Northwest MLS releases Seattle real estate statistics for September 2009

The Northwest MLS has released their Western Washington real estate statistics for September 2009. As we have seen from May-August, there continue to be positive trends in the statistics for home sales in our region. Typical seasonality in real estate has activity slow down once the busy summer season is over, but the statistics show a big jump in pending sales, continued declines in inventory, and a quick sales pace for lower-priced homes. We believe that there are a few factors driving this continued activity. Interest rates remain at historical lows, first-time home buyers are rushing to take advantage of the $8,000 tax credit before November, and recent price declines have increased affordability for many potential homeowners.

Pending sales of single family homes and condos in the four-county region of King, Kitsap, Pierce and Snohomish counties are up 26.7% over last September and increased 30.1% over August.

King County Data for September 2009

  • King County median prices are down 8.2% from twelve months ago. Declines are slowing in the median prices and are being driven by two factors. First, pricing pressure remains due to distressed property sales such as short sales and foreclosures. More importantly, there is an unbalance in the sales data towards lower-priced homes which is the segment of the market that is clearly outselling more expensive homes. 
  • There were 2,016 closings in King County for single-family homes and condos, up 7.7% from a year ago.
    • Single-family homes
      • Average sale price = $455,374
      • Median sale price = $382,160
    • Condos
      • Average sale price = $245,000
      • Median sale price = $282,744
  • Pending sales for King County are up 28% from the same time last year.

findwell’s business in the Seattle area is seeing similar trends to the overall market. Many of our pending and closed transactions are for homes and condos at entry-level prices. We have remained surprisingly busy for this time of year, and some of our strongest months for sales will be in October and November, driven by first-time homebuyers trying to take advantage of the tax credit.