September 10, 2007 by Joe Kennedy.

Here is the latest press release from the NWMLS.  It doesn’t talk at all about the impending credit crisis, or predict what will happen next month, but there is just no way that home values can or will continue to increase like they have over the last few years.  If you think you may want (or need) to sell your house in the next five years, I would advise you to consider selling it asap, while prices are still high.

If you find yourself in a difficult situation because of the type of loan on your property or you have been trying to sell your own property and have not been able to sell for the price that you thought you would, please give me a call at any time.  I would be glad to give you my input and advice.  425-455-5478.

Here’s the press release:

Housing activity around western Washington during August resembled the pattern of the past several months with inventory continuing to grow, fewer homes selling and prices increasing compared to the same month a year ago.

New figures from Northwest Multiple Listing Service show pending sales in its 19-county service area dropped more than 22 percent from twelve months ago, while prices rose 2.8 percent.  Last month’s volume of pending sales, which totaled 7,751 transactions, was down about 10 percent from July when members reported 8,614 pending sales system-wide.

Brokers report plentiful selection in most areas, with inventory almost 46 percent larger than the number of listings offered a year ago.  At month end, there were 48,585 active listings of single family homes and condominiums in the Northwest MLS database, up from the year-ago total of 33,316. 

The total includes 14,500 new listings that MLS members added during the month – the fewest number since March. Those additions include 12,239 single family homes and 2,261 condominiums.

“The market is adjusting to a slower but steady pace,” said Northwest MLS director Dick Beeson, the broker/owner of Windermere Real Estate/Commencement Associates in Tacoma.  He noted savvy buyers are finding real values because they know motivated sellers are more flexible than they’ve been in a long time.

Despite market conditions that tend to favor buyers in many areas, home prices are still increasing, but at a slower pace.  For most counties in the NWMLS service area, the year-over-year gain was less than 7 percent, although five counties (Grant, Island, Lewis, Okanogan and San Juan) experienced double-digit price jumps compared to twelve months ago.

For the Puget Sound region encompassing King, Snohomish, Pierce and Kitsap counties, selling prices rose about 5 percent from a year ago. The median price for the 5,975 sales of single family homes and condos in the four-county region that closed during August was $361,822; a year ago, the median selling price was $344,575.

A closer look reveals considerable variation in year-over-year price changes within the MLS service area.  In King County, for example, the median price of a single family home (excluding condominiums) that sold last month was $477,345, a jump of more than 9.7 percent from a year ago.  For single family homes in Pierce County, the median selling price rose 6 percent, rising from $275,000 to $291,500.  In Snohomish County, sales prices climbed from $368,875 to $375,000, a gain of about 4.5 percent.

Prices surged 30 percent for single family homes that sold in San Juan County last month compared to a year ago.  Sellers in Jefferson County experienced a similar gain (28.4 percent).

Condo prices also vary widely across the Northwest MLS service area. In eight counties, the median price of a condo that sold during August was under $200,000.

In King County, which accounts for about six of every 10 condo sales in the MLS system, the median sales price for last month’s completed sales rose 5.75 percent, increasing from $269,500 to $285,000.  Within King County, the southwest and eastside sub-areas had double-digit price gains on condo sales compared to a year ago. 

The highest priced condos continue to be found in downtown Seattle.  The median price for last month’s completed sales of condos in the downtown area was $430,000, a slight drop from the year-ago figure of $440,000.

Washington state continues to experience little fallout from loan delinquencies and foreclosures.  A recent analysis by the Mortgage Bankers Association pegs the state’s foreclosure rate on all loans at 2.6 percent, one of only six states with rates under 3 percent.  For subprime ARMS (adjustable rate mortgages) the default rate for Washington stood at 10.4 percent; only Oregon (10.2 percent) and Utah (9.4 percent) claimed lower rates of delinquencies.

Washington also fared better than most states for home price appreciation for the second quarter.  Surveys by the Office of Federal Housing Enterprise Oversight (OFHEO) shows Washington was one of only four states where homes appreciated at 9 percent or more between the second quarter of 2006 and the second quarter of 2007. 

Northwest Multiple Listing Service, based in Kirkland, is the largest full-service MLS in the Northwest. The MLS is owned by its member brokers and currently encompasses nearly 2,100 companies with more than 26,000 sales associates. Together, they serve 19 counties, mostly in western Washington, plus Grant, Kittitas and Okanogan counties in the central part of the state.

Statistical Summary by Counties: Market Activity Summary for Aug. 2007

4-county Puget Sound Region Pending Sales (SFH + Condo combined)

(totals include King, Snohomish, Pierce & Kitsap counties)

Posted in NWMLS, Statistics, SFR | No Comments »

June 26, 2007 by Joe Kennedy.

As of this evening, there are 163 condos for sale in the city of Bellevue.  The least expensive is a 446 sq ft studio listed at $210,000 and the most expensive is a 4 bedroom, 3.5 bath home of 3,588 sq feet listed for sale at a modest $3,550,000.

The average number of days on market is now at 42 and I look for this number (as well as number of listings) to continue to increase.

Posted in Condos, Statistics, Bellevue, Uncategorized | No Comments »

June 4, 2007 by Joe Kennedy.

Today there are 143 Bellevue condos listed for sale on the NWMLS.   This is up from the  130 that were on the market on May 27th.  Listing prices are $210,00 to $3,550,000, with the average being a whopping $481,308 and the mean at $362,400.

It should be interesting to see what happens to the condo market in the coming months.

History has shown that the condo market takes the worst hit when a real estate market begins to slow, but there are some factors that will probably have an effect on the local market.  There are many projects here in Bellevue that will be coming on line in the next couple of years, which will add to available inventory, which could theoretically lower prices.

At the same time, there are also commercial projects that are scheduled to come on line with lots of office space (and employees to work in those offices).  Those office workers are all going to need to live somewhere - and I hope that they choose to live close to where they work so they do not add to our already severe traffic problems.  Perhaps they will be moving into the city and buying up all these condos - but if that is the case, will they be selling their homes in the outlying areas???

Posted in Condos, Statistics, Bellevue, Uncategorized | No Comments »

May 27, 2007 by Joe Kennedy.

Today there are 130 Bellevue condos listed for sale or pending sale on the NWMLS. They range in asking price from $194,950 to $3,550,000, with the average being $508,223. (this is driven up substantially by a small number of units on the high end located in downtown Bellevue). These condos range in size from 446 square feet to 3,588 square feet, with the average size being 1,176 sq ft. The average number of days on market is current 44, although I do look for this number to continue to rise.

If you have a condo you would like to sell, please remember that I list properties for your choice of only 1% of the sales price or $1000 up front. Both of these options include print advertising in Eastside Business and on a large number of websites for maximum exposure.

Posted in Condos, Statistics, Bellevue, SFR | 1 Comment »

May 27, 2007 by Joe Kennedy.

As of this morning there are 328 Bellevue SFRs (single family residences) listed for sale (or pending a sale) on the NWMLS (Northwest Multiple Listing Service). They range in asking price from $399,998 to $7,498,000 and in size from 670 square feet to 12,000 square feet. The average list price is a whopping $1,283,450 and average time on market is currently 64 days.

I will be posting this data at least every week so we can start tracking trends. If you have any questions about this information, a particular neighbo