© Mariko Mitsui Real Estate

Volume 4 2018 Issue

H ousing Market back to “Pressure Cooker
Situation”, But Brokers Remind Sellers“Pricing is Still Important”
Job growth and a recent run-up in mortgage rates has created an"extremely intense market for each new listing," stated J. Lennox Scott,chairman and CEO of John L. Scott Real Estate in commenting on the latest
statistics from Northwest Multiple Listing Service.
MLS figures for March show a surge in both new listings and pending
sales compared to February as the spring market heats up. Compared to amonth ago, pending sales climbed more than 29 percent (from 7,980 inFebruary to 10,311 in March), while the volume of new listings jumped
more than 45 percent from February to March.
"What used to be a quick action market for buyers is now, once again, an
instant response market, and this has been the case since the first of theyear," remarked Scott, adding "This is especially true in the more affordable
and mid-price ranges in all markets, and also pertains to luxury properties
close to the job centers.“Prices overall are up about 13.2 percent from a year ago, and even more
so in the four-county Puget Sound region. Among these four counties,
Kitsap had the largest year-over-year increase at 19 percent, but KingCounty homes are still the priciest. The median price for last month's salesof single family homes and condos combined in King County is $625,000,
up 17.9 percent from a year ago. For single family homes, excluding
condos, the median price for last month's sales was $689,950.

laundry room as their second highest priority, followed by a diningroom, garage storage, and a walk-in closet in the master bedroom.

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

Mar. 2017

Auburn-Federal Way (110-310)$403,109 $

390,846

2017
3.14%

Kent-Maple Valley (320-340)$

512,932 $438,455

16.99%

West Seattle (140)$744,636 $

616,863

20.71%

SODO-Beacon Hill (380-385)$

739,126 $

594,199

24.39%

E.lake-Madison-Capital Hill (390)$1,134,209 $

993,764

14.13%

Queen Anne-Magnolia (700)$1,367,089$ 1,148,653

19.02%*Belltown-Downtown Seattle(701)$785,657 $758,725

3.55%
11.77%

Ballard-Greenlake (705)$847,642 $

758,373

North Seattle (710)$

970,259 $901,449

7.63%

Shoreline/Richmond Beach (715)$

707,41014.00%

Bellevue Downtown (520)$

2,522,816$ 2,468,089

2.22%

Mercer Island (510)$

2,008,802$ 2,211,917-9.18%

Bellevue South-Newcastle (500)$

1,143,767$ 1,019,301

12.21%

Renton Highlands-Downtown (350)$Microsoft-Bellevue East (530)$806,415 $

593,607 $1,032,018

8.86%$ 1,022,063

0.97%$ 1,128,079

27.97%

Kirkland Downtown (560)$Redmond (550)$958,657 $

861,649

11.26%As has been the pattern, pending sales nearly equaled the number of newlistings. Brokers reported 10,311 pending sales last month, a slight dropfrom the year-ago figure of 10,415. Tight inventory may be to blame as thenumber of total active listings stood at 8,825 at month end, down nearly 9.7
percent from the year-ago total of 9,772. Fourteen of the 23 counties in theNorthwest MLS market area reported drops in pending sales.

Issaquah-Sammamish (540)$951,892 $

869,898

9.43%

Juanita-Bothell-Woodinville (600)$

896,184 $

759,685

17.97%

Bothell North-Mill Creek (610)$

737,442 $649,964

13.46%

Edmonds-Lynnwood (730)$604,591 $

526,124

14.91%

Everett-Mukilteo-Snohomish (740)$

500,898 $449,656

11.40%"We have returned to an extremely intense market for each new listing
due to extremely strong job growth and eager buyers who want to purchase
before interest rates go higher," Scott reported. "The housing market is backto a pressure cooker situation and we are witnessing high levels of sales
activity intensity for each new listing coming on the market," hecommented.

*Condominium SOLD Average"Despite the low inventory and sellers' market, proper pricing is still
important," emphasized John Deely, principal managing broker at Coldwell
Banker Bain in Seattle.

T ips to win the bidding wars
Today's housing market is arguably one of the most competitive inhistory. A record low supply of listings and high demand. Bidding
wars are now the rule, rather than the exception. Here are some tips towin:
1.
2.

Market Activity Summary for March 2018
Listings
Single Family

NewHomes & Condos Listings

Closing Sales

Total

Pending

MedianPrice

Price

3,465

2,479

$740,509$625,000

1,576

783

1,578

1,166

$492,117$452,450

1,767

1,350

1,856

1,369

$374,384$342,225

7,228

4,193

6,899

5,014

$535,670$473,225

3,885

Snohomish
PierceTotal

Closings

Average

2,060

King

Active# ofE ssential features when house-hunting
Having a living room is essential to most prospective home buyers, with61 percent of first-time buyers listing that feature as their toprequirement. Among shoppers who are looking for their second or
subsequent home, 72 percent said a laundry room was their top musthave feature. In addition to a living room, first-time buyers ranked a

1,443,617

545,300

3.
4.

Come with cash. Not everyone can do this, but if you can makean all-cash offer, you will have an advantage.
If you don't have all-cash, try waiving the financing contingency.
That is when the deal is contingent on your loan being approvedby the lender.
Try a personal letter to the seller. Selling a home is just as
emotional as buying one, especially for sellers who have lived in
the home a long time.
Finally, don't be afraid to walk away. The last thing you want to
do is get over-emotional and overstretch your budget. Don't behouse-poor.

Gina Brown (NMLS#115337)
Mortgage Specialist /Mortgage Capital Associates
425-766-5408
gina@gmgloan.com
www.loansbygina.com

Weekly Primary Mortgage Market Survey® (PMMS®)
April 13, 2018
Regional Breakdown

Average Rates
Fees & Points
APR30-Yr
FNMA
4.375%

30-Yr
FHA
3.875%

15-Yr
FNMA
3.875%

5/1
ARM
3.875%*All loans are with a one point origination fee.

4.439%

5.295%

3.978%** Owner Occupied / Single Family Residence
740 credit score and 20% down payment for conventional
620 credit score and 3.50% down payment for FHA

3.836%