Puget Sound Real Estate and Community Blog

The Maple Hills neighborhood in Renton lives up to the grandeur its name implies, with sweeping views of Mount Rainier, close proximity to Lakes McDonald and Kathleen, numerous hiking and biking trails around the edge of the neighborhood and membership access to the Maple Hills Community Park and Pool.

Maple Hills is located between Renton, Maple Valley and Issaquah. I-405, I-90 and HWY 169 are all easy to get to, so it is a nice central location from which to get around.
The neighborhood consists of about 400 homes. Many residents choose Maple Hills because they have discovered that by moving a little farther south on the Eastside they could get a bigger and newer house for their money.

According to Estately.com, the 133 homes for sale in East Renton Highlands which is home to Maple Hills Estates have an average price of $551,467. The average home is 2,897 square feet, has 3.8 bedrooms, and 2.6 bathrooms. The typical home for sale in East Renton Highlands was built in 1992, which is a little newer than the typical home for sale in Washington.
Located in the center of the vibrant neighborhood, Maple Hills Elementary School’s volunteers include parents, community members, retirees, middle and high school students some of whom are “alumni”. Each year, in classrooms, the library, and throughout the school, 10,000 to 12,000 hours are donated to benefit the students.

The PTA supports the school in a wide variety of ways and with unending dedication and enthusiasm. The PTA has earned the 100% Membership award, the State PTA Standards of Excellence Award and the National Honor Unit Award.

The Maple Hills Park just north of Maple Hills Elementary School is a major asset to the neighborhood and a gathering place for many Maple Hills residents.

With a large play area, two tennis courts, basketball courts, horseshoe pits, barbeque pits, ample parking and a swimming pool, it is a popular destination. Summer at Maple Hills Park is full of activities such as movie nights, social feeds and the 4th of July Neighborhood Parade, 5K Run and Fireworks. The park also hosts sporting events for soccer, football and baseball leagues. The community pool offers swimming lessons and sponsors the Maple Hills Marlins, a competitive swim team.

The homeowners association, which meets monthly, can be found online at http://sites.google.com/site/maplehillsorgsite/.  Association Dues are less than $300 per year.

To learn more about home homes for sale in Maple Hills, visit http://www.davidjedwards.com/34057.asp.

Best Regards,

David J Edwards
Real Estate Agent & REALTOR
The David J Edwards Team
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards..com/real-estate-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF
View This Week’s Market Conditions Around Your Home: http://www.homeinsight.com/Widget/default.asp?BFBMVVHW4HZT

The David J Edwards Team specializes in Residential Real Estate for buyers and sellers.

KIRKLAND, Wash. (Dec. 4, 2008) – “Real estate microclimates can behave very differently,” according to one industry leader in commenting on the latest report from Northwest Multiple Listing Service. On first glimpse, the statistics for much of Western Washington indicate a market slowdown persists, but a closer look illustrates the “microclimate” theory:

• Inventory overall dropped slightly in November (down 1.8 percent) compared with a year ago, with 9 of the 19 counties in the NWMLS area reporting a smaller selection of listings.
• Pending sales of single family homes and condominiums declined in all but one county. Jefferson County bucked the trend with a 53 percent jump in the number of offers made and accepted but not yet closed. Within King County, where the multiple listing service tracks 29 map areas, four of those areas reported double-digit gains in pending sales of single family homes. (The “hot spots” were Jovita/West Hill/Auburn; Skyway; Central Seattle/Beacon Hill and Bellevue-West of I-405.)
• Prices overall for last month’s closed sales lagged figures from a year ago (down about 9.5 percent), but six counties reported gains. For the West region of the U.S., prices of single family homes plunged 26.7 percent and condo prices dropped 24.5 percent from a year ago, according to the National Association of REALTORS.®

Counties where prices rose from a year ago included Cowlitz, Island, Okanogan, Pacific, San Juan and Skagit; prices were unchanged from a year ago in Lewis County.

System-wide, the median price for last month’s closed sales of single family homes and condos was $285,000, down 9.5 percent from the year-ago figure of $315,000. In King County, prices fell about 5.4 percent, from $385,990 to $365,000.

Although not isolated in the NWMLS monthly reports, brokers say the rising number of foreclosures is having some impact on statistics.

“Until all the foreclosures and short sales are gobbled up, they represent a chunk of the inventory, and prices will fall,” said Dick Beeson, broker/owner of Windermere/Commencement Associates in Tacoma. Asked to comment on reports of recent auctions of unsold inventory, he said this approach has limited usefulness, usually under special circumstances. “They may work for some new housing tracts, but probably not for individual single detached homes,” he remarked.

The existence of real estate microclimates means consumers and agents alike should understand that expertise within a specific market segment is now more important than ever, says Pat Grimm, owner of Windermere Capitol Hill, Inc. “I remind our agents that regional trends don’t always speak for all product types, property locations or price points — the pressures on supply and demand are never evenly distributed.”

Grimm noted new construction activity tends to be understated in Northwest MLS reports, in part because of how pre-sales are handled. For example, he notes multiple high rise condominiums are in various stages of construction in downtown Seattle. Some builders-developers are pre-selling or only listing a sampling of their offerings with NWMLS brokers, he explained.

Grimm estimates around 500 additional sales around downtown Seattle are scheduled to close in the near future, but they are not listed in the MLS database. “When considering all this activity, the reality is actually better than the perception in this situation,” he remarked.

Looking at the “macro” market, condo inventory across the Northwest MLS service area is comparable to a year ago. At month end, there were 6,948 active listings of condos in the system, up slightly (1.4 percent) from the year-ago total of 6,855. Prices for condos that sold last month were down about 5.2 percent from condos that sold twelve months ago. In King County, which accounts for nearly two-thirds of all condo sales, prices fell 3.6 percent.

While condo inventory rose slightly, the choices for single family homes shrunk from a year ago. At the end of November, there were 36,636 active listings of single family homes, a drop of 908 listings (down 2.4 percent) from twelve months ago.

Echoing Grimm’s “reality versus perception” observation, J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, said that also comes into play for home loans in today’s market.

Recent actions by the Federal Reserve have resulted in mortgage rates dropping to their lowest levels since 2003, Scott stated, adding, “What consumers may not understand is that every half-point change in interest rates is equal to a 5 percent drop in the sales price of a home. That means the recent dramatic drop in interest rates is equal to at least a 10 percent reduction in home sales prices.”

Lower rates are providing opportunities for homeowners to significantly reduce their monthly payment by refinancing, Scott emphasized. Contrary to what prospective homeowners may have heard, perfect credit isn’t needed to qualify for a low interest loan, nor is a large down payment or a large amount of equity in an existing home. “Loans still exist for the majority of people looking to purchase or refinance.”

Windermere’s Beeson, a member of the Northwest MLS board of directors, reports “keen interest from sidelined buyers” because of dramatic dips in interest rates. “In fact,” he remarked, once unqualified buyers are now qualified because of the full 1 percent drop in rates – “and they’re buying.”

“If inventory continues to shrink, if lower interest rates are maintained, if homebuyers are stimulated through proposals like the $7500 tax credit plan the National Association of Realtors® proposes for every buyer (not just first time buyers), if GSEs (government sponsored enterprise) set their loan limits at the highest levels, and if the banks are required to work with existing troubled homeowners by reducing their payments or arranging repayments at lower interest rates (but not focusing on debt forgiveness), we could all breathe a bit easier for 2009,” Beeson suggests.

Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest. Its membership includes approximately 28,000 brokers and agents. The organization, based in Kirkland, currently serves 19 counties, mostly in western Washington, plus Grant, Kittitas and Okanogan counties in the central part of the state.

David J Edwards
REALTOR
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/real-estate-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF

David J Edwards is a full time real estate agent and REALTOR with Keller Williams Realty specializing in Residential Real Estate for buyers and sellers.

Preliminary SR 520 costs released

Decision makers and the public now have realistic projections of the probable costs for the SR 520 Corridor Program. WSDOT released updated cost information for the corridor program, including three west side options developed through a mediation process, as well as costs for the Eastside Transit and HOV Project , the floating bridge and the pontoon construction site.

The latest cost estimate for the corridor program ranges between $4.526 and $6.672 billion, depending on which west side design option is chosen. These estimates were developed with WSDOT and a team of independent experts using the Cost Estimate Validation Process approach. The estimates consider cost, schedule, risks, opportunities and uncertainties.

For more information about the cost estimates please visit the project Web site .

Take the survey about potential tolling options across Lake Washington

The 520 Tolling Implementation Committee is seeking additional public input about how tolls can help pay for a new 520 bridge between Seattle and Bellevue. The committee hosted three open houses this month in Seattle, Mercer Island and Bellevue to talk with local communities about possible tolling options across Lake Washington (including both SR 520 and I-90).

If you couldn’t make it to one of the open houses you can take the committee’s online survey . Individual survey responses will be completely confidential.

The survey results will be shared with the committee in mid-December. Public comments and survey results will also be included in a report to the Legislature in January 2009, setting the stage for legislative decisions during the 2009 session.

To make sure your involvement counts, we ask that you complete the survey by Nov. 30.

Building a new bridge in Bellevue

The NE 10th Street bridge is taking shape as crews continue to set large girders across I-405 in downtown Bellevue. Crews have set more than half of the 24 girders needed to build the backbone of the bridge. The new bridge will connect downtown Bellevue and the city’s growing hospital district and relieve congestion on NE Eighth Street.

Careful planning by WSDOT project engineers has allowed crews to keep I-405 open during construction of the bridge. However, on weeknights from 11 p.m. to 5 a.m. and Saturday night from 11 p.m. to 7 a.m., traffic may be reduced to one lane in each direction. The reduction is needed so crews can truck in the large girders, hoist them onto the columns that support the bridge, and secure them into place. The Washington State Patrol will slow traffic for up to five minutes two times a night while crews lift the girders onto the columns. Drivers should also note that area ramps may close as early as 9 p.m. during construction.

For more information about the project, details of area ramp closures, and to view pictures and a video of a girder being set, please visit the project Web site .

Heads up: Changes for SR 522 drivers in Bothell

You may have noticed the new traffic signal at the intersection of SR 522 and Woodinville Drive. Crews recently installed the light but haven’t turned it on yet. Crews must first test the signal to ensure it is working properly and install signs to notify drivers about the change

Once it’s running, the light will direct drivers on both directions of SR 522, as well as drivers headed to and from Woodinville Drive. By next fall, it will also direct traffic at the new south entrance of the UW Bothell Cascadia Community College campus.

For more information visit the project Web site .

Sound Transit seeks public input on service changes

Sound Transit is seeking public comment on several service changes that are proposed for 2009, including changes to bus routes serving Issaquah, and plans for the opening of Link light rail line from Tukwila to downtown Seattle in July.

Public input will inform the Sound Transit Board’s review of proposed changes related to existing projects and services. Sound Transit will be seeking further input in early 2009 on the system expansions approved by voters on Nov. 4.

Proposed changes in 2009 related to existing projects and services include several changes to three routes connecting Issaquah to Bellevue, downtown Seattle, and North Seattle (ST Express Routes 554, 555 and 556). The biggest service change coming in 2009 will be the opening of Link light rail service between Tukwila and downtown Seattle in July and to Sea-Tac Airport in December. A temporary bus shuttle will connect Tukwila Station to the airport until the airport segment opens for service.

For more information about the proposed service changes or to comment on the proposals visit Sound Transit’s Web site .

KIRKLAND, Wash. (Nov. 6, 2008) – Housing activity for Northwest Multiple Listing Service members was disappointing last month, but not surprising, according to one industry executive. He and other representatives of the Northwest’s largest MLS believe the situation is improving.

“The results we’re seeing from October’s homes sales were not unexpected,” said Ron Sparks, managing vice president of Coldwell Banker Bain in Bellevue. He said a unique and historic combination of events has frozen many buyers. “The daily roller-coaster of events in the financial sector this past month has understandably caused a high degree of uncertainty with buyers and sellers alike, and uncertainty is not a good thing when making one of life’s most important decisions,” he noted.

October’s pending sales fell more than 27 percent from the same month a year ago, and dropped nearly 26 percent from September. Northwest MLS members reported 4,445 pending sales of single family homes and condominiums across its 19-county market area last month. All counties reported double-digit drops.

Sparks said the added anticipation of electing a new president who will have his own ideas about how to support the housing recovery created a recipe for the market ‘suspension’ this area and other markets experienced during the past month.

Others pointed to the stock market turmoil and misperceptions about the availability of mortgage loans as restraints on activity.

Listing activity also slowed during October, with members adding 9,647 new properties to inventory. The total, which included 8,129 single family homes and 1,518 condominiums, was the smallest number added to inventory since December 2007. Inventory is at its lowest level since February. At month end there were 46,189 active residential listings in the MLS system. That’s down 2.5 percent from a year ago when members reported 47,381 active listings. The highest volume so far in 2008 was of 51,817, the total inventory at the end of May.

Prices followed the downturn. For October’s 4,512 closed sales of single family homes and condominiums combined, the median price system-wide was $291,000, down 7.4 percent from a year ago. A comparison with September shows a 1.3 percent decline from the median selling price overall of $295,000.

Prices for completed sales of single family homes (excluding condos) fell about 9 percent last month compared with a year ago. Condominium prices dipped only 3.8 percent overall from a year ago.

Despite market volatility and shaky consumer confidence, one industry leader emphasized it’s important to understand that advantageous market conditions currently exist for those who are motivated to buy. “The truth of the matter is the market conditions are ideal for first time buyers, move up buyers, and investors,” said J. Lennox Scott, chairman and CEO of John L. Scott Real Estate.

Scott noted interest rates are at historic lows for conforming and FHA loans and a variety of great mortgage options are available, despite perceptions to the contrary.

The perception that “no one is lending money” is inaccurate, said NWMLS director Matt Deasy of Windermere Real Estate/East Inc. Most loans have been federalized via Fannie Mae and Freddie Mac, but money is available, he emphasized. Deasy suggests potential buyers talk with real estate agents for referrals to good sources for mortgage loans.

“The public is waiting for a sign that all is going to be okay,” remarked NWMLS director Ken Bacon of Windermere Real Estate in Redmond. Incentives are also needed, he believes. For example, Bacon said the suggested reduction in interest rates would be buyers’ best stimulus, while admitting some misgivings about federal bailout programs. “The bailouts have to some extent created a different mentality for our buyers who wonder what these bailouts will do for them.

“A 1 percent or so reduction in interest rates would be viewed as a sign that they too may benefit from the bailout mentality,” Bacon commented, adding, “It would open the minds of ‘waiting to see buyers’ and create the first step for more buyers to pursue their dream of home ownership.” He believes a reduction, or buy down, in interest rates could accelerate the stabilization and turnaround of the housing market, and is confident Seattle’s market will recover, noting “only the timing is uncertain.”

Sparks also commented on the mortgage market. “Our real estate market continues to be affected by lending institutions. Many banks appear to have the ability to lend, but at a time when cash reserves are so precious, lack the desire to lend. This lack of desire is very apparent when you see how mortgage interest rates have increased steadily over the last 30 days,” he stated.

(According HSH® Associates, the nation’s largest publisher of mortgage and consumer loan information, the rate on a 30-year fixed rate mortgage for the week ending 10/31/08 was 7.05 percent; a year ago it was 6.73 percent.)

NWMLS leaders agreed consumer confidence will take time to rebuild, but are optimistic.

“Thankfully, we now see tangible housing and lending programs being initiated, with many more on the horizon,” said Sparks. “Interest rates are softening. We appear to be moving in a positive direction again!”

Lennox Scott reported having the opportunity to listen to several economists recently, including Lawrence Yun from the National Association of Realtors®. “I feel good about what I’m hearing. The bottom line is that the situation is manageable and things will improve,” he remarked, adding, “Despite the uncertainty of the financial markets, homeownership continues to be one of the most solid investments an individual or family can make.”

Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest. Its membership includes approximately 28,000 brokers and agents. The organization, based in Kirkland, currently serves 19 counties, mostly in western Washington, plus Grant, Kittitas and Okanogan counties in the central part of the state.

Statistical Summary by Counties: Market Activity Summary - October 2008

4-County Puget Sound Region Pending Sales (SFH + Condo combined)
(Totals include King, Snohomish, Pierce & Kitsap counties)

With all the recent turmoil in the stock and credit markets over the past few months, I have noticed that there is a significant amount of mis-information being shared.

Here are some interesting facts and information which may assist you as you are responding to questions from your clients.

The $700 Billion Bailout guarantees ALL debt for Fannie Mae and Freddie Mac.  This step gives investors more confidence to invest in Mortgage Backed Securities.  This in turn will provide more liquidity to the banks.  This became evident when PIMCO moved almost 70% of their investment holdings into mortgage backed securities about 11 days ago.  Their move helped liquidity and casued interest rates to drop during that week.

The framework for lending guidelines has gone back to analyzing the buyers real assets, requiring decent credit and determining the borrower’s ability to repay the loan. When you get a loan today, it will be a safe loan.

I expect Interest rates will remain low over the coming months, however, all lending institutions including FHA, VA, Fannie Mae and Freddie Mac are going to charge extra fees based on the risk of the loan.  If a buyer has lower credit scores, they can still buy a home but they’ll pay a higher fee for the same rate.

The Bond market has been as volatile as the stock market over the past 60 days. It is not uncommon to see rates move .50 percent in rate in a single day.  In addition, they are not moving in the standard direction as they do in a normal market.  If you like the rate, lock it in as it may change within the day.

For the first time in a long while, new construction housing starts are lower than Housing Formation (more people purchasing).  This is good news because there will be fewer homes for people to purchase.  The increased demand will in turn will help the home prices to stabilize.

Existing home sales for September were up from August.  Again, this evidence supports that buyers in today’s market feel that the adjusted home prices are now at a good value. This is also good news as it is additional evidence that we may be seeing the bottom of the real estate market.

The government this week is now talking about guaranteeing the debt for banks with troubled home loans if the banks allow the homeowners to restructure their loans.  In addition to this, they are also talking about putting a 90 day freeze on Foreclosures.  The effect of this could take thousands of homes off the market.  This will improve the supply and demand and help turn the market around.

This is the first time in several years that first-time homebuyers are seeing house prices at a level which they can afford. While the national newscasts continue to say there are no zero down home loans available today…..that is simply not true.  I work with a multitude of lenders offering a variety of zero down loan programs for first-time home buyers.  All of these loans are 30 year fixed, principal and interest loans.

With the power of these safe zero down programs combined with reduced home prices, it is a great time to be a buyer.

I found some interesting trends in the numbers I track this morning.  

These numbers are based on a three month historical analysis. I ran the numbers just now and I have compared them with the same report that I ran three weeks ago.

It’s fascinating to see that the inventory of active listings has dropped in all three MLS areas that I track. This was true for single family homes as well as condominiums.  The inventory of sold and pending properties was either flat or down as well. This means that the reduction in listings was not absorbed by buyers. Rather, they likely expired or were cancelled. 

I believe many sellers have finally come to the conclusion that real estate prices can go down. A fact many sellers refused to accept over the course of the last 14 months.  Buyer activity has remained steady but the market has improved due to the drop in inventory.

The percent of listings selling each month on average is up or unchanged in every category. This is simply because of lower inventory.   

MLS Area 500 (Newcastle, Bellevue South of I-90 & Issaquah South of I-90)

Single Family HomesAverage Days on Market: 105 Days (Up from 103 last period) I

nventory of Active Listings: 541 (Down from 576 last period)

Inventory of Sold & Pending Listings: 211 (Down from 219 last period)

70 listings are absorbed by demand each month on average. (Down from 73 last period)

13% of active listings are selling each month on average. (Up from 12% last period)

7.7 Months Worth of Supply (Down from 7.9 last period)

Average List Price: $905,942 (Up from $896,502 last period)

Average Sale Price: $642,184 (Down from $644,644 last period)

Median Sale Price: $570,000 (No change from $570,000 last period) (1/2 sell for more & 1/2 sell for less) 

Analysis of MLS Area 500 for Single Family Homes: This area favors buyers over sellers based on the fact that there is a 7.7 month supply of homes. This means that if no additional homes were listed, it would take 7.7 months to absorb the current inventory. A market is considered balanced when the supply of homes is close to a six month supply. A supply of five months or less would favor sellers. A supply of seven months or more would favor buyers.  

Condominiums

Average Days on Market: 88 Days (Down from 90 last period)

Inventory of Active Listings: 141 (Down from 160 Active Listings last period)

Inventory of Sold & Pending Listings: 58 (Up from 55 last period)

19 listings are absorbed by demand each month on average. (Up from 18 last period)

13% of active listings are selling each month on average. (Up from 11% last period)

7.4 Months Worth of Supply (Down from 8.8 last period)

Average List Price: $319,136 (Down from $329,526 last period)

Average Sale Price: $280,187 (Down from $293,035 last period)

Median Sale Price: $256,500 (Down from $263,500 last period) (1/2 sell for more & 1/2 sell for less) 

Analysis of MLS Area 500 for Condominiums: This area favors buyers over sellers based on the fact that there is a 7.4 month supply of homes. This means that if no additional homes were listed, it would take 7.4 months to absorb the current inventory. A market is considered balanced when the supply of homes is close to a six month supply. A supply of five months or less would favor sellers. A supply of seven months or more would favor buyers.  

http://www.nwmls.com/discover/library/maps/areamaps/King/500-East%20Side-South_all.pdf  

MLS Area 350 (Northeast Renton / Renton Highlands, East Highlands, Briarwood) 

Single Family Homes

Average Days on Market: 109 Days (Up from 108 last period)

Inventory of Active Listings: 409 (Down from 441 last period)

Inventory of Sold & Pending Listings: 199 (Down from 209 last period)

66 listings are absorbed by demand each month on average. (Down from 70 last period)

16% of active listings are selling each month on average. (Up from 15% last period)

6.2 Months Worth of Supply (Down from 6.3 months last period)

Average List Price: $528,465 (Down from $536,379 last period)

Average Sale Price: $432,381 (Up from $431,642 last period)

Median Sale Price: $396,725 (Up from $389,950 last period) (1/2 sell for more & 1/2 sell for less) 

Analysis of MLS Area 350 for Single Family Homes: This area is balanced between buyers and sellers based on the fact that there is a 6.2 month supply of homes. This means that if no additional homes were listed, it would take 6.2 months to absorb the current inventory. A market is considered balanced when the supply of homes is close to a six month supply. A supply of five months or less would favor sellers. A supply of seven months or more would favor buyers.  

Condominiums

Average Days on Market: 105 Days (Up from 97 last period)

Inventory of Active Listings: 80 Active Listings (Down from 85 last period)

Inventory of Sold & Pending Listings: 41 (Up from 40 last period)

14 listings are absorbed by demand each month on average. (Up from 13 last period)

18% of active listings are selling each month on average. (Up from 16% last period)

5.7 Months Worth of Supply  (Down from 6.5 months last period)

Average List Price: $245,931 (Down from $246,638 last period)

Average Sale Price: $242,814 (Up from $235,835 last period)

Median Sale Price: $222,750 (Down from $225,650 last period) (1/2 sell for more & 1/2 sell for less) 

Analysis of MLS Area 350 for Condominiums: This area is balanced between buyers and sellers based on the fact that there is a 5.7 month supply of homes. This means that if no additional homes were listed, it would take 5.7 months to absorb the current inventory. A market is considered balanced when the supply of homes is close to a six month supply. A supply of five months or less would favor sellers. A supply of seven months or more would favor buyers.  

http://www.nwmls.com/discover/library/maps/areamaps/King/350-Renton%20Highlands.pdf 

MLS Area 340 (Southeast Renton / Cascade, Tiffany Park, Talbot Hill, Benson Hill, Fairwood)

Single Family Homes

Average Days on Market: 116 Days (Up from 110 last period)

Inventory of Active Listings: 357 (Down from 388 last period)

Inventory of Sold & Pending Listings: 178 (Down from 185 last period)

59 listings are absorbed by demand each month on average. (Down from 62 last period)

17% of active listings are selling each month on average. (Up from 16% last period)

6.0 Months Worth of Supply (Down from 6.0 months worth of supply last period)

Average List Price: $420,630 (Down from $426,631 last period)

Average Sale Price: $361,447 (Down from $378,189 last period)

Median Sale Price: $342,000 (Down from $356,000 last period) (1/2 sell for more & 1/2 sell for less) 

Analysis of MLS Area 340 for Single Family Homes: This area is balanced between buyers and sellers based on the fact that there is a 6.0 month supply of homes. This means that if no additional homes were listed, it would take 6.0 months to absorb the current inventory. A market is considered balanced when the supply of homes is close to a six month supply. A supply of five months or less would favor sellers. A supply of seven months or more would favor buyers.  

Condominiums

Average Days on Market: 94 Days (Up from 92 last period)

Inventory of Active Listings: 104 (Down from 105 active listings last period)

Inventory of Sold & Pending Listings: 59 (Down from 60 last period)

20 listings are absorbed by demand each month on average. (No change from 20 last period)

19% of active listings are selling each month on average. (No change from 19% last period)

5.2 Months Worth of Supply (Down from 5.3 last period)

Average List Price: $220,293 (Down from $224,279 last period)

Average Sale Price: $215,117 (Up from $214,888 last period)

Median Sale Price: $208,000 (Down from $211,000 last period) (1/2 sell for more & 1/2 sell for less) 

Analysis of MLS Area 340 for Condominiums: This area is balanced between buyers and sellers based on the fact that there is a 5.2 month supply of condos. This means that if no additional condos were listed, it would take 5.2 months to absorb the current inventory. A market is considered balanced when the supply of condos is close to a six month supply. A supply of five months or less would favor sellers. A supply of seven months or more would favor buyers.  

http://www.nwmls.com/discover/library/maps/areamaps/King/340-Renton-Benson%20Hill.pdf 

If you are interested in statistical information for an MLS area not covered here, please respond to this post to let me know what neighborhood you live in and I will follow up with the statistics specific to your area of interest.

You are also welcome to visit my website at www.davidjedwards.com where you can access my Market Snapshot research tool found on the left side of the homepage.  

This information is deemed reliable but it is not guaranteed to be 100% accurate. I generated these statistics using the Northwest Multiple Listing Service. These statistics were not compiled or published by the Northwest Multiple Listing Service.  The analysis of each MLS Area is based on the market statistics but is the personal opinion of the author.  

David Edwards

REALTOR®

Keller Williams Realty Southeast Sound

Phone: 425-890-8045

E-Mail: david@davidjedwards.com

Website: http://www.davidjedwards.com

Blogsite: http://www.davidjedwards.com/renton-info-blog.asp

David J Edwards is a full time real estate agent and REALTOR® with Keller Williams Realty specializing in Residential Real Estate for buyers and sellers.

Expect a sea of orange Saturday night in south Bellevue
Late night drivers will see lots of orange on I-405 this Saturday night when crews will reduce the three southbound lanes down to one. Construction crews will close two lanes from Coal Creek Parkway to 112th Ave. SE. overnight starting at 10:30 p.m. Saturday, Sept. 27. During the closure crews will install a new, larger catch basin under the highway to connect to I-405’s drainage system. This work will take all night. Crews will reopen all the lanes at 8:30 a.m., Sunday, Sept. 28.

WSDOT anticipates slow downs so avoid the area during this work if possible and know before you go by calling 511 or checking traffic conditions online .

Upcoming weekend closure on eastbound SR 522 in Bothell
If you haven’t driven by the SR 522 UW Bothell project site near I-405, you’ve been missing something. Crews have been busy reshaping this 1/3 mile long construction zone and the site looks entirely different than it did two months ago or even two weeks ago.

This weekend crews will close eastbound SR 522 between SR 527 and I-405 to connect the eastbound lanes to a new roadway.  The closure begins at 11:30 p.m. Friday, Sept. 26.  When the road reopens at 5 a.m. on Monday, Sept. 29 drivers will be travelling on the new, straighter lanes.  The work is weather dependent, which means crews may have to reschedule the closure if the weather doesn’t cooperate.

WSDOT recommends that you avoid the area during the closure and take alternate routes.  However, if you have to travel on eastbound SR 522 in Bothell this weekend, give yourself extra travel time and look for signed detours that will take you to eastbound SR 522 via northbound SR 527 and southbound I-405.

Fish window of opportunity opens on SR 900
The SR 900 widening project from Newport Way to just south of Talus Drive is in full swing. This month WSDOT fish biologist Andrew Gross worked with the Washington State Department of Fish and Wildlife (WDFW) to divert Tibbetts Creek through a 10-inch hose while crews widened a section of roadway that bridges it.

When road construction requires WSDOT to work in or near a stream, WDFW provides WSDOT with a fish window permit. The fish window permit allows WSDOT to divert the stream during a very specific window of time when they know there are no migrating salmon swimming in it.

According to WDFW biologists, the Tibbetts Creek adult salmon run begins in late fall. WSDOT plans to remove the diversion hose next week, opening up a long fish window of opportunity for salmon to migrate.

Volunteers needed to count Washington’s bicyclists and pedestrians
If you enjoy the outdoors, WSDOT has the perfect opportunity for you. The state is looking for a few good volunteers to tally the number of people who chose to walk or bike to their destinations. The information will be used to establish benchmarks and track progress toward the state’s goal of encouraging people to get out of their cars. Volunteers are needed on Sept. 30, Oct. 1 and Oct. 2. Those who are interested in helping can learn more by visiting WSDOT’s Web site. You can also contact the Cascade Bicycle Club at organizer@cascadebicycleclub.org to sign up.
Take advantage of ChooseYourWayBellevue.org, Bellevue’s one-stop online resource for travel options and local travel conditions.

A resident and business favorite, Newcastle Days is a celebration of the culture and spirit of our community. Entering its 14th year, the festival continues to grow into a showcase of art, service, community and business. Newcastle Days is a living experience of the treasures to be found right under your nose. Admission is FREE! Sponsorship opportunites are still available! Contact Jules Maas at julesm@ci.newcastle.wa.us, or visit the City’s Website at http://www.ci.newcastle.wa.us/ch_cds_pw_petr_se_newcastledays.asp for more information.

David Edwards
REALTOR
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/renton-info-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF
 
David J Edwards is a full time real estate agent and REALTOR with Keller Williams Realty specializing in Residential Real Estate for buyers and sellers.

Newcastle City Hall
6:00 - 8:00 PM
September 15th, 2008

Join us for Newcastle’s Sports Park Facility at our third Open House. Come see the preferred site design alternative and provide input towards the development.

Ed MacLeod, Landscape Architect of MacLeod Reckord will be present to give a brief presentation pertaining to the details of the preferred alternative.

For additional information contact Michael Holly, Parks Program Manager at 425-649-4444 X 142 or e-mail michaelh@ci.newcastle.wa.us

David Edwards
REALTOR
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/renton-info-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF
 
David J Edwards is a full time real estate agent and REALTOR with Keller Williams Realty specializing in Residential Real Estate for buyers and sellers.

KIRKLAND, Wash. (August 6, 2008) – Inventory remained plentiful during July, pending sales nearly matched June’s volume, and last month’s selling prices edged up from June in more than half the counties served by Northwest Multiple Listing Service, according to a new report.

“Considering the market adjustment because of the sub-prime mess, we’re doing better than expected,” said NWMLS director Dick Beeson, broker/owner of Windermere/Commencement Associates in Tacoma.

Northwest MLS brokers reported 6,350 pending sales (offers made and accepted, but not yet closed) during July. That volume was down slightly from June’s total of 6,470 sales, which was the highest level in ten months, and off about 26 percent from the same month a year ago. Ten counties reported more pending sales in July than in June.

Prices showed resiliency in many areas, despite being about 8 percent lower than a year ago for the area overall. The median selling price for last month’s closed sales of single family homes and condominiums across the MLS service area was $310,000. For the same month a year ago, it was $337,500 and for June it was $314,900. Ten counties reported price gains for July’s transactions compared to sales that closed in June.

For the four-county Puget Sound region, the median selling price for single family homes and condominiums (combined) was $340,070, slightly more than June when the price was $340,000.

This may be an historic opportunity to buy in Washington State, suggests Scott Jarvis, director of the state’s Department of Financial Institutions. He believes the true nature of the state’s real estate market has been lost among the national headlines.

Among reasons Jarvis cited for optimism were attractive long-term mortgage rates, generally stable prices, a relatively strong local economy, and local availability of loans from various institutions DFI oversees. “Excellent financing options” exist for homebuyers with reasonably good credit, “including great programs for first-time homebuyers,” he noted in a statement.

Northwest MLS brokers added 13,093 new listings to inventory during July. That was nearly 1,800 fewer than the number of residences (14,875) added the same month a year ago. At month end, buyers could choose from 51,694 total active listings, up about 9.7 percent from the year-ago inventory of 47,106 listings.

The current selection includes 43,688 single family homes and 8,006 condominiums.

“Buying smart in today’s market got a little easier last week following the signing of the Housing and Economic Recovery Act of 2008 by President Bush,” remarked J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. “The passing of this legislation marks the beginning phase of the next 10-year housing cycle in which prices in the more affordable markets will only continue to appreciate,” he stated, adding, “Contributing to rising prices is population growth, the impact of Generation Y, inflation, and growth management.”

Scott believes homes in the more affordable price ranges in many markets have already adjusted and the new housing legislation will continue to boost this positive momentum. He expects increased sales in the more affordable markets will set a new foundation for housing, helping to stabilize the overall real estate economy.

Beeson described July as a month of transition with the passage of the federal housing bill and new incentives for first-time buyers. Despite persistent uncertainty among would-be buyers, he said his Tacoma office had its best month for sales so far this year, spurred in part by brisk sales in the medium to lower price ranges, first-time buyers utilizing incentives, and shrinking inventory in Pierce County. (The number of active listings is down 6.6 percent from a year ago.)

“The balance of the year appears to portend more even-handedness in the market place,” Beeson commented. Serious sellers are pricing properties more realistically, he reports. “While it is not 2005, 2006 or even 2007, we are beginning to see more balance between demand and supply,” the veteran Realtor noted.

 Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest. Its membership includes approximately 31,000 brokers and agents. The organization, based in Kirkland, currently serves 19 counties, mostly in western Washington, plus Grant, Kittitas and Okanogan counties in the central part of the state. Statistical Summary by Counties: Market Activity Summary - July 2008

4-County Puget Sound Region Pending Sales (SFH + Condo combined)
(Totals include King, Snohomish, Pierce & Kitsap counties)

David Edwards

REALTOR

Keller Williams Realty Southeast Sound

Phone: 425-890-8045

Fax: 425-902-1899

E-Mail: david@davidjedwards.com

Website: http://www.davidjedwards.com

Blogsite: http://www.davidjedwards.com/renton-info-blog.asp

Mobile Site: http://davidjedwards.mofuse.mobi

Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF 

David J Edwards is a full time real estate agent and REALTOR with Keller Williams Realty specializing in Residential Real Estate for buyers and sellers.