The National Association of Realtors recently reported that pending sales have
shown steady improvement over the last three consecutive months.
According to Lawrence Yun, NAR chief economist, buyers are responding to current market
conditions. "Housing affordability conditions have been at historic highs, but
now the $8,000 first-time buyer tax credit is beginning to impact the market,"
he said. "Since first-time buyers must finalize their purchase by November 30
to get the credit, we expect greater activity in the months ahead and that
should spark more sales by repeat buyers."
In Washington State, the Puget Sound Sales statistics posted 7,160 pending sales during May of 2009. That number is up by 17.7% from a year ago and an improvement of 3.5% from April. The large
metropolitan areas of Puget Sound had a 21.5% jump in Pending sales.
Our Local market on the Olympic Peninsula and particulary in Mason County is still lagging behind this trend, however, local inventories are beginning to be absorbed and prices are showing signs of
stabilizing.
Local Realtors are reporting that well priced homes in the $200,000 and under range and that show well are seeing full price offers and in some cases multiple offers.
I personally believe that the historic low interest rates, adjusted lower home
prices and the $8,000 tax credit has generated a lot of interest and terrific
opportunities for buyers.
Another trend still in our current market is that buyers are still looking for Short
Sales. Many of these buyers, however, are beginning to realize that these
transactions can take a much longer time to close, in fact, sometimes twice as
long as a conventional sale. Many buyers have become frustrated with the long
process and have withdrawn from the sales. Many short sale properties end up in
foreclosure.
So the question is are we in a recovering market? Based on pending sales and
lower inventories, both locally and Nationally, it appears Realtors are optimistic and
feel the worst is behind us.
The only unknown at this point is the mortgage rates. There has been some rate
fluctuation and hopefully rates will stay low. Who knows if we will see rates
under 5% again.
Does this mean this is the time to buy. In my humble opinion,
waiting longer to buy a home may not be the best strategy.
This week in the Puget Sound region we are witnessing record Low Tides.
If your asking yourself at this moment "what is a Tide"?
Answer is - it is the pull of gravity from the Moon and the Sun that is the primary cause for tides. The effect is the greatest when the Moon and Sun are in a straight line with the Earth--called "syzygy" (sih' zuh gee)--which occurs during a Full Moon, New Moon, and during a Lunar and a Solar Eclypse. Is that not a cool answer?
Anyway, the reason for this post is to narrate a tale about my low tide experience yesterday afternoon.
I was sitting at my desk looking out over the Northbay of South Puget in Allyn, Washington and admiring the -4.4 low tide. Meanwhile, a good friend of mine stopped by and said "let go out there and get some Goeduck".
If your asking yourself at this moment "what is a Goeduck?
Answer is - Goeduck pronouced "gooeyduck", is a species of a very large saltwater clam, a marine bivalve mollusk in the family Hiatellidae. The shell of this clam is LARGE and even larger with its extemely long siphons or what we call its neck...it has also been called many other things. Another cool answer?
Back to my tale. My friend is an experienced fisherman and shellfish gatherer. I am not! He reaches into the back of his pickup truck and pulls out a slick looking pair of Eddie Bauer neoprene waders.
I put on a pair of old knee high rubber boots over my dress slacks. (Note, this adventure is taking place out front of my office at lunch time.) I was so prepared - NOT!
My friend is also equipped with a bucket, shovel and another implement of unknown origin. And we are off.
First thing I notice about crossing the beach that is usually under water is the MUD. Sticky, malodorous dark grey Mud, sucking at my piteful rubber boots.
After an laborious jouney across the mudded landscape we arrive at the waters edge and begin the search for the allusive Goeduck. I have no idea of what I am looking for.
Apparently their siphon (neck) sticks out of mud and when you approach it ducks back into the mud. The person with the shovel - me in this case- begins a frantic dig and then you reach down into the hole, grab hold of the shell and pull this huge mollusk out of the mud hole.
Soon the tide begins to turn and we set off to return to the land. I was exhausted, mud-spattered and wet. I had broken my designer glasses, ruined my slacks and my new socks.
But you know - it was really fun. We were successful. And tonight we dine on Goeduck, Oysters and Salmon. So goes the summer lifestlye of living in the Pacific Northwest.
Today is Real Estate Statistic sharing day. I know there are some of you out there who love real estate statistics. About every two weeks I post real estate stats for our area. Our area is Mason County in the state of Washington. We are nationally recognized as "the Gateway to the Olympic National park"and also known for our Hood Canal recreation lifestyle.
The Mason County real estate sales statistics for May 16 through May 31, 2009 posted 51 total sales in the amount of $10,131,995. Single family resales on less than 5 acres accounted for 30 of the 51 sales.
Good news for new construction with 5 sales of new single family homes. 4 new homes sold in the Area C (Ayers Point, Belfair, East Shore) and 1 new home sold in Area B (Hartstene Island, Agate). There was 1 sale for a single family resale on more than 5 acres.
Other real estate sales include 1 commercial, 5 mobiles with land, 6 platted lots and 3 short plats.
Sales activity by area revealed that Area C produced 20 sales in the amount of $4,660,597 with Area A and Area D (Triton Head, Hoodsport, Union) each had 11 sales. Area A's 11 sales amounted to $2,051,400 and Area D's amount was $2,297,598. Area B posted 9 sales in the amount of $1,122,400.
Prices for single family resale's, on less than 5 acres, ranged from a high of $497,250 for a waterfront property on hwy 101 in Potlatch to a low of $19,500 in Area B. There were 3 homes sold in the $400,000- $499,999 range, 1 in the $350,000-$399,999 range, 2 in the $300,000 - 349,999 and 2 in the $250,000 - 299,999 range.
The majority price range was $200,000 - $249,999 with 7 sales recorded. 1 sold in the range of $180,000 - $199,999, 4 in $145,000 - $159,999, 2 in $130,000 - $144,999, 4 in $115,000 - $129,999 and 3 in the $80,000 - $99,999 price range.
For this two week period the average price for a single family home on less than 5 acres was $210,638 and the Median price was $191,250. New single family homes sold averaged $196,990 with a Median price of $200,000.
Mason County also posted 189 Loans and Mortgages in the amount of $33,617,847. The average rate was 4.86% for a 30 year conventional loan.
An analysis of the Mason County Loans for the past 12 months shows that 65.241% of all loans taken out were conventional loans. FHA loans accounted for 12.445%, Adjustable rate loans were 9.16%, Private loans were 7.977% and VA loans represented 5.181% of the loans taken out.
Mason County, Washington had 813 homes for sale during the month of May 2009 compared to the 928 homes that were for sale in the same month one year before. The month of May 09 also posted 52 single family homes sales, while May of 08 produced 76 sales that is a percentage change of -31.6%.
Pending sales for the month of May was only off by -5.8% from a year ago. May 09 had reported 65 pending sales compared to 69 pending in May of 08.
Months of Inventory, based on the Closed Sales, at the end of the Month of May 09 was at 15.6. Months of Inventory, based on pending sales, was 12.5.
The Average Active Price for a single family home in Mason County during the month of May 09 was $302,000. The Average Sold Price came in at $192,000.
The Average Square Foot Price of a single family home in May of 09 was $130.00 per foot, up from the $104 a foot reported in April 09. The average square foot price in May 08 was $148.
The Sold price to List price percentage difference was a noteworthy 101% in May 09. Historically 2009 and 2008 had a percentage difference that averaged around the 95%. The Sold price to the Original price in May 09 was 92% compared to 91% during the same period a year ago.
Days on Market, for May 09, was 106 days. Median price was $161,000.
According to a U.S. News & World Report the Bremerton/Silverdale area has been listed as the Number One area in the Nation where home prices are expected to rise 5% annually over the next decade.
A team of researchers from Moody's Economy.com provided the report and needless to say the local Realtors were delighted to hear some good news for a change.
Bremerton and Silverdale, located on the Kitsap Peninsula and Puget Sound, is positioned very favorably for job stability because of their close proximity to the Naval Bases i.e. Bangor, Bremerton Shipyard and Keyport Naval station. The large metropolitan cities of Seattle and Tacoma are also in close proximity.
The economists of the Moody team looked at income growth and housing affordability. For example, in the year 2000, per capital income in the region was 1 percent below the national average. In 2008, it was 8 percent higher than the national average. "Few metro areas had such a dramatic turnaround in relative income" said Andrew Gledhill an economist with Moody's Economy.com.
Another important dynamic was in housing affordability. According to the economist a local household with a median income can afford much more than the median-priced home..."56 percent more". "This will be a positive factor to help drive long run price growth" he said.
The economist also noted that the Bremerton housing correction began earlier than elsewhere in Washington State. He said that makes Bremerton home prices closer to the bottom now and will rise sooner.
Mason County Realtors are pleased to hear this good news about our neighbors to the North because many of those home sellers relocate to our shorelines, golf communities and rural neighborhoods.
Here are the Markets in which home appreciation is expected to grow in the next Decade.
TOP TEN IN APPRECIATION list:
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The Managing Broker of Two Windermere offices, Allyn & Belfair. We do more than help people buy and sell real estate. We provide full-service to help people realize their dreams of home ownership.
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