© Mariko Mitsui Real Estate

Volume 8 2019 Issue

Sea-Tac Airport is investing in its facilities, now and over the next
M ixed activity during July reported, as
decade to accommodate this growth, and a statewide commission is involume of closed sales reaches 12-month high the process of evaluating sites for a second commercial airport that
July provided mixed messages on housing activity, noted one industry
veteran when commenting on the latest report from Northwest Multiple
Listing Service. The newly released MLS figures show last month's closed
sales reached a 12-month high. Member-brokers also reported the number ofnew listings (11,193) nearly matched pending sales (11,139).
A closer look at new listing activity shows last month's total was downfrom both the previous month (-6.7%) and the same month a year ago (8.2%). The total number of active listings of single family homes andcondos, at 16,787, was about the same as June's inventory (16,680) and theselection of a year ago (16,773 listings). A comparison of the 23 counties in
the Northwest MLS report shows about half the counties have moreinventory than a year ago, and half have less.
System-wide there is 1.76 months of inventory, with King, Kitsap, Mason,
Pierce, Snohomish and Whatcom counties all reporting less than two monthsof supply.
Pending sales declined slightly from June (11,139 versus 11,573) but
showed a 1.6 % gain on the year-ago total of 10,965 mutually accepted
offers.
Closed sales were up from both the previous month and the same month ayear ago. Northwest MLS brokers tallied 9,540 closed sales last month-thehighest volume since June 2018 when they reported 10,072 completed
transactions.
Year-over-year (YOY) prices rose nearly 3.6%, but declined about 2.9%
from June. The area-wide median price for July's completed transactions was$429,900; a year ago it was $415,000. Eighteen of the 23 counties in thelatest report showed year-over-year price appreciation.
The median price of a single family home (excluding condos) that sold lastmonth was $440,000, up 3.5% from twelve months ago. Only four counties
reported year-over-year price drops, including King County where prices
were down 2.7%. Condo prices also sagged compared to a year ago, but byless than one percent. The area-wide median price for condo sales that closed
during July was $350,000.
"The lazy days of summer do not apply to home sales," said J. Lennox
Scott, chairman and CEO of John L. Scott Real Estate. "Each summer, thehighest numbers of homes go under contract per month. However it may feelslower because the greatest numbers of new listings also come on the market.
This creates disbursed buyer energy," he stated. Looking ahead, he expects"strong numbers" due to "interest rates in the upper threes, strong local job
growth and sunny weather."Market Activity Summary for July 2019
Listings
Single Family

NewHomes & Condos Listings

Closing Sales

Total

Pending

Active# ofAverage

Closings

Price

MedianPrice

King

3,740

5,725

3,661

3,280

$754,344$625,000

Snohomish

1,698

2,164

1,707

1,376

$517,368$480,000

Pierce

1,773

2,107

1,870

1,591

$407,491$370,000

Total

7,211

9,996

7,238

6,247

$559,734$491,667

A ir travel in the region continues to growA new study underway by the Puget Sound Regional Council (PSRC)
shows that continuing demand for air travel in the region shows nosigns of slowing down. The report points to recent population,
employment, and income growth as driving regional aviation demand.
Regional demand for passenger boardings is expected to grow from
24.0 million in 2018 to between 49.3 million and 55.6 million by 2050.

will meet long-term future needs. The Port supported the recently
created statewide commission which will review options for futureaviation facilities.

B reakouts! – Residential SOLD Average
July 2019 (King/Snohomish/Pierce County) SOLD Average
Area (Area Code)Average $Average $2019 VS

July 2019

July 2018

2018

Auburn-Federal Way (110-310)$

447,927 $420,534

Kent-Maple Valley (320-340)$516,936 $

510,068

1.35%

West Seattle (140)$689,772 $

717,036-3.80%

SODO-Beacon Hill (380-385)$

735,118 $692,208

6.20%

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

1,147,823$ 1,288,031-10.89%Queen Anne-Magnolia (700)$

1,177,057$ 1,239,040*Belltown-Downtown Seattle(701)$

931,429 $784,748

18.69%

Ballard-Greenlake (705)$

830,938 $845,104-1.68%

North Seattle (710)$

940,741 $

926,224

1.57%

Shoreline/Richmond Beach (715)$792,252 $896,056-11.58%Bellevue Downtown (520)$

2,580,996$ 3,698,086-30.21%

Mercer Island (510)$

1,977,917$ 1,913,575

3.36%

Bellevue South-Newcastle (500)$

1,113,368$ 1,161,394-4.14%

642,072 $6.51%-5.00%

Renton Highlands-Downtown (350)$

660,660-2.81%

Microsoft-Bellevue East (530)$

1,137,264$ 1,018,023

11.71%

Kirkland Downtown (560)$

1,497,805$ 1,421,702

5.35%Redmond (550)$

1,023,656$ 1,003,567

2.00%

Issaquah-Sammamish (540)$960,918 $983,335

Juanita-Bothell-Woodinville (600)$

909,965 $896,324

1.52%

Bothell North-Mill Creek (610)$

717,283 $748,278-4.14%

Edmonds-Lynnwood (730)$

617,654 $618,338-0.11%

Everett-Mukilteo-Snohomish (740)$546,913 $524,662

4.24%-2.28%*Condominium SOLD Average

A mericans have never felt better aboutbuying a house than they do right now
In July, housing confidence increased 2.2 points as more Americans
reported now is a good time to buy and sell, according to Fannie
Mae’s latest Home Purchase Sentiment Index. Fannie Mae SeniorVice President and Chief Economist Doug Duncan said despiteongoing housing supply and affordability challenges, the HPSI
reached a new high thanks to strong job confidence and favorable
mortgage rate expectations.
Weekly Primary Mortgage Market Survey® (PMMS®)

Gina Brown (NMLS#115337)
Senior Loan Officer
425-766-5408
gina@gmgloan.com
www.loansbygina.com

August 15, 2019
Regional Breakdown

Average Rates
Fees & Points
APR30-Yr
FNMA
3.25%

30-Yr
FHA
2.875%

15-Yr
FNMA
2.875%

5/1
ARM
3.75%

*All loans are with a one point origination fee.

3.387%

3.784%

3.121%** Owner Occupied / Single Family Residence
740 credit score and 20% down payment for conventional
620 credit score and 3.50% down payment for FHA

3.893%