© Mariko Mitsui Real Estate

Volume 4 2017 Issue

N WMLS brokers report 50 percent spikein new listings
Northwest Multiple Listing Service brokers expected an uptick in thenumber of new listings during March, and that expectation was met with asignificant gain - up more than 50 percent from February. Members added
10,321 new listings last month, but they also reported an even greaternumber of pending sales (10,447), leaving inventory near historic lows.
Total active inventory across the 23 counties in the Northwest MLS
service area remained below 10,000 for a second straight month. Theselection of active listings rose to 9,774 for a 7.5 percent improvement on
February's volume, but compared to a year ago inventory plummeted nearly
23 percent.

during the year-long period, which were partially offset by 13,580
deaths. King County's total population at the end of the period was
2,149,970.

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

Mar. 2017

Mar. 2016

Auburn-Federal Way (110-310)$390,847$ 333,723

201617.12%

Kent-Maple Valley (320-340)
West Seattle (140)$$438,456
612,426$ 386,282$ 551,333

SODO-Beacon Hill (380-385)$594,199$ 531,819

Area (Area Code)13.51%
11.08%
11.73%"It's a straight up crazy, frenzy market in King and Snohomish counties,"
said J. Lennox Scott, chairman and CEO of John L. Scott. About 75 percent
of homes are selling within the first 30 days, according to his analysis.

E.lake-Madison-Capital Hill (390)$993,764$ 974,082

2.02%

Queen Anne-Magnolia (700)$ 1,148,654$ 949,852

20.93%*Belltown-Downtown Seattle(701) $758,726$ 744,508

1.91%

For single family homes only (excluding condos), year-over-year prices
jumped 11.5 percent, from $327,300 to $365,000. The median price for asingle family home that sold in King County was $599,950, up 12.9 percent
from a year ago. Adjacent counties also saw double-digit increases inselling prices for single family homes.

Ballard-Greenlake (705)$758,373$ 679,558

11.60%

North Seattle (710)$901,450$ 824,299

9.36%"March sales activity is lower than a year ago due to the fact we arevirtually sold out," explained Scott. He also said the lack of inventory is
feeding the buyer frenzy for each new listing in the more affordable andmid-price ranges.
Northwest MLS chairman John Deely, principal managing broker at
Coldwell Banker Bain, said bids over the listing price are commonplace.
"We are seeing more multiple offers than ever on new listings, and all cash
offers are dominating the winning bids." He also noted some brokers arereporting a contrast from a year ago with regard to escalation closes. "Lastyear they were advising a buyer to bid 10 percent above the list price, thisyear they're advising 20 percent over in certain Seattle neighborhoods."
Despite the hurdles, more people are getting into homes, Deely noted.
Northwest MLS figures show year-to-date closed sales are up nearly 10
percent compared to first quarter 2016.
Scott expects "seller gridlock" to abate this summer for sellers who are
waiting to put their home on the market. "As more inventory comes on themarket it will be just as easy for them to purchase their next home as it is tosell their current one."Market Activity Summary for March 2017
Listings
Single Family

NewHomes & Condos Listings

Closing Sales

Total

Pending

Active
2,102

3,532

# ofAverage

Closings

PricePrice$645,709$530,000

2,700

MedianKing

3,719

Snohomish

1,537

892

1,614

1,167

$428,481$396,000

Pierce

1,815

1,533

1,928

1,361

$313,244$290,000

Total

7,071

4,527

7,074

5,228

$462,478$405,333

P opulation increace high in King County
King Countyding the city of Seattle, had the fourth-highest population
increase in the country from 2015 to 2016, according to data released inlate March by the U.S. Census Bureau. The data showed that KingCounty gained about 36,000 more residents between July 1, 2015, andJuly 1, 2016. Some 15,500 new residents migrated to the area fromother countries, while 8,511 moved here from other locations inside
the United States. In addition, there were 25,905 births in King County

Shoreline/Richmond Beach (715)$707,410$ 550,860

28.42%

Bellevue Downtown (520)$ 2,468,089$ 1,966,304

25.52%

Mercer Island (510)$ 2,211,917$ 1,607,818

37.57%

Bellevue South-Newcastle (500)$ 1,019,301$ 829,233

22.92%

Renton Highlands-Downtown (350) $545,301$ 521,126

4.64%
20.45%

Microsoft-Bellevue East (530)$ 1,022,064$ 848,518

Kirkland Downtown (560)$ 1,128,079$ 1,029,206

9.61%

Redmond (550)$861,650$ 730,460

17.96%

Issaquah-Sammamish (540)$869,899$ 720,323

20.77%

Juanita-Bothell-Woodinville (600)$759,685$ 655,226

15.94%

Bothell North-Mill Creek (610)$649,965$ 564,851

15.07%

Edmonds-Lynnwood (730)$526,124$ 465,959

12.91%

Everett-Mukilteo-Snohomish (740) $449,657$ 400,091

12.39%*Condominium SOLD Average

N ew Home Sales exceptionalｌy strong
The Mortgage Bankers Association (MBA) says it appears that new
home sales were exceptional strong in March. Its Builder Application
Survey (BAS) shows purchase mortgage applications for newly
constructed single-family homes increased by 21.6 percent, on a nonseasonally adjusted basis, from February and were 6.7 percent higher
than the previous March. The unadjusted data indicates there were
62,000 homes sold during the month compared to 51,000 in February.
On a seasonally adjusted annual basis MBA puts March sales at
670,000, a 14.3 percent gain from the prior month's rate of 586,000
units.
Mortgage applications for new homes accelerated in March, with theBuilder Application Survey Index reaching its highest point since theseries began in August 2012.

Gina Brown (NMLS#115337)

Weekly Primary Mortgage Market Survey® (PMMS®)

Mortgage Specialist /Mortgage Capital Associates

April 13, 2017425-766-5408
gina@gmgloan.com
www.loansbygina.com

Average Rates

Regional Breakdown

Fees & P o ints
AP R30-Yr
FNM A
3.875%30-Yr
FHA3.50%

15-Yr
FNM A
3.125%

5/1
A RM
3.125%*All loans are wit h a one point originat ion f ee.

4.004%

4.985%

3.35%

3.248%** Owner Occupied / Single Family Residence
740 credit score and 20% down payment for conventional
640 credit score and 3.50% down payment for FHA