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Market Report for 12/01/2011 - 12/31/2011

Well, we were snowed in like most people here in Western Washington. We had about a foot of snow in the Shelton area. It is good to see it melting away! Here is the last market report for the year 2011. As we enter the year of the Dragon, let's look forward to improvement in the housing market!

Good news is that the interest rate is even lower at 3.88% for a 30 fixed mortgage and sales increased in this 13 county report by 4%. Bad news is that we are still seeing a lot of sales in bank owned and short sale properties.

Bank owned sales increased from 871 (2010) to 1049 (2011) and short sales increased from 351 (2010) to 445 (2011). Interest rates continue to decline. Today the rates are down to 3.88%. Remember, each 1% rise in interest reduces your purchasing power by approximately 10%. The active to pending ratio in Mason County is over 12-1, with 654 active residential properties to 56 pending sales. About the same as last month. A good ratio is 5-1. Pricing in the market continues to slide and may not correct until the inventory of bank owned and short sale homes is reduced, and this is going to take a while

The interest rate makes a big difference in your Purchasing Power. For example, as interest rates change, with a monthly payment of $1200, you can purchase as follows:

3.88%	$255,035.29(1/21/2012)
4.50%	$236,833.39
5.00%	$223,537.94
6.00%	$200,149.94
7.00%	$180,369.08
8.00%	$163,540.19
9.00%	$149,138.24
10.00%	$136,740.98
11.00%	$126,007.62
12.00%	$116,661.10

 Counties (Grays Harbor, Island, Jefferson, King, Kitsap, Lewis, Mason, Pierce, San Juan, Skagit, Snohomish, Thurston, Whatcom) in western WA

Residential sales: 4 % increase	2011	3723
Bank owned: 28 %		1049
Short Sales: 12 %		445
(2010 Bank own 24% 871)	2010	3591
	2009	3604
	2008	2480
	2007	3398
	2006	5050

Market Report for each county: 12/01/2011 - 12/31/2011

For Mason County

Total Sales all categories	2011	50
	2010	62
	2009	68
	2008	50
	2007	68
	2006	124
Residential Sales    45% increase	2011	40
Bank Owned sales        43% of sales		17
Short Sales     10% of sales		4
	2010	43
	2009	57
	2008	35
	2007	47
	2006	79
Vacant land sales	2011	6
	2010	9
	2009	10
	2008	15
	2007	19
	2006	41
Maufactured Homes in parks	2011	4
	2010	1
	2009	0
	2008	0
	2007	0
Multi-Family	2011	0
	2010	0
	2009	0
	2008	0
	2007	0
Business Opportunities & Commercial	2011	0
	2010	2
	2009	5
	2008	7
	2007	16

*Information collected from the NWMLS system.  Rules do not allow brokers to send out information in a broadcast form.  If you want actual information on property please send a request to John and the information will be sent to you. 

For a "Quick and Easy" search program for properties in Mason County --  Go here.