WASHINGTON MARKET SNAPSHOT October 2016 Western Washington housing market still strong, but some see signs of rebalancing. (NWMLS) Puget Sound (King, Kitsap, Pierce, & Snohomish Counties) Single Family Resale (NWMLS & Trendgraphix) Summary: : It s still a seller s market, but some leaders from Northwest Multiple Listing Service think the imbalance may be easing in some areas, pointing to a slower pace of sales and moderating prices. Scroll down to continue
September activity show year-over-year gains in the volumes of new listings up 14.5%, pending sales up 9.3%, closed sales up 9.5%, and prices up nearly 9%. Inventory for single family homes and condominiums across the 23 Counties in the report dropped about 8 percent from a year ago. In the Puget Sound, New listings were up 20.7% ; Pending up 20.1% ; Average Sold Price up 10% ; Median up 8.9% ; months of inventory 1.5 vs. 1.9 last year. Buyers want to make a move before interest rates go up and in sellers are still struggling finding a new home. Appraisals still remain a concern with time and resources continue to be a problem. Since the regulations took effect, the number of certified appraisals has dropped from 5,000 to 2,500. It is till is taking longer for them to get out, which has extended some closings. Scroll down for additional markets
SPOKANE METRO MARKET SNAPSHOT October 2016 Single Family Resale (Trendgraphix) Summary: For sale is down (-19.5 ) from last year; Pending up 11.9% ; Sold up 16.3% ; Inventory Pended Sales which has moved from 3.8 months down to 2.8 months. Average Sold Price up 7% & Median price up 7.9%. The good news is that is still in the affordable price ranges for the area. Scroll down for additional markets
TRI-CITIES MARKET SNAPSHOT October 2016 Kennewick, Pasco, Richland (Tri-Cities) Single Family Resale (Trendgraphix) Summary: Inventory which dropped from 2.3 months last year is now at 1.8 or a -21.7%. The lack of inventory has impacted both the median price points and the average sold price. Both showed a growth from last year. It is a seller s market and homes move fast once they hit the market as indicated by days on the market, which is down from previous month by 27.8%. Kennewick, WA. was recognized as one of the hottest markets in the nation at # 18. Scroll down for additional markets
WALLA WALLA MARKET SNAPSHOT October 2016 Walla Walla, Washington and Surrounding Area Single Family Resale (Trendgraphix) Summary: Inventory (Pended Sales) has dropped from 5.4 to 3.2, which is seems to be driving prices up because of built up demand. Average Sold Price 26.3% & Median Price at 27.7% ; Sold up 21.1% and Pending up 35.7%. * Scroll down for Market Snapshots
Seattle Housing Update 1.1 Supply Level Price Trend 1 to 2 Shortage Upper single digits + + 30% 78% 3.34% 7.70% 6.32% 4.07% 3.8% 15yrs ago 10yrs ago 5yrs ago 1yr ago Seattle Market - Based on Resale Listings and Pending Contracts (October 1, 2016) For September 2016 October 1, 2016 Source: Bankrate Historically Interest Rates
Eastside Housing Update Supply 1.3 Level Price Trend Shortage Shortage Upper single ++ Upper singledigit digits 1 to 2 68% 30% Eastside Market - Based on Resale Listings and Pending Contracts (October 1, 2016) For September 2016 3.34 % 7.70% 6.32% 4.07% 3.8% 15yrs ago 10yrs ago 5yrs ago 1yr ago Historically Interest Rates October 1, 2016 Source: Bankrate
South King County Housing Update 1.4 Supply Level Price Trend 1 to 2 Shortage Upper single digits + + South King County Market - Based on Resale Listings and Pending Contracts (October 1, 2016) 30% For September 2016 65% 3.34% 7.70% 6.32% 4.07% 3.8% 15yrs ago 10yrs ago 5yrs ago 1yr ago Historically Interest Rates October 1, 2016 Source: Bankrate
Snohomish County Housing Update 1.4 Supply Level Price Trend 1 to 2 Shortage Upper single digits + + Snohomish County Market - Based on Resale Listings and Pending Contracts (October 1, 2016) 30% For September 2016 68% 3.34% 7.70% 6.32% 4.07% 3.8% 15yrs ago 10yrs ago 5yrs ago 1yr ago Historically Interest Rates October 1, 2016 Source: Bankrate
Pierce County Housing Update 1.8 Supply Level Price Trend 1 to 2 Shortage Upper single digits + + 30% 59% 3.34% 7.70% 6.32% 4.07% 3.8% 15yrs ago 10yrs ago 5yrs ago 1yr ago Pierce Market - Based on Resale Listings and Pending Contracts (October 1, 2016) For September 2016 October 1, 2016 Source: Bankrate Historically Interest Rates
Kitsap County Housing Update 1.9 Supply Level Price Trend 1 to 2 Shortage Upper single digits + + Kitsap County Market - Based on Resale Listings and Pending Contracts (October 1, 2016) 25% For September 2016 55% 3.34% Historically Interest Rates October 1, 2016 Source: Bankrate 7.70% 6.32% 4.07% 3.8% 15yrs ago 10yrs ago 5yrs ago 1yr ago