What's happening:
Value is what’s selling in the current housing market. It is solidly a buyer’s market. The market is good for sellers who price their homes correctly. For single family homes (excluding condos), sold prices increased from 12 months ago in nine counties (Clark, Grays Harbor, King, Kitsap, Kittitas, Mason, San Juan, Skagit, and Thurston), led by San Juan (up 23.8 percent) and Mason (up 20.8 percent). Sixteen counties reported larger inventories than twelve months ago. Along with lower prices and record low mortgage interest rates, buyers have abundant inventory to consider, further bolstering their bargaining position. Relatively flat prices, together with the large number of foreclosed and short sales transactions, are reflective of a buyers’ market. The current pool of buyers are described as “value-hunters” with stable income and good credit. They’re taking the opportunity to purchase homes they couldn’t afford a few years ago. This pool includes first-time buyers as well as move-up buyers with strong equity in their existing home.
What's predicted:
Looking ahead, brokers and housing analysts expect a long, slow recovery of the housing market. Commenting on the latest activity report, MLS director Stenvers said, “I believe we are going to see this same type of market through the end of the year and into first quarter 2011. Home sales will remain soft in the months ahead, but improved affordability conditions should help with a recovery,” he stated, adding, “Home buyers over the past year got a great deal, and buyers for the balance of this year have an edge over sellers. For those who bought at or near the peak several years ago, particularly in markets experiencing big bubbles, it may take over a decade to fully recover lost equity.”
News:
There will be a forthcoming change in annual mortgage insurance premiums, a change that can reduce purchasing power. Federal Housing Association is going to raise its annual mortgage insurance premiums by 3 percent on October 4. With FHA loans accounting for about half of all home loans, the change will affect a significant number of borrowers.
Below is the residential sales statistics at our Mason County local level for the month of August, 2010.
New Listings:
- Listing Inventory: Total 137. ↓23% comparing to last month, ↑4% comparing to the same month last year.
- Average Days on the Market: 151 days.
- Median Listing Price: $224,000. ↓3% comparing to last month, ↓7% comparing to the same month last year.
Pending Sale Listings:
- Pending listings: Total 73. ↑19% comparing to last month, ↓27% comparing to the same month last year.
- Average Days on the Market: 137 days.
- Median Pending Sale Price: $184,900. ↑5% comparing to last month, ↓1% comparing to the same month last year.
Sold Listings:
- Sold Listings: Total 42. ↓7% comparing to last month, ↓23% comparing to the same month last year.
- Average Days on the Market: 205 days.
- Median Sold Price: $194,500. ↑2% comparing to last month, ↑20% comparing to the same month last year.
(Above report compiled by PING Real Estate. Data source: NWMLS published data Sept 3, 2010)
Below is the statistical summary by the counties statewide for Aug, 2010:
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