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!

Snohomish County Real Estate Market Report

Frigid Air Affects Home Sales

"A rapid shift in February to frigid air in much of the country had a cooling effect on home shopping that went beyond normal seasonal factors. Weather factors have continued since, reported David Lereah, the National Association of Realtors chief economist." You will see this is true for both the King County and Snohomish County housing markets. But, even though sales slowed, prices rose in both counties.

Active listings in King County increased in February 2007 by 1,708 homes or 28 percent compared to the same time period in 2006. In comparison, sales in February decreased by 2 percent or 78 homes. The average market time in February increased by 31 percent. An increase of 15 days compared to February 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 $463,444.
Year to date, sales weakened by 3 percent, while prices strengthened by 11 percent and market times increased 30 percent.

Likewise, Snohomish County had a 13 percent decrease in sales. Down 202 homes from February a year ago, while the number of homes sold in February was, also, down by 203 homes or 18 percent.

The number of active listings increased by 13 percent from February a year ago and market times increased 35 percent or 17 days. The average sales price increased by 11 percent compared to February 2006, increasing to $366,016.

Year to date, sales declined 17 percent, market times increased 32 percent and the average sales price increased 12 percent.

These statistics above are EXTREMELY good news for Washington home buyers. Coming into the spring, there are more homes on the market to choose from and fewer buyers to buy. Sellers are becoming very comptetitive in their pricing to attract today's ready, willing, and able buyers. On top of this, interest rates have been inching down over the past 3 weeks. Buyers, it is time to buy!!

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 WashingtonHousesR.us. It is fast, easy and FREE!