© Mariko Mitsui Real Estate

Volume 6 2018 Issue

I mproving Inventory Creating
Long-awaited Opportunities for Buyers
Member-brokers of Northwest Multiple Listing Service added 14,524
new listings during May, the first time that volume topped 14,000 sinceMay 2008.
King County has more than a month's supply for the first time since
September 2017, and only the third time since October 2016. For the MLS
area overall, there is 1.44 months of supply. Only four counties of the 23
counties served by Northwest MLS reported having more than four monthsof supply, the minimum level most industry experts use as a gauge of abalanced market.
Last month's number of new listings was a significant gain from April
when members added 11,271 new listings, a gain of nearly 29 percent.
"It's the best time of the year for potential home buyers," proclaimed J.
Lennox Scott, chairman and CEO of John L. Scott Real Estate. "At this timeof year we always see the highest number of new listings come on themarket on a monthly basis," he explained, adding, "More new listings
creates more opportunity for home buyers."
Even with the improving inventory, today's market "still takes instantresponse as sales activity remains at a frenzy level for these new listings,"
Scott emphasized.
"The good news for home buyers in King County is that compared to lastmonth, there were almost 1,000 more homes for sale," noted OB Jacobi,
president of Windermere Real Estate. "Hopefully," he added, "this is thebeginning of a trend in which we will continue to see inventory levels
improve. On the flip side, home prices in the county are up 16 percent yearover-year, which, when combined with rising interest rates, is forcing somebuyers to expand their search to Pierce and Snohomish counties so they canfind something they can afford to buy."
Brokers say the continuing bidding wars are helping push prices up.
Fifteen counties had double-digit price hikes for single family homes andcondos (combined) from a year ago. In the four-county Puget Sound region,
Snohomish County has the smallest year-over-year price gain at just under
14 percent, while Kitsap County claimed the largest jump in the region atnearly 17.2 percent.
In King County, the median sales price on all homes rose just over 16
percent, from $560,000 to $650,000. The median price for a single family
home rose 14.64 percent, from $633,500 to $726,275.
The condo market showed signs of improvement with inventory growing
by nearly 21.4 percent, boosted by the addition of 1,803 new listings during
May (up 11.3 percent from a year ago). Even so, there is less than a month's
supply system-wide.
Market Activity Summary for May 2018
Listings
Single Family

NewHomes & Condos Listings

Closing Sales

TotalPending

Active# ofAverage

Closings

PriceMedianPriceKing

5,251

3,562

4,176

3,194

$771,889$650,000

Snohomish

2,157

1,421

1,833

1,427

$517,864$478,615

Pierce

2,380

1,929

2,151

1,559

$381,352$350,000

Total

9,788

6,912

8,160

6,180

$557,035$492,872

R emodeling, not moving
A new survey by Bankrate found 21 percent of homeowners plan tomove within five years, but a whopping 62 percent say they plan to stayput. The Bankrate survey also revealed a strong preference for
remodeling or upgrading in the next five years, rather than moving.

Only 19 percent indicated they plan to move into a new home in thenext five years, while 35 percent said they plan to remodel or upgrade
their home.

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

Apr. 2018

Apr. 2017

Auburn-Federal Way (110-310)$

430,086 $406,261

2017
5.86%

Kent-Maple Valley (320-340)$

506,429 $442,555

14.43%

West Seattle (140)$790,512 $

646,283

22.32%

SODO-Beacon Hill (380-385)$702,950 $

633,698

10.93%

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

1,334,613$ 1,127,990

18.32%

Queen Anne-Magnolia (700)$1,278,611$ 1,060,283

20.59%*Belltown-Downtown Seattle(701)$872,687 $919,608-5.10%

Ballard-Greenlake (705)$943,070 $

804,118

17.28%

North Seattle (710)$969,095 $

864,69712.07%

Shoreline/Richmond Beach (715)$789,028 $690,32114.30%

Bellevue Downtown (520)$

2,969,143$ 2,635,990

12.64%

Mercer Island (510)$2,058,014$ 1,819,751

13.09%

Bellevue South-Newcastle (500)$

1,103,800$ 1,036,047

Renton Highlands-Downtown (350)$Microsoft-Bellevue East (530)$700,331 $1,144,962

6.54%
12.89%

620,363$ 1,065,109

7.50%$ 1,163,401

25.46%

Kirkland Downtown (560)$

1,459,621

Redmond (550)$

1,049,262 $

938,290

Issaquah-Sammamish (540)$977,978 $922,484

6.02%

11.83%

Juanita-Bothell-Woodinville (600)$

860,705 $776,757

10.81%

Bothell North-Mill Creek (610)$

763,506 $665,78114.68%

Edmonds-Lynnwood (730)$635,331 $

569,173

11.62%

Everett-Mukilteo-Snohomish (740)$535,795 $

464,757

15.28%*Condominium SOLD Average

Credit Rule Changes
On the 8th of June there will be changes on how your credit isreported.
- Collections that aren’t at least 180 days old will be rejected by the 3
major credit bureaus.
- Medical collections will no longer show on your credit reports aslong as it is being paid (through either you or your insurance).
- Collection accounts that have not been updated in the six months ormore will not be factored into scores.
- Any collection that did not result from a contract agreement to pay
by the consumer, will be removed.
This means that now is the perfect time to speak with a loan
professional about how this will impact your ability to buy a home.

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

Weekly Primary Mortgage Market Survey® (PMMS®)
June 8, 2018
Regional Breakdown

Average Rates
Fees & Points
APR

30-Yr
FNMA
4.375%

30-Yr
FHA
4.125%

15-Yr
FNMA
3.75%

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

4.439%

5.672%

3.892%

3.962%** Owner Occupied / Single Family Residence
740 credit score and 20% down payment for conventional
620 credit score and 3.50% down payment for FHA