Northwest MLS Reports Pending Sales Increase 23 Percent from Month Ago

KIRKLAND, Wash. (March 5, 2008) – February housing activity around western Washington signaled signs of an emerging spring market with a noticeable increase in open house traffic, reports of multiple offers and a big jump in pending sales from the previous month.

New figures from Northwest Multiple Listing Service show a 23.6 percent increase in pending sales (offers made and accepted, but not yet closed) compared to January. Prices for last month's closed sales of single family homes and condominiums (combined) were up in 12 of the 19 counties in the MLS service area.

"In March, the real estate market is set to get its mojo back," remarked J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. "We're already seeing the momentum build as more and more buyers realize what a great time it is to buy a home thanks to low interest rates, healthy inventory, and a strong local economy," he added.

Area-wide, the MLS reported 5,563 pending sales of single family homes and condominiums for February, up from January's total of 4,499. Last month's total still lagged the busier market of a year ago when there were 8,043 pending sales of single family homes (a decline of nearly 31 percent).

While encouraged by last month's jump in pending sales from January, brokers also acknowledge hesitancy still exists among some buyers. However, among sellers, one broker said "they're motivated like never before and willing to listen to reasonable offers much more readily today."

The fluctuation in interest rates has confused some buyers, according to NWMLS director Dick Beeson, broker/owner of Windermere Commencement Associates in Tacoma. "Buyers need stability to trust that all is well and that they'll be able to obtain financing," he suggested.

One certainty house hunters have is ample selection. Inventory is up almost 39 percent from a year ago. At the end of February there were 43,927 active listings of single family homes and condominiums in the Northwest MLS system, which covers most of western Washington.

The selection of homes in King County is about two-thirds larger than a year ago, boosted in part by nearly twice the number of condominiums offered for sale. At the end of February, MLS brokers reported 3,478 condos for sale countywide, up from 1,784 listings a year ago. The inventory of single family homes in King County is up about 61 percent from a year ago, rising from 6,124 listings twelve months ago to 9,875 at the end of last month.

Brokers added 12,104 new listings of single family homes and condominiums to inventory during February, bringing the system-wide total to 43,927. That compares to figures of 11,333 new listings during February 2007, for a year-ago total inventory of 31,658 residences (up nearly 39 percent). Compared to January, inventory increased about 6 percent.

Even with a bigger selection, some brokers are reporting multiple offer situations. MLS director Diedre Haines, broker at Coldwell Banker Bain in Lynnwood, said she assisted agents with negotiations on 10 multiple offers during the past month.

"The atmosphere is definitely changing, Haines commented, noting agents reported more than 100 visitors to an open house a few weekends ago at a new housing development in Mill Creek. Reflecting on her 32 years in the business, she said -- somewhat in jest -- that she's tempted to going back to selling rather than being a managing broker. "There's an opportunity to really have a lot of business," she commented.

Selling prices for all residential sales across all counties dipped slightly (about 2 percent) from a year ago, even though 12 of the 19 counties reported gains.

In the four-county Puget Sound region, prices for single family homes and condos that sold in King County last month were essentially unchanged from a year ago, rising about one-half percentage point, from $393,250 to $395,000. Snohomish, Pierce and Kitsap reported modest price declines from a year ago.

Despite the plentiful selection of condominiums, prices still increased from a year ago. For last month's completed transactions, the median selling price of a condo was $257,075, up 2 percent from the year-ago figure of $252,000. In King County, where six of every 10 condo sales occurred, the median selling price was $289,000, up 1.3 percent from the year-ago figure of $285,250.

Brokers say uncertainty about financing is prompting some buyers to stay on the sidelines. "No down payment loans are pretty much a thing of the past and FHA loans are becoming more attractive because of low down payment and reasonable qualifying standards," Tacoma broker Beeson said. Low FHA loan limits are making a difference in King County, but are not a deterrent in Pierce County, he noted. Worries about the subprime mortgage debacle and adjustable rate mortgages are apparent, he said, adding, "But there are solutions for every real estate problem. We'll handle them all," he proclaimed.

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

Statistical Summary by Counties: Market Activity Summary - February 2008

February 2008 Single Family Homes + Condos	LISTINGS		PENDING SALES	CLOSED SALES
	New Listings	Total Active	# Pending Sales	# Closings	Avgerage Price	Median Price
King	4430	13353	2102	1541	$479,698	$395,000
Snohomish	2102	6434	912	582	$364,302	$329,950
Pierce	2011	7854	913	539	$295,031	$260,000
Kitsap	628	2489	240	190	$352,158	$253,000
Mason	165	765	59	38	$218,882	$209,500
Skagit	273	1249	132	97	$300,928	$277,500
Grays Harbor	149	832	85	37	$155,286	$150,000
Lewis	150	671	59	37	$208,619	$200,000
Cowlitz	162	763	71	42	$202,223	$177,500
Grant	124	609	56	36	$198,415	$169,750
Thurston	571	1977	338	223	$286,627	$259,950
San Juan	28	294	15	9	$520,944	$492,500
Island	223	1041	80	50	$370,101	$305,000
Kittitas	74	523	43	31	$379,879	$275,000
Jefferson	97	444	26	25	$367,836	$275,000
Okanogan	31	377	15	7	$215,200	$205,000
Whatcom	439	1851	248	209	$303,499	$270,000
Clark	176	844	62	41	$276,754	$255,000
Pacific	69	376	11	9	$225,156	$199,500
Others	202	1181	96	84	$207,292	$191,200
MLS TOTAL	12,104	43,927	5,563	3,827	$378,256	$316,950

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

©Copyright Northwest Multiple Listing Service, ALL RIGHTS RESERVEDNews from NW Multiple Listing Service

Key Indicators for August Home Sales Around Washington
Show Continuing Trend of Fewer Sales, Higher Prices  

KIRKLAND , Wash. (Sept. 10, 2007) – 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 August 2007

Housing Prices in Western Washington Still Rising
Despite Fewer Sales, Expanding Inventory

KIRKLAND , Wash. (Aug. 6, 2007) – Fewer homes sold last month around Western Washington compared to 12 months ago, but they fetched higher prices, according to a new report from Northwest Multiple Listing Service. Its figures show both inventory and prices are still rising.

NWMLS members reported 8,614 pending sales across the 19 counties in its market area during July. That volume of offers made and accepted (but not yet closed) is down 6 percent from a year ago when members notched 9,165 pending sales.

Prices are still rising, but at more moderate rates in most areas. Area-wide, the median price for last month's closed sales of single family homes and condominiums rose 6.3 percent from July 2006.

In King County, the median sales price for last month's completed transactions of single family homes and condominiums (combined) jumped nearly 9 percent from a year ago, rising from $390,000 to $425,000. The median selling price for a single family home rose 10.6 percent to $481,000.

Members added 14,875 new listings of single family homes and condos to the inventory during July – the smallest number since March when they added 14,281 new listings. Those additions brought the system-wide total to 47,106 offerings across 19 counties. The current selection is about 48 percent larger than a year ago when there were 31,910 active listings.

Homes that are well-priced and well-prepared for showing will stand out from the competition and command top dollars, brokers emphasize.

"The prettiest homes with the most reasonable prices on the block are selling – and some are getting multiple offers," said NWMLS director Kathy Estey, managing broker of a John L. Scott office in Bellevue.

Contrary to many areas with slower activity, Bellevue remains robust. The volume of closed sales surpassed year-ago totals and prices are rising at a faster clip than the MLS average. The median price for last month's closed sales of single family homes (excluding condos) with a Bellevue address was $750,000, a jump of $80,000 (11.9%) from 12 months ago.

"It's a nice time to buy and sell," Estey commented. "The market feels a lot more peaceful as the frenzy cools and a more balanced market takes its place. We are healthy on the Eastside," she exclaimed.

Sam Pace , the South King County housing specialist for the Seattle-King County Association of Realtors® and a Realtor with Executive Real Estate, agreed. "We've got a very healthy, positive, stable market in South King County and north Pierce County -- one of the best in the nation," he stated, adding, "Homes that are well-priced by serious and savvy sellers are continuing to be snapped up rather quickly.

Pace said the South Sound area offers some of the best opportunities for single family buyers in the central Puget Sound Region, "but only if buyers are pre-approved and ready to act expeditiously."

In contrast to the eastside of King County, where last month's median sales price for single family homes and condos was $550,000, dwellings that sold in southeast King County had a median price of $350,000; in the southwest section of the county, the median selling price was an even more affordable $310,000.

Pierce County continues to have the most affordably priced inventory in the four-county region, with more than 40 percent of current listings of single family homes priced under $300,000:

County	# current listings (as of 8/4/07) (single family homes only)	Median list price (asking price)	# priced under $300,000	% priced under $300,000
King	9,199	$513,443	745	8.09%
Kitsap	2,288	$361,000	828	36.2%
Pierce	7,228	$329,950	2,947	40.8%
Snohomish	5,166	$419,945	684	13.2%

NWMLS director Dick Beeson said despite a rising frustration level for some agents who "are not keeping their head in the game," and the slower market, "There is still a lot of business being done." Beeson, the broker/owner of Windermere Real Estate/Commencement Associates in Tacoma, noted buyers are still seeking bargains and many sellers remain unrealistic in their pricing. Buyers are getting good values, he acknowledged, but overpriced properties are languishing on the market.

"The market has settled into a steady rhythm," Beeson remarked, who said he believes the market will actually pick up toward the end of summer and into fall.

Condos Outperforming Single Family Homes
The condominium market remains active, with the volume of both pending sales and closed sales out-gaining year-ago totals. Pending sales rose about 3.7 percent. Prices for last month's completed transactions were about 10.5 percent higher than for condos that sold a year ago.

Condo buyers have a wide choice of styles across the price spectrum. Inventory is almost 75 percent bigger than twelve months ago. According to New Home Trends, a Bothell company that tracks new construction, there are approximately 29,000 condos in various stages of development and construction in the four-county Puget Sound region, with only a fraction of them currently in the MLS database.

Nearly half the condo inventory in the NWMLS system is located in King County. Of the nearly 3,000 listings currently offered for sale within the county, about one of every five is classified as new construction.

Fallout from Risky Loans
Lawrence Yun, senior economist at the National Association of Realtors® , said tightening lending standards are continuing to hamper sales, but fewer risky loans will put the market on a healthier path.  Mixed signals about the housing market are causing some hesitancy among consumers, Yun believes. Although general buying conditions remain favorable for long-term home buyers, he said it appears "some buyers are looking for more signs of stability before they have enough confidence to make an offer."

Both Beeson and Estey commented on more restrictive lending practices. "The subprime market failures have hurt the re-fi market and this could eventually mean more properties will come up for sale," Beeson stated. Lenders are tightening the reins on qualifying, Estey remarked, adding, "But rates are good."

Mortgage rates for a 30-year fixed rate loan dropped slightly last week to an average of 6.71 percent, according to Bankrate.com's weekly national survey. HSH Associates, Financial Publishers reported a slightly higher rate of 6.87 percent.

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 July 2007