The Northwest MLS has released their Western Washington real estate statistics for October 2009. Despite seasonal trends that should have the market slowing down in the fall, the upcoming expiration of the first-time buyer tax credit is attributed for a stronger than normal sales pace. For Western Washington, pending sales versus October of last year are up 63% and inventory levels that are the lowest since December 2008. Year-over-year price declines continue to slow.
Pending sales of single family homes and condos in the four-county region of King, Kitsap, Pierce and Snohomish counties are up 70.4% over last October. Aside from the tax credit driving sales activity, remember that September-October 2008 was filled with horrible financial news such as the stock market crash and multiple large bank failures which contributed to the slowdown last fall.
King County Data for October 2009
- King County median prices are down 2.4% from twelve months ago.
- There were 2,234 closings in King County for single-family homes and condos, up 29.7% from a year ago.
- Pending sales for King County are up 71% from the same time last year.
- Average and median sale prices for homes and condos in King County remain relatively flat this year.
findwell’s business in the Seattle area was abnormally strong during October, with our best month of the year for sales. Normally we expect our best month of closings in August, due to normal seasonal trends, but clearly the tax credit deadline drove activity later into the fall. It will be interesting to see how the new extension and expansion of the home buyer tax credit will impact home sales activity over the next 6 months. Stay tuned to the findwell blog for future monthly updates.