© Mariko Mitsui Real Estate

Volume 2 2020 Issue

H ome Buyers in Western Washington“hit the ground running” in January“All indicators point to a vigorous spring market,” suggested broker Dean
Rebhuhn, the owner of Village Homes and Properties in Woodinville, whenreviewing just-released statistics from Northwest Multiple Listing Service.
The report covering 23 counties shows pending sales outgained new listings,
record-low inventory that’s down 33% from a year ago, and double-digit
price increases.
Matthew Gardner, chief economist at Windermere Real Estate, noted homebuyers did not take very much time off during the holidays. “They hit theground running as soon as the new year kicked off.”
Northwest MLS brokers added 6,517 new listings during January, a yearover-year decline of more than 8%. Pending sales (mutually accepted offers)
topped new listing activity by 871 units. Brokers reported 7,388 pending
sales last month, a 2.3% decline from the same month a year ago.
At the end of January, the MLS database totaled only 7,791 active listingsof single family homes and condos, well-below the year-ago figure of 11,687(down 33.3%). A check of records dating to 2005 shows the selection is at anew low level, shrinking below the previous low of 7,921 reported forFebruary 2018.
Measured by months of supply (the ratio of active listings to closed sales),there was 1.54 months of inventory system-wide at the end of January. Theselection was even more meager around Puget Sound, ranging from 1.1
months in Pierce County to about 1.3 months in King County.
J. Lennox Scott, chairman and CEO at John L. Scott Real Estate, said thesurge of buyers at the start of the year is “more intense than usual.” That,paired with low interest rates and extremely positive job growth, translates torising prices and “a piping-hot market.”
Scott said there is emphasis on each new listing as it comes on the market,
with many homes receiving multiple offers, especially in the more affordable
to mid-price ranges. He noted the luxury market is also feeling the pressure inSeattle and on the Eastside, with listings virtually sold out in the $1 million to$1.5 million range.
Northwest MLS members tallied 5,074 closed sales during January for a
4.3% increase from the year-ago total of 4,865. Median prices jumped 10.7%
from a year ago. Last month’s sales of single family homes andcondominiums area-wide had a median price of $422,750. That compares toa price of $381,900 for the same month a year ago.
MLS director Mike Larson, president/designated broker at ALLEN
Realtors in Lakewood, isn’t seeing “buyers falling all over each other to get
into their first home. It’s more methodical,” he explained, adding, “It’s crazy,particularly at the entry-level price point, but not out of control crazy. I thinkboth buyers and sellers – and industry professionals – are more reasonable,and smarter, and experienced in how to handle this type of market, and that’sgood.”
Market Activity Summary for January 2020
Listings
Single Family

NewHomes & Condos Listings

Closing Sales

TotalPending

Active# ofAverage

Closings

Price

MedianPrice

King

2,361

2,118

2,476

1,665

$693,820$589,950

Snohomish

1,108

969

1,261

783

$527,222$485,000

Pierce

1,080

966

1,270

872

$404,819$375,000

Total

4,549

4,053

5,007

3,320

$541,954$483,317

T he homeownership rate is rising
Americans are facing challenges to homeownership, particularly withshrinking inventories of homes for sale, yet somehow more are stillfinding their way to becoming homeowners, according to FOX Business.

The homeownership rate rose to its highest level in six years during thefourth quarter of 2019, a newly released report from the U.S. Census
Bureau shows. The percentage of Americans who own their homeincreased to 65.1%, the highest ownership rate since the third quarter of2013. Homeownership rates are highest among older adults. Individuals
aged 65 and older : 79%. Individuals below the age of 35: 36.5%.

B reakouts! – Residential SOLD Average
January 2020 (King/Snohomish/Pierce County) SOLD Average
Area (Area Code)Average $Average $2020 VS

Jan. 2020

Jan. 20192019

Auburn-Federal Way (110-310)$

486,805$

411,227

18.38%

Kent-Maple Valley (320-340)$

519,145$484,552

7.14%

West Seattle (140)$716,253$

670,154

6.88%

SODO-Beacon Hill (380-385)$

586,518$

621,989-5.70%E.lake-Madison-Capital Hill (390)$1,030,527$ 1,181,088-12.75%

Queen Anne-Magnolia (700)$

1,113,855$ 1,175,597-5.25%*Belltown-Downtown Seattle(701)$774,062$

720,986

7.36%

Ballard-Greenlake (705)$827,800$

826,236

0.19%

North Seattle (710)$

881,487$

919,447-4.13%$

Shoreline/Richmond Beach (715)$680,091

Bellevue Downtown (520)$

2,240,879

Mercer Island (510)$

1,344,091

Bellevue South-Newcastle (500)$919,271$969,590-5.19%

Renton Highlands-Downtown (350)$

630,788$529,575

19.11%

Microsoft-Bellevue East (530)$1,014,132$ 1,109,819-8.62%

Kirkland Downtown (560)$

1,436,580$ 1,315,938

9.17%

Redmond (550)$

1,072,777$

918,71416.77%

Issaquah-Sammamish (540)$931,528$

966,645-3.63%

Juanita-Bothell-Woodinville (600)$803,693$

849,556-5.40%

Bothell North-Mill Creek (610)$

725,861$

696,798

4.17%

Edmonds-Lynnwood (730)$

639,917$563,218

13.62%

Everett-Mukilteo-Snohomish (740)$509,808$

464,994

9.64%676,818

0.48%$ 3,005,250-25.43%$ 1,563,728-14.05%*Condominium SOLD Average

T op 10 actions that put your application at risk
1. Do not change jobs.
2. Do not buy a new vehicle.
3. Do no use credit cards excessively.
4. Do not spend money set aside for closing.
5. Do not make one late payment on anything.
6. Do not buy new furniture.
7. Do not initiate any inquiries into your credit.
8. Do not make any large deposits before talking with your loan officer.
9. Do not change bank accounts.
10. Do not co-sign for a loan for anyone.
Weekly Primary Mortgage Market Survey® (PMMS®)

Gina Brown (NMLS#115337)

February 11, 2020

Senior Loan Officer

Regional Breakdown

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

Average Rates
Fees & Points
APR

30-Yr
FNMA
3.25%

30-Yr
FHA
2.75%

15-Yr
FNMA
2.75%

5/1
ARM
3.50%

*All loans are with a one point origination fee.

3.385%

3.358%

2.990%** Owner Occupied / Single Family Residence
740 credit score and 20% down payment for conventional
620 credit score and 3.50% down payment for FHA

2.880%