Northwest MLS members report 28 percent increase in pending sales from year ago

KIRKLAND, WA, February 4, 2010 – “More certainty” and “more stability” in the market contributed to a boost in activity during January, according to officials from Northwest Multiple Listing Service. Brokers reported an increase of nearly 27 percent in pending sales (purchase offers made and accepted, but not yet closed) from December and a 28 percent jump from twelve months ago.

Two other indicators of activity fell -- inventory and sales prices. There were 3,915 fewer active listings of single family homes and condominiums in the MLS system compared to a year ago, a drop of about 10.3 percent. Sales prices area-wide for January’s closed sales declined about 4.8 percent from year-ago figures. (The NWMLS service area covers 21 counties.)

“We anticipated there would be improved sales in the first-time buyer market and are encouraged to see activity gaining ground in the higher price ranges as well,” observed NWMLS director Joe Spencer, the president and COO of John L. Scott Real Estate. He cites historically low interest rates, great affordability, and the home buyer tax credits as factors for “helping push us into a more stable market,” and noted he expects to see this momentum continue in the coming months.

NWMLS members added 11,206 new listings to inventory during January, including 9,269 single family homes and 1,937 condominiums. With those additions, the selection at month end totaled 34,256 listings, down more than 10 percent from a year ago. The inventory of single family homes shrunk 11.5 percent, while the condo selection declined by 3.7 percent.

Members tallied 5,579 pending sales during January, improving on the year-ago total by 1,226 transactions (up 28.2 percent). For the four-county Puget Sound region (King, Kitsap, Pierce and Snohomish), the number of pending sales jumped nearly 35 percent, led by King County’s increase of 47.4 percent. Currently, there is about a 6.1 months supply (ratio of houses for sale to houses sold). Economists consider a supply of 3-to-6 months to be a balanced market.

“The market has definitely picked up, with more interest and action by buyers,” reports Dick Beeson, broker/owner of Windermere Commencement Associates in Tacoma and a member of the NWMLS board of directors. “Sellers are expecting better results this year than last year, but not necessarily higher prices,” he remarked.
The median sales price for last month’s closed sales of single family homes and condominiums combined was $259,903, down 4.8 percent from the year-ago price of $273,000. Compared to December, prices fell about 1.9 percent area-wide, with eight counties showing increases in sales prices. In King County, last month’s median price of $350,000 for single family home sales was unchanged from December.

Single family homes (excluding condos) sold for a median price of $262,500, which compares to the year-ago selling price of $276,000, a drop of 4.9 percent. Short sales and tax credits may be skewing some of the data, according to industry insiders.

“The short sale inventory continues to climb yet many banks are starting to get their act together and actually making it easier for agents and buyers to get faster answers to their proposed contracts,” Beeson said. “Shorter closing times are good for everyone,” he stated, while expressing ongoing concern with the role of Appraisal Management Companies. (Beeson and the National Association of Realtors® suggest Appraisal Management Companies pose potential conflicts of interest if they’re lender-owned, and say assigning appraisers to prepare reports in areas where they lack geographic know-how can yield unreliable results.) “Sales are sometimes lost because of appraisals that don’t reflect the market,” Beeson explained.

Lawrence Yun, chief economist for the National Association of Realtors, believes the tax credit is skewing market data. Commenting on NAR’s report of December activity, which showed a 10.9 percent jump in pending sales from December 2008 and 1.0 percent increase from November, Yun said “There are easily understood swings in contract activity as buyers respond to a tax credit that was expiring and was then extended and expanded.” Noting December was the fifth highest monthly tally in two years, Yun stated “These swings are masking the underlying trend, which is a broad improvement over year-ago levels.”

Beeson said the fast-approaching tax credit deadline is expected to boost activity in the next few months. “This year will be better than last because of more certainty in the market,” he remarked. Buyers who have a contract in place to purchase a primary residence by April 30, 2010, have until June 30 to finalize the transaction to qualify for a tax credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.
Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest.
Its membership includes more than 24,000 brokers and agents. The organization, based in Kirkland, currently serves 21 counties in western and central Washington. Ferry and Clallam counties are now included in the monthly statistical reports.


Best Regards

Diane Edwards
Marketing Director
Edwards Real Estate Group
Keller Williams Realty Southeast Sound
Phone: 425-636-0296
Fax: 425-902-1899
E-Mail: Diane@EdwardsRealEstateGroup.com
Website: http://www.EdwardsRealEstateGroup.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 Edwards Real Estate Group specializes in Residential Real Estate for buyers and sellers.

Just Listed: Newly Remodeled Three Bedroom Home in South Tacoma

6240 S Warner Street, Tacoma, WA, 98409

Price: $199,500
Bedrooms: 3
Bathrooms: 1.25
Year Built: 1927
Square Feet: 2408
Lot Size: 5600
MLS: 15975

This Newly Remodeled Home In South Tacoma Boasts A Detached Studio With A Separate Entrance. The Interior Of The Primary Residence Has Been Completely Remodeled From Top To Bottom. This Includes New Kitchen Cabinets, New Appliances, New Flooring Throughout, New Bathroom Fixtures, New Windows And Fresh Paint. This Home Is Move-In-Ready!

For more information visit: www.davidjedwards.com/39193.asp or Call 425-636-0296
http://http//www.flyinside.com/tourphp?id=39193

Driving Directions: From I-5 S, Take SO 56 ST exit, EXIT 130. Take TACOMA MALL BLVD ramp to S 56TH ST WEST. LEFT on TACOMA MALL BLVD. RIGHT on S 56TH ST. LEFT on S BIRMINGHAM ST. RIGHT on S 58TH ST. LEFT on S WARNER ST.

If you would like to preview this home, please contact us to arrange for a private showing.

Best Regards

Diane Edwards
Marketing Director
Edwards Real Estate Group
Keller Williams Realty Southeast Sound
Phone: 425-636-0296
Fax: 425-902-1899
E-Mail: Diane@EdwardsRealEstateGroup.com
Website: http://www.EdwardsRealEstateGroup.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 Edwards Real Estate Group specializes in Residential Real Estate for buyers and sellers.

Just Sold: Spotless Four Bedroom Home in Tacoma

6838 S Oakes Street, Tacoma, WA, 98409



Closing Date: February 11th 2010
Listing Price: $160,000
Sold Price: $160,000
Bedrooms: 4
Bathrooms: 1
Year Built: 1965
Lot Size: 6098
Square Feet: 1406
MLS: 29147660

This Spotless Four Bedroom Home Is Move-In Ready With Fresh Interior Paint, New Carpets And Insulated Windows Throughout. All Of The Appliances Are In Place And Being Sold With The Home. The Fully Fenced Exterior Benefits From A New Roof, New Paint And A Detached Garage With Alley Access.

This home is no longer available. However, if you would like to preview homes similiar to this, please contact me to arrange for a free buyer's consultation.

Best Regards

Diane Edwards
Marketing Director
Edwards Real Estate Group
Keller Williams Realty Southeast Sound
Phone: 425-636-0296
Fax: 425-902-1899
E-Mail: Diane@EdwardsRealEstateGroup.com
Website: http://www.EdwardsRealEstateGroup.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 Edwards Real Estate Group specializes in Residential Real Estate for buyers and sellers.

Just Sold: Five Bedroom Home in Lakewood

10922 Lundstrom Dr Southwest, Lakewood, WA, 98498


Closing Date: February 4th
Listing Price: $219,000
Sold Price: $225,000
Bedrooms: 5
Bathrooms: 1.5
Year Built: 1973
Square Feet: 2600
Lot Size: 0.250 acres
MLS: 29140381

This Five Bedroom Home Sits On A Large Lot In A Well Maintained Neighborhood. It Has Been Updated With A Newer Roof, Fresh Paint, Vinyl Windows, Kitchen Cabinets & Counters, Hardwood Floors, And New Carpet Throughout! With 2600 Square Feet, An Attached Two Car Garage And Large Fenced Lot, This Home Offers All The Space You'll Ever Need. Come See For Yourself.

This home is no longer available. However, if you would like to preview homes similiar to this, please contact me to arrange for a free buyer's consultation.

Best Regards

Diane Edwards
Marketing Director
Edwards Real Estate Group
Keller Williams Realty Southeast Sound
Phone: 425-636-0296
Fax: 425-902-1899
E-Mail: Diane@EdwardsRealEstateGroup.com
Website: http://www.EdwardsRealEstateGroup.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 Edwards Real Estate Group specializes in Residential Real Estate for buyers and sellers.

The Government Calls for Increased Lending from Banks

According to the FDIC, lending has fallen for five consecutive quarters – even though banks have become profitable again and have started to repay government loans. Banks lent $600 billion less from September 2008 to September 2009, representing a 7 percent decline. Banks site a lack of qualified borrowers as the primary reason and point to the trend of decreased borrowing during recessions.

The goals of banks and the government appear to be in line now with each bank representative talking about getting aggressive with small business lending over the next year. Goals for 2010 small business lending include $5 billion for Bank of America and $4 billion for Chase.

As banks continue to be profitable, they can be expected to use the proceeds to repay the government as well as increase their efforts to make good loans. Small business owners should expect an increase in the amount of loans available during 2010 compared to 2009. Holding true to the trend in 2009, a good credit score and steady employment will likely continue to be important conditions of obtaining a mortgage.

Sources - The Washington Post & FDIC

Best Regards,

David J Edwards
Real Estate Agent & REALTOR
Edwards Real Estate Group
Keller Williams Realty Southeast Sound
Phone: 425-636-0296
Fax: 425-902-1899
E-Mail: David@EdwardsRealEstateGroup.com
Website: http://www.EdwardsRealEstateGroup.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 Edwards Real Estate Group specializes in Residential Real Estate for buyers and sellers.

Making Home Maintenance Routine

Home ownership has its wonderful benefits, and as one of the single biggest financial assets many people own, preparing, planning, and making home maintenance a routine are important.

Personal finance experts recommend setting aside at least 1 percent of your home price each year in a separate account for maintenance and repair costs.

Automatically deducting the funds from your paycheck or automatically transferring it between accounts each month can make this easy. Some years homeowners will have less than 1 percent in maintenance costs or repairs and some years they will have more. When something big and unexpected happens; for example it’s finally time to replace the roof; this will provide the financial cushion to take care of it and the peace of mind knowing one of their biggest assets is well taken care of.

Source - MSN Money

Best Regards,

David J Edwards
Real Estate Agent & REALTOR
Edwards Real Estate Group
Keller Williams Realty Southeast Sound
Phone: 425-636-0296
Fax: 425-902-1899
E-Mail: David@EdwardsRealEstateGroup.com
Website: http://www.EdwardsRealEstateGroup.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 Edwards Real Estate Group specializes in Residential Real Estate for buyers and sellers.