Looks like a Sellers market but still acts like a Buyers market.  Inventory is low and Buyers are negotiating great deals.

Inventory:

The number of houses for sale continues to drop from last year and last month - not unusual for this time of year though.  The North Seattle neighborhoods have as low as 3.2 months supply of houses for sale and on the high end are the Edmonds condos at 7.9 months of supply.  Overall King County inventory is at 4.2 months.

Short Sales and Foreclosures:

King County's short sales and foreclosure active listings are about 30% of inventory.  On the low end is Redmond with only 15% of active listings being in the foreclosure and short sale market and Kirkland condos are at the high end at 49%.  Foreclosures and short sales are up from October from 1 to 6 percentage points in most areas.

Prices:

In November, King County's median and average prices were down 11%.  Better than October's year over year comparison which was down 12% (average) and 15% (median).  Sammamish continues to be faring the best with a stable 1 to 4 percent rise in median prices and the Kirkland condo market's comparison is down 36% from last year.  I've been seeing some unbeleivable good deals in the Kirkland condo market.

Inventory:

Inventory continues to drop from last year and last month, (not unusual for this time of year though); condos included.  The North Seattle neighborhoods have as low as 3.3 months supply of housing for sale and on the high end are the Capitol Hill condos at 8.8 months of supply.

Short Sales and Foreclosures:

King County's short sales and foreclosures active listings are about 40% of inventory.  On the low end are North Seattle condos with only 10% of active listings being in the the foreclosure and short sale market and Kirkland condos are at the high end at 47%.

Prices:

Last month prices were down 9% from last year.  This month King County's average prices are down 12%.  Sammamish continues to be faring the best with a stable increase in median prices from 1-4% and the Capitol Hill condo market was down 14% from last year.

Other Highlights:

It really is all about location.  Each neighborhood has a different story:

North Seattle continues to see multiple offers on well priced properties and days on market are only 29.  Even townhomes are selling faster than last year.

Bellevue's days on market are 40.  Foreclosure percentage is at 15% which is comparably low.  About 82% of pending sales close which is comparably high.

Shoreline's median prices went from down only 2% (September numbers) to down 7% with October's sales. Their foreclosure rate is 23% and days on market are 56.

Bothell is looking better at 6% down from last year and only 4.4 months supply of available housing. 

The down markets are still condos: Capitol Hill 14%, North Seattle 11%, Edmonds 10%, (Downtown condos are down only 2% from last year -- this is a good sign!).

Single family dwellings currently in the downtrend are consistent with last months numbers:  Edmonds and South Seattle both 11% down from last year.

All over King County, inventory is dropping.  Some neighborhoods have as low as 3.8 months supply of houses for sale.  That is a seller's market and as long as houses are listed competitively, many sellers are getting more than one offer.

King County's short sale and foreclosure market is about 20% of inventory and prices are down 8% from last year.

I track many neighborhoods and am glad to give you statistics and trends on any neighborhood or area you are interested in.  Here are some highlights:

Shoreline looks like it could be starting to stabilize with prices being only 2% down from last year.  Comparing this to most neighborhoods - it's good!

Sammamish has consistently been 2-4% up from last year.

The down markets are currently Edmonds (prices haven't indicated this much of a drop until now and this is actually Snohomish County) and South Seattle, both 11% down from last year.

Most neighborhood prices are up and down from month to month.

The condo market is still down although some neighborhoods are beginning to look better.  Downtown has the appearance of a possible stabilization and I believe this is where it will first begin.

March 2011 Statistics:

King County:
MEDIAN PRICE:   $363,852 (up a little bit from last month)
DOWN 12% FROM LAST YEAR (this was -14% last month)
South King County: Kent, Federal Way, Auburn have more short sales and foreclosures, bringing King County price difference from year to year up.

INVENTORY: 10,500
6.9  MONTH SUPPLY (last month we had an 8.7 month supply)
Less inventory.

AVERAGE MARKET TIME: 117 days

Median Prices for houses is still looking stable around different neighborhoods.
These prices are compared to a year ago:
   North Seattle:  $410,101 EVEN (last month  +1%)
   Edmonds:  $341,281 DOWN 6% (last month -5%)
   Bothell:  $343,195 DOWN 3% (last month -2%)
   Bellevue:  $548,727 EVEN (last month even too)
   Sammamish:  $574,821 UP 2% (last month +2%)
   South Seattle:  $280,169 DOWN 8% (last month -9%)

Overall the housing market is improving. 

Median Prices for Condos compared to a year ago are stabilizing as well but not at the same rate as Single Family Residences:
   Downtown:  $395,083  UP 2% (this is the first positive condo statistic I've seen, last month -4%)
   Capitol Hill:  $275,765 DOWN 5% (last month -2%)
   North Seattle:  $229,279 DOWN 7% (last month -6%)
   Edmonds:  $262,266 DOWN 7% (-7% last month too)

The condo market recovery could be starting downtown!

Compare Median Prices for different neighborhoods:

12 month median sale price percent change is based on a comparison of the rolling average/median price for the last 12 months: 4/1/11 - 3/31/11 with the 12 months before 4/1/10 - 3/31/10.
Statistics are not compiled, posted or verified by the Northwest Multiple Listing Service (MLS).

How to survive an earthquake is not what I learned as a child.  The following are extracts from Doug Copp's article on "The Triangle of Life":

When buildings collapse, the weight of the ceilings upon the objects or furniture inside crushes these objects, leaving a space or void NEXT to them - NOT under them.  This space is what I call the "Triangle of Life".

The larger the object, the stronger, the less it will compact. The less the object compacts, the larger the void, the greater the probability that the person who is using this void for safety will not be injured.

TIPS FOR EARTHQUAKE SAFETY:

1) Most everyone who simply 'ducks and covers' when buildings collapse are crushed to death.  People who get under objects, like desks or cars are crushed.

2) Cats, dogs and babies often naturally curl up in the fetal position. It is a natural safety/survival instinct. You can survive in a smaller void. Get next to an object, next to a sofa, next to a bed, next to a large bulky object that will compress slightly but leave a void next to it.

3) Wooden buildings are the safest type of construction to be in during an earthquake. Wood is flexible and moves with the force of the earthquake. If the wooden building does collapse, large survival voids are created. Also, the wooden building has less concentrated, crushing weight. Brick buildings will break into individual bricks.  Bricks will cause many injuries but less squashed bodies than concrete slabs.

4) If you are in bed during the night and an earthquake occurs, simply roll off the bed.  A safe void will exist around the bed.

5) Most everyone who gets under a doorway when buildings collapse is killed.  If you stand under a doorway and the door jamb falls forward or backward you will be crushed by the ceiling above.  If the door jamb falls sideways you will be cut in half by the doorway.

6) Never go to the stairs.  The stairs have a different 'moment of frequency' (they swing separately from the main part of the building).  The stairs and remainder of the building continuously bump into each until structural failure of the stairs takes place.  The people who get on stairs before they fail are chopped up by the stair treads.  Even if the building doesn't collapse,stay away from the stairs.  The stairs are a likely part of the building to be damaged.  Even if the stairs are not collapsed by the earthquake, they may collapse later whne overloaded by fleeing people.  They should always be checkd for safety, even when the rest of the building is not damaged.

7) Get near the outer walls of buildings or outside if possible - it is much better to be near the outside of the building rather than the interior.  The farther inside you are from the outside perimeter of the building the greater the probability that your escape route will be blocked.

8) People inside of the vehicles are crushed when the road above them collapses (San Francisco Nimitz freeway).  They can easily survive by getting out and sitting or lying next to their vehicles.  All of the crushed cars had voids of 3 feet high next to them except the ones that had columns fall directly across them.

9) I discovered, while crawling inside of collapsed newspaper offices and other offices with a lot of paper, that paper does not compact.  Large voids are found surrounding stacks of paper. 

Make an Emergency Survival Kit

At a minimum, have the basic supplies listed below. Keep supplies in an easy ­to ­carry emergency preparedness kit that you can use at home or take with you in case you must evacuate.

• Water—one gallon per person, per day (3 ­day supply for evacuation)
• Food—non­perishable, easy ­to ­prepare items (3­day supply for evacuation)
• Flashlight
• Battery ­powered or hand­crank radio (NOAA Weather Radio, if possible)
• Extra batteries
• First aid kit
• Medications (7­day supply) and medical items
• Multi­purpose tool
• Sanitation and personal hygiene items
• Copies of personal documents (medication list and pertinent medical information, proof of address, deed/lease to home, passports, birth certificates, insurance policies)

• Cell phone with chargers

• Family and emergency contact information 
• Extra cash
• Emergency blanket
• Map(s) of the area

Consider the needs of all family members and add supplies to your kit. Suggested items to help meet additional needs are:

• Medical supplies (hearing aids with extra batteries, glasses, contact lenses, syringes, cane)
• Baby supplies (bottles, formula, baby food, diapers)
• Games and activities for children
• Pet supplies (collar, leash, ID, food, carrier, bowl) 
• Two-­way radios
• Extra set of car keys and house keys
• Manual can opener

Additional supplies to keep at home or in your kit based on the types of disasters common to your area:

• Whistle
• N95 or surgical masks
• Matches
• Rain gear
• Towels
• Work gloves
• Tools/supplies for securing your home
• Extra clothing, hat and sturdy shoes 
• Plastic sheeting
• Duct tape
• Scissors
• Household liquid bleach
• Entertainment items
• Blankets or sleeping bags

Wondering what projects pay off when you plan to sell your home and are considering remodeling?  Recouping costs varies from state to state and city to city. 

In the Seattle area, you'll get more bang for your buck with mid-range projects versus upscale remodels for your kitchen and baths:

On average, minor and major mid-range kitchen projects net you 75% when selling your home. This includes: replacing cabinet fronts and hardware; matching, new energy efficient appliances; replacing laminate counter tops (granite versus Corian but there are plenty of options); a mid-priced sink and faucet; and flooring.

An upscale kitchen remodel only gives you a 64% return.

A mid-range bath remodel gives you back about 70% and if you choose an upscale approach, you'll get about 64% back.

When putting your home on the market, your best dollar spent is  a mid-range entry door; it gives you a 108% return in Seattle.  Curb appeal is important and your front door is pretty much the first impression.
The national average is 102%.

Seattle home buyers choose a basement remodel as second place with a 79% return; nationally second place goes to a new garage door.

The garage door is third in Seattle netting you close to 79%.

And although new windows only get you a 70-72% return in Seattle, buyers really look at the windows when considering their purchase.  Vinyl replacement gives you a little higher return over wood.

This information is gathered from the "Remodeling 2010-11 Cost vs. Value Report" (www.costvsvalue.com).

I get a lot of questions about property tax assessment valuations. The King County Official Property Value Notices start coming out in April and you have only 2 months from the date of receipt to appeal your taxes, so let me give you an idea of how that works.

Here's how property valuation is calculated:

King County establishes a land value, which the state requires them to value as if it is vacant.

Then they use different methods (Market (comparable sales), Cost (reproduction or replacement cost, less depreciation) or Income (income or capitalization of economic rents) to analyze total market value by selected areas.

From there they subtract the amount for land to come up with the building value.

In addition to this statistical analysis to determine value, all properties are physically inspected once in every six year cycle.

And then your property valuation is calculated like this:

To determine your property tax rate, officials divide the total amount of money needed for your district by the total value of property in your district. Then, they add up all the levy rates of the various taxing districts in which your property is located. The assessed value of your property, multiplied by the combined rate, produces a tax amount which is your fair share of the total property tax levy in your area.

It is possible that your property taxes can increase even if your appraised value decreases.  This is because half of your property tax is based on your neighborhood approved tax levies for services such as schools, parks and more.

So, should you appeal your property taxes?

Are properties similar to your home in your neighborhood selling for less than your King County appraised value?

You will need evidence to support your appeal which is three comparable properties in your neighborhood with lower taxes.  An appraiser or Realtor can help you with that.

Then you fill out a Petition Form for Real Property and file no than later than July 1 of the Assessment year or within 60 days from the mailing date on the front of the Official Property Value Notice, whichever is later.

Get the Tax Assessors Office involved by phoning them on 206-296-7300.

You'll first, receive an acknowledgement letter and then a formal response from the Assessor in two to six months.  20-25% of the petitions filed each year are granted from this first response without an additional hearing.

If you have a hearing this is what to expect:

It is an informal review you attend with the Assessor's representative.  You have the opportunity to show your previously submitted arguments and evidence.

Each party will have the opportunity to question the other party's evidence.

One or two Board Members typically preside over the hearing.  

It lasts about 40 minutes.

Another 25-30% get their appeals granted this way.

The answer is mailed within two weeks of the hearing.

Convincing evidence is the key. 

I'm happy to set you up with some good neighborhood comparable information!

March 20 I climbed 1,311 stairs.  It was my 15th consecutive year of donating my lungs for the Big Climb for Leukemia. 

I had a team of three this year ... sometimes I do it on my own but it's my way to stay in shape by training all year.  We raised close to $1,000.

The climb is at the Columbia Tower, downtown Seattle, 69 flights.

I think I did pretty good this year ... 22 minutes!

King County:
MEDIAN PRICE:   $354,950
DOWN 13% FROM LAST YEAR

INVENTORY: 10411
8.7 MONTH SUPPLY

12% of sales are Short Sales and Foreclosures.

AVERAGE MARKET TIME: 118 days

Median Prices for houses are still looking stable around different neighborhoods.
These prices are compared to a year ago:
   North Seatte:  $413,178 UP 1% (4 month supply)
   Edmonds:  $345,615 DOWN 5%
   Bothell:  $345,904 UP 2%
   Bellevue:  $550,290 EVEN (13 month supply)
   Sammamish:  $572,514 UP 2%
   South Seattle:  $279.752 DOWN 9%  (11 month supply)

Median Prices for Condos compared to a year ago are stabilizing as well but not at the same rate as Single Family Residences:
   Downtown:  $381,417  DOWN 2%  (7 month supply)
   Capitol Hill:  $279,165 DOWN 2%  (10 month supply)
   North Seattle:  $233,348 DOWN 6%  (11 month supply)
   Edmonds:  $256,014 DOWN 7%

Overall compared to last month, most areas are seeing slightly higher prices, more sales and less days on the market.

Compare Median Prices for different neighborhoods: