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Market Report for 11/01/2011 - 11/30/2011

Now is the time to buy -- interest rates at an all time low; home prices are low.

Good news is that the interest rate is at a all time low of 3.99% for a 30 fixed mortgage and sales increased in this 13 county report by 23%. Bad news is that almost all the increase in sales can still be attributed to the increase in bank owned and short sale properties.

Bank owned sales increased from 657 (2010) to 955 (2011) and short sales increased from 255 (2010) to 386 (2011). Interest rates continue to decline. Today the rates are down to 3.99%. Remember, each 1% rise in interest reduces your purchasing power by approximately 10%. The active to pending ratio in Mason County is over 13-1, with 681 active residential properties to 53 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:

3.99%	$251,657.29(12/15/11)
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: 23 % increase	2011	3542
Bank owned: 27 %		955
Short Sales: 11 %		386
(2010 Bank own 23% 657)	2010	2890
	2009	3947
	2008	2130
	2007	3585
	2006	5364

Market Report for each county: 11/01/2011 - 11/30/2011

For Mason County

Total Sales all categories	2011	48
	2010	46
	2009	77
	2008	32
	2007	84
	2006	135
Residential Sales    45% increase	2011	42
Bank Owned sales        45% of sales		19
Short Sales     2% of sales		1
	2010	29
	2009	61
	2008	25
	2007	53
	2006	82
Vacant land sales	2011	5
	2010	15
	2009	11
	2008	7
	2007	29
	2006	46
Maufactured Homes in parks	2011	1
	2010	2
	2009	0
	2008	0
	2007	1
Multi-Family	2011	0
	2010	0
	2009	4
	2008	0
	2007	0
Business Opportunities & Commercial	2011	0
	2010	0
	2009	1
	2008	0
	2007	0

*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.