|December 2010 Listings by Status, Price & Ownership
Residential Properties with Auburn Addresses in King and Pierce Counties
Statistics as of 1/3/2011 for Listings dated 12/1/2010-12/31-2010
|These properties were listed between December 1 and December 31, 2010 and have not yet sold.|
|Price Range||Quantity||Average DOM*||Quantity||Average DOM*||Quantity||Average DOM*|
|Summary Price Information|
|Pending Listings (BackUp Offer Requested)|
|These properties have an offer acceptable to both the Buyer and Seller, however the Seller would like to receive additional offers should the current Buyer not close on the transaction|
|Price Range||Quantity||Average DOM*||Quantity||Average DOM*||Quantity||Average DOM*|
|Summary Price Information|
|Pending (Inspection) Listings|
|These properties have an offer acceptable to both the Buyer and Seller and are currently waiting for a negotiated inspection|
|Summary Price Information|
|These properties have an offer acceptable to both the Buyer and Seller and currently marching towards closing|
|Summary Price Information|
|Sales closed on these transactions during the month of December. Congratulations to all parties!|
|Summary Price Information|
|*Average DOM represents the “days on market” since the home was last listed. If a home listing was cancelled or expired and was then relisted, that Cumulative Days on Market information is not included|
This charming rambler, tucked away in a beautiful country setting in the Tahoma School District, is offered for the first time by the original owners.
Formal living room, dining room and separate family room with corner wood-burning stove. Vaulted ceilings add spaciousness! Large island kitchen with eat-in area includes center island, pantry and sliding glass door access to oversized deck overlooking the back of your .94 acre property. Private master suite includes tile counters and jetted corner tub!
Stay cool in the summer, warm in the winter with central air conditioning and heat pump. Home includes generator wiring, security system and is wired for speakers.
If you’ve always wanted a large yard for play and barbeque, room for gardens, and room for animals, that’s also located with easy access to major highways, this is the place! Come see it!
[srp_profile lat=”47.438753″ lng=”-122.005699″ address=”18127 252nd Ave SE” city=”Maple Valley” state=”WA” zip_code=”98092″]
(courtesy of Cindy Lowden, RE/MAX Select R.E.)
When setting up a listing presentation for potential sellers, one of the important pieces is a look at how today’s average home prices compare to average home prices for the last few years.
Many of the sellers with whom I’ve interacted lately in Maple Valley bought their homes in the last five or six years. Comparing what they paid for the home then with what average prices look like now is one step in determining listing price.
Notice that prices in October of 2010 are below prices for October since 2004! (yikes!) … But looking over the last few months, prices actually seem to be pretty close to prices in 2004. However, it’s important to know that prices are local. What’s happening in your neighborhood may be somewhat different.
Working with a qualified real estate broker will help you determine the market value of your home. Please don’t hesitate to contact me whenever you must make decisions regarding the value of your home.
Quiet & Peaceful perfectly describes this idyllic property located in Ravensdale. The current owner says deer and elk come by to visit now and then, along with other forest creatures!
Of course, with 2.28 fully-fenced & gated acres, you’ll have plenty of room for your own raise critters, to garden, park your toys, or just enjoy the lovely waterfall and pond.
This 1536 sq ft home features a gigantic living room & dining room—both with bay windows, nicely appointed kitchen and laundry, plus three bedrooms. While there’s the true master bedroom, located at one end of the home featuring a private 5-piece master bath, complete with soaking tub, double sinks & shower, the 2nd bedroom opens to another five-piece bath with yet two more sinks, shower and huge oval soaking tub! Could be two master suites in this home!
All of the windows and carpeting were recently updated and the owner just installed a Gen-Tran to guard against possible power outages. In addition to the detached 2-car garage, the owner recently built a roofed and concrete based shelter that could be used as additional parking–great for a boat or RV (he uses it for an outdoor exercise space).
Plus, there’s an outbuilding/loafing shed(?) is currently used for rough storage, with one end as a wonderful roofed and floored dog kennel, complete with dog runs. This building is a bit rough on one end, but certainly usable!
A previous owner had horses and the property has still has some cross-fencing. With just a little renovation, you’ll have great pasture areas!
Title Elimination is complete, plus the home is on a permanent foundation complete with tie downs and concrete pads. Act soon and you’ll be in your new home in 45 days!!
Drop by the virtual tour by clicking the button below, and then call for your own personal tour of this fabulous property. You’ll love it!
[srp_profile lat=”47.3579522″ lng=”-121.913761″ address=”32216 SE Kent-Kangley Road” city=”Ravensdale” state=”WA” zip_code=”98051″]
As we near the end of the year, it’s time to take another quick look at how the real estate market fairs in comparison to previous years. The usual disclaimer applies that this information is gathered by me from the Northwest Multiple Listing Service (NWMLS).
So … as of today, November 10, 2010, here’s what the Auburn Real Estate Market reports for residential sales … all Auburn addresses both in King and Pierce Counties:
We’re holding pretty close to previous months in that about 46% of closed sales are the result of distress situations, a bit higher than most of King County.
To analyze this a bit further, it’s necessary to turn to the official “statistics” as provided by the NWMLS. The following charts report only on the Auburn area as defined by the MLS. This generally includes Algona, Pacific and the overall Auburn area including only King County addresses that are east of West Valley Highway, but extend all the way through the East Hill area up to Crest Air Park, and south into parts of the Enumclaw plateau. It’s a bit skewed, but gives a reasonable representation of the area.
Looking at the chart, I can see that it continues to take almost 120 days to obtain an offer even for well-priced homes, much longer than in previous years. Considering that interest rates are phenomenally low, to some extent I can only surmise that Buyers remain hesitant to make offers — or are making very low, unacceptable offers — due to the continued slow force of our local economy.
However, for properties that actually make it all the way to closing (SOLD!), the time frame is even longer — 169 days! Look back up in this post to the previous snapshot of Auburn to see, however, that 26 of the homes that did sell were either bank or short sale listings. Those take a while!
On a personal note, I saw a considerable uptick in pending offers for my own business during the month of October. Maybe it’s just me? Here’s the chart comparing the actual number of homes that had pending offers — down a bit from September.
Finally, as expected, we continue to be in a solid “Buyer’s Market” in Auburn — it’ll take a little over 11 months to clear all the current inventory of homes — assuming nothing new is listed, of course.
As usual, if you have any questions about this information, or would like to see similar information for the area immediately around your own home, please let me know. I’m always delighted to be of help!
I was directed to a Web site this morning called Foreclosure Radar. Like most sites of this sort, its aim is to get real estate agents to subscribe to their service (for a fee) with referrals to be directed from the site back to the fee-paying agents. I typically avoid these sorts of things as fee-paid referrals up front can be a huge out-of-pocket expense with little or no return.
However, Foreclosure Radar does offer some interesting charts and graphs for foreclosure data. Interesting enough that I thought I’d post them here and then watch the stats for a couple of months to see how they compare, overall, to the stats I run and am able to gather off the NWMLS (NorthWest Multiple Listing Service).
So, with a bit of hesitation, but why not? going on, here are the pertinent September 2010 foreclosure statistics as posted by Foreclosure Radar for Auburn, WA.
Foreclosure Filings is meant to display the number of Notice of Trustee Sales that were filed. A Notice of Trustee Sale is filed no sooner than 30 days after the homeowner receives a Notice of Default.
Foreclosure Radar explains this chart as:” Preforeclosure inventory is an estimate of the number of properties that have had a Notice of Default filed against the property, but have not yet been Scheduled for Sale. The Scheduled for Sale inventory indicates those properties that have had a Notice of Trustee Sale filed, but have not yet been sold or had the sale cancelled. The Bank Owned (REO) inventory indicates the number of properties that have been sold Back to the Bank at the trustee sale, and which the bank has not yet resold to another party.”
There’s an error in the explanation for this chart, but even so I found it a bit disturbing. The Time to Foreclose illustrated here is meant to display the number of days after the Notice of Trustee Sale is filed before the bank actually forecloses. Statutory guidelines indicate that a minimum of 90 days must occur after the the Notice is recorded. As a agent that assists homeowners in selling short sales, I can tell you that in nearly every instance I’ve handled thus far, at least one auction postponement has occurred. What I believe this chart illustrates is that most homeowners are either unsuccessful in selling a short sale, or that they just didn’t try. These are, overall, very tight to that 90 day window!
Here’s the explanation from ForeclosureRadar: “Time to Foreclose—The average number of days between the filing of the Notice of Trustee’s Sale and the final sale at auction for foreclosure sales that occurred during the specified month. Time to Resell—The average number of days between the final sale at auction and when the property was resold by the bank or 3rd party.
As seen here, researching data from multiple sources helps provide a more complete view of what’s really happening in the world of foreclosures and short sales. Be sure to check in here regularly for updates based on real, locally produced, data.
As always, if you are behind in your payments now, or anticipate being so in the near future, please give me a call. A short sale is often the best solution to avoid foreclosure. I can help.
Short sales are a huge part of our area’s current listing inventory and sales statistics. They’re difficult transactions and time consuming. They require specialized knowledge and dedication to the task in order to be successful. They also require impeccable business practices and an adherence to the highest of ethical standards.
The business of real estate … and more specifically at this current time, the business of short sales affects everyone. Not just current homeowners, but home buyers, home sellers, renters. Everyone. We all are touched by housing prices, banking practices with regard to home mortgages, interest rates, etc. I’m sure it comes as no surprise to realize that our economy is hugely affected by whatever is going on in the real estate market.
Short sale listings and purchases will continue to be part of our local economy for another few years. As I write this post on September 17th, I can see that of the 497 active single family residential listings with Auburn addresses, 138 of them are short sales! Almost 28%!
If you need an agent with unparalleled business standards to help you with the process of a short sale … or just to talk through your options should you be facing an inability to make your current mortgage payment for whatever the reason … please don’t hesitate to let me know. I’ll do whatever it takes to be of assistance to you.
Note: If your home is currently listed or if you are working with another licensed real estate broker, this post is NOT intended as a solitation.
Just in time for the start of school, 55 sales closed with Auburn addresses during the month of August, 2010.
Here’s the breakdown:
Residential Sales are Single Family Homes, Manufactured homes are those within parks, not on private land.
Of those closed 39 single family home sales, 14 were bank owned, while 6 more were short sales.
A couple other interesting facts:
Prices for single family homes ranged from a low of $112,500 to a high of $737,900 — and that high priced home had been on the market for a total of 728 days!
Of the total 55 closed sales, 14 of them (25%!!) had been active for less than 30 days before a buyer and seller agreed on a contract, i.e., when the status went to pending, pointing to the fact that sellers are finally understanding that when a home is priced right, it’ll sell quickly!
Housing opportunities for homeless veterans and other homeless individuals working through mental illness in Auburn, WA took a much needed gain on Friday afternoon. As an Ambassador for the Auburn Chamber of Commerce, attending opening ceremonies and participating in ribbon cuttings is just part of the position. However, being touched by the care and compassion demonstrated at the dedication ceremony for Valley Cities Landing on Friday afternoon was truly a priviledge.
Valley Cities Landing is a 24-unit studio apartment complex designed and implemented through the cooperative efforts of the State of Washington, King County, the City of Auburn, and Valley Cities Counseling services.
Located at 2516 I Street NE, the facility is absolutely beautiful! Including the central community center with laundry facilities, each of the units contains a full kitchen and bath and combined sleeping and living area–just like any other well-designed studio apartment. The units are fully furnished — right down to soap in the bathrooms, utensils in the kitchen, and blankets and sheets on the bed. Even nicer, each of the units has either a small courtyard or balcony, complete with a patio table and chairs. Some of the units are set up specifically for disabled access, with kitchens and bathrooms carefully designed for individuals confined to wheelchairs.
Valley Cities Landing is specifically designed to assist veterans and homeless persons that are currently receiving counseling services through Valley Cities. Here they will continue to receive supportive services while living on their own, preparing their own meals, maintaining their apartments and paying a portion of their rent.
For more information about Valley Cities Landing, contact Valley Cities at 253-939-4055.
Over the last few days, I’ve blogged a bit about market updates: Boring but Invaluable Statistics for Auburn and Tedious but Crucial Statistics for Maple Valley, Washington. After yesterday’s Maple Valley post, one reader from another site where I also post these stats, chimed in to say “why are you calling these Tedious?”
Hmmm. With that light admonition in mind, I decided that Real Estate Statistics for Kent, should, at the very least, be classified as “Engaging and Vital.”
Because I live in Auburn, am based out of my Maple Valley office, raised my family in Kent and live only a few blocks outside of the Kent city limits, keeping an eye on what’s happening just down the street is meaningful and useful to my clients.
So here goes.
Suppose you are a client of mine with a home in Kent. You’re considering putting the home on the market and want to know what it’s worth. Logical question, right? Now, as a responsible agent, just one of the steps I consider is what comparable homes in your area are selling for. That quick scan points to a number right around the $350,000 mark.
However, to fully help you consider your home’s marketing path, you must also consider what folks are spending money on in the area. Enter Engaging and Vital Statistic #1:
So … hmmm, what does this chart imply? Well, it certainly shows that your home at $350,000 is well above the average dollar amount for homes sold at any time during 2010 in Kent. As your agent, I’d then want to know “How many homes have sold for around $350,000 in Kent for the last six months?“
Let’s see what the next Engaging and Vital Statistic #2 has to say:
Okay, so it looks like there’s a dramatic difference in price points here. Granted this chart doesn’t narrow down numbers so that we can be completely precise, but here it’s obvious that a house worth $350k had better be priced under that $350k mark. Maybe $345k would be a better number as there’s a striking difference the number of homes sold priced between $300-$349,999 and those priced between $350k-$399,999!
Next question from my savvy potential seller — How long will it take to sell my house? Now, in a live listing presentation, I’d have narrowed down Engaging and Vital Statistic #3 so that it closely met the criteria specific to my pricing recommendation. In the following chart, however, take a look at how long houses are on the market before an offer is received and acceptable to both the Buyer and the Seller; i.e., before a house is Pending:
A quick review shows that WOW, it took a LONG time to get an offer before your home went pending in July — somewhere around 130 days! That’s the longest time since I began tracking statistics in Kent in 2004! However, don’t lose heart, my dear Seller — remember that your time on market will be less, because we’re going to price your home correctly right from the very beginning! Homes that have been on the market for 130 days have certainly had at least one price reduction, but most likely two or more.
So … if I get an offer, will the sale close? GOOD question! It’s surprising how often homes that went pending (remember — pending is an offer where everyone has agreed on all contractual terms) did not actually close. Sometimes it’s because financing failed for the buyer, sometimes the home doesn’t pass muster based on what the buyer wants. Sometimes things happen! … Engaging and Vital Statistics #4 and 5 display the number of homes that went pending … and the number of homes that sold:
Just over 76 homes were pending in July … but wait, it takes some time for houses to close after an offer. Maybe 45 days or so. So let’s look at May and June. Looks like about 85-90 each month. …
… Looks like just over 75 sold (Sale Closed) in July. A few more in June. So approximately what? 8-10% of the homes that went pending did not close.
Looks like I’d (your agent) better be sure that I do my homework when you get a offer to be sure we’ve done everything possible to be sure your Buyer is qualified, that the lender will work hard to do their part, and that the selling agent (the one representing the buyer) is also committed to the transaction.
As you can see, basic statistics such as these tell a story. They help us understand what the “market” is doing specific to your area. They help us understand what some of the difficulties and challenges might be in a transaction.
Engaging and Vital Real Estate Statistics are … well … engaging and vital!