Northwest MLS Seattle Real Estate Statistics for August 2010

The Northwest MLS has released their Western Washington real estate statistics for August 2010. August showed the remaining effects of the housing tax credit expiration on April 30. The number of closed sales in King County for August 2010 was 1,654, a 17.5% decrease from closed sales in August 2009. New pending transactions for August 2010 also declined 22.6% over the same month in 2009. It is clear that the tax credit accelerated sales in the first half of the year, and we are now seeing the resulting slow down in transaction activity. Given that the tax credit expired at the end of April, this should be the last month where it is affecting sales figures.

Median and average prices for single-family homes ticked down slightly from July, but were up slightly compared to a year ago. Condos remained relatively flat, though the average sale price is up considerably over a year ago, indicating sales of some higher-priced condos affecting the averages. Inventory of homes for sale in King County is up over a year ago, indicating greater inventory for buyers to choose from.

King County Data for August 2010

  • King County median prices are flat compared to a year ago.
  • There were 1,654 closings in King County for single-family homes and condos, down 17.5% from a year ago.
  • Pending sales for King County are down 23% from the same time last year and down 42% compared to April 2010.
  • There were 14,217 active listings in King County for August 2010, up 8.2% from a year ago.

King County Average Sale Price - August 2010

King County Median Sale Price - August 2010

This month should mark the end of statistics that were being artificially manipulated by government stimulus programs. We now anticipate the market will behave in more typical seasonal trends, and it will certainly be interesting to see how the sales pace and average/median prices behave in the coming months.

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