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Washington Real Estate Market Report for 2012

If you are considering buying a home in Washington State, Sammamish Mortgage is the Pacific Northwest’s number one choice for home lending needs. By providing some information about the Washington housing market of 2012, we give prospective buyers some useful information regarding the current state of affairs in Washington. The Washington real estate market report for 2012 offers some hope for those of you looking to buy or refinance a home in Washington.

Washington Housing Market 2012 Facts and Figures

Here is a snapshot of the Washington Real Estate Market, updated October 8, 2012:

Listing Type

Number

Median Price

Price Change
from September

Homes for Sale

64,185

$200,180

-0.9%

New Homes

158

$258,195

0.0%

Foreclosures

16,464

$213,000

-0.5%

 

Home Prices and Mortgage Interest Rates

The median home price is the most often used measurement to compare real estate prices and is less biased than the mean (average) price because it’s not affected by the small number of homes that are priced very high. According to the table above, the median price of a Washington home in 2012 is $200,180 whereas in 2011, the median price of a Washington home was $224,180. What influences how far the price of homes can rise? Factors such as the cost of borrowing money, the ability to borrow money, and the ability to make payments all influence how far the price of homes may rise.

Regarding mortgage interest rates in Washington, in September we reported that mortgage rates for 30-year loans have been on a steady decline. The good news for Washington home buyers is that mortgage interest rates in the West have been the lowest of all regions, so homebuyers here can enjoy some of the lowest mortgage interest rates in the nation. You can save money over time by locking in at a low mortgage interest rate to buy or refinance a home.

As you can surmise, there is a great deal of information to take into consideration, especially for first-time home buyers, and that’s where the team at Sammamish Mortgage comes in—we give straightforward, honest advice, and we have the information you need to make sound financial decisions.

Buying or Refinancing a Home? Market Trends to Note

Check out Sammamish Mortgage’s “Mortgage Rate Chart” for up-to-date information on Seattle and Bellevue mortgage rates for different types of loans. Our instant rate quote system provides specific information about interest rates and closing costs that you may find extremely helpful. While Seattle mortgage rates are changing all the time, the information provided on our site will at least give you an idea of what to expect for your Washington or Oregon home loan.

Here are some trends noted in the Seattle, Washington housing market according to Loopnet.com:

  • Asking prices for multi-family Seattle homes are down from 2011 for state, metro and county homes
  • Office property asking prices are down from 2011 for state, metro and county properties
  • The number of listings for multi-family properties in the metro area increased 7.7% in July over the past year
  • Multi-family property days on market has increased to 121 days on the market before turning over, 6.1% longer than the same month in 2011
  • Retail property days on market, 245, is up 11.9% from 2011

If you are a Washington State first time home buyer, researching past market trends for neighborhoods you are interested in is very important. Allow plenty of time to find the ideal home for you and your family; find the best mortgage interest rates available to save money and make your home-buying experience as enjoyable and stress-free as possible.

Please contact a Sammamish Mortgage representative by calling toll free (800) 304-6803 or completing our online contact form.

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