Windermere Woodinville Blog

• When you buyers are touring homes with your agent, do you notice how the agent gets you in the home?
• There’s a key box on the door, right?  How does the agent get the spare key out of that box to open the dead bolt?
• The agent uses what is know as a Supra Key.  At least, that’s what it’s called in our Northwest Multiple Listing Service area.  The key operates electronically to unlock the key box and drop down the house key.
• Even more magical, the Supra Key creates a data bank that can be accessed later to inform concerned parties who entered that home.  At least the identity of the agent properly associated with the Supra electronic key pad will be identified.
• That electronic key pad must be updated daily.  It’s the agent’s responsibility to see that happens.  This is only one of many tasks that your agent performs for you.  That Supra Key also costs the agent money.  It is a business expense.  Part of the commission goes to reimburse the agent for this and many other business expenses associated with showing you homes.

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National View Point – Stats for the West.

Real Trends just released its Housing Market report detailing the differences in total closed sales and average pricing for March and April 09, as compared to last year’s (2008) statistics.

For the West: Closed Sales Up – Home Prices Down.

• March 09 – Closed Sales: +18.7%, Average Price: -23%
• April 09 – Closed Sales: +9.9%, Average Price: -31.7%

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Above we see a chart for the residential real estate market in the Woodinville/Juanita area.  The chart tells about “months-supply-of-inventory.”  This is a method to determine if we enjoy a “seller’s market” (not much inventory and seller’s may entertain multiple offers) or a “buyer’s market” (plenty of inventory and buyers can wait and bargain with sellers).

Red denotes a seller’s market, green a buyer’s market and yellow a balanced market. 

In the $400,000 to $499,000 range for residences in Area 600 we see 5.7 months of inventory (yellow) which qualifies for a balanced market, favoring neither buyer nor seller. 

In the period from April 1st to May 20th, on average every week in the Woodinville/Juanita area 6.4 homes went pending (a purchase and sale agreement was signed; not necessarily closed).  This is still a slow market compared to years past, but indicates an improving market.

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Here’s some information on the New First-Time Homebuyer Tax Credit.

• A first-time homebuyer can receive a refundable tax credit for 10% of the purchase price of the home up to $8000 in taxes for 2009.
• The tax credit is not subject to repayment unless the homebuyer sells the home or ceases to use it as a primary residence within 36 months of purchase.
• To be eligible, the homebuyer must not have owned an interest in a principal residence within the three years prior to the purchase. In the case of a married couple, neither spouse may have owned an interest in a residence within the three-year period.
• The tax credit is only available in purchases of personal residences which close before December 1, 2009.
• There are some income restrictions keyed to single or married status, but even higher income individuals may not lose all of the tax credit.
• Check with your financial adviser, CPA, or tax attorney.

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We Are Seeing Evidence of A Return to a Balanced “Yellow” Market.

Even some “Red” Seller’s Markets are showing up.

King County Stats Show
Relative
Movement of
Median Price

Peak in 2007

Now at 2005 Level

King County Stats: How Far We’ve Dropped From Peak Median Prices of 2007.

King County Median Price for residences was $485,000 in July 2007.

King County Median Price for residences is $365,000 as of March of 2009. [Note, it was the same in April of 2005]

We have dropped 24% in King County Median Price from the Peak in July of 2007.

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In this chart prepared by NewHomeTrends for King, Pierce, Snohomish and Thurston counties for March 2008 through February 2009, we see that Quadrant leads in net new sales. 

Polygon, Soundbuilt Homes, DR Horton and Camwest Developers, Inc. come next followed closely by Centex and SDC Homes.  

Look at the homes and lots left to sell for Southbuilt Homes.  They are carrying quite an inventory.

Contact Cory Crossman at cory@newhometrends.com (425) 742-8040 from more details.

Thanks for reading our blog.

new home sales, Puget Sound Metro Market, Top Builders

Have you been to the Montlake Cut on opening day of yacht season in Seattle?

Windermere Real Estate sponsors the crew race.  The rest is brought to you by a bountiful nature.

In this chart prepared by NewHomeTrends for King, Pierce, Snohomish and Thurston counties we can see that new home sales peaked for Washington State’s metro region in 2005.

Declines were sharp into 2009, but we are now seeing signs of a recovery in new home sales on Seattle’s Eastside.

Contact Cory Crossman at cory@newhometrends.com (425) 742-8040 from more details.

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New Home Sales, Seattle Metro Region, History