North Sound Property News

About a month ago, I was asked to contribute a real estate column to the Mukilteo Beacon, our local paper.  I was honored to be asked and last week, my first column was published.  How cool is that?  The column will be featured in the Beacon on a monthly basis, the second Wednesday of each month.  Here’s an excerpt of the key parts:

“… 

March Real Estate Data 

According to Northwest Multiple Listing Service (NWMLS) data, in March 2010 there were 20 residential and condominium sales that closed within the Mukilteo city limits.  This is an increase of 66% over March of 2009.  This represents stabilization but not a “recovery” to levels seen in recent years.  Sales volume is still down 28% over the same period in 2008 and is down 61% compared to March 2007, near the peak for our local market.   

What about prices?  The median sale price for a home sold in Mukilteo in March 2010 was down 15% compared to 2009, and down 21% from 2008.  Oddly, however, the median sale price was actually HIGHER than it was in March 2007.  No, this doesn’t mean your home is now worth more than it was at market peak!  It does, however, mean that there was more activity in the high end than there had been in March of that year. 

A better way to determine what is going on with prices of specific homes is to look at the change in average dollars per square foot. This comparison adjusts for differences in size and other factors. The average dollar per square foot cost of a home sold in Mukilteo in March 2010 was $181/sf.  This is down 11% from 2009 and down 27% from 2007.     

Now for the good news!  The first bit of good news is in March pending sales.  March was a busy month for making offers, and we currently have more than 50 homes in Mukilteo in Pending status with offers.  

The reason for this surge clearly seems to be the deadline for the Homebuyers Tax Credit.  All homebuyers who wish to be eligible for this credit must have an offer in place by April 30, 2010 and must close on that sale by June 30.  It does appear that we should see a very active spring with lots of sold signs going up, at least until the deadline runs out. 

The other bright spot is that we are seeing more balanced sales activity across all price ranges.  Since January 2009, homes over $1 million have made up a mere 1.3% of sales in Mukilteo, and homes over $500K have only comprised 29% of sales.  Last month, we saw homes in these price ranges comprising 50% of overall sales.  Looking ahead, Pending sales are showing a similar distribution. 

Lastly, it is important to remember that real estate is a long term investment.  In spite of market fluctuations and global financial crises, there has been a significant pay-off over the last 10 years for Mukilteo homeowners.  Since March 2000, home prices in Mukilteo have increased at an average of almost 7% per year.  This illustrates that in spite of all the bad news we’ve been hearing, Mukilteo real estate is still one of the safest and most secure investments a family can make over the long term .”

About the Author: Sandy Kaduce is Associate Broker of Gallery Homes Real Estate. She serves buyers and sellers in North King and South Snohomish counties. She is 2009 Board President of the Mukilteo Chamber of Commerce, as well as Vice President of Site Selection for Habitat for Humanity of Snohomish County. For more information, visit Sandy on the web at www.sandykaduce.com! Read more from this author