Thursday, August 16, 2007

King and Snohomish Counties Market Trends Report – August 2007

A forward-looking indicator based on pending home sales shows the market is likely to stabilize in the months ahead, according to the National Association of Realtors®.

The Pending Home Sales Index, based on contracts signed in June, was 5 percent higher from the downwardly revised May index of 97.5, but is 8.6 percent below June 2006 when it stood at 112. This 5 percent monthly gain is the largest in more than three years, since a 6.1 percent increase in March 2004.

Lawrence Yun, NAR senior economist, said it is encouraging that the increase occurred in all four major regions. “However, it is too early to say if home sales have already passed bottom,” he said.

Did this trend hold true in King and Snohomish Counties? Let’s take a look at July’s market statistics:

Active listings in King County increased in July 2007 by 4,357 homes or 34%compared to the same time period in 2006. Although there are more homes on the market, the number of homes being sold has decreased slightly, from 3,544 in July 2006 to 3,417 this July - a 4% decrease. The increase in inventory has also caused market time to increase 27%, from 36 days last July to 49 days this July.

King County continues to experience rising prices, with the average sales price 10% higher in 2007 than 2006, bringing the average sales price to $529,773.

Snohomish County experienced similar market activity to King County in July 2007. The number of active listings was up 36%, but closed sales decreased 17% in July 2007 compared to July 2006. Like in King County, the rise in inventory in Snohomish County caused the market times to increase from 42 days this time last year to 62 days this July - a 33% increase.

The average sales price increased 6% in July 2007 from July 2006, and year to date they have increased 10%.

The King and Snohomish Counties real estate market is always changing from month to month and neighborhood to neighborhood. Search the MLS here to see what's available in the area now and please call me at 425-308-3669 to inquire about any properties you would like to learn more about. I look forward to helping you!
Statistics compiled by the Northwest Multiple Listing Service and are deemed accurate but not warranted.

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