© Mariko Mitsui Real Estate

Volume 6 2017 Issue

B rokers Suggest Improving Inventory May
Mean “Season of Opportunity”
Northwest MLS brokers added 13,497 new listings during May,
improving on the previous month by 2,849 listings for a gain of nearly 27
percent. Compared to a year ago, the volume of new listings increased
about 10 percent. Total active inventory is down from a year ago, but about
6.8 percent better than April.

After construction is complete, the new homes and new residents
continue to stimulate our local economy. Annual sustained impact
includes: more than $280 million in local income, nearly $84 million intaxes, and almost 4,000 local jobs.

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

May 2016

Auburn-Federal Way (110-310)$406,262$ 349,1252016
16.37%

Despite murmurs of the possibility of relief for disenchanted househunters, May was a hotbed of activity. Brokers notched 9,188 pending sales(mutually accepted offers) in the four-county region, the highest everreported for the region. Overall, members reported 12,607 pending sales, up
2.7 percent from a year ago.

Kent-Maple Valley (320-340)
West Seattle (140)$$442,555
646,283$ 399,285$ 573,732

SODO-Beacon Hill (380-385)$633,698$ 551,004"May was a Grand Slam month for housing activity," exclaimed J.
Lennox Scott, chairman and CEO of John L. Scott Real Estate. "We finally
saw new inventory come on the market in May, and although we had aslight delay in the timing, the spring Puget Sound housing market is in fullswing and as intense and frenzied as it has ever been. New inventory
outpaced pending sales. This translated into more opportunities for buyers,
but with such a quick action market, they still had to act fast to win a home.
We're seeing explosive sales, severe inventory shortages, intensecompetition, and multiple offer situations."*Belltown-Downtown Seattle(701) $Ballard-Greenlake (705)$North Seattle (710)

Despite a year-over-year decline of nearly 23 percent in the number ofactive listings in King County, the volume of closed sales rose about 4.4
percent. Prices on sales within the county (including single family homes
and condos) spiked 15.5 percent from a year ago, rising from $485,000 to$560,000. Thirteen counties reported double-digit increases, including KingCounty, up nearly 15.5 percent.

The latest statistics show inventory system-wide is still squeezed (down17.9 percent), pending sales rose slightly (up 2.7 percent), and sales prices
are still rising (up 11.2 percent) compared to a year ago.

The combination of strong demand and limited supply continues to fuelcompetition and multiple offers in many areas, according to MLS brokers.
Commenting on the market, both currently and going forward, OB Jacobi
of Windermere Real Estate said, "Every year there is a seasonal pressure
release when we get past Memorial Day and the historically tight spring
market. People begin going on summer vacations which takes some buyers
out of the process. We are also seeing the number of homes for sale tick up
ever so slightly which could prove positive for buyers. That being said, thedemand in the Puget Sound area is very high and the months of inventory
continues to trend down, so I expect competition for homes to remain pretty
fierce in the coming months."
Market Activity Summary for May 2017
Listings
Single Family

NewHomes & Condos Listings

Total

Closing Sales
Pending

Active# ofAverage

Closings

Price

MedianPriceArea (Area Code)10.84%
12.65%
15.01%

E.lake-Madison-Capital Hill (390)$ 1,127,990$ 1,080,076

4.44%

Queen Anne-Magnolia (700)$ 1,060,283$ 1,085,778-2.35%

919,609$ 663,635

38.57%

804,118$ 719,082

11.83%$864,698$ 768,470

12.52%

Shoreline/Richmond Beach (715)$690,322$ 555,855

24.19%

Bellevue Downtown (520)$ 2,635,990$ 2,124,528

24.07%

Mercer Island (510)$ 1,819,751$ 1,793,880

1.44%$ 843,789

22.79%

620,363$ 543,516

14.14%

Microsoft-Bellevue East (530)$ 1,065,110$ 802,313

32.75%

Kirkland Downtown (560)$ 1,163,401$ 1,098,967

5.86%

Bellevue South-Newcastle (500)$ 1,036,047

Renton Highlands-Downtown (350) $Redmond (550)$938,291$ 753,218

24.57%

Issaquah-Sammamish (540)$922,485$ 767,217

20.24%

Juanita-Bothell-Woodinville (600)$772,418$ 698,070

10.65%

Bothell North-Mill Creek (610)$665,782$ 552,48520.51%

Edmonds-Lynnwood (730)$569,174$ 510,207

11.56%

Everett-Mukilteo-Snohomish (740) $464,758$ 428,885

8.36%*Condominium SOLD Average

E conomic Optimism Soaring
Especially in rural and middle America, consumer confidence has
been ignited by job gains and the hope for even greater growth in2017.
According to the Housing Opportunities and Market Experiencesurvey recently published by the National Association of Realtors,
optimism about the U.S. economy has soared to its highest level in thepast two years.
Confidence levels generally rise after a presidential election as thenation hopes for the best. Even though it is a highly polarized country,
consumers for the most part have upbeat feelings about the economy
right now. Stronger business and consumer morale typically leads tomaking big decisions like buying a home.

King

4,484

2,570

4,368

3,383

$673,115$560,000

Snohomish

2,108

1,275

1,948

1,394

$456,169$420,000

Pierce

2,235

1,897

2,215

1,587

$340,392$300,000Gina Brown (NMLS#115337)

Weekly Primary Mortgage Market Survey® (PMMS®)

Total

8,827

5,742

8,531

6,364

$489,892$426,667

Mortgage Specialist /Mortgage Capital Associates

June 10, 2017425-766-5408
gina@gmgloan.com
www.loansbygina.com

Average Rates$ 2.1 Billion in Local Income
According to a 2015 NAHB study, the 6,500 single-family homes built
in King and Snohomish counties in 2014 generated: $2.1 billion in local
income, 24,759 jobs, and $314.7 million in taxes and other revenue.

Regional Breakdown

Fees & P o ints
AP R30-Yr
FNM A
3.875%

30-Yr
FHA
3.25%

15-Yr
FNM A

5/1
A RM

3.00%

3.00%

*All loans are wit h a one point originat ion f ee.

4.004%

4.512%

3.224%

3.122%** Owner Occupied / Single Family Residence
740 credit score and 20% down payment for conventional
640 credit score and 3.50% down payment for FHA