Friday, April 20, 2007

Washington Real Estate Prices On The Rise

"As home sales moderate, overall home prices will be essentially flat this year," says David Lereah, chief economist for the National Association of Realtors. Tighter lending standards are expected to slow sales, but the good news is, inventory remains well below the levels seen in the real estate downturn of the early 1990's.

The King County and Snohomish County housing markets are both experiencing a slow down in sales, but prices and inventory continue to climb. Let's look at the numbers.

Active listings in King County increased in March 2007 by 2,341 homes or 37 percent compared to the same time period in 2006. In comparison, sales in March decreased by 1 percent or 44 homes. The average market time in March was 57 days vs. 43 days in 2006.

King County continued to experience healthy appreciation, with the average sales price 12 percent higher in 2007 than 2006, bringing the average sales price to $499,470.
Year to date, sales weakened by 2 percent, while prices strengthened by 8 percent and market times increased 31 percent.




Likewise, Snohomish County had a 17 percent decrease in sales. Down 268 homes from March a year ago.

The number of active listings increased by 44 percent in March. Market times increased 18 percent or 10 days. The average sales price increased by 17 percent compared to March 2006, increasing to $393,981.

Year to date, sales declined 17 percent, market times increased 25 percent and the average sales price increased 14 percent.




What does this mean to today's buyers and sellers? Buyers are enjoying their new found negotiating power, while sellers are enjoying rising prices.

If you are thinking of buying a Washington home? You can get a daily email list of new homes for sale as they hit the market by visiting WashingtonHousesR.us. It is fast, easy and FREE!

Labels: , , ,

4 Comments:

At 1:25 AM , Blogger dominical whale costa rica said...

This comment has been removed by a blog administrator.

 
At 5:30 PM , Blogger Candace said...

This comment has been removed by a blog administrator.

 
At 5:31 PM , Blogger Candace said...

This comment has been removed by a blog administrator.

 
At 9:02 AM , Blogger elizabeth bernot said...

This comment has been removed by a blog administrator.

 

Post a Comment

Subscribe to Post Comments [Atom]

<< Home