Here are some key points:
Northwest Multiple Listing Service members reported strong gains in home sales during February, with brokers pointing to several encouraging signs for a busy spring season. Improving consumer confidence and a looming deadline for homebuyer tax credits are helping to boost activity, according to NWMLS officials.
Pending sales (offers made and accepted, but not yet closed) jumped nearly 45 percent last month compared to a year ago, marking the 11th straight month of month-over-month increases. Twelve of the 21 counties in the MLS market area reported double-digit gains in pending sales, led by San Juan County (up 85.7 percent), Snohomish County (up nearly 71 percent) and King County (up nearly 63 percent).
Closed sales also outperformed year-ago totals, rising 33.5 percent. Members tallied 3,214 completed transactions last month, up from the 2,407 closed sales for February 2009.
Prices, while showing signs of stabilizing, still lagged year-ago figures. Area-wide, the median price for last month’s closed sales of single family homes and condominiums (combined) was $260,000, down about 6.5 percent from a year ago. The median price for single family homes (excluding condos) dipped 4.6 percent, while condo prices declined nearly 9 percent.
Prices, while showing signs of stabilizing, still lagged year-ago figures. Area-wide, the median price for last month’s closed sales of single family homes and condominiums (combined) was $260,000, down about 6.5 percent from a year ago. The median price for single family homes (excluding condos) dipped 4.6 percent, while condo prices declined nearly 9 percent.
The report referenced above is for the whole of the NWMLS. Let's take a closer look at Pierce and King Counties shall we? I am a visual guy so I included a few charts.
Pierce County has seen recent increases in listings, sales, pending sales and sales price. But year over year numbers still show lower sales and listing prices keeping homes more affordable.
King County on the other hand has seen a recent increase in listings, sales, pending sales with listing prices still dropping and sales prices holding steady.
As always, if you have any questions or would like a detailed analysis on your home don't hesitate to email or call. Also, if you know someone who would find this information valuable please put them in contact with me. Have a great day!
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