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    Friday
    Apr052013

    Is 2013 going to be a good year for Real Estate in Seattle/Bellevue?

    The national housing market had some bad news at the end of 2012 and some good news however for 2013.  The Commerce Department reported that home sales fell 7.3% in December 2012 from November 2012.  But housing analysts who looked past the headlines see a lot of reasons for optimism in some more positive long-range trends for 2013 and 2014.
    “The market is 52% as strong as it was prior to the 2008 crash,” according to a housing index created by online real estate marketplace Trulia.  For it’s monthly Housing Barometer, Trulia crunches three indicators: U S Census construction data, National Realtors Association existing home sales, and the delinquency and foreclosure t=rates from mortgage-data firm Lender Processing Services.  And while 52% is a bad score on an exam, 52% is the highest score the real estate market has seen since the real estate boom.
    Economics Professor Mark Perry of the University of Michigan-Flint said: “There are almost no housing indicators showing weakness.  Construction starts hit a 54-month high in December 2012, reaching 954,000 on an annualized rate, a 37% jump over last year.  U S existing sales rose more than 9% to 4.65 million in 2012, their highest annual level in 5 years.  And the combined delinquency and foreclosure rate is at its lowest level in 4 years, according to LPS.”
    Chief economist, David Crowe, for the National Association of Home Builders (NAHB) says: “People are also remodeling their homes with renewed vigor, suggesting homeowners believe that house prices will continue to raise.”  Earlier in the week the NAHB said it’s Remodeling Market Index reached 55 in the final quarter of 2012, the highest reading since 2004.  Any reading over 50 shows that remodeling is growing.
    Seattle’s Real Estate Market is right in line with the national trends and in some area well ahead of the trends.  Inventory is very low on both sides of the lake.  Looking at Seattle’s (core Seattle neighborhoods), numbers right now, today, there are a total of 773 homes and condos that are currently active, 944 homes and condos are Pending, and 496 that closed in the last 30 days.  On the Eastside as of today there are 1141 Active Listings, 1469 Pendings, and 613 properties that have closed in the last 30 days.
    That’s a very strong market in Seattle and the Eastside.  Although the total numbers of sales are still about 15% below where there were in 2007, we are in a very strong sellers market right now.  Springtime historically is when we see most sellers putting their homes on the market however and over the next few months we should see a little more inventory but most likely not at the level that will balance out the market.  Lenders are still pretty stingy with who they give loans to but the number of qualified buyers increased by about 15% from 2011 to 2012, and buyers are gaining more confidence that the real estate market in Seattle has stabilized and prices have started to increase.  Prices in the greater Seattle Real Estate Market increased by about 5% in 2012, but most of that increased was felt in the second half of the year.   We could see another 10% increase in home prices by the end of 2013.

    The national housing market had some bad news at the end of 2012 and some good news however for 2013.  The Commerce Department reported that home sales fell 7.3% in December 2012 from November 2012.  But housing analysts who looked past the headlines see a lot of reasons for optimism in some more positive long-range trends for 2013 and 2014.“The market is 52% as strong as it was prior to the 2008 crash,” according to a housing index created by online real estate marketplace Trulia.  For it’s monthly Housing Barometer, Trulia crunches three indicators: U S Census construction data, National Realtors Association existing home sales, and the delinquency and foreclosure t=rates from mortgage-data firm Lender Processing Services.  And while 52% is a bad score on an exam, 52% is the highest score the real estate market has seen since the real estate boom.Economics Professor Mark Perry of the University of Michigan-Flint said: “There are almost no housing indicators showing weakness.  Construction starts hit a 54-month high in December 2012, reaching 954,000 on an annualized rate, a 37% jump over last year.  U S existing sales rose more than 9% to 4.65 million in 2012, their highest annual level in 5 years.  And the combined delinquency and foreclosure rate is at its lowest level in 4 years, according to LPS.”Chief economist, David Crowe, for the National Association of Home Builders (NAHB) says: “People are also remodeling their homes with renewed vigor, suggesting homeowners believe that house prices will continue to raise.”  Earlier in the week the NAHB said it’s Remodeling Market Index reached 55 in the final quarter of 2012, the highest reading since 2004.  Any reading over 50 shows that remodeling is growing.Seattle’s Real Estate Market is right in line with the national trends and in some area well ahead of the trends.  Inventory is very low on both sides of the lake.  Looking at Seattle’s (core Seattle neighborhoods), numbers right now, today, there are a total of 773 homes and condos that are currently active, 944 homes and condos are Pending, and 496 that closed in the last 30 days.  On the Eastside as of today there are 1141 Active Listings, 1469 Pendings, and 613 properties that have closed in the last 30 days.That’s a very strong market in Seattle and the Eastside.  Although the total numbers of sales are still about 15% below where there were in 2007, we are in a very strong sellers market right now.  Springtime historically is when we see most sellers putting their homes on the market however and over the next few months we should see a little more inventory but most likely not at the level that will balance out the market.  Lenders are still pretty stingy with who they give loans to but the number of qualified buyers increased by about 15% from 2011 to 2012, and buyers are gaining more confidence that the real estate market in Seattle has stabilized and prices have started to increase.  Prices in the greater Seattle Real Estate Market increased by about 5% in 2012, but most of that increased was felt in the second half of the year.   We could see another 10% increase in home prices by the end of 2013.

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