June 3rd, 2009
Top 20 Employers in Mason County Washington
Most of my past blog topics have been about Mason County and the Pacific Northwest lifestyle and local real estate statistics. I have written about the variety of outdoor recreation we enjoy, the splendor of the Olympic Mountains and the distinctive history of the villages, hamlets and towns that make up rural Mason County in the state of Washington.
There are hundreds of miles of salt and freshwater shorelines. We are known for the many scenic and popular launches for kayaking, boating and fishing. There are numerous trails and trailheads for hiking and exploring. County and State Parks are abundant for camping and play. And of course there is The Hood Canal…deep water diving, oysters and shrimping. Mason County is truly a very cool Pacific Northwest location for engaging in recreation.
But what about… Work? Employment? Jobs?
Mason County has a Labor Force of approximately 25,695. Nearly 30% plus of the workers are employed outside the County. Our unemployment comes in at around 7.0%. Mason County employ’s about 14,719 with an average wage per job at $31,061. The list of the top 20 Mason County Employers is an interesting study of the economics of rural Mason County
Here is a List of the Top 20 Mason County Employers:
EMPLOYER (employees) 2008 2009
1. Little Creek Cassino 714 720 Tribal
2. Shelton School District 675 675 Public
3. Washington Correction Center 646 657 Public
4. Mason General Hospital 511 475 Public
5. Wal-Mart 406 430 Retail
6. Mason County 421 360 Gov’t
7. North Mason School District 358 351 Public
8. Taylor Shellfish, Inc 400 325 Private
9. Olympic Panel Products 340 280 Manufacturing
10. Squaxin Indian Tribe 237 249 Tribal
11. Simpson Timber 360 170 Timber
12. Fir Lane Health 140 153 Health Care
13. Island Enterprises 104 145 Tribal
14. Alderbrook Resort 125 125 Hotel/Spa
15. Skokomish Indian Tribe 130 124 Tribal
16. Safeway 96 121 Grocery
17. Mason County PUD 3 116 116 Utilities
18. Fred Meyer 114 115 Retail
19. City of Shelton 127 105 Gov’t
20. Mason County Forest Products 177 101 Timber
Is Mason County job opportunities akin to other rural Counties in the Nation?
May 27th, 2009
A Time of Remembering
On Monday May 25, 2009 at 1200 hours, Veterans, families and community members gathered together in the Allyn Waterfront Park for a Memorial Day Observance. This event has been a North Mason Tradition for the past 10 years. The event was presented by the Allyn Community Association, North Mason Chamber of Commerce and the Port of Allyn.
Our close nit community’s Observance of Memorial day is very special. There is a part within the program where attending Veterans are given a moment to speak about their service, share a war tale or two and to remember and give thanks for those whose gave the ultimate sacrifice.
This year we paid special tribute to those “Greatest Generation” Veterans who served during World War II and Korea. We also recognized the spouses and families who kept the home fires burning and made sacrifices for the nation during that time. We even heard from a “Rosie the Riveter” who shared a few stories.
Each time I host this portion of the program, I am humbled and awed by the number of Veterans who turn out. The living history these veterans offer is extraordinary. All branches of the Services are represented. All the Veterans share a unique bond of Brotherhood.
In fact, many of the Veterans have expressed that, although this is one of the toughest Veteran Events for them to attend, it is also the most Healing.
I too am a Veteran. I served in Vietnam with the 25th Infantry Division - March 68 to March 69. Memorial Day is very special to me. It is a time of Remembering. I will not let people forget the sacrifice of the fallen.
Freedom isn’t Free! Those who fight for Freedom do so in belief of it!
May 12th, 2009
Pending Real Estate Sales up for April 09 in Mason County
A review of the April 2009 pending real estate statistics for Mason County had a 5.7% positive growth compared to April 08. In April 08 there were 70 pending and for April 09 pending sales numbered 74.
Property for sale was down 17.1% for April 09 at 734 active listings compared to the 885 active’s a year ago. The same goes for Sold properties where there were 47 recorded sales in April 09 compared to the 63 Sold in April 08.
Months of Inventory based on Closed Sales went lower from March 09 of 21.0 to 15.6 for April 09. The Months of Inventory based on Pending Sales was 9.9 for April 09.
The Average Active List Price was slightly higher in April 09 at $305,000. The Average Sold price in April was $146,000 compared to the $155,000 a year ago. Average sq. ft price County wide was $104.00 per foot. A year ago at this time it was $155.00.
The Sold Price to List Price percentage difference for April 09 was 96% compared to a year ago at 97%, not to bad. However, the Sold Price to Original List Price percentage difference was 89% in April 09.
Days on Market averaged 108 days for those properties that sold. The Median price was $140,000.
May 1st, 2009
Mason County Real Estate Sales Market Report
Mason County Real Estate Sales during the period of April 1 through April 15 2009 posted 41 total sales in the amount of $4,394,732.
Single Family Resale’s on less than 5 acres totaled 24 Sales. Land sold with a mobile recorded 6 sales, 5 sales of Platted Lots, 5 Short Plats and 1 Unplatted parcel. There were no sales of New Single Family, Single Family Resale’s on more than 5 acres, Multi-family, Commercial or Condominiums.
Area A (Shelton, Arcadia, Kamilche) reported 14 sales in the amount of $1,381,631. Area C ( Ayers Point, Belfair, East Shore) also reported 14 sales in the amount of $1,932,851. Area B (Harstene Island, Agate) posted 4 sales totaling $313,750 and Area D (Triton Head, Hoodsport, Union) recorded 9 sales in the amount of $766,500.
The Highest Price for a Single Family Resale for this period was in LakeLand Village in the amount of $407,950. The Lowest Price Home Sold in the County was $12,933. It was a 1 Bedroom, 1 Bath cabin in the Twanoh Falls area.
The Average Sold price for a Single Family Resale during this period was $127,143 and the Median was $113,750. A Lot’s average price came in at $19,990.
A closer review of the Mason County Sales Analysis, year- to- date sale numbers, show that 42.473% of all County real estate sales are Single Family Resale’s on less than 5 acres. Platted Lots represented 17.742% of the sales followed by Short Plats with 13.978% of the sales. Mobile Homes with Land were 10.215% and Unplatted Land was 5.914%.
Multi-Family home sales came in at 2.688% followed by Single Family Resale’s (on more than 5 acres), New Single Family and Commercial sales each coming in at 2.151%. Condominiums sales were 0.538%.
Loans and Mortgages for this period show that 151 loans were recorded in the amount of $37,200,319. The average rate for a conventional 30 year real estate loan was 4.86%.
April 24th, 2009
Free Community Workshop was a Success
The “Real State of Real Estate” Community Workshop was a great success this past Thursday Evening April 23 at the LakeLand Village club house in Allyn, Washington, were it was well attended by Realtors, homeowners and individuals interested in Short Sales, Tax issues and Loan Modification.
It was an exceptional educational event.
The event was hosted by the Agents and Staff of Windermere Peninsula Properties, Allyn and Belfair offices and I had the privilege of Moderator.
The three panelists included: Mike Spence, Real Estate Attorney with Harrison Benis & Spence, LLP of Seattle, Washington, Catherine Ann Wolf CPA Belfair, Washington and Vickie Nunez with Wells Fargo Mortgage Shelton, Washington.
Workshop participants were provided with informative handouts, for example: A Chart showing “The Foreclosure Process”, a “Realtor Short Sale Guide”, a detailed checklist “that a Lender is going to need from a Seller”, Graphs illustrating the “Short Sale Participants” and an excellent handout on the subject of “Qualified Principal Residence Indebtedness” with accompanied examples. All this information, discussion and questions answered provided FREE!
April 24th, 2009
Mason County Waterfront Property Statistics
For those interested in Waterfront Properties Statistics, Mason County had 192 waterfront properties for sale during the month of March 2009. In March 2008 there were 204 waterfront properties on the market.
Sales of Waterfront properties were down -66.7% for the month of March 2009 with the posting of 3 waterfront properties Sold compared to the 9 that Sold for the same period of 2008. However, Pending Sales showed some improvement with a March 2009 total of 8 Pended compared to 12 Pended during March 2008.
Mason County has been averaging 214 Waterfront Properties for sale per month for the past 15 months. Sold Waterfront Properties have averaged 9 sales per month for the past 15 months. Late spring and summer of 2008 averaged 16 sales per month.
Currently, Mason County waterfront properties “months of inventory” based on Closed Sales is 64 months and 24 months of inventory based on Pended Sales.
The average Active Price for waterfront properties is presently $488,000 with an average Square Foot Price of $165.00 per foot.
The percentage difference of the Sold price and List price is 96%. The percentage difference of the Sold price and the Original List price is 90%. Average “Days on the Market” for Waterfront properties that sold was 137 Days.
In the 98528 zip code there are currently 42 waterfront properties for sale.
Good news for March 2009 is that 3 waterfront properties have sold compared to the 2 that sold in March 2008 that is a percentage change of 50%.
The average Active Price for waterfront property in zip code 98528 is $525,000 with a current average Sold Price of $181,000.
April 13th, 2009
A List of “Hardships” Banks will Consider
April 23, 2009, The Real State of Real Estate will be hosting a workshop for Mason County homeowners who are seeking answers to Short Sales, Foreclosure etc.
One Topic that will be discussed is the Hardship Letter.
Most of us are aware that Lenders are asking for hardship letters when considering a Loan Modification or Short Sale. Below is a list of “Hardships” I believe the banks will consider when making a decision on a clients loan.
Hardship letters should be kept short, simple and to the point. They are not asking for the letter as a reason to feel sorry for you. They simply want to know what lead to your current situation.
The banks are currently being inundated with letters and phone calls. I think the best way to get their attention is to be thorough when filling out the paperwork and include a “Straightforward” Hardship Letter; stick to the facts and cooperate anywhere you can. A call once every day or two is helpful. Never assume that they have everything…Double Check!
Here is an sample list of hardships that lenders may consider during the loan workout process:
- Adjustable Rate Mortgage Reset- Payment Coca(uncommon, but we will see more lenders accept this in the future)
- Illness
- Loss of Job
- Reduced Income
- Failed Business
- Job Relocation
- Death of Spouse or C0-Borrower
- Death
- Incarceration
- Divorce
- Marital Separation
- Military Duty
- Reduced Income
- Medical Bills
- Damage to Property (natural disaster or unnatural)
Plan on attending the FREE Workshop on Thursday April 23, 6pm to 8pm at the LakeLand Village Club house, 470 E Country Club, Allyn Washington. Topics such as this will be discusssed and Real Answers provided
April 10th, 2009
Mason County Washington Real Estate Statistics for March 09
The Mason County March 2009 real estate report for listings, sold and pending are down from this time last year. For example, in March of 2009, the County listed 701 single family homes for sale compared to the 816 that were for sale in march 2008; that is a change of -14.1%.
The County sold 52 homes during March 2008. This past March the number of homes sold was 31; a change of -40.4%.
The Pending sales report for March 09 was 65 while March 08 it was 72; a change of -9.7%.
In zip code 98528:
Mar 08 Mar 09 % Change
For sale 137 112 -18.25
Sold 9 6 -33.3%
Pending 13 11 -15.4%
In zip code 98524
For Sale 74 50 -32.4%
Sold 3 2 -33.3%
Pending 4 1 -75%
The County’s months of inventory based on closed sales during the period of March 09 was 22.6, it was at 15.7 months one year earlier. Average active price in March 09 was $303,000 while the average sold price was $140,000. One year ago the average active price was $313,000 with an average sold price of $232,000.
The average square footage price has dropped considerably from a year ago. In March of 09 the average square foot price was $100.00 compared to $144.00 a year ago.
The sold price to list price was 94% in March of 09. A year ago sold/list price difference was 98%. A really interesting statistic is the sold price difference from the original list price – in 09 it was 84%, a year ago it was 93%.
Days on market for homes sold in March of 09 was 120 days compared to a year ago of 133. The median price in March 08 was $195,000 while in March 09 it was $130,000.
April 8th, 2009
Mason County Real Estate Sales Summary for March 1 - March 15,2009
Here is a summary of the Mason County Real Estate Sales for March 1 through March 15, 2009.
There were 23 total real estate sales within the County in the amount of $3,002,500. Single family resales accounted for 11 of those sales followed by 3 New Single family, 3 unplatted land sales, 2 short plat sales and 2 platted lots.
There was 1 sale of a single family on 5+ acres and 1 commercial sale.
Real Estate Sales by Area:
Area A – (Shelton, Arcadia,Kamilche) 7 Sales $890,000
Area B – (Hartstene island, Agate) 3 Sales $455,000
Area C – (North Mason ) 5 Sales $953,500
Area D – (Hoodsport,Union) 8 Sales $704,000
Prices for single family resales ranged from a high of $299,000 in the Happy Hollow area of Belfair and the lowest priced unit was a single family home in Shelton selling for $75,000. The average price for this period was $158,864 with a median price of $145,000. Lots averaged $54,250.
On the Loan and Mortgage side there were 146 loans closed in the amount of $26,848,826. It appears that refinancing is still very active. Conventional loans were the most common, totaling 110 loans, followed by 6 VA’s, 8 Private loans, 14 ARM’S and 8 FHA’s.
The average conventional 30 year real estate loans were 4.96%. Adjustable rate loans were 4.86%.
Reminder: Plan to attend the free workshop from 6 to 8 p.m. on Thursday, April 23, at the LakeLand Village Clubhouse, 470 E Ranch Road in Allyn. An attorney, accountant and mortgage bank professional will be available to answer questions for homeowners, the real estate community and anyone interested in getting straight answers on how to avoid foreclosure and protect one’s investment.
April 8th, 2009
Community Workshop for Homeowners in Distress
Not all homeowners have the luxury of waiting out the recession before putting their homes on the market – some can no longer afford their monthly payments or may have to relocate. There are many reasons why someone must sell a home and they typically have to sell it immediately. In our current market, that translates into the painful prospect of selling a home for less than the outstanding mortgage obligation. While few homeowners can afford that option, it can be an unfortunate reality for many.
Everyone will agree that the “American Dream” is home ownership, not home foreclosure. Vacant homes do not make a community!
ON Thursday April 23, 2009 from 6:00 p.m. to 8:00 p.m. at the LakeLand Village Club House, 470 E Country Club in Allyn, Washington, Windermere Peninsula Properties will be hosting a Community Workshop.
The goal of “The Real State of Real Estate” Workshop is to educate local residents about the options, solutions and resources available that could help them keep their homes. This will be a great opportunity to speak with professionals who care and can offer free and valuable advice.
Speakers will include Mike Spence, Seattle Real Estate Attorney; Belfair CPA Catherine Ann Wolf; Vickie Nunez, Wells Fargo Home Mortgage. I, Richard Bell Managing Broker for Windermere Peninsula Properties, will moderate.
For more information please contact Richard Bell at 360 275 5002 or email at: rbell@windermere.com. More information is available at http://therealstateofrealestate.com.