Today the Northwest MLS released their Western Washington real estate statistics for May 2009. Overall, May showed signs of an improving real estate market, though it remains to be seen if these improvements can be sustained over the coming months. The data indicated a number of positive trends. Inventory of homes on the market decreased by 20% since May 2008, pending sales have increased dramatically and there are some signs of price stabilization with eight out of 19 counties showing price gains since January.
Let’s take a look specifically at King County data.
- King County prices are down 12% from twelve months ago and have declined ~3.5% since January. However, there is a lot of price variability depending where in King County you look. Southeast King County prices are down 20% from a year ago, but north King County prices are only down ~2.8% since January.
- There were 1618 closings in King County for single-family homes and condos, up 30% since last month, but still down 22% from a year ago.
- Average sale price = $423,875
- Median sale price = $351,500
- Pending Sales for King County are up 16% from a year ago, though there is some debate about whether all of these pending sales will close.
Our own experience is mirroring some of the trends mentioned in the NWMLS press release. Of particular note, we are seeing lots of activity, quick sales and even some unexpected competition for single-family homes in the entry-level <$400k range. Sales of more expensive homes and condos remain slower.