Listing/Pendings are staying as strong today as they have the last couple of years and even a little better. Currently, on the Island we have 224 residential listings of which 40 are under contract, or 18%. In 2010 there were 252/45 at 18%; 2009 there was 252/33 at 13%. So even though inventory is very low, homes are selling!
The hot market seems to be in the $400,000-550,000 range. Multiple offers have been reported in this price range! In the $600,000-800,000 range there are 41 listings and 8 are under contract, representing 20%. The good news is that we are seeing the higher end range picking up as well. In the $800,000-$1,000,000 there are 25 listings and 6 are under contract, representing 24%. Over $1,000,000 there are 47 listings and 4 are under contract. Pretty good, considering that not one home over a million dollars sold in our first quarter of the year. This shows that the market is picking up!
Personally, I’ve never seen so many cash buyers out there! Many buyers are just circling just waiting for their perfect home to come on the market so they can swoop in and buy it.
Rates are still holding nicely as well:
Conforming (loan amounts up to $417,000)
30-year fixed = 4.875%
15-year fixed = 4.125%
5/1 ARM = 3.375%
Agency High Balance (loans up to $475,000 in Kitsap Co.)
30-year fixed = 4.95%
15-year fixed = 4.25%
30-year fixed = 4.75%
Jumbo (loans over $475k up to $1 million)
30-year fixed = 5.375%
5/1 ARM = 4. 5% (0 points)
7/1 ARM = 4.875% (0 points)