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Washington State NWMLS Market Snapshot for August 2020

The August report from Northwest MLS, which covers 23 counties, shows pending sales surged nearly 25% from a year ago, rising from 10,602 mutually accepted offers to last month’s total of 13,224. Within the four-county Puget Sound region encompassing King, Kitsap, Pierce and Snohomish counties, brokers reported 9,179 pending sales. A review of MLS records dating to January 2002 shows that volume was surpassed only once, in May 2017 when brokers notched 9,188 pending sales.

Brokers added 11,943 new listings to inventory during August, down from July, when they listed 12,514 homes and condominiums, but up from the 10,488 properties they listed during the same month a year ago.

At the end of August, the Northwest MLS database included 9,591 total active listings, down almost 43% from a year ago when the selection totaled 16,697 listings. With pending sales (13,224) outpacing new listings (11,943), the months of inventory continues to shrink. Area-wide there is less than one month of inventory (0.97). Nine counties had under a month’s supply. Four-to-six months is a common indicator of a balanced market, according to industry experts.

With an insufficient supply, prices are appreciating at double-digit rates in most counties in the NWMLS report. System-wide, for last month’s closed sales, prices increased nearly 14% compared with a year ago. Member-brokers reported 9,847 closed sales, up more than 4.8% from a year ago. That volume was the highest since June 2018 when there were 10,072 completed transactions. In the four-county Puget Sound region year-over-year (YOY) prices jumped 17%, from $500,000 to $585,000.

Source: NWMLS 9/4/20

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5 Gifts to Gift Yourself for Your Home

  1. Statement wall art

Is there a blank space that’s begging for some decoration? Whether your taste is a farmhouse clock or a stylish floating frame, opt for a statement piece that will make you smile every time you step into the room. A great way to commemorate where you’re from or where you’ve just moved is a vintage-inspired map.

  1. An upgraded bookcase

Create a Pinterest-worthy reading nook or at least stop storing your books on those beat-up shelves you’ve had since college. Avid reader or not, bookshelves provide storage and give space for personal flair. Between stacks of colorful hardcovers, you can add photos, succulents, pottery or other mementos that speak to your style. To shake things up, swap out a traditional piece for a modern, open bookcase or go DIY with floating shelves for a unique look.

  1. Your signature home scent

Few things can make a house feel like a home more than the right aromas. If you don’t already have a favorite scent, try a Capri Blue Volcano candle. It boasts a sweet citrus scent, and the jar will look great on your coffee table. Prefer essential oils over flames? Upgrade to a hand-blown glass diffuser.

  1. The perfect coffee or tea maker

Where is your favorite place to enjoy your cup-a? Complete the morning with your favorite hot beverage from your porch, table or the comfort of your couch. Are you a coffee connoisseur? Try an espresso maker or add steamed or frothed milk to your pour-over coffee with an electric milk frother. If you prefer tea, check out a variable temperature tea kettle or an automatic tea maker that allows you to wake up to a fresh cup.

  1. That cleaning appliance you REALLY want

When buying for yourself, you don’t have to debate the etiquette of gifting a cleaning product. Have you been eyeing a cordless Dyson for years? Do you fantasize about an automatic robot vacuum sweeping up while you head off to work? Now is the perfect time to invest in keeping your home clean.

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RE/MAX National Housing Report for July 2020

July Home Sales Jump 8.7% Despite Low Inventory, Ending Recent Skid

In a significant upward shift, July home sales rose 8.7% over July 2019, halting a streak of year-over-year sales declines triggered by the COVID-19 pandemic. July’s market was blistering hot despite the lowest Months Supply of Inventory (1.7 months) in the 12-year history of the report.

July set a report record for most home sales in any month among the report’s 53 metro markets. Seven months into 2020, home sales are just 4.8% below 2019, compared to the end of May when the year-to-date total was 8.9% behind last year’s pace. Surprisingly, 2020 monthly sales have exceeded 2019 in four out of seven months thus far.

Finding a home to buy remains the biggest challenge for many. July inventory dropped 30.1% from July 2019, a report record, and was the ninth consecutive month of double-digit declines year over year. The only three months with lower inventory totals were two winters ago: December 2017 and January and February 2018.

July’s 1.7 Months of Inventory marked only the second month in report history with below 2 months supply. Even with year-over-year declines factored in, housing inventory is typically at its highest during the summer months.

July’s Median Sales Price of $285,000 is up 8.6% year-over-year. This is in line with pre pandemic rises in price after smaller year-over-year price increases of 4.7% and 1.9% in May and June, respectively. Days on Market averaged 44, an increase from 43 the previous July.

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Watch the 40 second summary video…

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Candidate Interviews for State Legislative Positions within King County

As a member of the Seattle King County REALTORS® Government Affairs Committee and a REALTOR® Political Action Committee major investor, I’m very happy to be participating in candidate interviews for state legislative positions within south King County. We get to know the candidates better, their top legislative issues and discuss where they stand on the following issues important to home owners, sellers, landlords, tenants and REALTORS®:

  • Growth Management Act
  • State Capital Gains Tax
  • Rent Control and Tenant Protections
  • Real Estate Excise Tax
  • Homelessness
  • Point of Sale Mandates

Interviewers help decide if the candidate should receive the REALTORS’ endorsement and funding from RPAC. The Seattle King County REALTORS® offers a Voting Guide for the public and REALTORS® to make informed decisions about which candidates will support housing opportunities and vibrant communities. Please reach out to me for more information and/or if you have any questions!

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Washington State NWMLS Market Snapshot for July 2020

The Northwest MLS report for July, which covers 23 counties in Washington state, shows brokers added 12,514 new listings during July, up from the year-ago total of 11,193 for a gain of 11.8%. Pending sales jumped nearly 14%, while inventory remained well below year-ago levels (down about 39%). Measured by months of inventory, the system-wide supply slipped to about a month (1.04 months).

MLS member-brokers reported 9,840 closed sales during July, up slightly more than 3% from a year ago and the highest volume since June 2018 when they notched 10,072 completed transactions. Overall prices on those sales, which include single family homes and condominiums, jumped 12.8% from twelve months ago, rising from $429,900 to $484,995. Prices on single family homes (excluding condos) surged 13.6% (to $499,950), while year-over-year (YOY) condo prices rose about 8.6% (to $380,000).

An unprecedented eight counties in the NWMLS report had less than one month’s supply of homes and condominiums for sale at the end of July. They included Clark, Cowlitz, Island, Kitsap, Mason, Pierce, Snohomish, and Thurston.

Median prices area-wide rose 12.8% from a year ago, with only two counties (Jefferson and Pacific) reporting small declines. Fourteen of the 23 counties in the report had double-digit price increases.

Source: NWMLS 8/6/20

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21613 49th Ave Ct E, Spanaway, WA 98387

$359,900

3 bedrooms; 2 bathrooms; 1,129 square feet

Cool-Cool-Cool! A relaxing water feature greets everyone at this home w/a bright open floorplan & AC. You’ll appreciate new windows & wood flrs, newer roof, exterior paint & plumbing. Beautifully updated kitch & baths inc granite counters, flat-top range, pantry, island w/eating area open to dining & living rms. Enjoy a cozy wood fire in the fireplace or fire pit. Large, level fully-fenced yard w/deck & gazebo. Finished shed w/ heat/AC. Finished lrg garage; boat/trailer parking. Don’t miss this!

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Property Website

360 degree / 3D Tour

Sold 9/18/20 for $370,500

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3119 Grandview Dr W, University Place, WA 98466

$354,900

3 bedrooms; 1 bathroom; 1,199 square feet

Updated & move-in ready! You’ll appreciate the newer roof, hardie plank siding & vinyl windows. Enjoy hardwood flrs through-out, new light fixtures & all rooms on the main level, except for 1 bedrm. Refreshed kitchen & bathrm w/ new SS dishwasher, microwave, pedestal sink & tile shower. Huge utility rm w/ sink & tons of storage/pantry; deep garage w/ lots of storage too. Relax in the large, level, fully-fenced backyard w/ patio, shed & large gate. Paved RV/boat/trailer parking. Don’t miss this!

Flyer

Photo Slideshow

Property Website

360 degree / 3D Tour

Sold 8/20/20 for $389,000

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4 Ways to Make a Small Space Feel Bigger

Square footage determines how big a home is, but painting, furnishings and decorating can affect how big a home feels. Looking to make a small space feel bigger? A few simple cosmetic changes can help.

Consider these four ways to make any small space in your home appear more spacious.

  1. Incorporate mirrors

Create the illusion of expansive walls with the addition of a mirror. This elegant touch can save a room from art-overload, which happens when too much pattern and color collide in a small space. A mirror also creates depth, which is always a plus.

Best of all, mirrors reflect natural light, potentially doubling the amount of sunlight streaming into the room. That alone will make the space feel bigger.

  1. Try lighter colors

Especially in small spaces, lightness means brightness. A fresh coat of light-colored paint in a cramped room creates an inviting atmosphere by mimicking natural light. For those who enjoy brighter colors, white walls are a fresh blank canvas for other elements.

If repainting needs to stay on the to-do list for the time being, try adding pops of light color on décor around the room. In a small living room, for example, give the sofa a makeover with white linen throw pillows and a neutral throw blanket – or opt for other quick fixes like bright new lampshades.

  1. Streamline furniture

If you’re looking to make a bigger change to a small space, reconsider the size of the current furniture. When every piece is chunky, a room tends to look crowded. A few sleek pieces of furniture will open up floor space and let you showcase larger items like an heirloom hutch or statement coffee table. Aim to make your furniture proportionate to the size of the room.

Also, don’t underestimate the impact of window accessories. Long drapes are popular for making ceilings look higher – hang them well above the window frame to show-off the full length of the wall. Sometimes, simply replacing old, heavy curtains with unobtrusive shades can make a major difference.

  1. Get rid of clutter

While purging clutter around the house benefits your well-being in multiple ways, it also makes your rooms appear bigger and less stuffy. Go minimalist and simplify surfaces like walls, bookshelves and end tables, reserving those areas for a select few favorite pieces.

In the end, making a small space feel bigger is mostly about the balance between personal flair and a clean, uncluttered ambiance.

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xxxxx 22nd Ave S, Des Moines, WA 98198

$168,000

7,500 square foot Vacant Lot

Conveniently located vacant land with power, water and gas on the property, and sewer in the street. Some outbuildings need to be removed, but level and ready to develop very close to Highline College!

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Property Website

Sold 9/24/20 for $178,500

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RE/MAX National Housing Report for June 2020

Home Sales Post Near-Record Turnaround Despite Inventory Constraints

June home sales posted a near-record 37% gain over a pandemic-impacted May while Months Supply of Inventory dropped below two months for the first time in the report’s 12-year history.

Overall, U.S. home sales returned to near seasonal levels – just 6.9% lower than last June, which was the third-highest sales month of 2019. All of the report’s 53 metro markets posted gains over May and a third of them topped last June. The June results were far different than those of May and April, which both reflected widespread stay-at-home mandates in many states.

The 37% increase in sales from May to June was the third-highest month-over-month turnaround in the report’s history. The 12-year average for May-to-June sales increases is 8.4%.

Going in the opposite direction, inventory dropped 27.9% year over year, pushing the Months Supply of Inventory to 1.9 from the previous report low of 2.7 months set in May. The number of homes for sale is at low levels not seen consistently since early 2018.

June’s Median Sales Price of $275,000 is up 1.9% year over year, the lowest year-over-year price increase of any month since December 2018’s 0.4% price drop.

Read the full article…

Watch the 40 second summary video…