KIRKLAND, WA, May 5, 2009 –Northwest Multiple Listing Service members reported pending sales for April surged 11.4 percent compared to twelve months ago – and rose 21.3 percent from March.
Brokers reported 6,918 pending sales during April across the 19 counties that make up the Northwest MLS market area. That's up from the year-ago total of 6,208, and the March figure of 5,701 pending sales (offers made and accepted, but not yet closed).
For the four-county Puget Sound area (King, Kitsap, Pierce and Snohomish), brokers notched 5,372 pending sales, the highest total since August 2007 and a jump of 26 percent from March.
Inventory is shrinking and prices are showing some signs of stabilizing, according to data in the latest report from Northwest MLS. The median price for last month's closed sales of single family homes and condominiums area-wide was $270,000. That matched the figure for March, but still lagged prices of a year ago (down 12.9 percent).
Inventory is down 18.3 percent from year-ago levels, with Clark, Kitsap and Pierce reporting the largest drops. Members added 10,824 new listings of single family homes and condos to inventory last month, down almost 20.5 percent from the year-ago total of 13,607 new listings.
Lower prices, record low mortgage interest rates, improving consumer confidence, the $8,000 first-time buyer tax credit and other incentives for buyers are credited with spurring activity. Industry officials, noting activity is quite strong in the lower, more affordable price ranges, hesitate to declare a housing recovery is under way:
J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, described the market as "bifurcated."
"Sales are up and prices have stabilized in the more affordable market," he explained, while noting the mid- to upper-end markets are experiencing entirely different conditions.
NWMLS director Kathy Estey agreed. "We had our best month since September," she commented, but said sales of homes priced at $1 million or more are still slow compared to the pace of a few years ago. Estey, the managing broker at John L. Scott's downtown Bellevue office, said sales of high-end homes lag in part due to limited availability of mortgages for homes priced above conforming loan limits. (The median asking price for homes currently offered for sale in West Bellevue, a market served by Estey's office, is more than $1.5 million.)
Another MLS director reported a "terrific increase" in first-time buyer activity in Seattle's close-in neighborhoods, calling it the best it's been in almost two years.
"We just had five offers on a Ravenna house priced around $400,000 and it sold for considerably more than the list price," said Mike Skahen, the broker at Lake & Company. He also said another one of his agents represented a client whose offer beat out 10 competitors. "I hope we're seeing the start of the spring selling season," something he said was lacking last year for the first time since starting his real estate career 33 years ago.
In King County, pending sales of single family homes (excluding condos) rose more than 25 percent from March. Of six "sub-areas" the MLS tracks within the county, North King County (encompassing Shoreline, Lake Forest Park and Kenmore) and the Eastside areas had the strongest month-to-month gains. Compared to March, pending sales of single family homes for April shot up nearly 52 percent in the North King County map areas, and rose more than 35 percent on the Eastside.
Prices for sales of single family homes and condos that closed last month in King County continued to lag year-ago totals (down 15.3 percent), but edged up from March (up 4.5 percent). For single family homes (excluding condos), the median selling price for April's sales was $350,000, up 4.4 percent from March.
Condominium sales area-wide were down about 7.5 percent from a year ago, but up significantly (40.8 percent) from the previous month. In King County, which accounts for about six of every 10 condo sales, pending sales were down 8.1 percent from a year ago, but jumped nearly 42 percent from March.
Tacoma broker Dick Beeson of Windermere/Commencement Associates also reports the market there is warming up, evidenced in part by increased traffic at open houses and phone calls. Many first-time buyers are still unaware of the $8,000 tax credit, according to Beeson, who says it is stimulating marginal interest. "It is almost a serendipity to first-time buyers when they discover they qualify."
"Most everyone recognizes that real estate in our region is 'on sale,' and that's certainly validated in the latest report," stated Ron Sparks, managing vice president at Coldwell Banker Bain. Buyer demand has increased to 2006 levels in some notable area neighborhoods, according to an analysis by Sparks, who tempered his optimism by saying, "For the scale between buyers and sellers to balance, it's important that buyer demand begin to increase so prices can stabilize. The MLS report and comments from agents in the field tell us we're seeing some progress in that direction."
Sparks also said in his experience, "highly advantageous buyer markets are pretty rare," so when they appear, he's inclined to advise people confident in their financial position to take advantage of it. He extends such advice to his own children, he admitted, noting one of them just closed escrow and another just made her first offer.
Lawrence Yun, NAR chief economist, said it should take a few months for the market to gain momentum. "This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a downpayment," he said in commenting on a new report from NAR that showed a nationwide rise in pending sales for March.
Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest. Its membership includes approximately 28,000 brokers and agents. The organization, based in Kirkland, currently serves 19 counties in western and central Washington.
Statistical Summary by Counties: Market Activity Summary - April 2009
|
April 2009 |
LISTINGS |
PENDING |
CLOSED SALES | |||
|
New |
Total |
# Pending |
# |
Average |
Median | |
|
King |
4123 |
13164 |
2646 |
1242 |
$417,500 |
$350,000 |
|
Snohomish |
1579 |
5592 |
1111 |
535 |
$316,271 |
$290,000 |
|
Pierce |
1556 |
6145 |
1238 |
580 |
$245,084 |
$225,000 |
|
Kitsap |
539 |
1926 |
377 |
200 |
$294,353 |
$240,000 |
|
Mason |
163 |
746 |
70 |
46 |
$138,542 |
$137,550 |
|
Skagit |
267 |
1308 |
127 |
77 |
$261,968 |
$225,000 |
|
Grays Harbor |
168 |
814 |
86 |
49 |
$143,465 |
$150,000 |
|
Lewis |
140 |
710 |
72 |
40 |
$192,591 |
$174,951 |
|
Cowlitz |
166 |
652 |
78 |
61 |
$187,488 |
$179,000 |
|
Grant |
112 |
682 |
70 |
43 |
$166,568 |
$144,000 |
|
Thurston |
494 |
1657 |
343 |
196 |
$246,875 |
$232,600 |
|
San Juan |
57 |
457 |
11 |
4 |
$338,000 |
$226,000 |
|
Island |
239 |
1040 |
109 |
68 |
$278,216 |
$244,450 |
|
Kittitas |
136 |
553 |
52 |
30 |
$231,055 |
$196,000 |
|
Jefferson |
84 |
533 |
24 |
22 |
$278,875 |
$213,750 |
|
Okanogan |
68 |
343 |
21 |
16 |
$175,750 |
$149,000 |
|
Whatcom |
521 |
1942 |
274 |
166 |
$279,088 |
$259,450 |
|
Clark |
113 |
399 |
87 |
43 |
$219,781 |
$202,500 |
|
Pacific |
63 |
396 |
21 |
15 |
$146,293 |
$135,000 |
|
Others |
236 |
1088 |
101 |
45 |
$251,230 |
$224,500 |
|
MLS TOTAL |
10,824 |
40,147 |
6,918 |
3,478 |
$316,979 |
$270,000 |
4-County Puget Sound Region Pending Sales (SFH + Condo combined)
(Totals include King, Snohomish, Pierce & Kitsap counties)
|
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec | |
|
2000 |
3706 |
4778 |
5903 |
5116 |
5490 |
5079 |
4928 |
5432 |
4569 |
4675 |
4126 |
3166 |
|
2001 |
4334 |
5056 |
5722 |
5399 |
5631 |
5568 |
5434 |
5544 |
4040 |
4387 |
4155 |
3430 |
|
2002 |
4293 |
4735 |
5569 |
5436 |
6131 |
5212 |
5525 |
6215 |
5394 |
5777 |
4966 |
4153 |
|
2003 |
4746 |
5290 |
6889 |
6837 |
7148 |
7202 |
7673 |
7135 |
6698 |
6552 |
4904 |
4454 |
|
2004 |
4521 |
6284 |
8073 |
7910 |
7888 |
8186 |
7583 |
7464 |
6984 |
6761 |
6228 |
5195 |
|
2005 |
5426 |
6833 |
8801 |
8420 |
8610 |
8896 |
8207 |
8784 |
7561 |
7157 |
6188 |
4837 |
|
2006 |
5275 |
6032 |
8174 |
7651 |
8411 |
8094 |
7121 |
7692 |
6216 |
6403 |
5292 |
4346 |
|
2007 |
4869 |
6239 |
7192 |
6974 |
7311 |
6876 |
6371 |
5580 |
4153 |
4447 |
3896 |
2975 |
| 2008 |
3291 |
4167 |
4520 |
4624 |
4526 |
4765 |
4580 |
4584 |
4445 |
3346 | 2841 | 2432 |
| 2009 | 3250 | 3407 | 4262 | 5372 |
©Copyright Northwest Multiple Listing Service, ALL RIGHTS RESERVED. This material may not be published, broadcast, rewritten or redistributed without prior permission.
My wife and kids love to go this event! Every year they come home with some great additions to our garden!
The Redmond Garden Club will be having their annual sale May 9th from 8am to 3pm.
The sale will be located at 14010 180th Ave NE, Redmond, 98052.
Follow the signs along NE 124th/NE 128th, Avondale Road, or Redmond-Woodinville Road
All kinds of greenery & goodies including:
Perennials • Annuals • Vegetable Starts • Shrubs • Crafts • Planters
Garden related “yard sale” items
Come early for the best selection!
This updated rambler is set back on a quiet street in Timberline - one of the top neighborhoods in Sammamish! The open floorplan is 1340 s.f. and features 3 bedrooms, 1.75 baths on a 9,371 s.f lot! Many recent updates include - carpet, paint, six panel doors & white molding! The covered porch greats you… wood floors in the foyer welcomes you in. The living room is large and features a brick wrapped fireplace with gas insert and big windows overlooking the yard. Spacious kitchen with ample cabinet and countertop space. Adjacent dining area is light & bright and has vaulted ceilings and a slider opening to the deck - perfect for entertaining or BBQing. The master bedroom has “his & hers” closets. The master bath is completely remodeled in “top of the line” style with heated tile floors, double shower, new vanity & granite counters. Two additional bedrooms are very spacious. The full bath in the hall bath is oversized with a new floor. Large, entertainment sized deck looks out to the wall of green in the VERY private rear yard. Terraced beds and a large lawn make for a wonderful retreat - perfect for relaxing, gardening or play! Big laundry room w/sink & storage. Attached two car garage. Outstanding Lake Washington schools - Blackwell Elementary, Inglewood Jr High & Eastlake High.
Eastside & Seattle Market Absorption Rates
By: Tony Meier
Eastside & Seattle Realtor<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
This week we will be looking at the Residential market absorption rates for the Eastside over the last 7 weeks. When looking at these numbers, keep in this in mind:
1. These are an average of the all price ranges in the area. Some price ranges are definitely moving faster than others! If you would like to know how things break down in a specific price range for an area, send me an email at tony@eastsidehomes.com
2. These numbers are a result of the sales activity over the last 7 weeks when comparing the number of active listing vs. the number of pending sales to determine what the market absorption rate is for a particular area.
3. When measuring the heat of the market, the following rules apply:
a. 12 weeks or less = Seller’s Market
b. 12-24 weeks = Balanced Market
c. 24 or more weeks = Buyer’s Market
Most areas showed improvement over the last 4 weeks. Those that didn’t improve remained largely flat. Hopefully this trend will increase as we continue with the spring selling season.
Residential Only, NWMLS Area 500 (Bellevue, South of I-90) = 31.9 weeks of inventory (was 43.4 four weeks ago)
Residential Only, NWMLS Area 510 (Mercer Island) = 62 weeks of inventory (was 75.3 four weeks ago)
Residential Only, NWMLS Area 520 (Bellevue, West of 405) = 42.4 weeks of inventory (was 50.2 four weeks ago)
Residential Only, NWMLS Area 530 (Bellevue, East of 405) = 28.8 weeks of inventory (was 31.3 four weeks ago)
Residential Only, NWMLS Area 540 (East of Lake Sammamish) = 43 weeks of inventory (was 42.8 four weeks ago)
Residential Only, NWMLS Area 550 (Redmond/Carnation) = 33.7 weeks of inventory (was 35.1 four weeks ago)
Residential Only, NWMLS Area 560 (Kirkland/Bridle Trails) = 48.4 weeks of inventory (was 47.2 four weeks ago)
Residential Only, NWMLS Area 600 (Juanita/Woodinville) = 29.2 weeks of inventory (was 35.7 four weeks ago)
If you have any questions on this information, I welcome you to email me at tony@eastsidehomes.com
Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle's Eastside Real Estate Resource
tony@eastsidehomes.com
Great room style rambler with 2040 s.f., 3 bedroom, 1.75 baths and nestled in the back of a cul-de-sac on a .22 acre lot in Olde Morrison Place on English Hill!
17630 NE 129th Pl, Redmond WA 98052
Listed for $450,000
Nestled in a quiet cul-de-sac in Olde Morrison on English Hill, sits this inviting rambler home. The great room style floorplan boasts 2040 s.f. and features 3 bedrooms, 1.75 baths on a .22 acre lot! The double door entry greats you… The bright and cheery foyer with expansive hardwood floors welcomes you in. The great room floorplan features an atrium in the middle with skylights above! The open design includes: Sunken formal living with large window overlooking rear yard. Formal dining area. Spacious kitchen with pantry, large breakfast bar and built-in desk. Nook with slider opens to deck - perfect for entertaining or BBQing. Family room with floor to ceiling brick hearth & fireplace. The master suite is well laid out with a walk-in-closet, large double vanity & double shower. Two additional bedrooms are very spacious. The full bath in the hall bath is oversized with double vanity. Large, entertainment sized deck with built-in seating. The shy quarter acre lot affords room for gardening, relaxing or play. Central air conditioning for those warm summer days! Laundry room w/newer Maytag frontload washer & dryer included. Attached two car garage. Outstanding Northshore schools - Sunrise Elementary, Timbercrest Jr High & Woodinville High
If you have any questions about this home, I welcome you to email me at tony@eastsidehomes.com
Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle's Eastside Real Estate Resource
tony@eastsidehomes.com
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