© Mariko Mitsui Real Estate

Volume 10 2017 Issue

M LS Brokers Detecting Seasonal
Slowdown in Some Areas But Expect Price
Hikes to Continue in Much of Washington"October will be the best month for selection and availability until late
February," proclaimed J. Lennox Scott when commenting on the latest
statistics from Northwest Multiple Listing Service.
MLS figures for September show inventory reached 1.7 months of supply
at the end of the month, matching the year-to-date high in February. Thatlevel is still well below the 4-to-6 months of supply that many industry
analysts use as an indicator of a balanced market.
Member-brokers in the 23 counties served by Northwest MLS added
10,120 new listings to inventory during September, slightly more than thenumber reported for the same month a year ago (10,029). At the end of themonth there were 15,888 listings of single family homes and condos in theMLS database, a drop of 12.4 percent from a year ago when buyers could
choose from 18,136 listings.
Brokers say strong job growth statewide is fueling demand for housing.
Washington has added around 83,000 new jobs from August 2016 throughAugust 2017 (not seasonally adjusted), according to the state Employment
Security Department.
Like some other months this year, pending sales last month surpassed thenumber of new listings, putting pressure on prices. Year-over-year median
prices for homes and condos surged 12 percent.
Brokers reported 10,348 mutually accepted offers system-wide lastmonth, about the same number as a year ago (10,370), but last month's total
was the fewest pending sales since February (8,209). For the four- county
Puget Sound region, members notched 7,441 pending sales. That's the third
best September for this area in the past 18 years, topped only by last year's
total of 7,729 and the total for August 2005 when 7,561 pending sales
occurred.
"The entire region is off the charts," remarked Mike Grady, president and
COO of Coldwell Banker Bain, referencing the latest numbers from theCase-Shiller home price index. It shows Seattle area home prices have
spiked 13.5 percent in the past year, well above second place Portland withits 7.6 percent average and more than twice the national average of 5.9percent.
Northwest MLS figures show area-wide median prices are up more than
12 percent from a year ago, rising from $340,000 to $381,000.
September's median price for single family homes and condos in KingCounty, at $565,000, reflects a jump of more than 14 percent from a yearago, but it is a $20,000 decline from August (down about 3.5 percent).
Market Activity Summary for September 2017
Listings
Single Family

NewHomes & Condos Listings

Total

Closing Sales
Pending

Active# ofAverage

Closings

PriceMedianPrice$675,660$565,000

King

3,856

3,693

3,5143,262

Snohomish

1,594

1,850

1,614

1,466

$462,180$430,000

Pierce

1,669

2,556

1,775

519

$351,306$315,000

Total

7,119

8,099

6,903

5,247

$496,382$436,667

P rojected revenue increase for WA state
Projected revenue for the state of Washington has increased by about$288 million through the middle of 2019. Numbers released last monthby the Office of Financial Management show the state's revenue
collection will be up, partly because the state's economy performed

better than expected in June. Total revenue generated for the state's
general fund budget for 2017-2019 is predicted to be about $44 billion.
In June lawmakers approved a two year, $43.7 billion state operating
budget. It spends $1.8 billion on K-12 public schools over the next twoyears

B reakouts! – Residential SOLD Average
September 2017 (King/Snohomish/Pierce County) SOLD Average
Area (Area Code)Average $Average $2017 VS
2016
21.44%

Sept. 2017

Sept. 2016

Auburn-Federal Way (110-310)$414,094$ 340,989

Kent-Maple Valley (320-340)
West Seattle (140)$$453,166
650,570$ 423,096$ 547,487

SODO-Beacon Hill (380-385)$691,996$ 567,843

E.lake-Madison-Capital Hill (390)$978,899$ 1,001,292-2.24%$ 1,122,409-10.80%Queen Anne-Magnolia (700)$ 1,001,153*Belltown-Downtown Seattle(701) $829,042

7.11%
18.83%
21.86%$ 895,125-7.38%

Ballard-Greenlake (705)$798,782$ 685,071

16.60%

North Seattle (710)$866,687$ 719,238

20.50%

Shoreline/Richmond Beach (715)$694,808$ 540,907

28.45%

Bellevue Downtown (520)$ 2,920,000$ 2,254,208

29.54%

Mercer Island (510)$ 1,678,688$ 1,627,657

3.14%

Bellevue South-Newcastle (500)$ 1,103,625$ 949,470

16.24%

Renton Highlands-Downtown (350) $571,348$ 487,911

17.10%

Microsoft-Bellevue East (530)$971,577$ 786,296

23.56%

Kirkland Downtown (560)$ 1,228,929$ 998,932

23.02%

Redmond (550)$860,975$ 779,240

10.49%

Issaquah-Sammamish (540)$948,954$ 823,120

15.29%

Juanita-Bothell-Woodinville (600)$722,334$ 668,629

8.03%

Bothell North-Mill Creek (610)$650,412$ 544,849

19.37%

Edmonds-Lynnwood (730)$581,403$ 499,11916.49%

Everett-Mukilteo-Snohomish (740) $472,786$ 413,344

14.38%*Condominium SOLD Average

C an USDA solve your home financing needs?
Most people think that the USDA simply regulates food safety. InFact, the USDA also supports rural homeownership for the low tomoderate income buyers through the Guaranteed Loan Program 101.
Here are a few key features of the USDA program:*Income eligible borrowers can obtain a no or low-down payment ona new or existing primary residence. Home must also meet locationguidelines.
*Closing costs, repairs and reasonable expenses associated with thepurchase may be rolled into the loan. Also, ovens, ranges, refrigeratoretc.
*Financing can also cover assessments or the pro rata to install water,
sewer, electricity or gas.
To learn more, contact me!

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

Weekly Primary Mortgage Market Survey® (PMMS®)
Octo ber 10, 2017
Regional Breakdown

A verage Rates
Fees & Po ints
A PR30-Yr
FNM A
3.875%

30-Yr
FHA
3.25%

15-Yr
FNM A
3.125%

5/1
A RM
3.25%

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

4.001%

4.512%

3.224%

3.322%** Owner Occupied / Single Family Residence
740 credit score and 20% down payment for conventional
640 credit score and 3.50% down payment for FHA