MAY 11TH, 2012
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Seattle home prices rose in March
Home prices in the Seattle metropolitan area bounced back in March after declining for seven straight months.
By Eric Pryne
Seattle Times business reporter
Home prices in the Seattle metropolitan area bounced back in March after declining for seven straight months, according to one closely watched index, providing more evidence the market may at long last have hit bottom.
Prices were up 1.7 percent from February, according to the S&P/Case-Shiller Home Price Index. Among the 20 cities Case-Shiller tracks, only Phoenix saw a bigger month-over-month increase.
The composite index for all 20 cities was unchanged, but 12 of the cities saw prices increase.
Home prices often rise in the spring. But Seattle-area prices jumped in March even with seasonal factors taken into account.
The Seattle metropolitan area includes King, Snohomish and Pierce counties. March is the most recent month for which information is available.
Seattle-area prices still were down 1.3 percent from March 2011, according to Case-Shiller. But the annual rate of decline was an improvement from February. The March 20-city index was down more steeply — 2.6 percent — from the same month last year.
Prices were up year-over-year in seven cities — Charlotte, Dallas, Denver, Detroit, Miami, Minneapolis and Phoenix.
“This is what we need for a sustained recovery; monthly increases coupled with improving annual rates of change,” said David Blitzer, chairman of the Index Committee of S&P Indices. “Once we see this on a broader level we will be able to say the market has turned around.”
The Seattle area’s Case-Shiller score for March was 131.23, meaning prices were 31.23 percent higher than in January 2000. February’s score was 128.99. The peak score, 192.30, came in July 2007.
Eric Pryne: 206-464-2231 or firstname.lastname@example.org
On September 23, the Windermere Foundation, along with the support of Windermere Services and many Western Washington area offices, are building a park! The Foundation has been working with KaBOOM!, a national nonprofit dedicated to building parks in low income neighborhoods, and the High Point Community in West Seattle, to develop a project that will serve local youth. Together we will work with the kids to develop their dream playground project, and with your help, we will make this dream come true on September 23. SAVE THE DATE!
It’s a technique that was pretty common in the go-go housing market of the middle ’00s but fell out of practice as the market tipped in favor of buyers. A week later, he had two offers.
“At this point, I think you’re doing the seller a disservice to take the first offer that comes in,” Richmond said. “I think there’s too much demand.”
The latest home sale numbers give local real estate professionals confidence that the Seattle area’s housing market has bottomed out.
“It feels like we have hit the bottom of the market,” Lennox Scott, chairman and chief executive officer of John L. Scott Real Estate, said in a news release accompanying the Northwest Multiple Listing Service’s report on June home sales, released Wednesday. “Buyer confidence has definitely returned.”
New study concludes buying may beat renting for first time in years – and Seattle is THE place to buy
Researchers Eli Beracha and Ken Johnson made that conclusion after analyzing data for 23 different Metropolitan Statistical Areas (MSAs).
The study used an eight-year holding period for comparative purposes and factored in costs associated with homeownership, tax benefits and home price appreciation, and considered returns on similar risk portfolios. The net result is that home price gains would need to average only 3.25% annually to beat renting, according to Beracha and Johnson.
After crunching the numbers, Beracha and Johnson concluded buying a home may beat renting for the first time in several years. READ ON HERE
News from NW Multiple Listing Service: FOR IMMEDIATE RELEASE: May 5, 2011
Housing market “warming” as brokers report multiple offers in some areas
KIRKLAND, WA, May 5, 2011. Home sellers around Washington state are starting to a see something that had all but vanished in recent months: multiple offers.
Several directors of Northwest Multiple Listing Service noted they are encountering more bidding wars in certain neighborhoods and price ranges, even though the latest figures show fewer sales and lower prices than a year ago. Shrinking inventory is spurring activity, with some brokers reporting a “shortage of good listings” and “signs of normality.” READ ON HERE
News from NW Multiple Listing Service
FOR IMMEDIATE RELEASE: April 6, 2011
Housing market doing “surprisingly well” without a stimulus
KIRKLAND, WA, April 6, 2011. Last month’s pending sales fell below year-ago totals in Western Washington, but brokers say the market is faring quite well, considering last year’s activity was boosted by federal tax credits.
The latest report from Northwest Multiple Listing Service shows 7,570 pending sales of single family homes and condominiums during March. That’s down about 12 percent from a year ago when members reported 8,605 pending transactions (mutually accepted offers) across the 21 counties in the Northwest MLS service area.
“The market is doing surprisingly well without a stimulus,” observed Northwest MLS director OB Jacobi, president of Windermere Real Estate Company. “Considering that this time last year there was a rush of buyers trying to beat the tax credit deadline, to have the number of sales off just slightly points towards a strengthening market,” he added. READ MORE HERE…