June 2011 Residential Sales Statistics in Mason County and WA State

What's happening:

Last month’s pending sales for the 21 counties surpassed the volume for June 2010. Closed sales are running slightly behind 2010 figures. Buyer confidence has definitely returned. With the return of buyer confidence, multiple offers are occurring in markets where there is low inventory. The lower inventory level is also causing the median home price to stabilize, despite prices sold being lower than last year. Brokers are seeing a lot of activity in the markets close to the job centers in Seattle and Bellevue.  

Measured by "month’s supply," there is about a 5-month supply of homes system-wide, which is considered to be a balanced (or neutral) market favoring neither buyers nor sellers. Inventory is tighter in King County where the month’s supply is about 3.7 months.

On the current market, the basics have not changed for buyers and sellers. Even though it is easy to get caught up in the national news. Real estate is a micro discussion, not a macro one. Your broker should be able to talk neighborhood specifics and what the inventory and turnover are within each area.

What's predicted:

Buyers’ priorities will shift from looking for the best deal possible to finding the best house for their needs at a fair price.

No uptick in prices is expected. The buyers are out there. They’re looking for an “opportunity.” Buyers need to talk with a lender first to better understand their mortgage options, become informed about today’s market and be prepared to make a reasonable offer when they find a home that meets their needs. Sellers need to be priced within about 3 percent of what the home will sell for, and they need to look at their home and property through the eyes of a buyer. Paint, clean, de-clutter and above all, be prepared to move.

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Mason County Closed Sale Overview for June, 2011
Average sold price: $179,264
Median sold price: $140,000
Price range out of 63 sold listings (After some research, I found out it was 63, Not 59 as shown in the published table below because several sold lisitngs didn't get entered into the database until after the NWMLS published its figures).

Under $100K: 15 listings;
$100K-$200K: 28 listings;
$200K-$300K: 13 listings;
$300K-$400K: 1 listing;
$400K-500K: 5 listings;
Above $500K: 1 listing

Below is the countywide residential sales stats in WA state:
(click on the table below for a larger image)

Compiled by PING Real Estate
(Data Source: Northwest Multiple Listing Services June 6 News Release and NWMLS online stats)

May 2011 Residential Sales Statistics in Mason County and WA States

What's happening:

Low interest rates, low down payment requirements, and lower adjusted prices are attracting buyers into the market. Brokers attribute much of that price decline to the fairly high ratio (estimated at 30-40 percent in many markets) of foreclosed homes and short sales that are being sold at deep discounts. The last few years, home sales haven’t sustained much momentum without government support. This year, however, the momentum is continuing to build naturally, as we would normally expect in the spring and summer months. Remember, by this time last year we had already experienced all of the benefit of the homebuyer tax credit, and sales began to wane after that credit had expired. We see an entirely different dynamic this year.

What's predicted:

It’s also obvious that the basic market forces of low supply and high demand are beginning to shift buyer or seller attitudes in many neighborhoods. That’s good news for sellers, and perhaps a cautionary message to
buyers as well.

Mason County Closed Sale Overview for May, 2011
Average sold price: $154,670
Median sold price: $138,572
Price range out of 52 sold listings:
Under $100K: 15 listings;
$100K-$200K: 22 listings;
$200K-$300K: 11 listings
$300K-$400K: 3 listings
$400K-500K: 1 listing
Above $500K: 0 listing

Below is the countywide residential sales stats in WA state:

(click on the table below for a larger image)

Compiled by PING Real Estate

(Data Source: Northwest Multiple Listing Services May 6 News Release and NWMLS online stats)

April 2011 Residential Sales Statistics in Mason County and Washington State

What's happening:

Shrinking inventory is spurring activity, with some brokers reporting a "shortage of good listings" and "signs of normality." Total inventory is down nearly 13 percent from a year ago. Home sellers around Washington state are starting to a see something that had all but vanished in recent months: multiple offers. The market is showing signs of normality after three years of decline. The reduction in new inventory is creating more balance between supply and demand, putting buyers and sellers on equal footing when negotiating a sale. This is very positive news and should add to the trend toward price stabilization in many areas. Fewer buyers are making low-ball offers and sellers are being more proactive about pricing their homes to be competitive in today's environment. Both buyers and sellers are beginning to get the message of today's market, which is "be realistic".

 What's expredicted:

It is believed that several indicators show the housing industry is recovering on its own. Though it is a slow process, it expects to continue for the balance of 2011 and into 2012.

Many of today's buyers are not seeking loans that stretch their budgets as in the past. This will prompt banks and the secondary market to regain confidence, and eventually loosen their credit guidelines and roll out new loan programs. Buyers will have to look at making their first offer their best offer, even on bank-owned homes. The days of lowball offers will soon fade and short sales losses will tighten. As prices stabilize and inventories drop, many buyers will feel the chance at home ownership at bargain prices slipping from their grip.

Below is the countywide residential sales statistics in WA state:
(click on the table below for a larger image)

Compiled by PING Real Estate
(Data Source: Northwest Multiple Listing Services April 5 News Release and NWMLS online stats)

March 2011 Residential Sales Statistics for Mason County and Washington State

What's happening:

Last month's pending sales fell below year-ago totals in Western Washington, but brokers say the market is faring quite well without a stimulus considering that this time last year there was a rush of buyers trying to beat the tax credit deadline, to have the number of sales off just slightly points towards a strengthening market.

Distressed properties continue to drag down prices. According to research by the National Association of REALTORS®, nearly one of every four home sales (24 percent) in Washington is classified as a short sale or foreclosure.

“We saw a lot of qualified buyers making offers in March. They're out of the tire-kicking mode and ready to buy now. Inventory is low in general, and there is a particular shortage of move-in ready homes,” one broker stated, noting properties that are selling look like model homes.“Sellers realize if they remove any buyer objections ahead of time, their house will sell, and sell quickly.”

What's expredicted:

Commenting on the latest nationwide report on pending sales, Lawrence Yun, NAR chief economist, said
“We may not see notable gains in existing-home sales in the near term, but they're expected to rise 5 to
10 percent this year with the economic recovery, job creation and excellent affordability conditions
providing confidence to buyers who've been on the sidelines.” Yun also emphasized the importance of looking at the broader trend, citing the unusually bad weather in the Northeast as having a negative impact on March's data. “Month-to-month movements can be instructive, but in this uneven recovery it's important to look at the longer term performance,” he said. “Pending home sales have trended up very nicely since bottoming out last June, even with periodic monthly declines.”

Below is the countywide residential sales statistics in WA state:
(click on the table below for a larger image)

Data compiled by PING Real Estate.

(Data Source: Northwest Multiple Listing Services March 5 News Release and NWMLS online stats)



Feb 2011 Residential Sale Statistics for Mason County and Washington State

What's happening:

Housing activity during February continued to reflect the downside of distressed properties with fewer sales and lower prices than a year ago.

A new year usually means new inventory. However, both the total number of new listings added to inventory and the total number of active listings are down from year-ago figures.The drops are the result of the influence the distressed properties are having on sellers. Sellers are reluctant to compete with the prices of distressed properties, and are holding off on putting their homes on the market. As a result, buyer choices have shrunk. Distressed properties continue to drag down home prices. "Since they can sell for 30-to-40 percent less than non-distressed homes, we expected a price drop." Brokers say they are optimistic, pointing to various indicators:

What's expredicted:

Sales are expected to be soft through April as compared to last year when a rush of buyers came into the market to take advantage of the tax credit, which expired April 30, 2010.

Brokers believe there are reasons for optimism
- Industry insiders say last week’s announcement of The Boeing Company win on the Air Force tanker contract;
- This week’s news from the state Employment Security Department that February marked Washington’s strongest month of job growth in more than three years;
- Several positive earnings reports from local corporations are all encouraging indicators for the housing market.
With this recent good news, “there is reason for optimism as we approach the busiest time of the year for home sales,”

Below is the countywide residential sales statistics in WA state:
(click on the table below for a larger image)


Data compiled by PING Real Estate.

(Data Source: Northwest Multiple Listing Services March 5 News Release and NWMLS online stats)

January 2011 Real Estate Sales Statistics in Mason County and WA State

What's happening:

The volume of new listings declined: not nearly as many newly listed homes were offered for sale last month compared to twelve months ago. Shrinking inventory is fueling optimism among members of the NWMLS. Year-over-year pending sales were down somewhat, and sales prices continued to slip, but the number of closed sales increased slightly across the 21 counties in the Northwest MLS service area. Only four counties (Clallam, Cowlitz, Kitsap, and Okanogan) reported year-over-year price gains. Brokers attribute part of the price drop to sales of distressed homes (in general, meaning homes under foreclosure or impending foreclosure). The sales price for distressed properties could be 20-to-30 percent less than for normal sales, A greater percentage of low-priced distressed properties is pulling down the median price.

What's predicted:

There is a strong belief in the industry that the worst is behind us and we can look forward with confidence. “I expect sales to be soft through April when compared to last year since first quarter sales volume was artificially inflated by the rush to take advantage of the tax credit that expired on April 30,” said the president of a Windermere company. Distressed properties are making up an increasingly greater share of sales than a year ago, and that trend is expected to continue. More balance is expected as we tip into the new year, with sales more evenly distributed during the year, unlike 2010 when sixty percent of their sales occurred in the first half of the year. The balance of the year is predicted to be "somewhat fickle," in part because of upcoming elections and lingering uncertainty around the slow pace of the recovery.

- Comments on the impact of distressed properties
- Prediction on interest rate

 “We still have the better part of the next five years to work through short sales and bank owned property but this is a start,” January 2010 as an anomaly due to the tax credit, and even though last month was down in many respects compared to last year, it better reflects the true market. “It is good to start a new year off without any government incentives and is hopefully the start of returning to normal.”

 Some owners are opting to rent their homes as the market recovers. As demand increases and rents rise, investors are returning. Also emerging is a new group of renters – past owners who lost their home to foreclosure or short sale. “These renters are willing to sign long-term contracts so they can get their credit rating repaired.

 “Buyers are reluctant to look at distressed properties not because of the characteristics of the property, but because of the process,” The long delays with lenders regarding the sale of distressed properties are a major choke point. There has been significant progress with the banks trying to figure out the situation, but still a long way from making it buyer-friendly.”

 Experts expect interest rate hikes. "It’s not if, it’s when." Interest rates below 5 percent are an extraordinary event, and buyers need to take advantage of them. Sellers know they must position themselves better than their competition on all levels – price, condition, terms. Buyers who procrastinate will risk losing purchasing power because of anticipated increases in interest rates.

Below is the countywide residential sales statistics in Washington state:
(click on the table below for a larger image)

Data compiled by PING Real Estate.
(Data Source: Northwest Multiple Listing Services Feb 3 News Release and NWMLS online stats)

September 2010 Residential Sales Statistics for Mason County and Washignton State

What's happening:

Home sales remained subpar around most of Washington during September. There are some encouraging signs, among which month’s supply of inventory pointing toward a more balanced market, stabilizing prices with more homes being priced competitively, the market adjusting to no more tax credits, and strong sales of "specialty homes" - homes that have a unique mix of character and amenities. The three-county area of King, Snohomish, and Pierce are reporting about 6 months of inventory. That’s not to say we should expect prices to increase right away, but it’s a positive sign nonetheless, especially when the national supply of inventory is more than 11 months. Prospective buyers have plenty of choices across the price spectrum. The new pool of potential buyers are getting their feet wet, but they’re taking their time before they jump in.  "Crazy requirements" are impeding the pace of sales. If it’s not the conditions of an inspection report, it’s the appraisal coming in off sale price, or lenders reviewing and re-reviewing the buyer’s qualifications, or buyers rethinking whether or not to buy.

What's predicted:

The balance of the year is predicted to be "somewhat fickle," in part because of upcoming elections and lingering uncertainty around the slow pace of the recovery. Experts expect interest rate hikes. "It’s not if, it’s when." Interest rates below 5 percent are an extraordinary event, and buyers need to take advantage of them. Sellers know they must position themselves better than their competition on all levels – price, condition, terms. Buyers who procrastinate will risk losing purchasing power because of anticipated increases in interest rates.

Below is the residential sales statistics at our Mason County local level for the month of August, 2010.

New Listings:
- Listing Inventory: Total 112. ↓19% comparing to last month, ↓5% comparing to the same month last year.
- Average Days on the Market: 156 days.
- Median Listing Price: $219,000. ↓3% comparing to last month, ↓9% comparing to the same month last year.

Pending Sale Listings:
- Pending listings: Total 58. ↓21% comparing to last month, ↓31% comparing to the same month last year.
- Average Days on the Market: 148 days.
- Median Pending Sale Price: $181,500. ↓2% comparing to last month, ↑13% comparing to the same month last year.

Sold Listings:
- Sold Listings: Total 52. ↑23% comparing to last month, ↓20% comparing to the same month last year.
- Average Days on the Market: 205 days.
- Median Sold Price: $184,450. ↓6% comparing to last month, ↑4% comparing to the same month last year.

(Above report compiled by PING Real Estate. Data source: NWMLS published data Oct 4, 2010)


Below is the statistical summary by the counties statewide for September, 2010: