Learn about local real estate and housing market trends from The Cascade Team Real Estate.

Sales Dropped 3.5% Last Month

By Blake Ellis

 

POSTED: Thursday, August 18, 2011 UPDATED: 10:56 am EDT August 18, 2011

REAL ESTATE NEWS HERE

NEW YORK (CNNMoney) -- Sales of existing homes fell unexpectedly in July, as strict lending and low appraisals prevented consumers from scooping up some of the cheapest houses since 1970.

 

Sales of previously owned homes tumbled 3.5% last month to an annual rate of 4.67 million, down from 4.84 million in June, according to the National Association of Realtors.

Economists had expected July sales to come in at a much higher rate of 4.87 million homes, according to consensus estimates from Briefing.com.

 From the same month a year ago, sales are up 21%. Meanwhile, the national median home price in July…

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bankofamerica-web_400     Pre-Qualify HERE   By DEREK KRAVITZ mortgage rates have fallen to record or near-record lows. That's good news for the few who can afford to buy a home or are able to refinance. But the rates have done little to lift the ailing housing market.

Freddie Mac said Thursday that the average rate for the 30-year fixed mortgage fell to 4.32 percent this week from 4.39 percent. The 30-year loan hit a record low of 4.17 percent in mid-November.

The average rate on a 15-year fixed mortgage, a popular refinancing option, fell to a record low of 3.50 percent, from last week's record rate of 3.54 percent.

Mortgage rates tend to track the yield on the 10-year Treasury note. A weakening U.S. economy has led many investors to shift money…

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Real Estate News HERE:

KIRKLAND, Wash. (Aug. 4, 2011) – Sellers of more than 7,000 residential properties listed with Northwest Multiple Listing Service members accepted offers on their homes last month, continuing a stretch of five months with 7,000-plus pending sales. Last month‟s 7,182 pending transactions (mutually accepted offers) improved on the year-ago total of 5,571 pendings for an increase of almost 29 percent.

Listing inventory area-wide is down about 16 percent from year-ago levels. As of the end of July, there were 37,465 active listings in the MLS system, which compares to 44,770 for the same month a year ago.

Northwest MLS members added 9,626 new listings of single family homes and condominiums during the month, the fewest since…

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As of July 26, 2011, there are 234 active homes in Sammamish between $400K and $1 Million, a reduction of 8 properties from the prior week.  These Sammamish home for sale have an average price of $620,703, and an average days on market of 111; the same as the prior week.  There are currently 16 shorts sales in Sammamish at an average price of $616,662 and 197 days on market, while there are only 5 Sammamish bank owned homes at an average of $475,140 and 75 days on market.

Next, lets take a look at the pending real estate in Sammamish.  There are two primary classifications of pending properties, the first being "pending inspection".  There are currently 30 Sammamish homes at pending inspection at an average of $617,363 and 102 days on market.  Lastly,…

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As of July 15th, 2011, there are currently 414 active residential homes for sale in Bellevue.  Of the 414 active listings, 17 are bank owned homes in Bellevue, with an average price of $653,229 and 102 days on market, and 38 Bellevue shorts sales, with an average price of $653,722 and 144 days on market.  While the overall listing count came down, there were three more short sales in Bellevue that hit the market last week. 

Between $500K and $1 Million, there are currently 164 Bellevue homes for sale; not including any short sale or bank owned homes.  This current list of single family Bellevue real estate has an average price of $717,814, and an average days on the real estate market of 122.  Home in Bellevue currently in pending inspection have an…

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National Association of Realtors - Washington, DC, July 06, 2011

Most Americans still believe that owning a home is a solid financial decision, and a majority of renters aspire to home ownership as a long-term goal. According to the 2011 National Housing Pulse Survey released today by the National Association of Realtors®, 72 percent of renters surveyed said owning a home is a top priority for their future, up from 63 percent in 2010.

Seven in 10 Americans also agreed that buying a home is a good financial decision while almost two-thirds said now is a good time to purchase a home. The annual survey, which measures how affordable housing issues affect consumers, also found that more than three quarters of renters (77 percent) said they would be less…

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There have been no new condos built in Downtown Seattle since 2007.  It is estimated that inventory of condos in the Seattle area will last anywhere from 12 to 18 more months. So, what happens when that supply runs out and you want to own a condo in Seattle? Well, the experts say your selection will be far and few between.

Check out this video on the state of Downtown Seattle condominiums for sale.

 

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Go Laura go! For those of you who see Laura running up and down the streets of Snoqualmie Ridge, she will be part of only 4 all female teams that run over 190 miles this weekend from Seattle to the Canadian border. Her Team name... Pimp My Stride!  : )

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From Laura Flodin – A LITTLE BLURB ON MY RELAY RACE THIS WEEKEND!!!  LEAVING FRIDAY MORNING.  I RUN  6.8 MILES FRIDAY DAY /  4.7 MILES IN THE DEAD OF THE NIGHT AND AND 3.8 MILES TO WRAP IT UP ON SATURDAY!

PICTURE THIS: Running a relay race through the Seattle area, starting near the border of Canada and winding south, all the way down to Whidbey Island. This running event will push you and 11 pals, day and night, through 190 miles of stunning Washington scenery. Starting in the seaside town of…

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As of July 20, 2011, there are currently 54 residential homes in Ballard for sale at an average price of $431,790 and 124 days on market.  In addition, there are 40 condominiums for sale at an average price of $294,645 and 143 days on market.   There are 16 short sales and 3 properties are currently bank owned.  Overall, it would appear that Ballard is demonstrating some decent real estate activity, but the pending homes in Ballard are showing more promise.

Next, when we look at homes that are in pending status (have an agreed to contract on them), there are 27 of these pending homes in Ballard.  These homes, however, were on the market an average of 56 days; nearly 1/3 the time of the currently active listed homes.  There are also 21 homes recently…

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