{"id":1922,"date":"2008-05-06T09:33:15","date_gmt":"2008-05-06T16:33:15","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=1922"},"modified":"2008-06-06T07:44:43","modified_gmt":"2008-06-06T14:44:43","slug":"april-reporting-roundup-2","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2008\/05\/06\/april-reporting-roundup-2\/","title":{"rendered":"April Reporting Roundup"},"content":{"rendered":"

Yesterday I predicted that the local reporting would focus on the paltry month-to-month median price increase, backed up by a plethora of quotes from peppy real estate agents. Today’s reporting, for the most part, does not disappoint.<\/p>\n

I’m starting to get the impression as I read some of these articles that the reporters are just as amused by agents’ blatant denial as I am. My sarcast-o-meter is detecting a slight hint of intentional irony in the juxtaposition of facts and figures that paint an increasingly drab picture of the market with upbeat comments from local agents that continue to insist that things are getting better every day. Maybe I’m reading too much into it. You be the judge.<\/p>\n

Click below for the usual roundup of this month’s reporting.<\/p>\n

Elizabeth Rhodes, Seattle Times<\/em>: Home prices in King County continue upward trend<\/a><\/p>\n

With the release today of April home sales statistics, King County’s single-family home prices now have climbed three months in a row \u2014 but still are significantly below a year ago.
\n…
\nStill, the countywide trend is upward, a common price movement in springtime when owners buff up their homes for sale and buyers appear.
\n…
\nHouses were selling briskly, according to a Windermere analysis, which found that a little less than half of in-city houses sold within a 30 days. A quarter more within two months.<\/p><\/blockquote>\n

Wow, everything sure was coming up roses when Ms. Rhodes whipped this quick little piece up. However, today’s more in-depth article wasn’t quite as upbeat.<\/p>\n

Elizabeth Rhodes, Seattle Times<\/em>: Buyers drive hard bargains in Puget Sound area real-estate market<\/a><\/p>\n

With home sales soft, agents like Windermere’s Mark Corcoran say most sellers must make concessions to be competitive.<\/p>\n

Corcoran, whose main territory is North Seattle, recently represented the seller of a $700,000 home that quickly attracted two offers. Both were at least 10 percent below asking price, and his client declined them.<\/p>\n

But with the real-estate market in the doldrums \u2014 April sales and prices were down from last year, according to Northwest Multiple Listing Service figures released Monday \u2014 buyers are driving hard bargains. Turning down an offer could leave sellers waiting a long time for another.<\/p>\n

After about a month, with no buyers in sight, Corcoran’s seller agreed to drop the price 5 percent. That brought a buyer who wanted the house fumigated and the hardwood floors refinished. Again the seller declined.<\/p>\n

Finally, a fourth offer came in. It was for 2 percent below the lower asking price. But that wasn’t all: The buyer also wanted the roof cleaned and repaired, a garage door replaced, a trench dug in the crawl space and several minor repairs.<\/p>\n

This time the seller didn’t dicker.<\/p><\/blockquote>\n

The article mentions the large number of homes on the market several times, but never comes right out and says that the current inventory is at an all-time high (as best as I can measure, going back to 1988), and we’re only in April<\/em>. One other interesting tidbit from this article is a mention of Zillow’s latest quarterly reports<\/a>, which claims that “nearly 30 percent of local owners who bought last year owe more on their homes than they’re worth (source<\/a>).” But, I thought last year was a great time to buy?<\/p>\n

Aubrey Cohen, Seattle P-I<\/em>: Seattle house prices slide in April<\/a><\/p>\n

The latest statistics, released Monday, showed Seattle house prices continuing to wilt during the first full month of spring, while King County as a whole showed signs of rejuvenation.<\/p>\n

Seattle’s median house price was $440,000 in April, down 2.4 percent from March and 8.3 percent from April 2007, the Northwest Multiple Listing Service said. The April median was 12.2 percent lower than the all-time high of $501,000 in August 2007.<\/p>\n

The county’s median house price, $448,500, increased 2 percent from March, making it the highest it has been since September. But it fell 3.5 percent from the April 2007 median and 6.8 percent from the record high of $477,345 in August.
\n…
\nGlenn Crellin, director of the Washington Center for Real Estate Research at Washington State University, said he did not pay much attention to anything other than changes from the same months of previous years, because of typical seasonal variations.<\/p>\n

“The fact that it is down a little bit (year over year), I think, is where the real story is,” he said.
\n…
\nBuyers had more selection and less competition in April than they did a year earlier, continuing the trend of recent months.<\/p>\n

The number of homes on the market in Seattle was up nearly 58 percent in April from a year earlier while pending sales, which are the best indicator of the most-recent activity, were down about 32 percent. The county’s inventory was up nearly 56 percent in April from a year earlier, while pending sales were down 33 percent.<\/p>\n

The listing service, in a news release accompanying the numbers, highlighted that April’s pending sales total for the 19 counties it covers was the highest in eight months, mentioning later that the total fell 32 percent from April 2007.<\/p><\/blockquote>\n

Maybe it’s just me, but that bit about the NWMLS press release seemed to almost be making fun of them (as much as you can get away with in the newspaper anyway), especially in light of the earlier quote from Glenn Crellin about YOY being all that matters. Overall, Aubrey’s article is fairly even-handed. He’s definitely been doing a good job lately of reporting the actual market news, rather than the NWMLS spin.<\/p>\n

Herald Staff, Everett Herald<\/em>: Snohomish County home sales, prices droop<\/a><\/p>\n

Home sales and prices in Snohomish County continued to slump in April, according to the latest numbers from the Northwest Multiple Listing Service.<\/p>\n

The combined median price for local houses and condominiums was $330,000 last month, a 5.7 percent drop from the $349,950 median price posted a year ago.<\/p>\n

Inventory increased by nearly 37 percent, rising to 7,456 homes on the county market.<\/p>\n

Pending sales dropped by nearly 42 percent, and the 732 completed sales marked a nearly 40 percent drop from a year ago.<\/p><\/blockquote>\n

I guess Mike Benbow must be on vacation this week, because this little “just the facts” blurb seems to be all we’re going to get out of the Everett Herald.<\/p>\n

Devona Wells, Tacoma News Tribune<\/em>: Tacoma-area home prices continue to fall, but not quite so fast<\/a>:<\/p>\n

Year-over-year home prices in Pierce County continued to fall in April as sales activity also dropped at the start of the typically hot spring selling season. The median price of a home, including stand-alone houses and condominiums, was $263,051 last month, a 4.3 percent drop from the same month in 2007, according to numbers released Monday by the Northwest Multiple Listing Service.<\/p>\n

It\u2019s the seventh year-over-year price drop in the last eight months. Median means half of all homes sell for more and half for less.<\/p>\n

Sales, meanwhile, fell 18.9 percent.<\/p>\n

Spring did start slowly, said Coldwell Banker Bain agent Margo Hass Klein. But she said traffic in the last couple weeks has increased by at least 10 percent at open houses.<\/p>\n

Buyers, however, continue to try to time the market by watching houses they like and hoping for price reductions, said Hass Klein, a practice she recommends against.<\/p>\n

\u201cI tell buyers, if you like it, what is $10,000 going to mean in a purchase price? If it\u2019s that important, go ahead and wait and chance losing it,\u201d she said.
\n…
\n\u201cWe\u2019ve had 10 months to adjust to this new normal and the market is moving back to a new normalcy,\u201d said Re\/Max agent George Pilant.<\/p>\n

April\u2019s price and sales numbers, Pilant said, came in better than he expected, particularly considering last month\u2019s unusual winterlike weather.<\/p>\n

\u201cSpring was late coming this year,\u201d said Pilant, who\u2019s also a member of the state Real Estate Commission. \u201cIt\u2019s hard during an open house to look out the window and see snow.\u201d<\/p>\n

Michael Handy, a broker\/branch manager at a Windermere office, predicted price increases will make a comeback in 2008 as buyers see that today\u2019s market helps them get what they want for less.<\/p><\/blockquote>\n

Wow, this one has a ton of great nuggets. First we’ve got the scare-mongering “go ahead and try<\/em> to time the market\u2014I dare you<\/strong>,” and agents’ new favorite market measure: the ever-nebulous “traffic at open houses.” Then we have the “new normalcy” nonsense, whatever that’s supposed to mean. And we cap it all off with a nod to our old standby scapegoat: the weather. Top notch stuff here, really amusing. Show us the statistics, then follow it up with a parade of agents in denial, spouting increasingly ridiculous explanations and excuses.<\/p>\n

Jim Szymanski, The Olympian<\/em>: Sun comes out on home sales<\/a><\/p>\n

Rebounding pending home sales last month were a sign that there might be new energy in the Northwest real estate market, Realtors said Monday.<\/p>\n

Pending single-family house and condominium sales in a 19-county region last month reached the highest level since August, the Northwest Multiple Listing Service reported. Northwest brokers reported 6,208 pending sales (offers made and accepted but not yet closed), the highest monthly amount since 7,751 last August. The region includes western and central Washington counties.<\/p>\n

South Sound Realtors said improving weather and buyers with income tax returns in hand are coming off the sidelines to help slowing house and condo sales.<\/p>\n

“The sun’s out, and real estate is going fine,” said Paul Klenk, a Realtor for Van Dorm Realty. “I think we’re going to have a good market this spring and summer.”<\/p>\n

Though real estate agents are optimistic with the coming of spring, sales remain lower this year than last.<\/p><\/blockquote>\n

Szymanski disappoints with his first reporting roundup appearance, doing little more than regurgitating the NWMLS press release. That’s not reporting Jim, that’s just repeating.<\/p>\n

Here’s a bonus for you: a 4-minute radio report from 710 KIRO.
\nTim Haeck, 710 KIRO<\/em>: Home prices fall, sales rise in Puget Sound<\/a><\/p>\n

It was August the last time we saw these numbers for pending sales in Western Washington. More than 6,200 offers accepted, but not yet closed. It might be the end of the housing slump, or it might just be the time of year.<\/p><\/blockquote>\n

I love the picture they include alongside the report, even though it has no caption and doesn’t look like it’s even from around here.<\/p>\n

\"710<\/p>\n

(Elizabeth Rhodes, Seattle Times<\/a>, 05.05.2008<\/em>)
\n(Elizabeth Rhodes, Seattle Times<\/a>, 05.06.2008<\/em>)
\n(Aubrey Cohen, Seattle P-I<\/a>, 05.05.2008<\/em>)
\n(Herald Staff, Everett Herald<\/a>, 05.06.2008<\/em>)
\n(Devona Wells, Tacoma News Tribune<\/a>, 05.05.2008<\/em>)
\n(Jim Szymanski, Olympian<\/a>, 05.05.2008<\/em>)
\n(Tim Haeck, 710 KIRO<\/a>, 05.06.2008<\/em>)<\/p>\n","protected":false},"excerpt":{"rendered":"

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