© Mariko Mitsui Real Estate

Volume 12 2019 Issue“November Surprise” brings “plenty ofbuyers,” uptick in home sales, prices
Brokers with Northwest Multiple Listing Service reported "plenty ofbuyers" competing for sparse inventory during November, which ended with
a 7% year-over-year increase in pending sales. The volume of mutuallyaccepted offers rose even more (9.2%) in the tri-county Puget Sound region
consisting of King, Pierce and Snohomish counties, with Snohomish leadingthat list with a jump of about 12%.
Median sales prices also jumped compared to both a year ago and toOctober. For November's 7,216 closed sales (which were up 5.5% from ayear ago), the area-wide sales price was $434,900, a gain of about 10% fromthe same month a year ago. Compared to October, last month's price on salesof single family homes and condos (combined) jumped 3.5%.
November's 7% increase in pending sales was the highest year-over-year
gain for November since 2016. In 2017, the YOY figure was a modest 1.6%,
while last year's comparison showed a drop of more than 10%.
"New listings added to inventory retreated nearly 15%," Mike Grady,president and COO of Coldwell Banker Bain noted. MLS members added
5,437 new listings system-wide, far fewer than a year ago when they added
6,399 residential properties to the MLS market area that covers 23 counties.
The imbalance between new listings and pending sales resulted in supply
falling to 1.58 months, the lowest system-wide level since last December.
Brokers reported 11,366 total active listings at month end, down more than
28 percent from twelve months ago when there were 15,830 active listings.
November's selection was down about 21 percent from October.
"The housing market is virtually sold out in the more affordable and midprice ranges where 75 percent of sales activity occurs in each market area,"
remarked J. Lennox Scott, chairman and CEO of John L. Scott Real Estate.
With December typically marking a low point for new listings coming on themarket, and the lower level of unsold inventory, Scott said "the pressure is on
despite the winter chill." This pressure is sending prices higher in the more
affordable and mid-price ranges, according to Scott, who does not expect any
easing until spring when new listings begin to increase.
November's listing and sales numbers continue to illustrate that buyers aredriving to affordability for their home purchases, according to Dean
Rebhuhn, owner of Village Homes and Properties in Woodinville. "Buyers
are going north, south and east to find homes that fit their budgets andlifestyles," he remarked.
If mortgage rates stay below 4%, while prices rise and inventory remains
tight, Grady says "We could see a real estate market in 2020 that is evenstronger than 2019 with homes prices increasing again, perhaps even 7% ormore." That's good news for sellers, he stated, adding, "Buyers should think
about taking advantage of these record-setting low interest rates now."
Market Activity Summary for November 2019
Listings
Single Family

NewHomes & Condos Listings

Closing Sales

Total

Pending

Closings

Average

MedianPrice

Price

1,736

3,487

2,695

2,510

$744,934$612,000

Snohomish

906

1,436

1,299

1,128

$507,230$471,747

Pierce

865

1,326

1,398

1,186

$418,202$373,000

Total

3,507

6,249

5,392

4,824

$556,789$485,582

King

Active# ofS afe city in Washington state
Looking for a safe city in Washington to settle down in? Duvall is a top
choice, according to a new study. The town of just under 8,000 wasnamed atop the Top 50 safest cities in Washington by Security Baron.

The study analyzed FBI rankings of crime rates in 116 Washington
cities that included violent crimes, burglary and thefts, and arson, plus
factors like median income and number of residents in law
enforcement. Duvall has just 0.51 violent crimes per 1,000 people and3.94 property crimes per 1,000 people, putting them atop the list.
Buckley, Connell, Sammamish and Oak Harbor rounded out the Top 5.

B reakouts! – Residential SOLD Average
December2019(King/Snohomish/Pierce County) SOLD Average
Average $Area (Area Code)Dec. 2019

Average $2019 VS

Dec. 2018

2018

Auburn-Federal Way (110-310)$

433,499$

414,546

Kent-Maple Valley (320-340)$

522,392$

507,510

2.93%

West Seattle (140)$674,903$

721,571-6.47%$

SODO-Beacon Hill (380-385)$668,681

E.lake-Madison-Capital Hill (390)$1,399,976

Queen Anne-Magnolia (700)$

1,150,642*Belltown-Downtown Seattle(701)$718,417

Ballard-Greenlake (705)$817,657

North Seattle (710)$

Shoreline/Richmond Beach (715)

4.57%

636,839

5.00%$ 1,121,540

24.83%$ 1,167,452-1.44%$

766,163-6.23%$

868,035-5.80%

853,598$

913,200-6.53%$

669,531$

810,189-17.36%

Bellevue Downtown (520)$2,529,905$ 2,550,749-0.82%

Mercer Island (510)$2,071,115$ 2,158,944-4.07%

Bellevue South-Newcastle (500)$984,186$

974,098

1.04%

Renton Highlands-Downtown (350)$

592,768$

630,072-5.92%

Microsoft-Bellevue East (530)$

1,051,775$

900,892

16.75%

Kirkland Downtown (560)$

1,452,946$ 1,387,096

4.75%

Redmond (550)$

1,103,747$

913,860

20.78%

Issaquah-Sammamish (540)$958,907$964,350-0.56%

Juanita-Bothell-Woodinville (600)$

835,295$

877,124-4.77%

Bothell North-Mill Creek (610)$686,198$

706,049-2.81%

Edmonds-Lynnwood (730)$606,705$

590,301

2.78%

Everett-Mukilteo-Snohomish (740)$510,745$

484,510

5.41%*Condominium SOLD Average

2 020 Loan Limits have increased:
For King/Snohomish/Pierce
Single Family $741,750.00
2 units: $949,610.00
3 units: $1,147,800.00
4 units: $1,426,450.00
Gina Brown with Mortgage Right offers many different loans to help
you in home ownership.
These include Conventional, FHA, VA and USDA. We also haveaccess to non-conforming loans, construction, Bridge Loans, ‘hardmoney’ loans for flipping and Home Equity lines of Credit.
Weekly Primary Mortgage Market Survey® (PMMS®)

Gina Brown (NMLS#115337)

December 9, 2019

Senior Loan Officer

Regional Breakdown

425-766-5408
gina@gmgloan.com
www.loansbygina.com

Average Rates
Fees & Points
APR30-Yr
FNMA
3.50%

30-Yr
FHA
2.875%

15-Yr
FNMA
3.00%

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

3.640%

3.682%

3.247%** Owner Occupied / Single Family Residence
740 credit score and 20% down payment for conventional
620 credit score and 3.50% down payment for FHA

3.938%