Ahead of the Curve – Renton July 1, 2008
Posted by Trish Johanson in Invest, Northwest, houses, real estate.add a comment
Just add a little rain water and watch it grow! For the past few years Renton has taken a 360 turn and reshaped what it has to offer. Yes, it still houses Boeing and Kenworth (which are on the leading edge for Hybrid trucks). Many new residences are finding this town has everything they need.
You can live in downtown without a vehicle. Everything is within walking distance: grocery stores, electronics, commute systems, restaurants, apparel, home and garden, athletic club, cinemas, beaches, water slide parks, fitness center. Whatever you need, it’s there or will soon be there.
The new Seattle Seahawks Headquarters and Training is in construction with a completion date of summer 2008. Located along the shores of Lake Washington makes it a great place to watch training while spending a day at the lake. Here are a few pictures of the many great things to happen to Renton.
Seahawks HQ
The Landing – 68 acres of shops, cinemas, restaurants
Barbee Mill – New homes and Townhomes along the shores of Lake Washington
One of several styles at Barbee Mill
Market Conditions April 2008 March 27, 2008
Posted by W. Keoki McCarthy in Northwest, market conditions, real estate.add a comment
NWREporter April 2008
All five metropolitan areas in Washington that are included in a national survey of home prices showed gains in the fourth quarter of 2007. Roughly half of all metro areas continued to show price increases when compared to the previous year, according to the latest quarterly survey by the National Association of Realtors®.
In the fourth quarter, 73 out of 150 metropolitan statistical areas show increases in median existing single family home prices from a year earlier, including 11 areas with double-digit annual gains – two of which are in Washington state. The survey found 77 areas with price declines, including 16 with double-digit drops.
In the fourth quarter, Yakima claimed the second largest single family home price increase where the median price of $170,600 rose 18 percent from the fourth quarter of 2006. After Yakima, the strongest metro price increase in the West was in the Kennewick-Richland-Pasco area, at $172,400, up 14 percent from a year ago.
Lawrence Yun, NAR chief economist, said disruptions in the mortgage market have played a role. “The continuing crunch in the jumbo market that began in August has disproportionately reduced the number of transactions in higher price ranges,” he said. “For buyers who need loans of more than $417,000, mortgage interest rates have been running more than a percentage point higher, and that has been having an obvious impact. Higher ratios of sales for more moderately priced homes are naturally dampening the national median price as well as the data for some of the more expensive markets.”
NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said he is encouraged with plans to increase conventional loan limits. “Higher limits for FHA loans, which go into effect March 14, will be a big help to first-time buyers in high-cost markets. Higher limits for conventional loans purchased by Freddie Mac and Fannie Mae will take a bit longer – when they become available, high-income, borrowers in high-cost areas will have access to affordable and safer financing, and that will help unleash pent-up demand,” he said.
Editor’s note: A March 1 survey of single-family inventory in the Northwest MLS database shows more than half (51.2 percent) of current listings in the tri-county region (King, Pierce and Snohomish counties) have asking prices of more than $417,000. In King County, more than two-thirds (67.5 percent) of single family homes offered for sale are priced above $417,000.
“With the market in a state of flux, it’s especially important for consumers to stay abreast of widely varying and changing market conditions. We encourage them to have a traditional long-term view, which means taking the time to thoughtfully research the market. More than ever, the best resource is a Realtor® who can put local conditions in perspective, provide advice and negotiate the transaction.”
Despite the annual decline in the fourth quarter median home price, the typical seller who purchased their home six years ago still saw a very healthy gain, according to NAR research. The median increase in value for sellers who purchased that home in the fourth quarter of 2001 is 31.2 percent, and the median home equity accumulation is $49,000.
|
Median Sales Price of Existing Single Family Homes,
Metro Areas in Washington State |
|||
| Metro Area |
4Q 2006 |
4Q 2007 |
% Change |
| Kennewick-Richland-Pasco |
151.2 |
172.4 |
14.0% |
| Vancouver-Portland-Beaverton |
285.4 |
290.5 |
1.8% |
| Seattle-Tacoma-Bellevue |
372.9 |
377.5 |
1.2% |
| Spokane |
189.2 |
194.1 |
2.6% |
| Yakima |
144.6 |
170.6 |
18.0% |
| U.S. |
219.0 |
206.2 |
-5.8% |
| West |
355.0 |
324.1 |
-8.7 |
NAR began tracking metropolitan area median single-family home prices in 1979. First quarter metro home price and state resale data will be released May 13. For details, including charts for all 150 metro areas in the survey and comparisons by state, visit realtor.org.
Year in review from the NWMLS January 23, 2008
Posted by W. Keoki McCarthy in Uncategorized.add a comment
News from NW Multiple Listing Service
FOR IMMEDIATE RELEASE: January 22, 2008
KIRKLAND, Wash. (Jan. 22, 2008) – Members of Northwest Multiple Listing Service tallied more than $33.3 billion in sales of single family homes and condominiums during 2007. The MLS also reported 18 of the 19 counties in its market area experienced increases in median prices compared to 2006, with one county matching the 2006 price.
In its year-end summary report, Northwest MLS, whose service area covers about 80 percent of the state’s population, logged more than 82,000 closed sales during 2007. Single family homes accounted for nearly 82 percent of the number of sales and about 86 percent of the dollar volume, with condominiums making up the balance.
Last year’s volume, measured by number of units, amounted to a drop of about 14.5 percent from 2006. The dollar volume, compared to the previous year, was down about 8.7 percent. Underscoring the “real estate is local” mantra, median price gains among the counties ranged from zero to nearly 16.1 percent.
Among highlights the broker-owned service noted for 2007:
- The median price for single family homes that sold last year area-wide was $342,000, up 5.9 percent from the previous year.
- Among the counties, the median selling price of a single family home (half sold for more, half for less) ranged from $154,500 in Grant County to $563,250 in San Juan County.
- Five counties reported double-digit price gains for sales of single family homes compared to 2006, topped by Lewis County at 15.9 percent.
- Condominium prices jumped 10.6 percent from 2006 to 2007. The area-wide median price rose from $235,000 to $260,000.
- Kitsap County topped the charts in price gains for condos. Last year’s median sales price of $337,400 was 82.4 percent higher than the 2006 figure of $185,000. Several new developments contributed to the price jump.
- 2,311 residences fetched more than $1 million, a 10.1 percent jump from the previous year. Of the million-dollar-plus sales, 2,186 were single family residences.
- The MLS area covering Bellevue/West of 405, including the “Gold Coast” district encompassing Clyde Hill, Hunts Point, Medina, and Yarrow Point, had the highest number of million dollar-plus sales with 240.
- 1,115 condominiums sold for $500,000 or more (including 125 condos that sold for more than $1 million). Seattle’s Belltown area claimed the highest number of condos that sold for a half-million dollars or more, with 201.
- In the four-county Puget Sound region (King, Snohomish, Pierce and Kitsap), less than 5 percent (4.68 percent) of single family homes sold for under $200,000. Nearly three of every 10 homes (28.9 percent) sold for $500,000 or more.
- Brokers added nearly 153,000 new listings of single family homes and condominiums to the inventory during 2007 (up from 140,449 the previous year).
- NWMLS members sold more than 15,000 condominiums, about the same number as the previous year (15,038 in 2007 compared to 15,318 in 2006). About 63 percent of all condos that sold were in King County.
- Single family homes accounted for about 83 percent of all residential sales. Of these transactions, more than half (52 percent) had three bedrooms.
- The second quarter was the most active for pending sales, with 31.4 percent of those transactions being written during April, May or June. The last quarter, reflecting the usual seasonal slowdown plus turbulence in the mortgage market, was the slowest, with only 17 percent of pending sales taking place during that timeframe.
- Counties within the MLS service area have wide variation of prices for 3-bedroom homes. For pre-owned homes (built 2005 or earlier) the median sales price ranged from $145,000 in Grant County to $500,000 in San Juan County. In King County it was $408,000.
- For new homes (built in 2006 or 2007), the most expensive homes are found in San Juan County, where the median selling price was $685,000. In Grant County the median price on new homes was $182,059, earning it the distinction of being the only county in the NWMLS service area with a median selling price under $200,000 for a newly built single family home.
- Mercer Island had the highest priced homes when comparing median prices by school district. Single family homes that sold in that district during 2007 had a median selling price of $1,081,250, followed by the Bellevue School District at $720,000.
- Measured by “month’s supply” last year’s average was 5.57 months (meaning it would take that long to exhaust inventory at the current sales pace). The national average is 10.3 months, according to the latest report from the National Association of Realtors®,
- Northwest MLS members maintained a high ratio of cross sales: about eight of every 10 sales (79 percent) were listed by one office and sold by a different office.
- In King County, the average price of a residence (single family home and condo combined) that sold in 2007 was $497,855, more than twice the price paid a decade ago (1997 – $213,821). For single family homes (excluding condos) that sold in King County last year, the average price was $564,468; in 1997 it was $230,345 and in 1990, the average sales price was $178,187.
Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest. Its membership includes approximately 31,000 brokers and agents. The organization, based in Kirkland, currently serves 19 counties, mostly in western Washington, plus Grant, Kittitas and Okanogan counties in the central part of the state.
Complete Report Cick Here (PDF – 324KB, 35 pages)
©Copyright Northwest Multiple Listing Service, ALL RIGHTS RESERVED. This material may not be published, broadcast, rewritten or redistributed without prior permission.
Market still stronger here than rest of country October 8, 2007
Posted by W. Keoki McCarthy in Uncategorized.add a comment
The Seattle Times wrote an article about our softening residential real estate market. It goes into detail about how the number of units sold has been declining but appreciation was still up in the past few months. However, It appears that even appreciation might be softening in our area. For more info see the article.
Market conditions in Seattle July 12, 2007
Posted by W. Keoki McCarthy in market conditions.add a comment
I read an article today in the PI that gives a mixed message about our market. On the one hand we have all the right components for a healthy market. Job growth, desirable area to live, high salaries, an educated work force etc. On the other we are finally seeing some markets slow down. What is interesting though is the slowdown is in the less popular neighborhoods like Kent and Federal Way. There is no slowdown in the core of Seattle or other hot cities like Kirkland.
It is a good article and worth reading. I think the thing to most take away from it is that if you are going to invest here, do not try to save money by buying a cheaper place in an area that is not as hot. Get a property in the core market area that you can either fix and flip or hold for the long term.
http://seattletimes.nwsource.com/html/businesstechnology/2003776992_homesales06.html?syndication=rss
Show notes for Podcast #4 Evictions July 10, 2007
Posted by W. Keoki McCarthy in Uncategorized.add a comment
In this episode we interviewed Eviction Attorney Scott Eller. He was a great guest and had a lot of extremely valuable information. If you have a rental property or are thinking about having one this is a must listen. You can get more information from Scott by emailing him at scott@accessevictions.com His website is www.accessevictions.com and his blog is washingtonevictions.com He has useful forms for notices and dealing with tenants like 48 hour notice to enter property, A tenant information packet (must be provided to every new tenant in Seattle), and much more at http://accessevictions.com/id3.html
Oil Tank Insurance June 19, 2007
Posted by W. Keoki McCarthy in market conditions.add a comment
If you own a property with an active oil tank you can be covered by insurance for FREE!!! However, if you haven’t signed up for it then you are not covered. My question is, why have you not signed up? For more information on this program go to the Pollution Liability Insurance Agency Website Or fill out this form.
Foreclosure Opportunities May 10, 2007
Posted by W. Keoki McCarthy in Invest, Investor, REO, Seattle Real Estate, houses, market conditions, real estate, real estate investing, short sales.4 comments
Foreclosures are up 27% in the greater Seattle area according to defaultresearch.com. That sounds like a great opportunity to invest in real estate. An investor could call on people in preforeclosure and try and work out a way to help them sell their house to that investor. I would guess that banks are going to be a lot more willing to do short sales knowing that if they don’t their REO inventory will go up.
There is a lot to know about short sales and getting them to come to fruition. However, if done right it can be a win/win/win situation. The bank wins because they don’t have the costs to foreclose on a property and then the costs to sell it later. The homeowner wins because they can sell a house for less than they owe on it allowing them to get out of an upside down situation and avoid a foreclosure on their credit report. And, the investor wins because he/she gets a home for a better price than maybe they would have if it were listed.
Want to know what’s important in that remodel? May 9, 2007
Posted by W. Keoki McCarthy in Uncategorized.add a comment
| Here is an article out of the Northwest Reporter. |
|
Survey Finds Homeowners Favoring Eco-Friendly Materials, Ongoing Desire for Larger, More Upscale Kitchens, Bathrooms
As kitchens have evolved into the most popular room in the home, consumers are increasingly looking for high-end appliances, additional pantry space, island work stations, wine storage areas and recycling centers. The number of bathrooms in homes is also increasing with radiant floors, multi-head showers, dual sink vanities and towel warming products emerging as the most popular features. These findings are from The American Institute of Architects (AIA) Home Design Trends Survey focused specifically on kitchen and bath trends in the fourth quarter of 2006. “There is a strong desire to integrate the kitchen with living space that allows for a more open home environment with the ability to converse and access entertainment options while in the kitchen,” said AIA Chief Economist Kermit Baker, PhD, Hon. AIA. “There has also been a sharp rise in demand for renewable materials for countertops and flooring, as well as dedicated areas for recycling.” “Accessibility and universal design to accommodate an aging population are on the rise in bathrooms,” Baker noted, adding, “From an amenities standpoint heated floors lead the way, followed by multiple showers and towel warming racks, with the popularity of whirlpools dropping for the second consecutive year.” Despite the national slowdown in the housing market, Baker said architects report continued strong demand for remodeling and renovation projects, with virtually every other residential category in decline. Popular kitchen products and features*
Popular bathroom products and features
Specific construction segments (index score computed as % of respondents reporting improving minus those reporting weakening conditions)
To the full report: http://www.aia.org/aiarchitect/thisweek07/0223/0223b_res.cfm About the AIA Home Design Trends Survey |
Market Update for May May 8, 2007
Posted by W. Keoki McCarthy in market conditions.add a comment
Housing Market in Western Washington Remains Relatively Healthy
KIRKLAND, Wash. (May 7, 2007) – Unlike many regions of the country, the Puget Sound area continues to enjoy a healthy housing market, according to the latest figures from Northwest Multiple Listing Service. Condominiums are showing steady – and in some areas very strong – demand.
Pending sales fell short of year-ago volumes, inventory is still growing, and prices are still rising to continue the pattern of recent months. Northwest MLS brokers tallied 9,156 pending sales (offers made and accepted, but not yet closed) during April, about 5.6 percent fewer than the same month a year ago.
That total includes single family homes and condos.
Viewed separately, sales of single family homes slipped 7.5 percent from twelve months ago, while sales of condominiums increased by more than 4 percent.
Six counties in the NWMLS service area reported double-digit drops in pending sales. King County, which accounted for almost forty percent of NWMLS transactions, had only a 5.4 percent decline compared to a year ago.
Prices for last month’s closed sales of single family homes and condominiums area-wide rose 9.5 percent from a year ago. For the first time, the median selling price for single family homes and condos combined topped $400,000 in King County. Residences that sold and closed last month had a median sales price of $407,265.
Single family homes that sold in King County last month had a median sales price of $465,000, up almost 10.9 percent from the year-ago figure of $419,500. For the condo segment, which accounted for 29 percent of the county’s sales, prices surged 19 percent, rising from $247,900 to $295,000.
In the four- county Puget Sound region (King, Snohomish, Pierce and Kitsap counties), the storyline was similar. Pending sales of single family homes and condominiums (combined) were down 9.7%, with Pierce County experiencing the sharpest drop (13.1 percent). Prices were up almost 9.6 percent in the region, led by Snohomish County, where prices for last month’s closed sales jumped 12.2 percent.
Inventory continues to expand, with MLS members adding 14,930 new listings during April, boosting the month-end total to 38,408 offerings. The selection is 52 percent bigger than a year ago, when brokers represented 25,215 listings system-wide.
For would-be homeowners, one bright spot may be some slowing in home-price appreciation.
The year-to-date median asking price for single family homes only (excluding condominiums) is $369,950 – only $20,000 more than a year ago (a 5.7 percent increase). In King County, the year-to-date median listing price is $525,000, up $25,050 (5 percent) from twelve months ago.
An analysis of King County’s current inventory shows scant selection at the lower end of the price spectrum, while those seeking luxury have far more choices:
King County Inventory by Price Range (as of 5/5/07)
(includes single family homes and condominiums
|
Price Range |
# of listings |
% of total |
|
Under $200,000 |
231 |
2.6% |
|
$400,000 to $599,999 |
2613 |
29.8% |
|
$800,000 or higher |
1873 |
21.4% |
Most industry watchers expect prices will continue to rise, with job growth, population gains and growth management controls being factors.
The Puget Sound region’s resiliency in housing is illustrated by a report issued last month by Standard & Poor’s for its S&P/Case-Shiller® Home Price Indices. Its analysis of 20 cities found 15 of the metropolitan areas showed declines in home prices from a year ago. Seattle was the only area to register a double-digit gain in house values.
Northwest Multiple Listing Service is the largest full-service MLS in the Northwest. Based in Kirkland and owned by its member brokers, it 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.
