Friday, January 19, 2007

Washington Housing Market Expected to Rise in 2007

"After bottoming in the fourth quarter of 2006, existing-home sales are expected to rise through 2007 and into 2008, while new home sales should turnaround by summer, according to the latest forecast by the National Association of Realtors." Our local real estate markets in King and Snohomish counties fall in line with the latest NAR forecast.

Active listings in King County increased by 1,330 homes or 24 percent compared to the same time period in 2005. Year end figures show a 34 percent decrease in home sales compared to 2005 figures. Whereas, sales in December decreased by only 18 percent, indicating the worst is over and the market is improving.

The average market time in December increased by 31 percent from December 2005, while year-end market times increased only 5 percent.

Even though the number of sales were off in 2006 compared to 2005, King County experienced double digit apprecation. The average sales price was 13 percent higher in 2006 than 2005 with an averages sales price of $462,562.

Snohomish County statistics look very similar to King County. The number of active listings increased by 34 percent from December a year ago. December sales decreased by 206 homes or 15 percent, but year end sales decreased by only 5 percent.

December market times increasing 29 percent or 14 days, while year end statistics show an increase of only 2 days or 5 percent.

The average sales prices in 2006 increased by 15 percent compared 2005, increasing to $378,284.

Statistics compiled by the Northwest Multiple Listing Service and are deemed accurate but not warranted.

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