Northwest MLS Real Estate Statistics for September 2010

The Northwest MLS has released their Western Washington real estate statistics for September 2010. September home sales continued to be slow after the expiration of the housing tax credit in April. The number of closed sales in King County for September 2010 was 1,467, a 27.2% decrease from closed sales in September 2009. New pending sales also declined 25.3% over the same month in 2009. To some extent, the decline from September 2009 was expected, since a year ago buyers were in a rush to close on homes before the expiration of the original tax credit that expired in November 2009, but the pace of sales still reflects a very slow September.

Prices remained relatively stable, however. Median and average prices for single-family homes in King county are pretty much unchanged from the previous month and consistent from a year ago, with a small downward movement in median condo prices from a year ago. Inventory of homes for sale in King County has also increased 7.8% compared to one year ago.

King County Data for September 2010

  • King County median prices are relatively flat compared to a year ago.
  • There were 1,467 closings in King County for single-family homes and condos, down 27.2% from a year ago.
  • Pending sales for King County are down 25.3% from the same time last year and down 43% compared to April 2010.
  • There were 13,922 active listings in King County for September 2010, up 7.8% from a year ago.

King County - Average Sale Price September 2010

King County - Median Sale Price September 2010

It is clear from the last few months of sales data in our area that the tax credits from earlier in the year accelerated demand and sapped transactions out of the second half of the year. It is also clear that home buyers were more incented by the $8,000 tax credit than they are by record low mortgage interest rates.

Follow the findwell blog for future monthly statistical updates.

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