The Puget Sound area housing market continued its rebound in January, with rising prices and double-digit increases in completed sales, according to the Northwest Multiple Listing Service. The supply of homes on the market remains tight as the supply in King and Snohomish counties fell below enough inventory for 1.4 months and hovered at 2.2 months in Pierce County.
Closed sales of single-family homes and condominiums in King County in January were up nearly 25 percent compared with a year ago. The median home price in King County rose to $315,000, up 12.5 percent compared with the median price of $280,000 in January of last year. Supply remained tight with listings of homes for sale down 47.65 percent compared to listings in January 2012.
Snohomish County posted similar results with closed sales of single family homes and condos in January up 20.2 percent. The median price of a home was $235,950, up 12.36 percent, over the median home price of $210,00 posted in January a year ago. The inventory of single-family homes and condos for sale in Snohomish County was down 51 percent from January a year ago.
Pierce County, meanwhile, posted the biggest increase in closed sales, up 27 percent compared to a year ago, as the inventory of homes for sale dropped by 31.4 percent. The median price of single-family homes and condos in Pierce County in January was $190,000, up 8.6 percent compared to the median price of $174,950 posted in January 2012.
Results were much the same for the 22 counties tracked by the Multiple Listing Service. There was a 23.6 percent increase in closed sales in January in these counties compared to closed sales in January 2012. Listings declined by 31 percent year over year. Meanwhile the overall median price, at $239,300, was up 11.3 percent compared to the median price of $214,990 a year ago.
NPP Blog
Real Estate News
Puget Sound home prices up as inventory of homes for sale remains tight
Posted 2013-02-05 in Real Estate News
Welcome to Our New Real Estate Website!
North Pacific Properties is a full service real estate brokerage company located in Seattle, Washington. Our central mission is to provide our clients with expert and well-rounded real estate service throughout the Seattle and surrounding King County areas while meeting the individual needs of our clients, one client at a time.
We are committed to delivering a real estate experience unlike any other. Whether you are looking to buy or sell a property, or have a property you would like to rent, one of our real estate specialists is here to help you achieve your goals. If the time is not optimum for you to sell your property, take advantage of our stellar property management division.
North Pacific Properties provides services that go beyond the exchange of real estate. We can also service your mortgage, title, and insurance needs. When it comes to maintenance, repairs and upgrades to your home, take advantage of our relationships with some of the region’s top service providers which makes us a convenient single stop. If you are ready to work with a full service real estate company that is on the leading edge of technology and experience that is friendly, forthright and honest, you have come to the right place.
We are committed to delivering a real estate experience unlike any other. Whether you are looking to buy or sell a property, or have a property you would like to rent, one of our real estate specialists is here to help you achieve your goals. If the time is not optimum for you to sell your property, take advantage of our stellar property management division.
North Pacific Properties provides services that go beyond the exchange of real estate. We can also service your mortgage, title, and insurance needs. When it comes to maintenance, repairs and upgrades to your home, take advantage of our relationships with some of the region’s top service providers which makes us a convenient single stop. If you are ready to work with a full service real estate company that is on the leading edge of technology and experience that is friendly, forthright and honest, you have come to the right place.
Posted 2010-07-05 in Real Estate News
Best Home Buying Tips
Location
Before picking out a home, there are many factors you should pay close attention to, not only for yourself, but because you intend to eventually sell the home to someone else. Carefully choosing your community can help maximize your future potential resale value.
Schools
Even if you do not have school-age children or do not intend to have children, you should pay attention to the local school system. When you sell the property, many of your potential buyers will have concerns of this nature.
A View
Homes with a view often sell at a premium above similar homes without a view.
Lot & Landscaping
Even though most real estate value is concentrated in the building, the lot is important, too. Level lots are the most desirable to buyers. Assuming the property is in a typical neighborhood, the lot should be rectangular. Odd shaped lots or oddly situated lots are harder to sell because use can be limited.
Yard sizes are and can be important for entertaining and raising families. Yards can be scarce in the city, so anytime you can find a house with a yard, patio and gardens, it will be more desirable.
An overly landscaped yard will cost you a premium. You will get your best value if the house is moderately landscaped or under-landscaped for the area. You can always improve the landscaping during your ownership by improving the grass and adding bushes and trees.
House Size
In each residential neighborhood, houses will vary in size and rooms, but they should not be too different. If resale value is an important consideration, you should not buy the largest model in the neighborhood. When determining market value, the homes nearest to yours are most important. If most of the nearby houses are smaller than your house, they can act as a drag on appreciation.
On the other hand, if you buy a small or medium house for the neighborhood, the larger homes can help pull up your value. This is one of those times where determining your "wants" versus your "needs" can be extremely important. Buying what you need in a more prestigious neighborhood may provide more financial reward than getting what you want in a less desirable neighborhood.
Bedrooms & Baths
Three and four bedroom houses are the most popular among homebuyers. If you can stick in the 3 to 4 bedroom range you will have more potential buyers when it comes time to resell.
There should always be at least two bathrooms in a house, preferably at least two and a half. One bathroom with a place to wash up for day-to-day visitors, one for the master bedroom, and at least one to be shared by the other bedrooms.
Closets, Garages, Laundry & Storage
Walk-in closets are extremely desirable for the master bedroom. For the rest of the house, just be sure there is plenty of closet space. Don’t forget space for linens and towels.
Garages add to the resale value and you should always make sure to get at least a two-car garage. Lately, three-car garages have become desirable in some areas of the country.
The laundry facilities should be located somewhere convenient on the main floor of the house, but not in a place it will create an eyesore. Think about whether you want to walk up and down stairs when carrying loads of laundry.
The Kitchen
The kitchen is the most important room in the house. Family activity and entertainment centers around the kitchen. Larger kitchens are better, and they should be provided with modern appliances. The dining room and breakfast nook should be located adjacent to the kitchen. In newer houses, the family room should also be extremely close to the kitchen.
A great kitchen will have easy access to the back yard, as there will be occasions for barbecues and outdoor entertaining. In addition, the kitchen should be easily accessible to the garage so hauling groceries in from the car does not become a horrendous chore.
Consider a Cosmetic Fixer & Improve
Buyers shy away from cosmetically unattractive properties (the reason that so many homes are staged before marketing). An ugly duckling can often be improved with simple and inexpensive enhancements. You may find value in replacing a bad paint job, removing carpets to refinish hardwoods or overlooking clutter that can be removed. Reap the benefits on future resale value.
Before picking out a home, there are many factors you should pay close attention to, not only for yourself, but because you intend to eventually sell the home to someone else. Carefully choosing your community can help maximize your future potential resale value.
Schools
Even if you do not have school-age children or do not intend to have children, you should pay attention to the local school system. When you sell the property, many of your potential buyers will have concerns of this nature.
A View
Homes with a view often sell at a premium above similar homes without a view.
Lot & Landscaping
Even though most real estate value is concentrated in the building, the lot is important, too. Level lots are the most desirable to buyers. Assuming the property is in a typical neighborhood, the lot should be rectangular. Odd shaped lots or oddly situated lots are harder to sell because use can be limited.
Yard sizes are and can be important for entertaining and raising families. Yards can be scarce in the city, so anytime you can find a house with a yard, patio and gardens, it will be more desirable.
An overly landscaped yard will cost you a premium. You will get your best value if the house is moderately landscaped or under-landscaped for the area. You can always improve the landscaping during your ownership by improving the grass and adding bushes and trees.
House Size
In each residential neighborhood, houses will vary in size and rooms, but they should not be too different. If resale value is an important consideration, you should not buy the largest model in the neighborhood. When determining market value, the homes nearest to yours are most important. If most of the nearby houses are smaller than your house, they can act as a drag on appreciation.
On the other hand, if you buy a small or medium house for the neighborhood, the larger homes can help pull up your value. This is one of those times where determining your "wants" versus your "needs" can be extremely important. Buying what you need in a more prestigious neighborhood may provide more financial reward than getting what you want in a less desirable neighborhood.
Bedrooms & Baths
Three and four bedroom houses are the most popular among homebuyers. If you can stick in the 3 to 4 bedroom range you will have more potential buyers when it comes time to resell.
There should always be at least two bathrooms in a house, preferably at least two and a half. One bathroom with a place to wash up for day-to-day visitors, one for the master bedroom, and at least one to be shared by the other bedrooms.
Closets, Garages, Laundry & Storage
Walk-in closets are extremely desirable for the master bedroom. For the rest of the house, just be sure there is plenty of closet space. Don’t forget space for linens and towels.
Garages add to the resale value and you should always make sure to get at least a two-car garage. Lately, three-car garages have become desirable in some areas of the country.
The laundry facilities should be located somewhere convenient on the main floor of the house, but not in a place it will create an eyesore. Think about whether you want to walk up and down stairs when carrying loads of laundry.
The Kitchen
The kitchen is the most important room in the house. Family activity and entertainment centers around the kitchen. Larger kitchens are better, and they should be provided with modern appliances. The dining room and breakfast nook should be located adjacent to the kitchen. In newer houses, the family room should also be extremely close to the kitchen.
A great kitchen will have easy access to the back yard, as there will be occasions for barbecues and outdoor entertaining. In addition, the kitchen should be easily accessible to the garage so hauling groceries in from the car does not become a horrendous chore.
Consider a Cosmetic Fixer & Improve
Buyers shy away from cosmetically unattractive properties (the reason that so many homes are staged before marketing). An ugly duckling can often be improved with simple and inexpensive enhancements. You may find value in replacing a bad paint job, removing carpets to refinish hardwoods or overlooking clutter that can be removed. Reap the benefits on future resale value.
Posted 2010-05-01 in Real Estate News
