Watching stats like these will help you determine what kind of a market you are in.
For Kitsap County Washington as of 1/28/2006
875 Active Listings
52 Homes went Pending last week
53 Average Days on Market
$280,040 Average List Price
$278,093 Average Sale Price
99% List price to sale price ratio
16.8 weeks of inventory
Learn more about Defining Your Market.
Kitsap County Washington Real Estate Market Trend
We've been talking about the real estate market, not only in Kitsap County but through out the U.S. Here is a good graphic represetnation showing the trend in our neck of the woods since January of 2000. This may well apply to your area as well.
The top, magenta line shows number of active listings on the market.
The middle, darker line shows the number of new listing which came on the market that month.
The bottom yellow line shows the number of transactions that went pending in the month.
As you can see the overall trend is downward for number of listings available for buyers to see even though the number of buyers, represented by the transactions that went pending, the dark line, has stayed constant.
It will be interesting to see what happens over the next 30 to 45 days as our annual spring market developes.
Kitsap County Housing Snap Shot
Kitsap County home owners saw on average a 20% increase in their investment last year. Will it continue in 2006???
Here is what we are seeing today.
Absorption rate has gone from 10 weeks of inventory to 20 weeks over the last 6 months. This represents a slowing of the market, longer market time, not as many mulitiple offer situations and if this trend contiunues perhaps a shift from a sellers market to more of a buyers market.
Will it shift....too soon to tell. The slowing could be a result of the holidays, this effect is not uncommon. We will know more by the end of February which is when the spring market typically starts.
Stay tuned and I'll let you know.
Here is what we are seeing today.
Absorption rate has gone from 10 weeks of inventory to 20 weeks over the last 6 months. This represents a slowing of the market, longer market time, not as many mulitiple offer situations and if this trend contiunues perhaps a shift from a sellers market to more of a buyers market.
Will it shift....too soon to tell. The slowing could be a result of the holidays, this effect is not uncommon. We will know more by the end of February which is when the spring market typically starts.
Stay tuned and I'll let you know.
FHA Eases Requirements on Mandatory Repairs
Buyers often find themselves in a catch 22. They find a house that they can afford but it needs repair, which is why it is priced low enough for them to even look at in the first place. The repairs are identified, the buyers are ready and willing to make the repairs but FHA or VA will not allow the buyer to participate in the repair work and seller is unwilling to make them. What is a buyer to do?????
This article in Realtor Magazine is good news for FHA buyers, we can only hope the VA follows suit.
FHA Eases Requirements on Mandatory Repairs
(January 13, 2006) -- The Federal Housing Administration hopes that easing rules on property conditions and mandatory repairs will allow the agency to reclaim a larger share of the overall housing market.
Lenders, real estate professionals, home buyers, and sellers should welcome the move because it will now allow a mortgage to close on a previously owned home even if minor defects—such as leaky faucets, cracked sidewalks, soiled carpeting, and missing handrails on stairways—have not been fixed beforehand. The mandatory repair rule for FHA loans—which turned many away from the agency—now will apply only to more serious defects such as structural problems, foundation damage, poor roofing, and electrical hazards.
The FHA currently has a 3 percent share of the mortgage financing market, compared with 11 percent less than a decade ago; but the change might allow the agency to loosen the grip that subprime lenders have taken on first-time, moderate-income buyers.
Source: New London Day (CT) (01/13/06); Harney, Kenneth
This article in Realtor Magazine is good news for FHA buyers, we can only hope the VA follows suit.
FHA Eases Requirements on Mandatory Repairs
(January 13, 2006) -- The Federal Housing Administration hopes that easing rules on property conditions and mandatory repairs will allow the agency to reclaim a larger share of the overall housing market.
Lenders, real estate professionals, home buyers, and sellers should welcome the move because it will now allow a mortgage to close on a previously owned home even if minor defects—such as leaky faucets, cracked sidewalks, soiled carpeting, and missing handrails on stairways—have not been fixed beforehand. The mandatory repair rule for FHA loans—which turned many away from the agency—now will apply only to more serious defects such as structural problems, foundation damage, poor roofing, and electrical hazards.
The FHA currently has a 3 percent share of the mortgage financing market, compared with 11 percent less than a decade ago; but the change might allow the agency to loosen the grip that subprime lenders have taken on first-time, moderate-income buyers.
Source: New London Day (CT) (01/13/06); Harney, Kenneth
New Increase for VA Loan Limits
New Increase for VA Loan Limits
Last week I reported that the maximum VA loan amount was $359,650 in Kitsap County WA. I’m happy to report that the VA has just increased this amount for Washington and Oregon to $417,000.
This means that our service members if qualified, have a better chance of keeping up with the housing market as prices have gone up significantly over the past year. As a whole Kitsap County home prices have gone up 20%.
Last week I reported that the maximum VA loan amount was $359,650 in Kitsap County WA. I’m happy to report that the VA has just increased this amount for Washington and Oregon to $417,000.
This means that our service members if qualified, have a better chance of keeping up with the housing market as prices have gone up significantly over the past year. As a whole Kitsap County home prices have gone up 20%.
VA and FHA Loan Limits in Kitsap County WA
VA and FHA Loan Limits in Kitsap County WA
The VA and FHA loan limits are different throughout the U.S. This is the upper amount that a buyer can go to when using an FHA or VA loan.
VA $359,650
FHA $215,650
For more information about qualifying for a government loan see your Realtor or a Lender.
The VA and FHA loan limits are different throughout the U.S. This is the upper amount that a buyer can go to when using an FHA or VA loan.
VA $359,650
FHA $215,650
For more information about qualifying for a government loan see your Realtor or a Lender.
New Real Estate Loan Limits
New Real Estate Loan Limits
Fannie Mae just raised its loan limits:
Single Family Was $359,650 Now $417,000
Two Family Was $460,400 Now $533,850
Three Family Was $556,500 Now $645,300
Four Family Was $691,600 Now $801,950
Loans greater than this would fall into the jumbo loan category and will usually require different qualifications and higher interest rate.
Fannie Mae just raised its loan limits:
Single Family Was $359,650 Now $417,000
Two Family Was $460,400 Now $533,850
Three Family Was $556,500 Now $645,300
Four Family Was $691,600 Now $801,950
Loans greater than this would fall into the jumbo loan category and will usually require different qualifications and higher interest rate.
Real Estate Statistics for Kitsap County 12/11/2005
Watching stats like these will help you determine what kind of a market you are in.
For Kitsap County Washington as of 12/112005
925 Active Listings
49 Homes went Pending last week
51 Average Days on Market
$277,488 Average List Price
$275,681 Average Sale Price
99% List price to sale price ratio
18.9 weeks of inventory
Learn more about Defining Your Market.
For Kitsap County Washington as of 12/112005
925 Active Listings
49 Homes went Pending last week
51 Average Days on Market
$277,488 Average List Price
$275,681 Average Sale Price
99% List price to sale price ratio
18.9 weeks of inventory
Learn more about Defining Your Market.
Remodeling your home: Cost vs. Value Report
Remodeling your home: Cost vs Value Report
Did you know that on average remodeling your bathroom may recoup 102.2% of your investment? On the other end of the spectrum remodeling your home office may only garner a 72.8% return of your money spent.
Here is a brief list:Bathroom 102.2%
Minor Kitchen Remodel 98.5%
Siding Replacement 95.5%
Adding an attic bedroom 93.5%
Deck addition 90.3%
Basement remodel 90.1%
Window replacement 89.6%
Roofing replacement 84.7%
Family room addition 83.0%
Home office remodel 72.8%
Please note….these are national averages. Contact your Realtor for a copy of Decembers Realtor Magazine which has more detail as well as a break down based on region and city.
Though you may often only consider needing your Realtor when it comes time to buy or sell a home here is an example where they can offer an ongoing service.
Did you know that on average remodeling your bathroom may recoup 102.2% of your investment? On the other end of the spectrum remodeling your home office may only garner a 72.8% return of your money spent.
Here is a brief list:Bathroom 102.2%
Minor Kitchen Remodel 98.5%
Siding Replacement 95.5%
Adding an attic bedroom 93.5%
Deck addition 90.3%
Basement remodel 90.1%
Window replacement 89.6%
Roofing replacement 84.7%
Family room addition 83.0%
Home office remodel 72.8%
Please note….these are national averages. Contact your Realtor for a copy of Decembers Realtor Magazine which has more detail as well as a break down based on region and city.
Though you may often only consider needing your Realtor when it comes time to buy or sell a home here is an example where they can offer an ongoing service.
Real Estate Statistics for 11/27/2005
Watching stats like these will help you determine what kind of a market you are in.
For Kitsap County Washington as of 10/23/2005
907 Active Listings
32 Homes went Pending last week
51 Average Days on Market
$277,143 Average List Price
$275,382 Average Sale Price
99% List price to sale price ratio
28.3weeks of inventory
Learn more about Defining Your Market.
For Kitsap County Washington as of 10/23/2005
907 Active Listings
32 Homes went Pending last week
51 Average Days on Market
$277,143 Average List Price
$275,382 Average Sale Price
99% List price to sale price ratio
28.3weeks of inventory
Learn more about Defining Your Market.
Existing-Home Sales Show Markets Cooling
Sales of existing homes eased in October, with a moderate decline in both single-family and condo sales, according to the NATIONAL ASSOCIATION OF REALTORS®.
Total existing-home sales—including single-family, townhomes, condominiums, and co-ops – were at a seasonally adjusted annual rate of 7.09 million units in October, down 2.7 percent from September’s pace of 7.29 million. Sales were 3.7 percent above the 6.84 million-unit level in October 2004.
David Lereah, NAR’s chief economist, says markets are getting into better balance between demand and supply. “We are returning to more balanced markets between homebuyers and sellers, one that places buyers on a more even footing. Housing activity has peaked and is coming down a bit, and we expect further cooling in the coming months. We feel confident that housing is landing softly as rates continue to rise.”
The national median existing-home price for all housing types—including single-family, townhomes, condominiums, and co-ops—was $218,000 in October, rising 16.6 percent from October 2004 when the median price was $187,000. The median is a typical market price where half of the homes sold for more and half sold for less.
Total housing inventory levels rose 3.5 percent at the end of October to 2.87 million existing homes available for sale, which represents a 4.9-month supply at the current sales pace.
“The rise in inventory means that buyers will have a wider choice available to them, and the significant price appreciation over October last year shows that demand is still there, as markets continues to balance themselves,” says NAR President Thomas M. Stevens from Vienna, Va. “Buyers know that housing is a good investment,” says Stevens, senior vice president of NRT Inc.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 6.07 percent in October, up from 5.77 percent in September; the rate was 5.72 percent in October 2004.
Single-family home sales dropped 2.5 percent to a seasonally adjusted annual rate of 6.23 million in October from 6.39 million in September, but were 3.3 percent above the 6.03 million-unit level in October 2004. The median single-family home price was $216,200 in October, up 16.6 percent from a year ago.
Existing condominium and cooperative housing sales fell 4.4 percent to a seasonally adjusted annual rate of 862,000 units from a pace of 902,000 in September. Last month’s sales activity was 6.7 percent above the 808,000-unit level in October 2004. The median condo price was $229,800, up 15.3 percent from a year ago.
Regionally, existing-home sales fell 1.2 percent in the West in October to a pace of 1.64 million, and were 3.8 percent higher than October 2004. The median price in the West was 316,000, up 16.2 percent from October 2004.
Total existing-home sales in the South declined 1.8 percent to an annual sales rate of 2.76 million units in October, and were 7 percent above October 2004. The median price in the South was $196,000, up 18.1 percent from a year ago.
Existing-home sales in the Midwest fell 1.9 percent to annual pace of 1.58 million units in October, and were 1.3 percent higher than a year ago. The median price in the Midwest was $170,000, which was 10.4 percent higher than October 2004.
Total existing-home sales in the Northeast declined 7.4 percent to a pace of 1.12 million units in October, and were unchanged compared to a year ago. The median existing-home price in the Northeast was $252,000, up 10.5 percent from a year ago.
—NAR
Editor's Note: For more housing statistics, visit NAR’s Economic Research Division at REALTOR.org.
Access to information like this is one of the benefits of being a Realtor.
Total existing-home sales—including single-family, townhomes, condominiums, and co-ops – were at a seasonally adjusted annual rate of 7.09 million units in October, down 2.7 percent from September’s pace of 7.29 million. Sales were 3.7 percent above the 6.84 million-unit level in October 2004.
David Lereah, NAR’s chief economist, says markets are getting into better balance between demand and supply. “We are returning to more balanced markets between homebuyers and sellers, one that places buyers on a more even footing. Housing activity has peaked and is coming down a bit, and we expect further cooling in the coming months. We feel confident that housing is landing softly as rates continue to rise.”
The national median existing-home price for all housing types—including single-family, townhomes, condominiums, and co-ops—was $218,000 in October, rising 16.6 percent from October 2004 when the median price was $187,000. The median is a typical market price where half of the homes sold for more and half sold for less.
Total housing inventory levels rose 3.5 percent at the end of October to 2.87 million existing homes available for sale, which represents a 4.9-month supply at the current sales pace.
“The rise in inventory means that buyers will have a wider choice available to them, and the significant price appreciation over October last year shows that demand is still there, as markets continues to balance themselves,” says NAR President Thomas M. Stevens from Vienna, Va. “Buyers know that housing is a good investment,” says Stevens, senior vice president of NRT Inc.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 6.07 percent in October, up from 5.77 percent in September; the rate was 5.72 percent in October 2004.
Single-family home sales dropped 2.5 percent to a seasonally adjusted annual rate of 6.23 million in October from 6.39 million in September, but were 3.3 percent above the 6.03 million-unit level in October 2004. The median single-family home price was $216,200 in October, up 16.6 percent from a year ago.
Existing condominium and cooperative housing sales fell 4.4 percent to a seasonally adjusted annual rate of 862,000 units from a pace of 902,000 in September. Last month’s sales activity was 6.7 percent above the 808,000-unit level in October 2004. The median condo price was $229,800, up 15.3 percent from a year ago.
Regionally, existing-home sales fell 1.2 percent in the West in October to a pace of 1.64 million, and were 3.8 percent higher than October 2004. The median price in the West was 316,000, up 16.2 percent from October 2004.
Total existing-home sales in the South declined 1.8 percent to an annual sales rate of 2.76 million units in October, and were 7 percent above October 2004. The median price in the South was $196,000, up 18.1 percent from a year ago.
Existing-home sales in the Midwest fell 1.9 percent to annual pace of 1.58 million units in October, and were 1.3 percent higher than a year ago. The median price in the Midwest was $170,000, which was 10.4 percent higher than October 2004.
Total existing-home sales in the Northeast declined 7.4 percent to a pace of 1.12 million units in October, and were unchanged compared to a year ago. The median existing-home price in the Northeast was $252,000, up 10.5 percent from a year ago.
—NAR
Editor's Note: For more housing statistics, visit NAR’s Economic Research Division at REALTOR.org.
Access to information like this is one of the benefits of being a Realtor.
Housing Stats for 11/20/2005
Watching stats like these will help you determine what kind of a market you are in.
For Kitsap County Washington as of 11/20/2005
953Active Listings
72 Homes went Pending last week
52 Average Days on Market
$278,189 Average List Price
$275,704 Average Sale Price
99% List price to sale price ratio
13.23 weeks of inventory
Learn more about Defining Your Market
For Kitsap County Washington as of 11/20/2005
953Active Listings
72 Homes went Pending last week
52 Average Days on Market
$278,189 Average List Price
$275,704 Average Sale Price
99% List price to sale price ratio
13.23 weeks of inventory
Learn more about Defining Your Market
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