Washington Market Trends Report

According to the latest forecast by the National Association of Realtors®, tightening credit standards for those applying for home mortgages will likely dampen home sales in the short term and postpone an expected recovery for existing-home sales until 2008.

Lawrence Yun, senior NAR economist, said unusual disruptions in the mortgage market are dampening the outlook for home sales, notably for August and September. “There’s been an unusual hit to home sales, starting in March when subprime problems emerged and more recently when problems spread to jumbo loans, with many potential home buyers on the sidelines.” He noted, however, that “the volume of existing-home sales this year will be better than 2002, which was the second year of the housing boom.”

Let’s take a look at August sales statistics to see how the market looks in King and Snohomish counties.

Active listings in King County increased a whopping 34% in August 2007 - 13,415 homes were on the market compared to 8,894 in August 2006. Although there are more homes on the market, the number of those homes selling continues to decrease, from 3,975 in August 2006 to 3,210 - a 19% decrease. The increase in inventory has also caused market time to increase 25%, from 40 days last August to 53 days this August.

King County continues to experience rising prices overall, with the average sales price 9% higher in 2007 than 2006, bringing the average year-to-date sales price to $504,036.

Snohomish County continued to experience similar market activity to King County in August 2007. The number of active listings was up 38%, but closed sales decreased 35% in August 2007 compared to August 2006. Like in King County, the rise in inventory in Snohomish County caused the market times to increase from 44 days this time last year to 67 days this August - a 34% increase.

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

As these statistics show, now is a great time to consider buying a King or Snohomish county home. To begin searching for King or Snohomish county homes, please use my complimentary MLS Search, or call me at 425-308-3669. If you are thinking of selling your King or Snohomish county home, please call me or visit WashingtonHomeValues.net to receive your complimentary comparative market analsys. I will work to make sure you get a great deal!

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

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.