Thursday, June 21, 2007

King and Snohomish County Real Estate Sales

"Home sales are projected to move in a relatively narrow range with a gradual upturn becoming more pronounced by the end of the year according to the latest forecast by the National Association of Realtors. Overall housing levels are historically strong, but sales remain sluggish compared to the recent boom." The King County housing market experienced an increase in sales in May, while Snohomish County sales were sluggish. Let's take a look.

Active listings in King County increased in May 2007 by 3,856 homes or 52 percent compared to the same time period in 2006. Sales in May increased by 2 percent or 74 homes. The average market time in May was 54 days vs. 42 days in 2006.

King County continued to experience rising prices, with the average sales price 12 percent higher in 2007 than 2006, bringing the average sales price to $521,402. Year to date, sales weakened by 2 percent, while prices strengthened by 11 percent.

On the other hand, Snohomish County had a 13 percent decrease in sales. Down 208 homes from May a year ago.

The number of active listings increased by 60 percent in May and market times increased 32 percent or 14 days. The average sales price increased by 10 percent compared to May 2006, increasing to $383,558.

Year to date, sales declined 15 percent, and the average sales price increased 14 percent.

May statistics show it is a great time to buy a home. Buyers have more homes to choose from, making sellers negotiable. But, buyers also need to keep in mind that buying a home is a long-term investment and can't expect to see the double digit annual appreciation of a few yers.

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

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

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