NWMLS market report for March 2013

The Northwest MLS (NWMLS) just released (late last week) sale and listing statistics for this past March. The news release definitely matches what is happening for my clients.  Here is an excerpt from the news release…

Prices “spiking” as home buyers compete for scarce inventory
KIRKLAND, Wash. (April 4, 2013)… Northwest MLS figures show year-over-year prices jumped 14.9 percent for the 21 counties in its service area. The median price for last month’s closed sales of single family homes and condominiums (combined) was $258,500, rising from $225,000 for the same month a year ago. Twelve counties reported double-digit gains, led by Ferry (up 70.9 percent), San Juan (up 47.3 percent), and Island (up 36.1 percent).
Prices for single family homes increased 14.3 percent, while the median sales price for condos, which accounted for about 12 percent of sales, surged 19.6 percent. Two-thirds of last month’s condo sales were in King County; prices there leaped 28.6 percent, increasing from $175,000 to $225,000. The price of a single family home that sold in King County jumped from $330,000 to $392,000 (up 18.8 percent).
Brokers reported 5,745 closed sales last month for a 13.9 percent increase from the previous year when they tallied 5,044 completed transactions.

Here is the full press release: http://www.nwmls.com/discover/nwreporter.cfm?SectionListsID=25

NWMLS market report for January 2013

The Northwest MLS  released sale and listing statistics for this past Janauary, last week.   Their news release confirms what I’ve been seeing hte market.  Prices are moving up and competition is stiff for good homes with good prices (meaning good condition and well priced, at or below the average $/SF).  Here is an excerpt from the news release…

Brokers report brisk sales, but rising frustration for home buyers
KIRKLAND, Wash. (Feb. 5, 2013) – Punxsutawney Phil’s prediction of an early spring is showing up in the latest housing activity report from the Northwest Multiple Listing Service. Its statistics for January showed a 14.4 percent year-over-year increase in pending sales and a 23.6 percent jump in closed sales amid a 31.3 percent decline in inventory.
The MLS reported 4,289 closed sales during January, surpassing the year ago total by 820 transactions. Last month’s completed sales of single family homes and condominiums had a median selling price of $239,300. That’s up 11.3 percent from the year-ago figure of $214,990.
Supply has dwindled to less than two months in some counties close to job centers, spurring bidding wars. Some buyers are even resorting to writing “love letters” to win over sellers in these competitive situations. Brokers also report an increasing number of buyers have little or no interest in making offers on short sales.

I think its important to keep in mind, of course, that not all sub-markets are created equial. While things are tight in some parts of King and Snohomish Counties, and other parts of western Washington. Many counties have 10 months or more supply of homes (so its still a buyer’s market there). Additionally, even within the tight markets, there are plenty of areas where demand is soft. The highest demand is in the more urban areas, with popular school districts, and close to major employers. These are the classic drivers of home demand

Take a look at the basic stats for yourself:

Jan 2013 NWMLS stats

 

 

 

Shortsale 101 class coming to Monroe in May

Sellers: Think you can’t sell your home or investment property because you owe more than it’s worth? Buyers: Are you looking for a great deal on a home? In this class we’ll answer all (or at least most) of your questions about shortsales and the shortsale process.  This class is being held as part of Sky Valley Community Schools in Monroe, Washington.

Check our class calendar for more information about this class and others: https://tellusre.com/ai1ec_event/shortsales-101-may-monroe-washington/?instance_id=

Class: Forward Thinking in Reverse – Reverse Mortgages Explained (10/27)

Class Description:

This course is designed for those who are interested in learning more about the reverse mortgage program. Included in the course is a history of reverse mortgages and how they have evolved. The class will concentrate on the HECM (Home Equity Conversion Mortgage) program insured by HUD/FHA. We will answer questions such as; “What is a reverse mortgage and how does it work?” “How does one qualify for a reverse mortgage?”  “What are some common uses?” “What are the costs involved?” “How are funds disbursed?” “How is the borrower protected?” “Can I purchase a home with a reverse mortgage?” “What are the 19 questions anyone interested in a reverse mortgage should know the answers to?” We will also cover common misconceptions and demographic data specific to an aging population.

Class is taught by an experienced/licensed mortgage broker, Jeff Nance of Golf Savings Bank.

Location:
PPMS: Park Place Middle School
1408 West Main Street
Room C-7
October 27, 2009
6:30-8:30 PM

Class schedule and registration info: 
http://www.monroe.wednet.edu/COMMUNITY_SCHOOLS/Fall2009CommunitySchools.pdf

 

Foreclosure Avoided! Hurray for the good guys!

Well, our little team gets to feel really good about being real estate agents this week.  We got to help a family avoid a foreclosure on an investment property they owned.

When we got the listing, the property was already in pre-foreclosure (bank had notified them foreclosure is pending). The owners had bought it as an investment but had not had good luck with being landlords.

 —-Personally, I think they needed to take my Landlord 101 class.—–

The team worked with them and found that they could agressively price the property and still come out in the clear. They wouldn’t make any money, but they wouldn’t lose any either.  The total time on market was 75 days. Michele and Steve, who headed up this one, new it had to sell fast, so it didn’t take long to get a few price drops in the middle.  They got all the agents in the office to tour, they held brokers-opens and two open houses.  We marketed on Craigslist, Postlets, my blog, CENTURY 21, and many others, hitting it hard and fast.

In the end, things ran down to the wire.  We got an offer in, but it was going to be tight. The auction had been scheduled… for May 1st and our closing was scheduled for the 6th.  Steve spent about 3 weeks following up with Ocwen and moving up their chain of command to get a delay on the auction.  He even managed to get hold of the CEO and leave a message.  They were not much help and were surprisingly inflexible. We had contract in hand and they would receive a full payoff!  No SHORT SALE!  Hard to believe they wouldn’t be willing to work with us.

In the end, the escrow company (Prestige Escrow), ended up being more help.  The buyers were able to get loan docs in early, Prestige put a rush on everything and got everyone in to sign early, and the deal closed on April 30… the day before the foreclosure auction!

It was great to know that the sellers get to move on without a foreclosure or short-sale on their credit history. The long-term affects of that are incredible. It’s great to be part of the team that kept that from happening. This is the kind of thing that makes me proud to be a real estate agent, when so many folks question the value of us, as professionals (and sometimes, rightfully so.) Great job Michele, Steve, and Kathi!

Jason Hershey, Commercial Agent
Commercial Sales and Leasing
CENTURY 21 North Homes Realty, Inc.
13322 Hwy 99 South, Suite #201
Everett, WA 98204

Cell: 425-417-5389
Fax: 425-223-3148

www.nwcommercialre.com
Follow me on Twitter @PlumcrazyRE

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About Us

Welcome to Tellus Realty! We’re is committed to helping you make informed and rewarding decisions whether your or looking to buy and sell real estate, or in search of a new home for your license. Tellus Realty provided a more personal, one-on-one experience. We are not affiliated with a big-box or franchise where agents and clients are viewed as a statistic or number. Our team focuses on service and quality.

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