The Northwest MLS has released their Western Washington real estate statistics for August 2009. Continuing on positive trends from May-July, pending and closed sales continued to increase. Median prices for sold homes still show declines from last year, though prices do show signs of stabilization. Interestingly, it appears that the price range for sold homes is being skewed towards the lower-priced homes, driven by first-time home buyers taking advantage of low interest rates and the first time buyer tax credit.
Pending sales of single family homes and condos in the four-county region of King, Kitsap, Pierce and Snohomish counties are up 25.7% over last August and increased 3.8% over July. Pending sales showed a particularly strong increase in North King County (+38.7%) and the Eastside (+36%).
King County Data for August 2009
- King County median prices are down 9.88% from twelve months ago, but remain relatively flat to slightly down since January.
- There were 2,005 closings in King County for single-family homes and condos, up 1% from a year ago.
- Single-family homes
- Average sale price = $456,585
- Median sale price = $375,000
- Condos
- Average sale price = $275,498
- Median sale price = $252,250
- Single-family homes
- Pending sales for King County are up 25% from the same time last year.
Our own business is clearly showing the impact that first-time buyers are having on the market right now, as most of our pending and closed transactions are at entry-level prices. Activity in that segment of the market remains strong.
