Windermere Woodinville Blog

Market trends for the Woodinville market show that, through July of this year, that the list price and the price the parties agree upon as final contract price are coming together.  For awhile it appears that Sellers could not price correctly for the market as they tended to ask too much for their homes. 

Sellers have become more realistic and educated as to actual market conditions and now price closer to what the market (still a “buyer’s market”) will pay.

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Location:
ZIP 98072 , ZIP 98077

Property Type:
Single Family Homes

Resale/New Construction:
All Property Statuses

Waterfront Property:                                                      
All Properties

Price Range:
$0 - No Limit

SQFT Range:
0 - No Limit

Date Range:
6/01/2008 - 8/31/2009

We find a trend toward fewer home on the market in the “Woodinville” residential real estate market.  This bodes well for a return to a more balanced market where Sellers and Buyers have the same advantage.  We have been in a strong “Buyers’” market for some time.   The swing back to a balanced market is most welcome by realtors and by sellers.

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The Washington Pacific Ocean coast at its best.

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King and Snohomish County Month’s Supply of Inventory -and-more we see our two-county area returning to a balanced market where neither seller nor buyer have a particular advantage.

Balanced market (month’s supply of inventory) is reflected by color on our charts.

Yellow means a balanced market where there is from three (3) to six (6) months of inventory available.

That is if we stopped today and didn’t add any more homes to the market, then, at the current rate of purchasing there would be no more homes after six months … the inventory would be exhausted.

The Trend.  We have seen, as a market trend in our area (500-600 - Seattle’s Eastside), a reduction in inventory (36%), increased pendings 36%), and still lower list prices compared with the year before (6%), and a reduction in the number of agents (11%).  And now the chart.

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 The Tolt Pipeline trail near Woodinville

The Northwest Multiple Listing Service (NWMLS) provides a useful summary of market conditions for our area.  What follows is a summary (paraphrased in part) of the NWMLS release.

• Pending sales around Western Washington during August jumped nearly 21 percent from a year ago and inventory dropped more than 18 percent.
• Stage set for brisk activity in the next few months as first-time buyers try to take advantage of the Nov. 30 deadline for tax credits.
• Many transactions are missing their closing date on last minute demands from lenders. Final underwriting reviews are causing delays.
• Prices for single family homes (excluding condos) that sold throughout the NWMLS area are up about 3.3 percent since January, although down about 9.2 percent from twelve months ago.
• Condo prices remain depressed. For last month’s completed transactions, the median sales price was $235,000, off 5 percent from the year ago figure of $247,500. Compared to January’s sales, condo prices have dropped about 6 percent.
• The upside: great time to buy a condo for the client in that market.
• Current house-hunters have fewer listings to consider than a year ago: active listings at the end of August compared to same month a year ago, show a decline of 18.2 percent.
• Open house traffic has been steady with high interest among first-time buyers.
• A new round of bank owned properties may come on the market later this year and into next year. This inventory will have to be absorbed over time and no one knows for sure just how this will influence prices.

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According to the National Association of REALTORS®, the health reform efforts in both the House and Senate will completely dominate the agenda in both tax-writing committees throughout July. Accordingly, their leaders have announced that they will not take up expiring provisions, including the first-time homebuyer tax credit, until they have disposed of the health reform legislation.

Thus, extension and possible expansion of the $8000 tax credit are unlikely to be considered until about October. NAR encourages its members to complete pending transactions as soon as possible because of the potential for uncertainty as the December 1 expiration date approaches.

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The First Ecumenical Council [Nicaea, 325] decreed that the Church year should begin on September 1.

The month of September was, for the Hebrews, the beginning of the civil year (Exodus 23:16), the month of gathering the harvest and of the offering of thanks to God.

It was on this feast that Jesus entered the synagogue in Nazareth (Luke 4:16-21), opened the book of the Prophet Isaiah and read the words:

The Spirit of the Lord God is upon Me; because the Lord hath anointed Me to preach good tidings unto the meek; He hath sent Me to bind up the brokenhearted, to proclaim liberty to the captives, and the opening of the prison to them that are bound; to proclaim the acceptable year of the Lord, and the day of vengeance of our God; to comfort all that mourn (Isaiah 61:1-2).

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