Milton Fife Edgewood Housing Market Sets a Scolding Pace up 23.7% OPY

Milton Fife Edgewood Housing Market Sets a Scolding Pace up 23.7% OPY!

The Milton Fife Edgewood neighborhoods in Washington State are setting a blistering pace for the housing market. The number of homes sold this month is up 47.8% over last year and the YTD number is 53.0%. The average price of a home was up 23.7% with an average of $250807. That is the highest monthly average in almost 2 years.

MLS Inventory is Way Way Down

MLS Inventory is down for Western Washington including Federal Way!!

Here is what all the news is about and why home prices are rising. The number of good homes on the market is at all time lows. This is putting pressure on the buyers that are out there to pony up the first time around or risk losing the home. There is still some garbage homes out there that the banks are trying to get rid and the investors are snatching those. Check these numbers out!!!

Two of the Most Important Charts in Real Estate for Federal Way WA

I think these are two of the most important charts affecting real estate in the Federal Way area and for the entire State of Washington. The first chart shows the inventory levels. As you can see they are at 8 year lows and they are significant lows, sometimes being down as far as 40% from the previous year and half of what they were during the height of the market in 2008. These numbers are affecting price and buyer attitudes. The second chart is the number of vacant homes that have sold compared to occupied homes. I believe this is an indicator of a healthy market. In order for the entire system to recover we need move up buyers. Move up buyers are owners that sell to move up to a more expensive home. A typical buyer will spend 1.5 times more on their next home. IE if a sellers home sells for $200k they will usually buy a $300k home. If most of the homes are vacant then these people have more than likely lost the home and moved into a rental. There will be some home owners with the ability to move out and buy a home at the same time but that number is relatively low. Using Bellevue WA as a bench mark you can see what areas are still struggling and which are on their way to recovery.

NE Tacoma Real Estate Stats Shows some promise!

Northeast Tacoma Real Estate Market showing steady signs of recovery!

After a slow February, March looked promising for Northeast Tacoma WA. The number of homes sold increased 14.9% YTD and 38.9% OPY. The Average Price of a home YTD was up over 27% and 21% OPY. Since this is a smaller market the numbers can be scewed by just a couple of pricey homes sold but the median price of a home held steady also. 

Milton Fife Edgewood WA area Real Estate Market Looks Good!!!!

Milton Fife Edgewood Area Real Estate Markets Looks Great!!

The stats for March in Milton Fife and Edgewood area show some excellent signs of improvement. The number of sales are up 55% over last year and the Average Sales Price is up 11.6% OPY and 11.9% YTD. The number of homes sold in March 2013 was up over 136% from 2012. That is a huge jump. April 2012 showed some serious slow downs in number of homes sold with 23 so we expect 2013 to be a huge increase also.

Home Sales Stats for Federal Way WA

Federal Way WA Showing Some Stability in the Housing Market

Federal Way is showing signs of stabilty. Even though the current stats for the number over homes sold compared to last year are down a little, the trend and the magnitude of the drop are pretty insignificant. Down a mere 4.8% or 7 homes. The good news is that the average price of a home in Federal Way is up 5.2% year to date. That is up over a down 2012 but the next couple months should be very telling.

Indi in her new backyard

Meet Indi. This is her first visit to her new backyard provided by her parents. They bought her a house with it but she wasnt as excited about that.