family

NewHomes & Condos Listings

Closing Sales

Total

Pending

Active# ofAverage

Closings

PriceMedianPriceKing

3,355

6,283

2,877

2,618

$725,357$613,509Snohomish

1,329

2,421

1,361

1,132

$495,122$445,000

Pierce

1,407

2,474

1,652

1,427

$366,542$331,000

Total

6,091

11,178

5,890

5,177

$529,007$463,170

Possible Bullet train in Pacific Northwest
Officials in Oregon, Washington and British Columbia are in the very
early stages of planning a bullet train that could travel between Portland,Oregon, and Vancouver, British Columbia, in about two hours. The
Oregonian/OregonLive reports that the rail discussion is in its infancy,
but the governments hope to make it a reality by 2035. Microsoft paidfor a study of economic feasibility and found that the plan could create

38,000 construction jobs for a decade and create billions in labor
income. If it were to happen, the train could theoretically connect
Portland and Seattle in under an hour. According to a report theWashington Department of Transportation released in February, theline could cost $25 billion to more than $40 billion to build.

B reakouts! – Residential SOLD Average
October 2018 (King/Snohomish/Pierce County) SOLD Average
Area (Area Code)Average $Average $2018 VSOct. 2018

Oct.2017

2017

Auburn-Federal Way (110-310)$

426,532 $384,868

10.83%

Kent-Maple Valley (320-340)$

507,626 $

449,82312.85%

West Seattle (140)$647,623 $644,877

0.43%

656,736 $SODO-Beacon Hill (380-385)$

665,337-1.29%

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

1,218,116$ 1,144,025

6.48%

Queen Anne-Magnolia (700)$

1,182,921$ 1,082,367

9.29%*Belltown-Downtown Seattle(701)$795,336 $782,195

Ballard-Greenlake (705)$860,033 $852,137

0.93%

North Seattle (710)$

944,189 $

796,457

18.55%

Shoreline/Richmond Beach (715)$676,602 $

634,152

6.69%

Bellevue Downtown (520)$

2,847,502$ 2,704,920

5.27%

Mercer Island (510)$

2,142,738$ 1,857,895

15.33%

Bellevue South-Newcastle (500)$

1,160,971$

931,318

24.66%

Renton Highlands-Downtown (350)$

583,355 $

566,204

3.03%

Microsoft-Bellevue East (530)$

1,113,216$ 1,052,089

5.81%

Kirkland Downtown (560)$

1,331,579$ 1,296,873

2.68%

Redmond (550)$959,028 $892,563

Issaquah-Sammamish (540)$926,024 $888,273

4.25%

Juanita-Bothell-Woodinville (600)$

873,517 $768,708

13.63%

Bothell North-Mill Creek (610)$731,957 $

668,487

9.49%

Edmonds-Lynnwood (730)$588,087 $

553,076

6.33%

Everett-Mukilteo-Snohomish (740)$496,279 $456,808

8.64%

1.68%

7.45%

*Condominium SOLD Average

N EWS BRIEFS
Purchase Mortgage Applications increased 8.2% in September 2018
compared to September 2017 but decreased 9% compared to August.
This according to Builder Application Survey data released by theMortgage Bankers Association (MBA). Source: Mortgage
Professional America
TRANSUNION: Home Equity Lending is Going to Soar as homeequity levels near $15 Trillion and home prices have surpassed the2005 boom levels. 70 million homeowners may qualify for
HELOC’s. Source: Housing Wire

Gina Brown (NMLS#115337)

Weekly Primary Mortgage Market Survey® (PMMS®)

Senior Loan Officer

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

Regional Breakdown

Average Rates
Fees & Points
APR30-Yr
FNMA
4.75%

30-Yr
FHA
4.25%

15-Yr
FNMA
4.125%

5/1
ARM
4.25%

*All loans are with a one point origination fee.

4.895%

5.221%

4.372%

4.390%** Owner Occupied / Single Family Residence
740 credit score and 20% down payment for conventional
620 credit score and 3.50% down payment for FHA