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Market Report for 10/01/2011 - 10/31/2011

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 22%. Bad news is that almost all the increase in sales can be attributed to the increase in bank owned and short sale properties.

Bank owned sales increased from 568 (2010) to 1097 (2011) and short sales increased from 217 (2010) to 351 (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 14-1, with 760 active residential properties to 54 pending sales. 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(11/16/11)
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: 22 % increase	2011	3752
Bank owned: 29 %		1097
Short Sales: 9 %		351
(2010 Bank own 19% 568)	2010	3064
	2009	4012
	2008	3160
	2007	4008
	2006	5586

Market Report for each county: 10/01/2011 - 10/31/2011

For Mason County

Total Sales all categories	2011	64
	2010	61
	2009	79
	2008	62
	2007	105
	2006	174
Residential Sales    0% increase	2011	48
Bank Owned sales        31% of sales		15
Short Sales     6% of sales		3
	2010	48
	2009	60
	2008	48
	2007	73
	2006	113
Vacant land sales	2011	15
	2010	9
	2009	18
	2008	13
	2007	30
	2006	57
Maufactured Homes in parks	2011	1
	2010	3
	2009	0
	2008	0
	2007	1
Multi-Family	2011	0
	2010	0
	2009	1
	2008	0
	2007	1
Business Opportunities & Commercial	2011	0
	2010	1
	2009	0
	2008	1
	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.