© Mariko Mitsui Real Estate

Volume 5 2018 Issue

B rokers Report Some Good News For
Home Buyers, But Still Expect Puget Sound’s“Frantic Market” to Continue
Home buyers may be cheered by an uptick in inventory, but theimproving supply is unlikely to reverse rising prices, suggest industry
leaders from Northwest Multiple Listing Service.
Commenting on just-released figures for April, which showed the highest
level of active listings since August, OB Jacobi, president of Windermere
Real Estate said, "For the first time in a long time we had good news forbuyers." Noting supply is still lower than year-ago levels (down 5.6percent), it jumped 14 percent from March, which Jacobi said "is a pretty
significant increase even for this time of year."

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

Apr. 2018

Apr. 2017

Auburn-Federal Way (110-310)$

407,054 $

410,1562017-0.76%

Kent-Maple Valley (320-340)$

509,831 $444,11314.80%

West Seattle (140)$719,274 $

633,205

13.59%

SODO-Beacon Hill (380-385)$725,057 $

630,924

14.92%

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

1,270,565$ 1,037,553

22.46%

Queen Anne-Magnolia (700)$

1,150,017$ 1,143,434

0.58%*Belltown-Downtown Seattle(701)$

792,177 $

677,832

16.87%

Ballard-Greenlake (705)$938,213 $804,182

16.67%

Northwest MLS brokers added 11,271 new listings to inventory during
April, a gain of 6.3 percent when compared to March, and up nearly 5.9
percent versus a year ago. April's pending sales (mutually accepted offers)
totaled 10,574, improving on the same month a year ago and the previousmonth.

North Seattle (710)$

1,055,825 $

903,900

16.81%

Shoreline/Richmond Beach (715)$711,662 $

643,038

10.67%

Bellevue Downtown (520)$

2,983,424$ 2,267,219

31.59%

Mercer Island (510)$

2,175,032$ 1,745,543

24.60%

At month end, the active listings selection included 10,079 single family
homes and condos, eclipsing the total of 8,825 listings at the end of March.
The condo segment grew 10.9 percent from March.

Bellevue South-Newcastle (500)$

1,124,529$ 1,046,757

Prices are still climbing at double-digit rates in most counties. Year-overyear prices for single family homes and condos combined jumped about
15.3 percent overall, from $360,000 to $415,000. Within the four-county
Puget Sound region, King County notched the biggest gain at nearly 18.2
percent. Prices there rose $100,000 from a year ago, from $550,000 to$650,000.
J. Lennox Scott, chairman and CEO of John L. Scott, joined the chorus ofbrokers who believe better times are ahead for home buyers. "Eventually,
higher interest rates will moderate the rapid home price appreciation," hestated, but added, "We have not yet arrived at that tipping point." Heexpects the Seattle metro area to probably tie and maybe break the 20month home price appreciation record for the Case-Shiller index. (The latest
S&P CoreLogic Case-Shiller Home Price Indices, released late last monthfor February, shows Seattle's 12.7 percent increase led the list of 20 cities itcompares.)
Commenting on April's report showing more new listings than pending
sales area-wide, Scott said that pattern is consistent with the annual housing
cycle. "New listings will continue to spike, providing slight relief for thebacklog of home buyers."

Listings
NewHomes & Condos Listings

Closing Sales

Total

Pending

ActiveRenton Highlands-Downtown (350)$562,747

Microsoft-Bellevue East (530)$1,090,434$ 1,037,812

5.07%

Kirkland Downtown (560)$

1,395,958$ 1,162,191

20.11%

Redmond (550)$937,060 $

853,677

9.77%

Issaquah-Sammamish (540)$989,425 $

888,291

11.39%

Juanita-Bothell-Woodinville (600)$890,718 $

746,832

19.27%

Bothell North-Mill Creek (610)$738,154 $

666,580

10.74%

Edmonds-Lynnwood (730)$653,291 $569,085

14.80%

Everett-Mukilteo-Snohomish (740)$527,410 $

457,780

15.21%

649,727 $*Condominium SOLD Average

Seattle buyers facing the biggest gains
Real estate prices posted an annual gain of 6.3% in February,according to the latest S&P CoreLogic Case-Shiller Indices.
On a national level, home prices are up 6.7% from their peak in July
2006 and have been rising continuously for the past 70 months.
It's getting increasingly difficult to be a buyer," said Keith
Gumbinger, vice president of HSH.com.
Home buyers in Seattle, Las Vegas and San Francisco are facing thebiggest gains.

Market Activity Summary for April 2018
Single Family

7.43%
15.46%# ofAverage

MedianClosings

PricePriceKing

3,977

2,281

3,464

2,764

$768,410$650,000

Snohomish

1,716

1,004

1,603

1,185

$512,467$475,000

Pierce

1,875

1,604

1,977

1,343

$375,600$337,950

Total

7,568

4,889

7,044

5,292

$552,159$487,650

M illennials lead all homebuyers
Millennials accounted for 36 percent of all home purchases last year,
retaining their ranking as the most active generation of buyers for thefifth consecutive year, and improving on the previous year's figure of 34
percent. Despite that feat, the chief economist at the National
Association of Realtors® said the overall share of millennial buyers
remains at an underperforming level.

Seattle prices rose the most with a 12.7% year-over-year priceincrease, while Las Vegas prices jumped 11.6%.
But so far exploding price increases haven't stopped home buyers.
Homes are still flying off the shelves.

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

Weekly Primary Mortgage Market Survey® (PMMS®)
May 11, 2018
Regional Breakdown

Average Rates
Fees & Points
APR30-Yr
FNMA
4.375%

30-Yr
FHA
4.00%

15-Yr
FNMA
3.875%

5/1
ARM
4.00%

*All loans are with a one point origination fee.

4.439%

5.564%

3.978%

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