PING Real Estate Blogs

June 2011 Residential Sales Statistics in Mason County and WA State

2011-07-16T13:59:00.000-07:00

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

2011-06-10T11:41:00.000-07:00

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

2011-05-14T13:10:00.000-07:00

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

2011-04-21T16:05:00.000-07:00

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

2011-03-15T10:35:00.000-07:00

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

2011-02-04T13:35:00.000-08:00

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

2010-10-06T16:36:00.000-07:00

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:

August 2010 Residential Sales Statistics for Mason County and Washington State

2010-09-04T12:39:00.000-07:00

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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:

July 2010 Residential Sales Statistics in Mason County and Washington State

2010-08-10T12:23:00.000-07:00

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What's happening:

The MLS report showed that year-over-year increases in inventory, a double-digit decline in closed sales and a small drop in prices, and that both pending sales and median prices on closed sales showed slight improvement from the previous month. "The tax credit pulled some first-time buyers from the second half of the year into the first half.” Business was “typical” for July, usually a slow month because of vacations. One MLS director said the current market is being driven by people who “have to.” These include buyers who “have to buy” and sellers who “have to sell,” with a good deal of buyers and sellers still sitting on the sidelines waiting. On some positive notes: There was an increased sales in the higher-end market in July since there’s been a “reality check” on pricing at the higher end, marked by price drops and a corresponding uptick in activity; Also we see some encouraging activity for newly built homes. We see sales occurring in new construction where large builders have reset their prices to 2004 levels. Sales are brisk among first-time buyers in this market. New home sales activity is trending up in the Puget Sound region.

What's predicted:

There could be a couple of additional months of slow home-sales activity before picking up later this year, providing the economy continues to add jobs. We’ve turned the corner on home prices and they should remain fairly stable over the balance of the year, but we really need to see stronger job creation to have a meaningful recovery in the housing markets. Consumer confidence is ebbing and that makes major purchases even more difficult to initiate or even contemplate. If the job picture improves even slightly later this year, we will see an uncharacteristic uptick in sales in the final quarter. It's also believed that there’s a pent-up demand based on the number of pre-approvals for loans in the mortgage company’s pipeline. Many of these potential buyers are expected that they "will pull the trigger” once rates or prices start edging up. In this market, sellers must focus on the condition, amenities and pricing of their properties in order to obtain a sale in this very strong buyer’s market. Buyers who procrastinate while waiting for a better time to purchase may risk looking back in hindsight bemoaning the opportunity that passed them by.

Per the Data by Moody's Analytics, Washington fared “4th best state” for building a nest egg and has the country’s most promising real estate market in the near term, according to an index created by U.S. News that considered each state’s housing market, unemployment rate, per capita income, and taxes. Citing data by Moody’s Analytics, the report indicated home prices in the state are expected to surge by “a whopping 6.6 percent per year” between 2010 and 2013.
Below is the residential sales statistics at our Mason County local level for the month of July, 2010.

New Listings:
- Listing Inventory: Total 176. ↑13% comparing to last month, ↑10% comparing to the same month last year.
- Average Days on the Market: 146 days.
- Median Listing Price: $229,000. ↓1% comparing to last month, ↓8% comparing to the same month last year.

Pending Sale Listings:
- Pending listings: Total 61. ↑27% comparing to last month, ↓21% comparing to the same month last year.
- Average Days on the Market: 145 days.
- Median Pending Sale Price: $174,900. ↑2% comparing to last month, ↓1% comparing to the same month last year.

Sold Listings:
- Sold Listings: Total 45. ↓19% comparing to last month, ↓23% comparing to the same month last year.
- Average Days on the Market: 178 days.
- Median Sold Price: $190,000. ↑29% comparing to last month, ↑4% comparing to the same month last year.

(Above report compiled by PING Real Estate. Data source: NWMLS published data Aug 5, 2010).

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

June 2010 Mason County Residential Sales Statistics

2010-07-13T16:50:00.000-07:00

What's happening:

The benchmark 30-year fixed-rate mortgage fell to 4.75 percent, according to the Bankrate.com national survey of large lenders. That’s the lowest rate for the 30-year fixed in the nearly 25-year history of Bankrate's weekly survey. Freddie Mac reported an average of 4.58 percent, the lowest level in more than five decades. With prices down and mortgage rates at their lowest in 50 years, homes are more affordable now than they were before the tax credit went into effect. However, the economy is still recovering and that makes some consumers hesitant to buy and as kids get out of school people rush to embrace summer, home sales around Western and Central Washington remained sluggish with pending sales lagging year-ago levels.

What's predicted:

Asked if now is the right time to buy, Grimm replied, “You can’t time the real estate market any more than you can time the stock market,” but added, “If you want to buy a home, and can afford it, I haven’t seen a better convergence of affordable prices and low interest rates in the 25 years I’ve been working in real estate.”. Mark Fleming, chief economist for CoreLogic, said economists at that California-based firm see a U-shaped recovery, similar to the 2000 recession, but with a longer, more pronounced bottom. Because of various factors at play, including the expiration of the tax incentives and various mortgage modification programs affecting distressed properties, he expects the real estate market to “sag through the summer and slower cooler months,” but believes it will eventually grow in line with economic and income growth “as we put the great recession further behind us.”

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

New Listings:
- Listing Inventory: Total 155. =same comparing to last month, ↓5% comparing to the same month last year.
- Average Days on the Market: 142 days.
- Median Listing Price: $229,450. ↑0.2% comparing to last month, ↓9% comparing to the same month last year.

Pending Sale Listings:
- Pending listings: Total 48. ↓13% comparing to last month, ↓42% comparing to the same month last year.
- Average Days on the Market: 150 days.
- Median Pending Sale Price: $169,961. ↑13% comparing to last month, ↓11% comparing to the same month last year.

Sold Listings:
- Sold Listings: Total 55. ↓9% comparing to last month, ↑14% comparing to the same month last year.
- Average Days on the Market: 175 days.
- Median Sold Price: $147,000. ↓9% comparing to last month, ↓19% comparing to the same month last year.

(Above report compiled by PING Real Estate. Data source: NWMLS published data July 5, 2010).

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

Top 10 Cities to Buy vs Rent / Rent vs Buy

2010-06-15T13:15:00.000-07:00

Today Trulia announced America’s Top 10 Cities to Buy vs. Rent and the Top 10 Cities to Rent vs Buy. Trulia calculated the price-to-rent ratio using the average list price compared with average rent on 2 bedroom apartments, condos and townhomes listed on Trulia.com. To create the list, Trulia analyzed the largest 50 cities in America, by population.

Top 10 Cities to Buy vs. Rent

1. Minneapolis, Minnesota 8
2. Arlington, Texas 8
3. Miami, Florida 8
4. Fresno, California 8
5. San Antonio, Texas 8
6. Mesa, Arizona 9
7. Jacksonville, Florida 9
8. Phoenix, Arizona 10
9. El Paso, Texas 10
10. Las Vegas, Nevada 11

“At the peak of the real estate bubble, cities like Miami, Phoenix and Las Vegas were not affordable for many. Now the opposite is true,” said Pete Flint, co-founder and CEO of Trulia. “Home sellers in these hard hit areas are forced to lower their prices to compete with all the foreclosures on the market. As a result , these unattainable markets are so affordable it makes better financial sense to buy than rent.”

Top 10 Cities to Rent vs. Buy

1. New York, New York 33
2. Omaha, Nebraska 26
3. Seattle, Washington 25
4. Portland, Oregon 22
5. San Francisco, California 22
6. Oklahoma City, Oklahoma 21
7. Kansas City, Missouri 20
8. San Diego, California 20
9. Cleveland, Ohio 20
10. Dallas, Texas 19

“It is not a surprise to see cities like New York and San Francisco on the ‘Rent’ cities but I was surprised to see areas like Omaha, Oklahoma City and Kansas City on our rental list, “said Flint “We’re not suggesting that it’s unwise to buy in these areas, though - just that it’s significantly more expensive than renting. In many of these cities, even though home buying is much more costly than renting, prices are still much lower than they have been in a long, long time.”

Top 50 City Rent v Buy Index
Comparing 2 bedroom Apts/Condos/Townhouses

City State Average   Listing Price/Rent/Price-to-Rent Ratio
Minneapolis MN        $ 153,844    $ 1,700      8
Arlington TX               $ 72,422     $ 789          8
Miami FL                  $ 189,566    $ 2,019      8
Fresno, CA               $ 90,446      $ 936          8
San Antonio TX        $ 89,068      $ 884          8
Mesa AZ                    $ 71,317      $ 697          9
Jacksonville FL           $ 92,488      $ 870          9
Phoenix AZ                $ 100,535     $ 883          9
El Paso TX                 $ 95,388       $ 770        10
Las Vegas NV           $ 128,815     $ 983         11
Detroit MI                  $ 151,726     $ 1,128     11
Houston TX            $ 164,487     $ 1,163    12
Baltimore MD         $ 187,998     $ 1,300     12
Tucson AZ                 $ 129,800     $ 879         12
Long Beach CA        $ 260,449     $ 1,746     12
Austin TX                 $ 165,326     $ 1,101      13
Virginia Beach VA    $ 178,522     $ 1,093     14
Sacramento CA        $ 152,696     $ 934         14
Washington DC       $ 469,150     $ 2,773     14
Oakland CA            $ 278,245     $ 1,625      14
Albuquerque NM    $ 137,110     $ 792         14
Raleigh NC              $ 146,010     $ 840        14
San Jose CA             $ 298,621     $ 1,691     15
Chicago IL                $ 303,085     $ 1,697     15
Charlotte NC           $ 168,620     $ 929        15
Colorado Springs CO $ 144,074   $ 773        16
Indianapolis IN          $ 141,486    $ 752        16
Honolulu HI            $ 583,858    $ 3,080     16
Columbus OH           $ 143,267    $ 739        16
Los Angeles CA      $ 491,055    $ 2,460     17
Boston MA               $ 536,956    $ 2,623     17
Milwaukee WI          $ 271,040    $ 1,322     17
Atlanta GA               $ 244,610    $ 1,193   17
Nashville TN             $ 221,377    $ 1,078    17
Tulsa OK                $ 144,454    $ 700       17
Philadelphia PA         $ 323,912    $ 1,523   18
Denver CO             $ 283,432    $ 1,315    18
Louisville KY            $ 157,667    $ 720       18
Memphis TN          $ 164,226    $ 747       18
Dallas TX               $ 293,767    $ 1,324   18
Cleveland OH          $ 246,895    $ 1,046   20
San Diego CA          $ 396,409    $ 1,670    20
Kansas City MO     $ 240,076    $ 992      20
Oklahoma City OK $ 195,663    $ 763     21
San Francisco CA   $ 774,728    $ 2,996 22
Portland OR            $ 307,858    $ 1,145 22
Seattle WA              $ 461,330    $ 1,546   25
Omaha NE              $ 275,844    $ 870      26
Fort Worth* TX     $ 328,076    $ 907      30
New York NY        $ 1,383,612 $ 3,538   33

Trulia.com’s Rent vs. Buy Index - Interpretation Key

Price-to-Rent Ratio of 1-15: It is much less expensive to own than to rent a home in this city Price-to-Rent Ratio of 16-20: It is more expensive to own a home in this city are The total costs of ownership of a home in this city are greater than the costs of renting, but it might still make financial sense depending on the situation. Price-to-Rent Ratio of 21+: The total costs of owning a home in this city are much greater than the costs of renting.

Definitions: Total costs of home ownership include mortgage principal and interest, property taxes, hazard insurance, closing costs at time of purchase and ongoing HOA dues and private mortgage insurance, where applicable. Total costs of homeownership include an offset for the tax advantages of homeownership, including mortgage interest, property tax and closing cost deductions.

Total costs of renting include rent and renter’s insurance.

(Information source: Trulia.com)

After Hour Event Thursday June 10th 5-7pm

2010-06-08T14:12:00.000-07:00

Location: Dalby Road in Union
Date: June 10, 2010
Time: 5 to 7pm

Union Square businesses including PING Real Estate and Hood Canal Communications will host the Chamber's June After Hours on Thursday, June 10 from 5 to 7pm. Everyone is invited! The Union Square is located on Dalby Road in Union. Travel down State Route 106 and take the first left just past Alderbrook Resort (at Cameo Boutique).

PING Real Estate will be serving hotdogs. KMAS Radio will be playing "Oldies" music. Come to enjoy wine, appetizers, and desserts while meeting us business owners in Union Square, and entering in raffles for prizes such as Seahawks tickets, personal training and gift baskets!

Businesses:
Union Square Deli
Dogwood Construction
Falcon Financial
The Salon at Union Square
Union Visitor Information Center
PING Real Estate
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May 2010 Mason County Residential Sales Statistics

2010-06-08T10:35:00.000-07:00

What's happening:

According to the News Release by Northwest Multiple Services on June 4, home sales during May tapered off around Washington state following a surge of activity in April as buyers hustled to meet deadlines for tax credits. Leading up to its expiration, the tax credit caused a surge of home sales, but a surge can only be sustained for so long. Listing activity also sagged during May after strong upticks in March and April during the buildup before the incentives lapsed. The slowdown during May was due in part to the end of the incentive program, but overall activity so far this year is stronger than a year ago.

What's predicted:

The extremely low interest rate is expected to last through the summer and into fall, which will help give a nudge to buyers that no longer can look to the tax credit for incentive. As the market returns to normal, home values may continue to decline in some parts of Washington state and within some price ranges. The tax credit pulled sales into April at the expense of the remainder of the spring buying season. Quoting the remarks of one real estate company CEO: "What we’re seeing now is a natural adjustment. As consumer confidence continues to improve in the coming months, we expect to see the buyer pool replenish itself which should be followed by an increase in home sales.”

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

New Listings:
- Listing Inventory: Total 155. ↓20% comparing to last month, ↓14% comparing to the same month last year.
- Average Days on the Market: 142 days.
- Median Listing Price: $229,000. ↓1% comparing to last month, ↓9% comparing to the same month last year.

Pending Sale Listings:
- Total 55 pending listings. ↓32% comparing to last month, ↓24% comparing to the same month last year.
- Average Days on the Market: 124 days.

- Median Pending Sale Price: $149,900. ↓18% comparing to last month, ↓11% comparing to the same month last year.

Sold Listings:
- Total 60 Sold Listings: ↑22% comparing to last month, ↑7% comparing to the same month last year.
- Average Days on the Market: 157 days.
- Median Sold Price: $160,400. ↓15% comparing to last month, ↓1% comparing to the same month last year.

(Above report compiled by PING Real Estate. Data source: NWMLS published data June 5, 2010).

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

April 2010 Mason County Residential Sales Statisitics

2010-05-14T10:41:00.000-07:00

What's happening:

According to the News Release by Northwest Multiple Services on May 5, “While the tax credit has gone away, the buyers haven’t", MLS figures show inventory is nearly equal to year-ago levels, closed sales jumped almost 51 percent, and sales prices in many areas reflect little variation during the past six months. With pending sales outperforming a year ago. the months’ supply (an industry indicator of sales velocity) is shrinking. System-wide, there’s about a 4.24 month supply, meaning at the current sales rate, if no other homes were put on the market it would take just over four months to exhaust the supply. For the four-county Puget Sound market, there is a supply of about 3.5 months.Prices continue to show modest dips from a year ago, with the overall median price, at $261,000, down 3.3 percent from twelve months ago. Compared to January, half the counties in the MLS service area are showing increases in median prices.

What's predicted:

The tax credit seems to have accomplished its purpose. It motivated home buyers to enter the market place, creating a synergy that should propel us through the summer months. As long as sellers remain realistic about the market value of their homes and the expectations of buyers, the strength of the market will grow. Also reported is an uptick in new construction activity as some builders have resumed buying land at reasonable prices. If buyers want to have a variety of houses from which to choose, this is a good time for them to look. The combination of current availability and incredibly low interest rates offers home buyers a tremendous opportunity. Moving forward, local home buyers will continue to experience a purchase power advantage thanks to historically low interest rates and lower adjusted home prices.

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

New Listings:
- Listing Inventory: Total 192. ↑14% comparing to last month, ↑19% comparing to the same month last year.
- Average Days on the Market: 140 days.

- Median Listing Price: $230,000. Same = comparing to last month, ↓ 8% comparing to the same month last year.

Pending Sale Listings:

- Total 80 pending listings, ↑ 2% comparing to last month, ↑ 14% comparing to the same month last year.
- Average Days on the Market: 125 days
- Median Pending Sale Price: $181,998, ↑ 9% comparing to last month, ↓ 5% comparing to the same month last year.

Sold Listings:

- Total 49 Sold Listings: ↑11% comparing to last month, ↑6% comparing to the same month last year.
- Average Days on the Market: 117 days
- Median Sold Price: $187,000, ↑11% comparing to last month, ↑35% comparing to the same month last year.

(Above report compiled by PING Real Estate. Data source: NWMLS published data May 5, 2010).

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

March 2010 Mason County Residential Real Estate Sales Statistics

2010-04-06T10:36:00.000-07:00

What's happening:
According to the News Release by Northwest Multiple Services yesterday, home sales around Washington state surged last month. Northwest MLS brokers report 51% jump in pending sales, led by Snohomish County and King County. Notably, while entry-level home sales have been driving the market, brokers also reported strong activity at the upper end of the price spectrum. MLS brokers also reported year-over-year increases in the number of new listings added to inventory and in the volume of closed sales. "Sale activity is at a high level like we haven't seen in a while, but still not in the frenzy we saw a few years ago. Homes that are positioned well - at every price range - are selling quickly".

What's predicted:
The momentum is expected to continue in the coming weeks as the April 30 expiration of the tax credit approaches. Please go to my Blog Archive to read other two blogs on USD loan and Loan Interest prediction. I also believe that the buyers' buying ability might be affected by the loan program and the potential changing interest rate in the months to come so there is some market uncertainty later this year.

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

New Listings:
- Listing Inventory: Total 168 listings, up 20% comparing to last month, up 13% comparing to the same month last year.
- Average Days on the Market: 145 days
- Median Listing Price: $229,900, up 2% comparing to last month, down 5% comparing to the same month last year.

Pending Sale Listings:
- Total 78 pending listings, up 44 % comparing to last month, up 14% comparing to the same month last year.
- Average Days on the Market: 125 days
- Median Pending Sale Price: $166,000, up 12% comparing to last month, up 18% comparing to the same month last year.

Sold Listings:
- Total 44 Sold Listings: up 12% comparing to last month, up 46% comparing to the same month last year.
- Average Days on the Market: 113 days
- Median Sold Price: $158,000, up 8% comparing to last month, up 21% comparing to the same month last year.

(Above report compiled by PING Real Estate. Data source: NWMLS published data yesterday April 5).

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

Traveler Days in Union, WA - 2010

2010-03-26T15:34:00.000-07:00

The month of May will be an exciting month for the people of Union. Union Tourism Association (UTA) is launching its first ever Traveler Days in May. As an active member of the association, PING Real Estate is participating in these events along with all the other business owners in Union. Ping Real Estate is also next door to the new office of Union Tourism Association Visitor Information Center so we look forward to seeing you at the grand opening event on May 1 as well as all the other events for the upcoming Traveler Days. Below are some of the schedules posted in the March UTA newsletter.

WEEKEND TWO - May 1 & 2

GRAND OPENING - Union Tourism Association Visitor Information Center - Sat 11AM
A major milestone, the Union Tourism Association will be opening a dedicated Visitor Information Center at Union Square, Saturday morning May 1. Join us at 11AM for a formal ribbon cutting ceremony and to tour the new space. The center is being outfitted to provide not only a wide range of visitor information on dining, lodging, recreational and retail opportunities in our area, but also as a gallery space that will feature a rotating display of local artists' work and showcase Union's rich arts history.

SEASON OPENING - Hood Canal Open Market - Sat 1-7PM
The long-standing collaboration between our local artist community and Robin Hood Village will enter an exciting new stage with the launch of the Hood Canal Open Market, a variety market featuring live music and spoken word performances, farm fresh produce, art, crafts, collectibles and more, every Saturday during the height of the season! (Want to participate? Contact howard@leggettartstudios.com.)

Pub Poetry Slam/Spoken Word Performance - Sat 7PM
The spoken word version of a musical open mic night, this evening will feature a range of local poets, actors and story-tellers sharing anecdotes, literature, poems, classic radio plays and stories in a lively spoken format at the wonderfully intimate Robin Hood Pub beginning at 7PM.

Culinary Arts / Wine Class Series - Sun 11:30AM - 1PM - 2:30PM
Any excuse to visit the remarkable private estate of The Bend at Hood Canal is exciting. But on Sunday, May 2 a limited number of folks will have the opportunity to participate in a truly exciting series of cooking and wine classes in The Bend's remarkable main kitchen. The first class, beginning at 11:30AM, will combine the culinary skills of Chef Mike Holbein of Robin Hood with the organic local produce of Highwater Farms in a basic skills class that will introduce participants to the fundamentals of planning a meal on a theme, carrying that theme through sides and separate courses, as well as particulars such as gauging proper doneness, plating and presentation. The 11:30 class will explore these topics on a meat-based menu; the 2:30 class will explore the same concepts through a seafood-based menu. In between, award-winning vintners Lloyd and Ann Anderson of Walter Dacon Winery will teach a class on the basics of wine tasting including tips on distinguishing separate notes in a wine, proper glassware and more. Price for each individual class is $25 per person per class and registration is limited (proceeds benefit the Union Tourism Association). To register reply to this email (or send an email to info@visitunion.com).

Cameo Boutique Open House - Sat & Sun 10AM-5PM
The 2008 Best Ladies Boutique in the Northwest continues its Traveler Days celebration with another two days of free wine tastings, and will feature writer Valerie Johnson who will be on-hand autographing her book on Saturday, May 1 from noon to 3PM; as well as author and historian Mike Fredson who will sign copies of his book Sunday, May 2 at 11AM.

Lady Alderbrook Historic Water Tour - Sun 2PM
Join local historian (and fifth generation Unionite) Mike Fredson for a cruise around the Great Bend and a lecture on our community's rich history. Produced by the McReavy House Museum of Hood Canal, the lovely Lady Alderbrook will depart from the Alderbrook Resort & Spa dock at 2PM for a two-hour cruise (you'll want to arrive early to reserve your seat) and includes cocktail snacks and a no-host bar. Tickets are $50 per person and are available by contacting Howard Leggett at 898-1717 or Dana Porter at 898-0101. (Proceeds benefit the McReavy House Museum of Hood Canal.)

WEEKEND THREE - May 8 & 9

Artist Open Studio/Tour of Lodging Event - Sat & Sun 10AM-6PM
Over a 15 local artists, including watercolorists and oil painters, a scultpor, native artists, photographers and more are participating in this year's first combined open studio/tour of lodging event. Designed to showcase both the area's rich arts community and the wide variety of lodging options available for an overnight visit to the south shore, four separate locations will each feature a unique and carefully chosen subset of both! At the Cameo Boutique Cottage the tour will feature information on the variety of local lodging options well suited for romantic weekends. At the Nordstrom Great Hall at Harmony Hill Retreat Center will be information about lodging and sites appropriate for weddings, family reunions and larger special events. And at the new Alderbrook Golf Clubhouse will be information on family-friendly and activities-based lodging options. All three locations will also host a number of local artists who will be displaying their work (and some who will be actively working on new work) on site during the tour. You'll want to start your tour at the fourth location, the Union Tourism Association Visitor Information Center at Union Square, which will feature information on all the artists and lodging institutions participating plus a collection of individual works donated by the participating artists in support of the UTA's efforts!

Traveler Days Cocktail Party & Art Auction - Sat Time TBA
Saturday evening join us at the Alderbrook Golf Clubhouse for a finale special event to raise funds for the Union Tourism Association's efforts in our community. This exciting group effort involving a wide variety of UTA member organizations will feature a special cocktail and hors d'oeuvres menu assembled by the culinary artists at the Robin Hood specially to accompany the works of art to be auctioned off. Those works, donated in support of the UTA by the artists participating in the open studio tour, will be auctioned to raise funds that will in turn be used to further the UTA's mission: to build tourism in our community in ways that support and nourish Union's unique culture and character. Save the date!

Harmony Hill Mother's Day Brunch & Plant Sale - Sun 10AM-4PM
In celebration of Mother's Day, the remarkable hospitality crew at Harmony Hill Retreat Center is assembling a special brunch menu which will be served on site just as Harmony Hill's renowned gardens come into bloom. Featuring two seatings (one at 10AM, the second at 11:30AM) the cost is $25 per person ($10 for children 12 and under) and advance reservations are required (and can be made by calling 898-2363). Harmony Hill will also be launching its first annual plant sale, featuring flower and vegetable starts that day until 4PM - an excellent opportunity to visit the Hill and tour the gardens just as they're taking off for the season!

Will mortgage interest rate go up later this year 2010?

2010-03-26T15:14:00.000-07:00

I have been getting a lot of updates lately from the mortgage industry about their speculations that interest rates might go up later this year after the Fed's stop buying mortgage backed securities on March 31, 2010. I just received the Realtor magazine April issue. It predicts higher interest rate. It says "The Fed's commitment ends March 31 - and while the full impact won't be known for several months, it's almost certain to cause rates to rise. NAR Chief Economist Lawrence Yun anticipates an increase of 30 basis point (100 basis points equals a 1 percent change), but he notes that home sales shouldn't be heavily impacted as long as the economy keeps growing and jobs are created. Of course, rates could inch up independently of this action, because with economic growth comes increased demand for loans".

For more details of the Fed's plan to end mortgage intervention on March 31, see the link here. http://www.nytimes.com/2010/03/17/business/17fed.html

USDA Loans Will Be Out Of Funds Soon

2010-03-12T16:43:00.000-08:00

I received an email from a senior Wells Fargo loan consultant today regarding USDA loans. In short, she informed us the news that USDA loans will be out of funds soon. For those of you who have never heard of USDA loans, below is the brief definition I found online. You can also visit the USDA official site: http://www.usda.gov/.

"A USDA Guaranteed Loan is Government insured 100% purchase loan. These Loans are only offered in rural area's and serviced by direct lenders that meet federal guideline's."

Mason County in Washington state is considered a rural area. Many of the homes on the market for sale qualify for USDA loans so this news will affect many home buyers in Mason County who want to take advantage of the USDA loans in purchasing your future homes.

USDA will be out of fund and will not be giving conditional commitment to funding....... so no new applications are being taken at this time....

Please ready and take action....

Every year USDA runs out of money for their fundings and normally you are not affected by this however, this year is very different. The USDA Section 502 guaranteed Rural Housing Program will have exhausted there 2010 fiscal funds by the end of April. The USDA would need to receive about 150 million in funding to be able to continue funding loans for the rest of fiscal year 2010.
In past years USDA has appropriated funds from other areas to make up for the shortfall in funding dollars giving lenders the oppurtunity to continue to fund USDA loans. Why is this year any different then past years? USDA is removing the “subject to receipt of appropriated funds” from their conditional commitments meaning there is no guarantee that lenders will be able to guarantee the loan and fund it. Why are they doing this? The money usually runs out around the end of the government’s fiscal year which is September 30th and USDA basically tells everyone we’ll get you’re funding commitments either this year or next. Since the money is running out so early in the fiscal year USDA is not sure where the money will come from therefore will not put “subject to receipt of appropriated funds” on their conditional commitments. Last year the money ran out in March but the stimulus provided the gap funding to carry the program thru to the end of the year but this year there is no stimulus money.

What can you do as a Realtor, Builder, Developer or loan officer? You need to contact your US Congressman, US Senator, professional lobby and employer to get them working on a solution because if this happens many homeowners will be left out on their loan closing because it simply won’t happen. The USDA loan program is a wonderful program for Rural America. The program is ran very efficiently and the default rate on USDA loans are much lower than FHA or other financing programs.

Union Visitor Information Center and Our Community Credit Union Coming to Union Sqaure

2010-03-11T14:46:00.000-08:00

Here are the two pieces of exciting news for Union residents coming to this Spring.

- The new Union Visitor Information Center office is coming to the office next door to my office on May 1. Union Tourist Association is sponsoring the Information Center.

- "Our Community Credit Union" is coming to the corner building in the same square in a couple of weeks. The ribbon cutting ceremony for the Grand Opening of the Credit Union will be on April 7.

February 2010 Mason County Residential Real Estate Sales Statistics

2010-03-04T13:21:00.001-08:00

What's happening:
Improving consumer confidence and a looming deadline for homebuyer tax credits are helping to boost activity. Both pending sales and closed sales in February outperformed year-ago totals . We are entering what is traditionally our busiest home selling season. Prices, while showing signs of stabilizing, still lagged year-ago figures. Move-up buyers are accounting for some of the surge in activity. Brokers credit the combination of a $6,500 tax incentive for qualified repeat buyers and thawing jumbo loan market as factors in spurring activity for February.

Market prediction:
We can see and hear the rumblings of pent-up demand from buyers, adding spring and summer sales to outpace last year because there are such good price values in the market. They are reminding buyers of the possibility of rising mortgage interest rates due to the Federal Reserve’s plan to stop buying mortgages by the end of March. Earlier in the week, the state Employment Security Department reported the state’s economy "picked up some steam in January," adding an estimated 12,400 jobs the first monthly gain since November 2008. As the peak real estate season is approaching, we see several encouraging signs. "Homes are more affordable, mortgage rates are at all-time lows, and employment in the state appears to be on the rise. All signs point to a strong spring." one broker added.

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

New Listings:
- Listing Inventory: Total 140 listings, down 5% comparing to last month, up 26% comparing to the same month last year.
- Average Days on the Market: 152 days
- Median Listing Price: $224,975, up 2% comparing to last month, down 5% comparing to the same month last year.

Pending Sale Listings:
- Total 54 pending listings, down 4 % comparing to last month, down 7% comparing to the same month last year.
- Average Days on the Market: 125 days
- Median Pending Sale Price: $147,225, down 13% comparing to last month, down 8% comparing to the same month last year.

Sold Listings:
- Total 39 Sold Listings: down 19% comparing to last month, up 95% comparing to the same month last year.
- Average Days on the Market: 118 days
- Median Sold Price: $145,000, down 9% comparing to last month, down 2% comparing to the same month last year.

(Above report compiled by PING Real Estate. Data source: NWMLS published data today Narch 4).

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

January 2010 Mason County Residential Real Estate Sales Statistics

2010-02-04T12:53:00.001-08:00

Per the NWMLS news release today, "more certainty" and "more stability" in the market contributed to a boost in activity during January 2010. Brokers reported an increase in pending sales from December and a jump from twelve months ago. Two other indicators of activity fell - inventory and sales prices. "The market has definitely picked up, with more interest and action by buyers. Sellers are expecting better results this year than last year, but not necessarily higher prices," said one broker.

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

New Listings:

Listing Inventory: Total 146 listings, up 87% comparing to last month, up 8% comparing to the same month last year.

Average Days on the Market: 161 days

Median Listing Price: $219,500, down 3% comparing to last month, down 9% comparing to the same month last year.

Pending Sale Listings:

Total 56 pending listings, up 33 % comparing to last month, up 36% comparing to the same month last year.

Average Days on the Market: 120 days

Median Pending Sale Price: $168,250, up 10% comparing to last month, up 12% comparing to the same month last year.

Sold Listings:

Total 48 Sold Lisitngs: down 22% comparing to last month, up 252% comparing to the same month last year.

Average Days on the Market: 111 days

Median Sold Price: $161,000, up 4% comparing to last month, down 6% comparing to the same month last year.

(Above report compiled by PING Real Estate. Data source: NWMLS published data today Feb 4).

Below is the statistical summary by the counties statewide for January 2010:

December 2009 Mason County Residential Sales Statistics

2010-01-05T10:24:00.000-08:00

December 2009 Mason County Residential Sales Statistics

Per the NWMLS news release today, "Home for the holidays" took on special meaning this December. Pending sales statewide were up more than 35 percent from a year ago and marked the best December since 2006. Citing the remarks from one owner/broker of Windermere in Tacoma, the market is "chugging along," despite hurdles associated with the lending market, appraisals and foreclosures. The large volume of foreclosures has driven down prices–something he believes will persist throughout much of this year. First time buyers will still lead the charge in sales.

Below is the residential sales statistics at our Mason County local level for the month of Necember, 2009.

New Listings: Listing Inventory 78 listings, up 8% comparing to last month, up 44% comparing to the same month last year.
Average Days on the Market: 184 days
Median Listing Price: $225,000, down 2% comparing to last month, down 7% comparing to the same month last year.

Pending Sale Listings: Total 42 pending listings, down 29 % comparing to last month, up 68% comparing to the same month last year.
Average Days on the Market: 145 days
Median Pending Sale Price: $151,875, down 11% comparing to last month, down 14% comparing to the same month last year.

Sold Listings: Total 61 Sold Lisitngs: up 10% comparing to last month, up 79% comparing to the same month last year.
Average Days on the Market: 131 days
Median Sold Price: $153,500, down 13% comparing to last month, up 20% comparing to the same month last year.

(Above report compiled by PING Real Estate. Data source: NWMLS published data today Jan 06).

Below is the sales stats chart countywide for December 2009.

November 2009 Mason County Residential Sales Statistics

2009-12-03T10:17:00.000-08:00

Washington home sales continued to outperform year-ago totals and prices continued to show signs of stabilizing, according to the news released from Northwest Multiple Listing Service this morning. Below is the residential sales statistics at our Mason County local level for the month of November, 2009.

New Listings: Total number of 72 listings, down 41% comparing to last month, down 9% comparing to the same month last year.
Average Days on the Market: 179
Median Listing Price: $228,500, down 2% comparing to last month, down 9% comparing to the same month last year.
- Arcadia area has the highest median listing price of $289,700, closely followed by Harstine Island $289,000. Hoodsport area has the lowest median listing priceof $175,000, followed by Agate area $176,500.

Pending Sale Listings: Total number of 59 listings, down 16% comparing to last month, up 47% comparing to the same month last year.
Average Days on the Market: 130
Median Pending Sale Price: $169,900, down 3% comparing to last month.
- Cloquallum/Matlock area has the highest median pending sale price of $260,000, followed by Union area of $242,000. Agate area has the lowest median pending sale price of $138,700, followed by Mason Lake area of $139,500.

Sold Listings: Total number of 55 listings, down 16% comparing to last month, up 96% comparing to the same month last year.
Average Days on the Market: 109
Median Sold Price: $175,000, up 4% comparing to last month, up 9% comparing to the same month last year.
- Hoodsport area has the highest median sold price of $220,000, followed by Union area and Belfair area both at $200,000. Agate area has the lowest sold price of $148,000, followed by Mason Lake area of $178,500.

(Above report compiled by PING Real Estate. Data source: NWMLS published data today Dec 03).

Below is the sales stats chart countywide for November 2009.

Zillow's Q3 Home Value Index for Shelton and Homeowner Confidence Survey

2009-11-19T12:53:00.000-08:00

According to Zillow's Real Estate Market Reports for september, released today, Shelton home values were up 0.3% compared to August and down 13.2% compared to September 2008. Here is the home value curve.

http://www.zillow.com/local-info/WA-Shelton-home-value/r_50027/?scid=emm-2007143Q309ReProCity-bab

Below is the link to Zillow's newly released Q3 Homeowner confidence survey nationwide:

http://www.zillow.com/blog/homeowner-confidence-out-of-whack-but-can-you-blame-them/2009/11/17/?scid=emm-2007143Q309ReProCity-survey

While it's debatable how accurate Zillow's home value model for Shelton is, I think Zillow is still one of the valuable real estate sources out there. This upside down "V" curve home value trend for Shelton suggests that Shelton home values have stablized since mid of 2009 and are slowly and surely on it's way up. Zillow's Q3 Homeowner Confidence Survey also echoes that optimistic view. That's two bits of good news going into the winter holiday season.

10 Things to Take Trauma Out of Homebuying

2009-11-13T15:17:00.000-08:00

Just read a great article today. I'm sharing those great tips with you all out there.

10 THINGS TO TAKE THE TRAUMA OUT OF HOMEBUYING

1. Find a real estate agent that's simpatico. Homebuying is not only a big financial commitment, but also an emotional one. It's critical that the agent you chose is both skilled and a good fit with your personality.

2. Remember, there's no "right" time to buy, any more than there's no right time to sell. If you find a home now, don't try to second-guess the interest rates or the housing market by waiting. Changes don't usually occur fast enough to make that much difference in price, and a good home won't stay on the market long.

3. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be some costs. Don't leave yourself short and let your home deteriorate.

4. Accept that a little buyer's remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big commitment, but is also yields big benefits.

5. Choose a home first because you love; then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually over from 1998 to 2002, a home's most important role is as a comfortable, safe place to live.

6. Don't ask for too many opinions. It's natural to want reassurance for such a big decision, but too many ideas will make it much harder to make a decision.

7. Accept that no house is ever perfect. Focus in on the things that are most important to you and let the minor ones go.

8. Don't try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to "win" by getting an extra-low price may lose you the home you love.

9. Remember your home doesn't exist in a vacuum. Don't get so caught up in the physical aspects of the house itself-room size, kitchen-that you forget such issues as amenities, noise level, etc., that have big impact on what it's like to live in your new home.

10. Don't wait until you've found a home and made an offer to get approved for a mortgage, investigate insurance availability, and consider a schedule for moving. Presenting an offer contingent on a lot of unresoved issues will make your bid much less attractive to sellers.

New Rules Requiring Carbon Monoxide Monitor Installation in Washington Homes

2009-11-12T09:17:00.000-08:00

Beginning in July 1, 2010, new construction homes in Washington will be required to comply with a carbon monoxide monitor requirement. In most cases, a battery operated, carbon monoxide monitor, costing less than $50, would detect carbon monoxide before it was concentrated enough to cause illness. When carbon monoxide is trapped in a residence, it can cause carbon monoxide poisoning, which, in the worst case, is fatal, causing death within minutes. In Washington alone, more than 1000 people reportedly suffereed carbon monoxide poisoning and eight died, in the aftermath of the 2006 windstorm. Some household sources of carbon monoxide include malfunctioning furnaces, water heater, ovens, stove, gas dryers, improperly vented free standing heaters, clogged chimneys, corroded flu pipes, and generators. Automobiles left running in attached garage pose a hazard, even if the garage doors are open.

Because carbon monoxide cannot be detected by human senses and because the effects of carbon monoxide poisoning can be devastating, the 2009 Washington Legislature passed a law requiring the Building Code Council to adopt a rule requiring installation of carbon monoxide monitors in Washington homes. The new rule will be in effect and all new construction must conform to the requirement by July 1, 2010

Source: Washington Realtors Magazine Sep/Oct 2009 Issue

October 2009 Mason County Residential Sales Statistics

2009-11-05T13:49:00.000-08:00

New Listings: Total number of 122 listings, up 3% comparing to last month.
Median Listing Price: $222,500, down 8% comparing to last month.
- Allyn/Grapeview area has the highest median listing price of $291,695, followed by Union area of $279,700. Agate area the lowest median listing priceof $159,900, followed by Hoodsport area of $175,000.

Pending Sale Listings: Total number of 70 listings, down 16% comparing to last month
Median Pending Sale Price: $175,000, up 10% comparing to last month
- Allyn/Grapeview area has the highest median pending sale price of $234,950, followed by Union area of $225,000. Downtown Shelton area has the lowest median pending sale price of $163,200, followed by Agate area of $164,950.

Sold Listings: Total number of 65 listings, down 3% comparing to last month
Median Sold Price: $167,500, down 8% comparing to last month
- Hoodsport area has the highest median sold price of $297,500, followed by Union area of $253,750. Matlock area has the lowest sold price of $99,325, followed by Belfair area of $140,000.

Report compiled by PING Real Estate.

Here is the statewide sales stats for the month of October 2009:http://www.nwrealestate.com/nwrpub/common/mktg.cfm

$8000 Tax Credit Extension

2009-10-30T14:21:00.000-07:00

This is a great news: Key lawmakers in the Senate have tentatively agreed to extend the existing $8,000 tax credit for first-time home buyers and also offer a new $6,500 credit for existing homeowners who have lived in their current residence for a consecutive five-year period in the past eight years.

That's the grease for the wheel to get us thru winter! Home buyers must be under contract by April 30, 2010, and close before July 1.

Union, One of the 20 America's Prettiest Small Town

2009-10-25T13:40:00.000-07:00

Forbes Traveller chose Union as one of the 20 America's prettiest towns. That's pretty amazing. See the article below: http://www.forbestraveler.com/best-lists/americas-prettiest-towns-2009-slide-3.html?thisSpeed=25000.

Union is a crown jewel of Mason County. It has the unsurpassing views of Olympic Mountains and hood canal. It offers one of the best resort and spa in Pacific northwest, golfing, eatery, arts and entertainment. The Union Tourism Association has done a great job in promoting tourism in the region. They predicate Union will become "the" place to visit in Washington in the near future. The Halloween pumpkinfest event in Union between Oct 28 to Nov 1 marks the association's first bold effort in bringing the nearbouring counties to Union. For the event details, visit http://visitunion.com/More info about the town of Union can be found at http://www.explorehoodcanal.com/union-washington.html

Black Bear Sighting in Union

2009-10-10T10:03:00.000-07:00

I saw a big black bear on my way home from office about 6:30pm yesterday. I was at the Stop sign by the Texaco gas station on Dalby Road. As I looked right, I saw a big black bear standing in the middle of McReavy Road. I didn't have a photo to prove but I swear it was a bear, not a giant cat! I’ve seen bears up close in their natural environment before in Yellowstone National Park. This is even a bigger one! By the time I realized it was a bear and reached to my camera, the bear jumped into the woods. An real estate agent friend of mine told me a couple of weeks ago she and her husband had spotted a bear almost in the same area. So this bear will be around the area for a while. Another thing I find interesting is how our brain works. If it's not a everyday thing/occurrence, it takes our brain a little while to register it. I can name so many instances like that.

September 2009 Sales Stats

2009-10-06T11:42:00.000-07:00

Northwest MLS just published their residential sales stats for the month of September in Mason County:

- New Listings: Total 118 new listings
Median Price: $239,900, with Grapeview/Allyn area having the highest $322,000 and Agate area having the lowest of $177,250.

- Pending Sale Listings: Total 83 pending sale listings
Median Price: $159,000, with Union/Southshore area having the highest median price of $207,500 and Belfair/Northshore area having the lowest median price of $147,900.

- Sold Listings: Total 67 sold listings
Median Price: $181,500, with Harstine Island area having the highest median price of $367,500 and Mason Lake region having the lowest of $119,500.

Here is the sales stats statewide for the month of Sept:

http://www.nwrealestate.com/nwrpub/common/mktg.cfm

September real estate shows a jump in pending sales compared to a year ago, continued drops in inventory and brisk demand for homes at the lower end of the price spectrum. Distressed properties continue to be a drag on prices. The price drops as "a necessary adjustment given the number of short sales and bank owned property sales in the mix. (A survey by the National Association of REALTORS indicates distressed homes accounted for 31 percent of transactions in August and July.)

- Data source: NWMLS. Report compiled by PING Real Estate.

Virtual Staging

2009-09-24T13:28:00.001-07:00

I'm sure you all have heard about staging a vacant home for sale. The idea of staging is to add rented furnitures to help prospects envision what the house could look like and how each space could be used. I'm not talking about conventional staging. I'm talking about a different kind of staging - virtual staging.

Unlike conventional staging, virtual staging uses computer technology to add furniture and other decor to photos, and even change wall colors. Since many buyers today narrow their showings based on online photos, virtual staging is an economic way to show the potential of a vacant property. "While there will always be strong demand for traditional home staging, this virtual staging technology is an affordable solution for cash-strapped sellers".

Check out some of the virtual staging websites www.obeo.com, www.punchsoftware.com, www.belightsoft.com.

Bye Summer. Hello Autumn!

2009-09-24T12:55:00.000-07:00

Yesterday was the first day of autumn. Time goes fast when you are having fun. Time goes fast when you are in real estate business.

It's good to live in a place that has four seasons. Washington has four seasons. Visitors vacation here during the sunny summer months want to come back. Visitors visit here during the rainy autumn and winter seasons don't. Rest of locals reside here have to take it all, rain or shine, good or bad.

The first sign of early autumn is that autumn leave colors are turning from their young and lively green into vibrate burning red, fading away into mature golden and yellow, falling on ground, and finally taken away by rain water to rivers and streams. I updated my website today. Hope it captured the sign of autumn.

PING Real Estate New Office in Union

2009-09-18T10:30:00.000-07:00

After almost one year's waiting and much anticipation, My PING Real Estate office was finally moved to the new office in the Union Square last week, just in time to joint efforts with other businessness in the Square to have hosted an Open House this Wed Sept 16 to showcase our businesses. We had a great turnout. A big thanks to you all who have come to the Open House and visited my new office.

Union http://www.visitunion.com/ is a central gateway to Shelton, Belfair, Hoodsport, Allyn and Grapeview. As the only real estate office in Union, my business will be an addition to the fast-growing business community. My new office location is in the Union Square on high traffic Dalby Road. The businesses in the same Square are Hood Canal Communications, Post Office, Church (soon to move out), PING Real Estate, Union Deli, Dogwood Construction, Falcon Financial, Union Salon/Spa, Health Fitness Center. It's about 1/4 mile from the 4-star Alderbrook Resort and Spa http://www.alderbrookresort.com/, Texo Gas Station and Alderbrook Golf & Yacht Club http://www.alderbrookgolf.com/golf/proto/alderbrookgolf/. Union as a small resort town is known for its spetacular moutain and water views, recreational and artsy activities.

Website for First Time Home Buyers

2009-09-15T13:17:00.000-07:00

I want to share with you the following website. It has all the information you will need for first time home buyers, tax credit and information on how to work well in this market. If you are a first-time home buyer or know someone who is a first-time home buyer, please urge them to check out this website.

http://wahomeowners.com/

2009 August Sales Statistics

2009-09-08T10:58:00.000-07:00

Hope you all had a relaxing Labor Day weekend! Below are the NWMLS sales statistics for August residential listings in Mason County:

Number of Listing Comparing August 2008:
Active Listings: 131 vs 141 - Down 17%
Pending Listings: 99 vs 86 - Up 10%
Sold Listings: 54 vs 64 - Down 16%

Average Price Comparing August 2008:
Active Listing Median Price: $239,900 vs $260,000 - Down 8%
Pending Sale Listing Median Price: $185,000 vs $189,000 - Down 2%
Sold Listing Median Price: $161,000 vs $201,500 - Down 20%

NWMLS News Release for August Statistics

2009-09-08T10:47:00.000-07:00

Below are quoted from the published NWMLS news release for August Statistics:

Pending sales around Western Washington during August jumped nearly 21 percent from a year ago and inventory dropped more than 18 percent, according to new figures from Northwest Multiple Listing Service. MLS member-brokers say those indicators, along with signs of stabilizing prices, set the stage for brisk activity in the next few months as first-time buyers try to take advantage of the Nov. 30 deadline for tax credits.

On the downside, Estey said many transactions are missing their closing date "for seemingly irrational reasons." Last minute demands from lenders are common and final underwriting reviews are causing delays, she noted, adding, "Inexperienced appraisers are gumming up the works as well." She urges first-time buyers who want to capture the $8,000 tax credit to plan ahead and allow for delays.

On a cautionary note, Beeson expects a new round of bank owned properties to come on the market later this year and into next year. "This inventory will have to be absorbed over time and no one knows for sure just how this will influence prices," he acknowledged, adding, "The best guess is it will be negative, although we have experienced many foreclosures already on the market. . .with no appreciable drop in prices since the beginning of the year."
Summing up last month’s activity, Sparks of CBB, said, "A healthy, balanced market is in everyone’s best interest, and the August report tells us we’re definitely getting closer."

2009 July Sales Stats

2009-08-12T10:33:00.000-07:00

I'm a few days behind in reporting the July sales stats this month. Well, better late than never. Below are the sales statistics for residential listings in Mason County published on MLS:

Number of Listing Comparing July 2008:
Active Listings: 160 vs 202 - Down 21%
Pending Listings: 77 vs 85 - Down 10%
Sold Listings: 58 vs 66 - Down 12%

Average Price Comparison
Active Listings: $306,298 vs $334,531 - Down 8%
Pending Sale Listings: $197,613 vs $230,006 - Down 14%
Sold Listings: $214,944 vs $212,233 - Up 1%

June 2009 Sales Statistics

2009-07-09T20:00:00.000-07:00

Northwest Multiple Listing Service released its' June report on the 6th. The report shows inventory continues to shrink, pending sales increased from a year ago, and median prices system-wide are up 4.4 percent since January. Below are the statistics for Mason County.

Active Residential Listings: 162 in June 09 vs 208 in June 08 - Down 23%
Pending Residential Listings: 90 in June 09 vs 70 in June 08 - Up 28%
Sold Residential Listings: 46 in June 09 vs 62 in June 08 - Down 26%

Happy July 4th Weekend!

2009-07-05T21:35:00.000-07:00

At this hour as there are still a few hours remaining from the end of the July 4th holiday, I wish you all a happy July 4th weekend. The technology advancement in the firework industry really shows in the sky on this July 4th. I'm amazed by some new firework display resembling smily face, earth-orbit, and heart, etc. Imagine it won't be long before we see American Flag fireworks shooting in the sky. Remember in the Beijing 2008 summer Olympics, they had the fireworks displaying numeric 2008 and image of footprint above the Birdsnest. So maybe the technology is already there.

June sales statistics are not in yet. However, in July, the legistratures have made a few important changes in regulations and legal forms. One thing might affect you as a property owner who has your property for sale or pending sale is the Seller Disclosure Form. Last week Northwest Multiple Listing Services announced changes to the Seller Disclosure Form, Form 17 (for resdiential) and Form 17C (for vacant land), and the changes will taken into effect the 4th week of July.

FYI. I treat my blog as a monologue in a play. So it's perfectly ok if it's just me blogging.

(Upper Photo: July 4th in Bremerton. Lower Photo: July 2nd at Alderbrook Resort )

May Real Estate Marketing and Statistics

2009-06-06T22:13:00.000-07:00

Prices are showing signs of stabilizing, according to NWMLS data. Close in markets are the most active, with rural areas still lagging. Commenting on a recent report from the National Association of Realtors showing a third consecutive month of improving pending sales, buyers are responding to very favorable market conditions. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market. Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.”

May sales statistics are in. Here are the figures for Mason County:
Active Listings - 182 in May 2009 vs 209 in May 2008; Inventory down: 15.06%
Pending Sale Listings - 73 in May 2009 vs 78 in May 2008; Down 6.41
Sold Listings - 56 in May 2009 vs 67 in May 2008; Price drop -14.15%

(Blogging from this location)

Happy Memorial Day!

2009-05-21T10:09:00.000-07:00

Not that I need any holiday to validate any of my days, to celebrate, not to work, or to eat alot. If I really really need an excuse to celebrate, I probably can declare festivity on any given day like what George Costanza's dad Frank on "Jerry Seinfield". To work or not to work is NOT a question when you are self-employed - You can fire yourself and get a day off. My insatiable appetite for food matches that of Andrew Zimmerman "If it looks good, eat it!".

Holidays are holidays because of their historical, cultural and religious significance, and their traditional observance. So in that essence, there are no substitutions for them. But...come on. Honestly, how many of us even know the significance or observe the tradition of a holiday. Just as Christmas becomes more about Christmas shopping and Christmas decorations, Memorial Day is more about heating the barbecue grill than about commemorating the dead. To me, the reason why holidays are different than non-holidays is that not one but the collectives are doing the same thing. On that day, you are not the only one who celebrates, kicks back and eats alot. We all do! We had pork ribs, steak, corn, shollets, bell peppers on our grill. Life is good!

This section is supposed to be my real estate blog. Should I be talking about the weather and the real estate? Not really. 1. I don't want to sound like a broken record (yes, the May real estate market is still slow) 2. I got sidetracked by the holiday thing (I had too much fun to repeat 1.).

(Starfish on our Fudge Point beach on the Memorial Day)

April 2009 Sales Statistics

2009-05-05T19:11:00.000-07:00

Swined out yet? If you are like me, sick and tired of the blown out-of-portion reports about the swine flu, make sure to look at the fine prints of daily news for the real news. Here is what's not in the headline news but it's definitely a piece of important news for all home owners and home buyers in Washington state. NWMLS published the sales statistics for April today. For the first month since last year, statewide, for the month of April this year, listing inventory is reported the lowest but pending sales see rebouncing. The pending sales rise is credited to improved affordable houses on the market and historically low interest rate, plus $8000 first-time home buyer credit. Mason County lagged behind the statewide numbers in April pending and sold listings.

For Mason County

Active Listings - 161 in Apr 09 vs 200 in Apr 08; Inventory down: 16.13%
Pending Sale Listings - 70 in Apr 09 vs 77 in Apr 08; Down 9.09
Sold Listings - 46 in Apr 09 vs 69 in Apr 08; Price drop -30.50%

New Signs of Real Estate Activities 3rd Week of April

2009-04-20T19:11:00.000-07:00

With the unseasonal warm weather (yes!) coming our way as we enter into the 3rd week of April, the local real estate also started to warm up to some slow recovery. I have some agent showing activities on some of my listings this week, with one deal under contract. It won't be long before the market heats up. Let's keep the positive thought anyway!

According to recent estimates released by the U.S. Census Bureau, the Tri-Cities and Olympia had the highest percentage of growth among the state’s metropolitan areas since the 2000 census. Seattle-Tacoma-Bellevue, the state’s largest metro area, added the most residents in both time periods.

Just came back from my East Washington trip. It's that time of the year we usually get to see all the apple and cherry blossoms along the way. Because of the cold winter we had, lots of them were late on blooming this year. Nevertheless, it was a beautiful sight seeing some blooming apple farms here and there. I never knew apple blossoms had pink and white colors before this trip.

It's Tax Day!

2009-04-15T12:54:00.000-07:00

To me, money is like a lot many things walking with its invisible legs. As if it were not bad enough I didn't know where the heck it went , I was given a task to chase it down at a deadline and then got penalized for taking the task . That's Tax Day USA feels like, and that's an understatement!

Back to real estate taxes, a little trivia: Washington’s real estate excise tax is among the nation’s highest. It generates a relatively small stream of revenue for state and local government, about 5 percent of the state general fund (Department of Revenue). Only New Hampshire’s 1.5 percent and Delaware’s 2 percent rates are higher than Washington’s state rate. Thirteen states do not tax real estate transfers at all. And in a number of other states, the tax amounts only to a minor recording fee (National Association of Realtors 2004).

Question:
Can home excise tax paid in Washington state be considered as tax credit or deductible?
Answer:
Excise tax is not sales tax and is not deductible. Sorry.

Happy Easter!

2009-04-12T13:12:00.000-07:00

Happy Easter! It's the Resurrection Sunday and it's raining. We are expecting snow today but it has been raining so far. I'm sure the weather alone stopped many from egg hunting.

I painted over a dozen eggs, not marking the day itself, but remembering in the event it commemorates—the miracle.

March Sales Statistics

2009-04-07T18:46:00.000-07:00

March sales statistics are in today. More dooming news for Mason County. Below are the figures in March this year comparing to March last year:

Number of new listings: down 15% (That's actually a good thing. Supply is less.)

Number of pending sale listings: down 19.33%

Closed sale prices: down 32.99%

It's obvious that in Mason County the price down-spin is largely due to the distressed and bank-repo properties, and most of the sold ones are those properties. Hopefully, as the market weeds them out, we will see a healthier market with price pickup.

Truth in Local Real Estate Market

2009-04-03T18:47:00.000-07:00

Rather than love, than money, than faith, than fame, than fairness... give me truth. - Henry David Thoreau

Here is the truth in the local real estate market we have in Feb this year comparing to the same month in 2008:

New listings: 112 vs 165; -9.41%
Pending sale listings: 58 vs 59; -1.69%
Sold listings: 20 vs 38
Sell Prices fell -29.80%

March figures have not been published yet.