Home sales in Seattle were up 10% from last January, partially fueled by an improving economy and incredibly low interest rates. A year ago, 30-year fixed-rate mortgages averaged 4.75%, today they are at 3.87%; this provides an 11% greater purchasing power.

House sales were up 8%, although the median price fell 3%, to $366,750. The percentage of short sales for houses fell from11% to 8%.

Condo sales were up 15%, but the median sales price of $205,000 is 25% lower than a year ago. 17%  of sales were short sales, up from 15% a year ago.

Multiple offers – bidding wars – are starting to emerge over desirable in-city properties.

Home sales in Seattle were up 10% from last January, partially fueled by an improving economy and incredibly low interest rates. A year ago, 30-year fixed-rate mortgages averaged 4.75%, today they are at 3.87%; this provides an 11% greater purchasing power.

House sales were up 8%, although the median price fell 3%, to $366,750. The percentage of short sales for houses fell from11% to 8%.

Condo sales were up 15%, but the median sales price of $205,000 is 25% lower than a year ago. 17%  of sales were short sales, up from 15% a year ago.

Multiple offers – bidding wars – are starting to emerge over desirable in-city properties.

We have expanded our reach, in honor of International Networking Week, to connect with real estate agents throughout Canada, the United Kingdom, and Australia!

If you need a referral to a good agent who has been vetted and well-recommended, we have them – in Vancouver, on Vancouver Island, in Toronto and Winnipeg and Saskatoon and Ottawa and St. Albert; in London and Hull and Surrey and Hertfordshire and Lancashire; on the Sunshine Coast of Australia, Melbourne and Sydney and Thirroul and even Wagga Wagga – we have excellent agents waiting to help my clients and their friends navigate the local real estate markets.

We have 311 agents in these three countries alone, not to mention our numerous contacts throughout the US.

So if you know of someone that’s moving overseas, have them give us a call. We know people, and we’re here to help.

The overall residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver, increased 7.6 per cent to $621,674 between Decembers 2010 and 2011. However, prices have decreased 1.5 per cent since hitting a peak of $630,921 in June 2011.

The sales price for a Vancouver home was C$622,239. The number of home sales was up 5.9% to 32,390; this was 6.3% below the average for the previous ten year period.

REBGV president Rosario Setticasi, said, “It was a relatively balanced year for the real estate market in Greater Vancouver with listing totals slightly above historical norms and sale numbers slightly below.”

The Canadian Real Estate Association provides a wealth of information at its media centre: http://www.crea.ca/public/news_stats/media.htm

John “Mack” McCoy is a Realtor® Certified International Property Specialist.

Since January 2011, values have fallen 2.04%; nationwide, they’ve fallen 1.63%.

The index is set to 100 in January 2000, meaning that today’s values are 32.85% higher than then. Broadly speaking, current values are at Summer 2004 levels.

Chart
November 2011 132.65 - 6.3%
November 2010 141.57 - 4.7%
November 2009 148.56 -10.6%
November 2008 166.23 -11.2%
November 2007 187.14 + 1.8%
November 2006 183.88 +13.0%

Nationwide, values are at April 2003 levels, at 138.49. The cities with the highest gains since January are: Detroit 4.48%, Washington DC 1.88%, and Denver 1.68%. Biggest losers were: Atlanta -11.36%, Las Vegas -7.88%, San Diego -3.55%, Los Angeles -3.11%.

Link to S&P/Case-Shiller Index

Inventory is low. A quick check of the NWMLS shows that – according to our calculations, not theirs – that there is about a 5½-month supply of condos and about a 2¾-month of single family homes. Generally speaking, a six-month supply is considered “balanced,” so right now, there is short supply and, if today’s meeting is at all representative, increased demand.

Inventory is low. A quick check of the NWMLS shows that – according to our calculations, not theirs – that there is about a 5½-month supply of condos and about a 2¾-month of single family homes. Generally speaking, a six-month supply is considered “balanced,” so right now, there is short supply and, if today’s meeting is at all representative, increased demand.

Our next tour will be held on either February 25 or March 3, and we haven’t decided on a location, so if you’d like to make suggestions . . . !

Our next tour will be held on either February 25 or March 3, and we haven’t decided on a location, so if you’d like to make suggestions . . . !

Values typically slide during the fourth quarter; the average slide in Seattle since 1990 is 0.41%; last year was the second worst on record at 4.39%. The three biggest years of fourth-quarter gains were 3.3% in 2005, 2.5% in 2004, and 1.6% in 2003.

The median home sale price in King County through October was $370,315, down 2% from last year’s $377,800.