Real Estate Market

Market Trends

APRIL 2017- HOUSING MARKET REPORT

Note: National Association of Realtors® (NAR) data for April is based on February data.

Following an incredibly brisk sales pace to start the year, February's existing home sales slowed but remained above levels seen a year ago, both nationally and in each major region, according to data from the National Association of Realtors® (NAR).

Total existing-home sales, which count transactions for single-family homes, townhomes, condominiums and co-ops, fell 3.7% to 5.48 million in February from January's 5.69 million. Still, February's slower sales pace is 5.4% higher than the sales activity seen one year ago during the same period.

Existing Home Sales By Region

Addressing the reason for February's slower sales, NAR's chief economist, Lawrence Yun, pointed to widespread low inventory and weakening affordability conditions around the United States. "Realtors® are reporting stronger foot traffic from a year ago, but low supply in the affordable price range continues to be the pest that's pushing up price growth and pressuring the budgets of prospective buyers," Yun said.

Housing Data Takeaways

  • February's median price for existing homes (all housing types) was $228,400, up 7.7% from February 2016 ($212,100). February's price rise was the steepest since last January (8.1%) and represents 60 straight months of year-over-year increases.
  • Total U.S. housing inventory at the end of February grew 4.2% to 1.75 million existing homes available for sale, however this is 6.4% lower than a year ago (1.87 million) and has dipped year-over-year for 21 consecutive months. Unsold inventory shows a supply of 3.8 months at the current sales pace (vs. 3.5 months in January).
  • First-time buyers in February drove 32% of sales activity nationally, a slight drop from 33% in January but  a bit above the 30 percent seen at this time last year. NAR's 2016 Profile of Home Buyers and Sellers showed the annual share of first-time buyers last year was 35 percent.
  • Regarding mortgage rates, Freddie Mac data shows the average commitment rate for a 30-year, conventional, fixed-rate mortgage moved slightly higher in February, to 4.17% from January's 4.15%. The average commitment rate for all of 2016 was 3.65%.
  • How long did properties remain on the market in February? Nationally, it was 45 days, down from 50 days in January and noticeably more than last year (59 days). This number will vary by region, naturally.

What's the best strategy for buyers this spring? NAR President William E. Brown, a Realtor® from Alamo, California, says being fully prepared is the right strategy for prospective buyers. "Seek a pre-approval from a lender, know what your budget is and begin discussions with a Realtor® early on about your housing wants and needs," he said. "Homes in many areas are selling faster than they were last spring. A buyer's idea of a dream home in a popular neighborhood is probably the same as many others. That's why they'll likely have to decide quickly if they see something they like and can afford."

 

WHAT'S YOUR SELLING STRATEGY?

Sellers, you have an excellent opportunity to sell your home this season -- if you have the right pricing strategy in place from the start! Studies show that the longer a property stays on the market, the less the seller will net upon the sale.

It is very important to price your property at a competitive market value at the signing of your listing contract. In some places, the market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell. And in some of today's particularly hot markets where we're seeing bidding wars, you still want to work with your agent to set the right starting price from the outset to give yourself every advantage.

An Overpriced Home:
· Minimizes offers
· Decreases agents response
· Limits qualified buyers
· Decreases showings
· Decreases prospects
· Limits financing
· Wastes advertising dollars
· Nets less for the seller

When you are ready, contact us today for a personal market value analysis of your home. No hassles or obligation - just honest advice on how to get top dollar for your home!

Enjoy Easter from Seattle's Waters!

 

Easter weekend is upon! Easter egg hunts, sugar-filled children, visits to the Easter Bunny and creative Easter crafts pack the weekend with fun. There are so many things to do, but where do you start? This adventure is families and friends who like to enjoy the waters. 

This Sunday, April 16 Waterways Cruises and Events is hosting a 2-hour Easter Brunch CruiseEaster SeaBunny Lunch Cruise, and an Easter Lunch Cruise on the Waterways yachts! The yachts depart from Waterways Home Port and Kirkland Marina Park, exploring the Lake Union and Lake Washington. 

Sit back and enjoy the beautiful views and cruise along your favorite Lakes of the Seattle area. Spring is in fully bloom showcasing the spring colors and the highlighted narration from your crew Captain will educate you on local landmarks and the gorgeous waterfront estates while you delve into drinks, family activities and delicious food. 

Included in the Easter Brunch Cruise:

- 2-hour navigated and narrated cruise (10:30AM - 12:00PM)

- Champagne or sparkling cider toast upon boarding

- Private table for each party

- Easter brunch buffet with some of the Northwest's favorites

- Complimentary coffee and tea

- Full-service bar available

Included in the Easter SeaBunny Lunch Cruise:

- 2-hour navigated and narrated cruise (12:00-2:00PM)

- Champagne or sparkling cider toast upon boarding

- Private table for each party

- Easter lunch buffet with some of the Northwest's favorites and special kids items

- Complimentary coffee and tea

- Full-service bar available

- A special visit from the SeaBunny with treats for the kids and a photo opportunity

Included in the Easter Lunch Cruise:

- 2-hour navigated and narrated cruise (2:30-4:30PM)

- Champagne or sparkling cider toast upon boarding

- Private table for each party

- Easter lunch buffet with some of the Northwest's favorites

- Complimentary coffee and tea

- Full-service bar available

Costs:

General - $69.00

Military and Senior (60+) - $62.00

Children (5-12) - $32.00

Children (4 and Under) - Free

Purchase tickets here:

Easter Brunch Cruise

Easter SeaBunny Lunch Cruise

Easter Lunch Cruise

Contact Information

Photo of Donna McCampbell Real Estate
Donna McCampbell
RE/MAX Northwest Realtors
300 NE 97th St
Seattle WA 98115
(206)949-9147 - Direct
(206)522-5500 - Office