Northsound Events Calendar

The Mukilteo Chamber's long-awaited summer concert takes place Saturday August 4th at the Village Center in Harbour Pointe. The bands scheduled to play include: Tweety and the Tomcats, Soundview, Bad Habit, Janine Elf and The Stephen Grace Band. The concert starts at 2pm and goes until 8pm. There will be food tents and a beer garden for those 21 and over so the concert should be a great opportunity to meet and greet Mukilteo residents and enjoy a free day of good music. Mukilteo.

Further afield, Seafair weekend is this weekend. I-90 bridge closes today and tomorrow from 9am to noon, and of course the Blue Angels will be doing their thing through Sunday. As usual, this will give local "uptight Seattleites" plenty to complain about what with the noise and all. As for me, I will thrill to the sound of F-18 Hornets as they scream overhead any time I can. I am a Navy brat and an Air Force veteran after all--that's not noise, it's the sound of FREEDOM.

I jest. It's actually the sound of 40-year old technology. But seriously, I don't mind the noise--it makes the heart palpitate, which is a sensation I kind of enjoy.

If that doesn't make you feel better about the noise then just remember folks--the hydros and the Blue Angels are a couple of the last celebrations we have of Seattle's blue collar heritage. Think of it as a way to remember that Seattle is the town airplanes and lumber mills built.

And the Seafair airshow is usually pretty good, if you like airshows. I realize there are those who don't but in the interest of full disclosure I submit that I am married to a Boeing engineer so by default, I like airshows. Seattle.

Other stuff

Thursday

A summer concert series planned at Alderwood mall, featuring food, music, book readings and special activities, runs from 5 to 9 p.m. Thursdays through Aug. 23. Go to http://www.alderwoodmall.com/ and click on "events."

Open mike night for musicians and poets at Zippy's Java Lounge, 7 p.m. Thursdays, 1804 Hewitt Ave., Everett.

Friday

Farmers Market at Country Village, 10 a.m. to 3 p.m. Fridays through September, 23718 Seventh Ave. SE, Bothell.

Free First Friday Afternoon 3 to 5:30 p.m. Friday at Imagine Children's Museum, 1502 Wall St., Everett. For more information, go to http://www.imaginecm.org/.

Edmonds Outdoor Movie Night, at dusk Friday, Frances Anderson Center playfield, 700 Main St., Edmonds. Bring a blanket or lawn chair. Call Edmonds Parks and Recreation at 425-771-0230.

Saturday

The Future of Flight Aviation Center offers a "Day of Learning" 9 a.m. to 3 p.m. Saturday, 8415 Paine Field Blvd. Mukilteo. For information and tickets, call 800-464-1476 or go to http://www.futureofflight.org/.

Edmonds Museum Farmers Market, 9 a.m. to 3 p.m. Saturdays through Oct. 28, Bell Street between Fifth and Sixth avenues, Edmonds. 425-774-0900.

Mukilteo Chamber Concert (see above)

Sunday

Everett Farmers Market, 11 a.m. to 4 p.m. Sundays, 1600 W. Marine View Drive, Everett.

NEXT WEEK

Wednesday

Music on the Plaza Concert Series from 11:30 a.m. to 1:30 p.m. at the Snohomish County office campus, 3000 Rockefeller Ave., Everett. The concert series runs each Wednesday through Aug. 22. 425-388-3186.

Mukilteo Farmers Market, 3 to 7 p.m. Wednesdays through Oct. 5, 304 Lincoln Ave., Mukilteo.

North Sound Round Up, Part Two

Mukilteo's mayor got a raise, but the pay is still less than the mayors of other nearby cities of similar size, and by my estimation, he is also paid less than the salary of a good administrative assistant. Now, I don't purport to be an expert, but I am thinking the job of mayor is more complex, by far, than what your average administrative assistant would be expected to handle.

Part of the issue with bringing the pay scale for the position of Mukilteo's mayor in line with what a mayor of a city this size would be expected to earn, is the question of whether or not the job should be a full time one or not.

According to Mayor Joe Marine, the job is effectively a full time one whether it's paid as such or not. Others in the community feel that the mayor's job should remain a part time position. When Marine was elected, the position was understood to be a part-time one so some people feel that when Marine chose to run for the office, he should have been prepared to do what he was elected to do based on the pay scale as offered.

I think there is probably some merit to that argument, but on the other hand, I think this is part of a larger problem that the city of Mukilteo seems to have with adapting to change. It seems to me that what once worked for Mukilteo as a small town, can't be expected to work as the city continues to grow. The last 20 or so years has transformed what was once a sleepy little town into now a fairly large suburb. And I would expect that the growth will continue with the healthy economy that we enjoy. So, pretending that we are still a town too small to need infrastructure, to need planning, and to need full time employees to help manage the growth that we are experiencing, seems rather short sighted to me.

Now that I've thrown my hat into the ring on THAT little argument...

Across Puget Sound from Mukilteo, the Clinton ferry terminal on Whidbey Island has been renamed for late Washington Senator Jack Metcalf. I had the good fortune in my life to be acquainted with Mr. Metcalf growing up on Whidbey Island. He was a good man--had a farm not far from our home in Langley and I have fond memories of going to his farm to buy fresh, unpasteurized milk. I also experienced electric fencing for the first time on his farm! He was described by the Seattle Times as "having a reputation for independence and quirkiness." Sounds like a Whidbey Islander to me!

Finally, a real estate tidbit from the Zillow Blog. Today's post called, "Selling or Buying, Better Check that Calendar!" talks about the best time to list or buy a home. No, they are not talking about which month of the year is the hottest buyer's or seller's market. The topic is what day of the week, is the best time to list or make an offer.

Best time to list? Thursday morning. List any earlier in the week and your listing is stale by the weekend. Wait any longer, and you could miss some of the buyers that are searching for homes to tour that weekend. Thursday also gets you on the hotsheet for the buyer's agents that are planning tours for their clients.

Best time to buy? The first Tuesday morning of any month. Why? Because sellers will have just paid their mortgage on the first of the month (ouch!) and by Tuesday they will have given up on receiving any other offers based on the previous weekend's showings.

I think these are interesting thoughts, but there are a couple of other things that clients need to consider. For instance, when listing your home in my area, a Thursday listing will eliminate the possibility of getting your home seen on our Broker's Open, since those occur on Thursday. And in my office, our office tour is Wednesday, so a Thursday listing would mean that clients wouldn't be able to be on tour until the following week.

Mukilteo on Money Magazine's Top 100 Places to Live!

Mukilteo is number 69 on the Money Magazine "Top 100 Places to Live," one of only four Washington communities to be featured. Other Washington towns to make the top 100 are Silverdale on the Kitsap peninsula in 99th, Camas in the Portland/Vancouver area at number 63, and Sammamish on the Eastside, which came in at number 11.

So how does Mukilteo stack up against the rest of the Top 100?

Median family income is a little lower, with the average family earning $83,569 compared to $90,316 for other communities in the Top 100. Job growth in the area is higher at 15.83% versus 13.41% for the rest of the Top 100. Real estate is more expensive here, with the average home in Mukilteo being priced at $401,510 compared to an average of $359,352 for the rest of the Top 100. On the other hand, property taxes are lower, as is auto insurance. And while sales tax here is higher than other towns in the Top 100, there are no income taxes in Washington state, so our overall rate of taxation is well below the average for the Top 100.

As for schools, approximately 100% of students in Mukilteo attend public schools, compared to 91% for other towns in the Top 100. Test scores for reading are .7% lower than other towns in the Top 100, but math scores are 17% higher. This makes sense given our proximity to Boeing and other high-tech employers.

Mukilteo is also one of the more diverse communities in the Top 100. The average racial diversity index for the Top 100 is 59.2%, while Mukilteo scored 81.3%, with higher numbers indicating higher levels of racial diversity.

Click here to see how Mukilteo stacked up in all other areas considered by the Top 100.

Northsound Weekend Calendar

There are lots of fun things to do in the Mukilteo and Everett area this weekend. With a slight cooling in the weather, it's a great time to get outside!

Friday, July 13th

Wine Tasting - Wicked Cellars
Everett's Wicked Cellars is hosting a wine tasting of eclectic wines from around the world. 4 -6 pm, 2616 Colby Avenue, Everett. Call (425) 258-3117 for more information.

Everett Cinema Under the Stars
Take advantage of a balmy evening and see "Over the Hedge" at Everett's Cinema Under the Stars, an annual, summer-long festival featuring movies shown at Thornton A. Sullivan Park at Silver Lake."Over the Hedge," a family-friendly animated film, will begin at 7 p.m. tonight at the park, at 11405 Silver Lake Road in Everett.

For more information, call 425-257-8322.

Saturday, July 14th

Mukilteo Garden and Quilt Tour
The Mukilteo Garden & Quilt Tour promises to be an outstanding event for local gardeners and quilt lovers. The tour runs from 10 a.m. to 5 p.m., rain or shine

Jetty Island Sunset Harbor Cruise
Be dazzled by the splendor of the sunset over Port Gardner Bay. Enjoy the sights and discussions with a Jetty interpretive naturalist. This popular cruise happens only four times in conjunction with late-night campfires, and it always fills up. Call the Jetty Kiosk for reservations at 425-257-8304.

Sunday, July 15th

Sand Castle Building Contest
Test your sculpting skills against some of the region's most creative amateur builders in this increasingly competitive contest. Or just come to have fun! Bring digging tools, buckets and your imagination. Prizes awarded.All ages welcome for single or group entries.

All Weekend

Jetty Island Days
Jetty Island Days are still in progress. Ferry runs on the half hour between Everett 10th Street Marina and Jetty Island dock. Take the ferry or rent a kayak to get to the island (or, hitch a ride with a friendly boater).

For more ideas, see this article from the Everett Herald, Top Ways to Spend the Day.

Swing for the Fences

Here in Boeing-land, you can't swing a dead cat without hitting someone that either works for the big B or is married/related to someone who works there. When I was a kid growing up here, nearly everyone I knew had a dad or an uncle working for Boeing. Naturally, my rebellious nature caused me to swear I would never marry a Boeing employee. But, time has a way of proving us wrong, so naturally, when it came time to marry I married a Boeing engineer.

So yes, we are a Boeing family, like many other thousands of Boeing families here in the "Northsound service area." Quite a few of my clients work for Boeing, many of them on the 787 project, so it was with a special sense of pride that we watched the 787 roll out last Sunday.

Boeing is the largest employer in my little corner of the world, and while I wouldn't say we are a one horse town, Boeing is definitely a major driver of the local economy. One metric I've heard is that for every one Boeing employee, there are 5 to 10 other individuals in local businesses that depend on him for their job.

And while the North King/South Snohomish county area is now a bedroom community for Seattle and the Eastside as well as Everett employers like Boeing, the housing market here still rises and falls with Boeing's business outlook. Since the 787 project began, we've seen a huge number of people come here to work on the project, and I've had the good fortune to work with many of them. There's been an excitement surrounding the project that has spread to the community at large. On Sunday, that excitement finally bore fruit.

After all, it's not like we get a moment like this every day. The day of the 747 roll out is still etched clearly in the minds of a lot of people around here. That was nearly 40 years ago. This is the first new plane program to roll out in nearly 15 years. And it wasn't too long ago that the pundits were saying that Boeing's days as the leader in the commercial aerospace market were numbered. So Sunday meant a lot, to a lot of us.

And not just because it's good for the local economy. A few years ago on 9/11, the aerospace industry was hit hard. REALLY hard. It was a real blow to a lot of people in our neck of the woods. So, for us, Sunday's ceremony wasn't just a chance to share in a moment of civic pride. To a lot of us, it marked the triumph of American ingenuity over those who would like to harm us.

We were hit hard, but we came back swinging for the fences.

Mukilteo Market Stats - June

Here are the market stats for the month of June in Mukilteo.

Sales activity was strong, with twice as many properties going under contract and closing in the month of June as were listed. However, we had a fairly large backlog of inventory coming into June, so even with the increasing sales activity, we still have a 2 month supply of inventory as of June 30.

As an aside, we calculate supply by looking at the number of listings on the market and dividing by the number of listings that went under contract or sold during a given period. Last month, we had a 2.5 month supply of inventory, which means that at the current rate of sales, it would take 2 fewer weeks to sell through the entire stock of housing inventory in Mukilteo than it would have during May. This tells us that things have in fact picked up for the summer.

I would classify this as a healthy market, if somewhat slower than last year (last year we only had about a 1 month supply of inventory). A balanced real estate market (a market that is neither a buyer's market nor a seller's market) occurs when there is about 2 to 4 months of inventory, though some would classify as a buyer's market any inventory levels of more than 6 months, and a seller's market as inventory levels of more than 6 months. Clearly, here in Mukilteo we are in a balanced market that leans towards still being a seller's market. But, with inventory levels up over the last two years, buyers definitely have more leverage than they have had in some time.

One sector of the market that plays a big role in how days on market numbers as a whole pan out is properties over $1,000,000. These properties comprise about 10% of the market in Mukilteo, and typically, we expect to see longer market times in this sector of the market. And this is what we are seeing. Currently, it is taking an average of 130 days to get properties in this price range "under contract" and it is taking an average of 139 days to get them to sell. But we have several properties in this price range which have been on the market in excess of 250 days, which has increased days on market figures for Mukilteo as a whole.

That's my analysis, here's the data. All statistics are hand calculated by me, using NWMLS data, and include Mukilteo (in city limits) ONLY for the period June 1, 2007 through June 30, 2007:

Active Listings
Listing Count: 92 (this includes ALL listings currently on the market, regardless of date listed)
Average Time on Market: 88 days
Median List Price: $622,475
Average $ Per Square Foot: $259

There were 25 new listings in the month of June

Under Contract (includes Contingent, Active STI and Pending)
Listing Count: 21
Average Time On Market: 55 Days
Median List Price: $579,900
Average $ Square Foot: $252

Sold Listings
Listing Count: 29
Average Time On Market: 123
Median Sale Price: $620,820
Average $ Square Foot: $238

This graphic shows the breakdown of time on market for properties currently listed. Last month, about 54% of our inventory was less than 30 days old. This month, we are seeing more balance between new and older listings.

Mukilteo July Goings-On!

Mukilteo Chamber of Commerce just sent out its Chamber calendar for July. Here it is!

By the way, you don't have to be a member to attend a function (if there is a charge you just pay a dollar or two more), and it is a great way to meet all the business-people that make Mukilteo special.

After Hours Social

Hosted By: Sound Accounting Solutions (Troylyn Goldsberry) & Loan Network (Kathryn Hale)Address: 829 2nd St #4 (old town Mukilteo)Phone: 438-2920
Date: Thursday July 12th
Time: 5:30-7:30pm

Please join us for our July After Hours Social to be hosted by chamber member Sound Accounting Solutions & office partner Loan Network. Hope you can stop by for some appetizers, wine, beverages, networking and enjoying the summer evening with fellow chamber members.

General Membership Breakfast Meeting

Date: Thursday July 19thTime: 7:30 am
Place: Harbour Pointe Golf Course

Cost: $10 (Members) & $12 (Guests) * please make checks payable to The Pointe Restaurant

Guest Speaker: TBD“5” minute chamber speaker: NW Double Agents (Jeanmarie Trapp & Gordon Matheson with John L. Scott – Mukilteo)

Raffle tickets are 4 for $1.oo and proceeds benefit our scholarship fund.

Mukilteo Family YMCA
Groundbreaking Celebration

Date: Wednesday, July 11thTime: 5:00-7:30pm
Place: Mukilteo YMCA – 10601 47th Pl W.

Program: 5-5:30pm = Member BBQ & Social Time5:30-6:00pm = Groundbreaking Celebration: 6:00-7:30pm = Community Celebration & BBQ continue

Celebrate the expansion of the Mukilteo Y!

Volunteers Needed – Mukilteo Lighthouse Festival

The Mukilteo Lighthouse Festival Association is looking for volunteers to help out with:

· The Run-A-Muk (August 25th between the hours of 7am-10am)

· The Tour-de-Muk (August 26th between the hours of 7am-11am)

Please contact Kathy Wisbeck or Mimi Landsberg and staff @ the Lighthouse Festival office @ 353-5516 or info@mukilteofestival.org

Also--don't forget the Art Walk in Old Town on the last Wednesday of the month, and Farmer's market at Rosehill Community Center every Wednesday afternoon!

Mukilteo / Everett News Roundup

Here is some of the latest news for the Mukilteo / Everett area:

July 5th marks the opening day for the Jetty Island Ferry. If you have never visited Jetty Island, you are in for a treat as it is a great family day trip and arguably Snohomish county's best beach. The ferry only runs to the island from now until Labor Day, so don't miss your chance to enjoy the sandy beaches, warm water, and natural beauty of this great beach. You can also observe the local kite surfers, who flock to this beach and park for its predictable westerly afternoon breezes.

The Mukilteo Art Walk is seeking artists to display their works at the next Art Walk on July 25th.

Everett/Mukilteo Summer Fun

With school FINALLY out and 4th of July right around the corner, I thought this would be a great time to post some community calendar information. Here are some fun summer activities that are going on in or near Mukilteo and Everett during the summer months.


4th of July Celebrations

Everett Community Parade sponsored by the Everett Jaycees: 11 am on Wetmore and Colby Avenues, between Wall and 26th Street.

Family Freedom Fest at the Everett Navy Station: Tour the aircraft carrier Abraham Lincoln, and enjoy all the other fun events! All day.


Thunder By the Bay: 10:15 over Port Gardner. Best viewing is at Naval Station Everett, Grand Avenue Park, Harborview Park, 10th Street Boat Launch, and Legion Memorial Park.


For all the activities the City of Everett has planned on the Fourth, visit their website.

Family Fourth at Lake Union (Seattle)

Fourth of July-Vars (Seattle)



Farmers Markets


Edmonds Farmers Market, Saturdays from 9 to 3 at the 5th and Bell parking lot

Everett Farmers Market, Sundays from 11 to 4 in the Lombardi's parking lot on W. Marine View Drive

Mukilteo Farmers Market, Wednesdays from 3 to 7 at the Rosehill Community Center in Old Town

For a complete list of farmer's markets in the Puget Sound area, check out this link at the King county website.

Garden/Home Tours

Mukilteo Garden and Quilt Tour from 10 - 5, rain or shine, on July 14th.



Arts & Entertainment

Mukilteo Artwalk--last Wednesday of the month in Old Town Mukilteo. See Mukilteo Arts Guild website for more details. Through September.

Open Mike Night--Every Wednesday evening from 6 to 8 pm at Whidbey's Coffee in Old Town Mukilteo, through Sept. 12.

Concerts

Mukilteo Chamber Concerts in the Park--August 4, 2 to 8 pm in the Harbour Pointe Village Center.

Snohomish County in 2040

The Puget Sound Regional Council has released Snohomish County growth projections for the year 2040. The City of Mukilteo is expected to nearly double in size as compared to 2000 census numbers, as is downtown Everett. North Edmonds, on the other hand, is projected to be one of the slowest growing areas in the county.

To see how your Snohomish County neighborhood is expected to change, click here:

HeraldNet: Your Neighborhood in 2040

Mukilteo Multimodal Terminal Stalled

According to the Mukilteo Beacon, The planned Mukilteo Multimodal Transit Station, which was supposed to combine the Mukilteo Ferry terminal with a bus and train station for Sound Transit routes, has run aground. A "significant funding gap" exists, which means that the project is being delayed for an indeterminate amount of time, pending environmental and feasibility studies that could push completion to as late as 2011 or 2013.

Aside from funding, issues also exist with the site currently being proposed, which is prone to liquefaction during an earthquake.

This is unfortunate for Mukilteo's waterfront businesses, residents of the Old Town area, and for Whidbey Island ferry riders, as the current ferry terminal / bus station is unable to handle current and projected traffic levels. On Friday afternoons, it can be extremely difficult to get from South Mukilteo to Old Town and the waterfront due to the amount of ferry traffic using the Speedway from Olympic View Middle School to the turn at Mukilteo Boulevard.

Now, anyone who knows me, knows that I am a girl who believes in public transit. But I would say that currently, public transit really underserves the City of Mukilteo. To use the Sound Transit train means driving either to Everett or Edmonds stations, and then having very few ride times to choose from. Buses serve the area more often, but still provide limited options in terms of routes. And ferry traffic is a nightmare for residents on both sides of the water.

Neighborhood Review: Harbour Pointe Village

Another new feature I'm bringing to the blog is "reviews" of different neighborhoods/subdivisions in the areas I serve, i.e., Mukilteo and Everett. I think this is interesting information for anyone considering buying a home in the area, and it helps with the "I don't know what to write!" problem that I have been having. Structure is good, at least it is for me.

The first neighborhood I'm reviewing is called Harbour Pointe Village--it happens to be the neighborhood where I live.

Harbour Pointe Village is a newer subdivision of about 250 homes in the planned community of Harbour Pointe in South Mukilteo. It's rather unique in Mukilteo in that it is the only community of moderately priced homes (under $650,000) that is situated on the Harbour Pointe Golf Course, and it is the only neighborhood in Mukilteo that has adopted some of the principles of New Urbanism, such as Walkability, Connectivity and Increased Density, into its design.

Homes in Harbour Pointe Village range from about 1,800 square feet up to 2,400 square feet, with lot sizes ranging from 3,000 square feet up to about 5,000 square feet. About 25% of the homes face directly onto Harbour Pointe Golf Course, and as you would expect, these homes tend to come in on the upper end of the price range for the neighborhood.

The homes were built between 2000 and 2003, by well-known local builders John F. Buchan Homes and Lozier. Both builders typically build more high-end homes, and therefore the finishes in the subdivision are of a quality you would typically expect to find in a more expensive neighborhood, such as 10 foot ceilings, extensive millwork, high-quality hardwood flooring, etc. The homes built by Lozier tend to be more "modern" on the inside with more flexible floorplans and clean lines throughout, where the Buchan floorplans and finishes tend to be a little more traditional with formal spaces.

One of the most interesting things (at least to me) about the neighborhood is that it is styled in the manner of some of the older Seattle neighborhoods such as Capitol Hill or Queen Anne, with alley access in the rear and home facades facing directly onto the street. This gives the homes a friendlier street feel and encourages more neighborly interaction than the typical suburban home that has a garage in front taking up 2/3 of home's street "face."

Another unique feature of Harbour Pointe Village is the use of public green spaces. Certain of the homes in the neighborhood face onto a "village green" that increases privacy between the homes and counteracts the effects of the smaller lot sizes typical in the neighborhood. If you live on one of the greens, you get the advantages of a large yard, without the responsibility of caring for it, since these spaces are maintained by the Homeowners Association.

I really enjoy living in the neighborhood for several reasons. The design of the homes in the neighborhood is really great, and reminds me of the neighborhoods where I used to live in Seattle. Tudor-, Dutch Colonial-, Federalist- and Craftsman-inspired homes are intermingled with more modern ones, which prevents the neighborhood from having an appearance of "sameness" while still retaining an overall sense of unity.

The neighbors are friendly, which is important, and there is quite a bit of diversity in terms of life-stages and ethnicity. There's a nice mix here of families, dual-income-no-kids couples, and retirees so no matter where you are in life there are other people in the neighborhood who are similar to you. Yet, there is enough diversity to keep things interesting.

Another nice feature is that The Village is walking distance from elementary, middle and high schools, as well as Village Center, a small area with restaurants and shops. This gives residents the ability to get out of their cars and enjoy some of the benefits of a more urban-feeling setting.

Mukilteo Market Stats - May

I am bringing a new feature to this blog, which if nothing else will ensure that I post here at least once a month. I've decided to begin posting market statistics for the city of Mukilteo once a month--I'm starting with the month of May 2007.

In case anyone is wondering, now is a great time to buy real estate. And it's a good time to sell too, as long as you list your home at a reasonable price. By reasonable I do not mean LOW, I simply mean a price that is in line with the market. The reality is, 20% increases in housing prices every year are not sustainable unless we are all getting 20% raises every year, which I would submit we are not. I think we are moving out of that crazy seller's market, which is a good thing, as buyers have been getting the short end of the stick for several years now.

The big difference I am seeing between this year and last is that there is a lot more inventory on the market. Some of it is selling quickly, and some of it is not. Overall however, time on market is definitely up as compared to this time last year. Oddly, sale prices are up as well.

The usual relationship between time on market and sale price is that as time on market increases, sale price decreases, time on market being a pretty good indicator of demand for housing. But that pattern is not what we're seeing this year. We have a lot more supply than last year. But that doesn't necessarily mean oversupply, because if you were paying attention last year, you would have noticed that we had too few homes listed, which was driving prices up. Now we have lots of homes listed, but demand is still healthy enough to prevent any reductions in price. However, buyers definitely have a lot more homes to choose from.

Having more choices means buyers can now be more selective. Homes that aren't in good condition or that are over-priced are now sitting on the market, where a year or two ago, buyers' desperation to get into a home meant that even overpriced, ugly houses weren't too difficult to sell. One thing to note is that 57% of homes in Mukilteo that were on the market in May sold within 30 days. That is still a market where if your home is well-prepared and priced correctly, you are still very likely going to be able to sell it without much difficulty. Note also that Mukilteo has a lot of luxury properties, and those tend to take longer to sell.

By and large we're not seeing prices come down, but as you would expect we are seeing some fairly significant reductions (5% or more) among homes that have been on the market longer than 90 days. I would submit that those homes were overpriced anyway, and the price reductions are bringing them in line with where they should be.

That's my analysis, here's the data. All statistics are courtesy of the NWMLS, and include Mukilteo (in city limits) ONLY for the period May 1, 2007 through May 31, 2007:

Active Listings
Listing Count: 89
Average Time On Market: 90 Days
Median List Price: $582,450
Average $ Square Foot: $264

Under Contract (includes Contingent, Active STI and Pending):
Listing Count: 19
Average Time On Market: 86 Days
Median List Price: $595,845
Average $ Square Foot: $294

Sold Listings
Listing Count: 21
Average Time On Market: 90 Days
Median Sale Price: $434,000
Average $ Square Foot: $247

Here are a couple of statistical charts, courtesy of NWMLS. The first one shows the breakdown of how our inventory in Mukilteo is aging. You can see that even with all the inventory, 57% of listings still sell within 30 days. The second chart shows the relationship between list and sale price, illustrating that price reductions are tied to time on market.

Food for Thought

Here in Mukilteo one of the big questions on everyone's mind centers around the Multi-Modal Transportation Hub that is being built down on our waterfront. The idea is to tie the ferry terminal, buses and our new Sounder commuter train together in one station, thereby improving the ease of commute for residents in the area.

Jay Inslee, our state representative, discussed the issue at today's Mukilteo Chamber meeting. Rep. Inslee has been a big supporter of this transportation hub, as am I, so it was interesting to hear what he had to say about it. He also talked about his Apollo Energy Bill which is a multi-pronged approach to helping break America's dependence on fossil fuels.

As Inslee said, American dependence on fossil fuels isn't just an economic issue it's also a security issue, as it makes us susceptible to the slings and arrows of whatever happens to be going on over in the Middle East. Inslee sees transportation, energy and security as intertwined and to solve any one of them, you have to solve all three.

I'm not meaning to get all political here, the point I am trying to make is that as gas prices top $3.00 a gallon I hope we will see a better, more integrated approach to energy and transportation policy as well as sustainable living. The reality of the matter is that high housing prices and quality of living issues do mean that a large proportion of the population will choose or be forced to live a long distance from work, which is not bad in and of itself. What is bad, is having those individuals make that commute in individual vehicles, which in many cases are not fuel efficient and emit large amounts of greenhouse gases.

Later on, I was asked by one of the chamber members if I thought there was a "bubble" in the real estate market. My response was that I didn't think that what we are seeing this year is a bubble bursting, at least not here in this area. We have a good hiring market and a limited amount of land to work with, so that insulates us somewhat from any real "bursting." But what I have seen is a softening of the market at least as compared with last year.

I also told her that I thought it was a good thing too, because affordability is starting to become a real issue. The kinds of rises in home prices that we have seen in recent years cannot be sustained forever or it becomes impossible for first-time buyers or those who are not wealthy to purchase a home. Which is a little bit of a self-fulfilling thing, given that home-ownership is the best way there is to build wealth--it's kind of like how you can't get a job until you've had a job!

So, a slight softening is a good thing. If the market never does anything but go up, eventually it prices out everyone but the rich. It's better in the long run to see things return to a more "sane" and businesslike environment. Better for buyers, and ultimately better for sellers too (as sellers in their turn are also buyers!)

That's all for now...it's good to be back!