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Seattle Real Estate Market Information - From the NWMLS

Homes Sold in 13 of 19 Counties During December in Northwest MLS System Notch Price Gains from Year Ago

KIRKLAND, Wash. (Jan. 7, 2008) – December brought few surprises in housing activity around Western Washington, with above-normal precipitation and floods contributing to the expected seasonal slowdown, according to officials from Northwest Multiple Listing Service.

As December came to its soggy close (marked by a month with 25 days of precipitation for Seattle), brokers had an optimistic outlook, citing pent-up demand, positive job growth, stable prices, brisk activity at open houses, and other indications of an improving market.

"Traffic at open houses between Christmas and New Year's was the heaviest we've seen in a long time," reported NWMLS director Dick Beeson, broker/owner of Windermere/Commencement Associates in Tacoma. "Buyers were very upbeat and ready to act," he added.

Brokers reported 3,950 pending sales (offers made and accepted but not yet closed) system-wide during December, lagging November's total of 5,194 transactions. When compared to the same month a year ago, the number of pending sales dropped by about 31 percent (5,744 versus 3,950).

Prices overall were comparable to twelve months ago, with 13 of the 19 counties in the MLS market area reporting increases (including seven counties with double-digit gains). During the month, there were 4,634 closed sales of single family homes and condominiums with an area-wide median selling price of $313,325. That's down slightly (0.53 percent) from the year-ago median sales price of $315,000.

Comparing counties in the Northwest MLS market area, the median sales price ranged from a low of $146,500 in Grant County to a high of $594,500 in San Juan County. For the four-county Puget Sound region, the median sales price for last month's closed sales of single family homes and condominiums was $342,000.

For single family homes (excluding condominiums), prices slipped less than a percentage point, from the year-ago figure of $330,000 to last month's price of $326,950 (down 0.92 percent). In King County, the median sales price of $435,000 matched November. For 2007, the median price for all homes and condos sold and closed by members of Northwest MLS was $325,000, a gain of 5.8 percent compared to closed sales for 2006. Condominium prices continued trending upward, registering a 5.4 percent increase from year-ago figures. Area-wide, last month's condos had a median sales price of $252,900, which compares to a year-ago figure of $240,000. In King County, which accounted for 65 percent of the volume, the median sales price for December's closed sales of condominiums was $290,000, up more than 7.4 percent from a year ago when the median price was $269,950.

"The market conditions are positioned for increased sales activity," said J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. "Interest rates are down, sellers have adjusted their prices, apartments are full, job growth is strong, and there is a pent-up demand of buyers coming into the market," he added.

MLS members added 5,543 new listings to the inventory during December, slightly more than a year ago when they added 5,357 new listings. With those additions, the number of active listings of single family homes and condos at month end totaled 38,440. That's down from November's inventory of 44,399 active listings, but up almost 36 percent from a year ago when there were 28,307 residences offered for sale.

"I believe the bottom has arrived in the Puget Sound market place and from here on prices will stay level or advance slightly in 2008," Beeson remarked, adding, "My agents tell me their recent conversations with buyers indicate pent-up demand that should start showing up in the marketplace this month and next."

Beeson acknowledged uncertainty about new federal programs on subprime loans and foreclosures could restrain activity. Despite that caveat, he expects improving numbers this year over last. Sellers are finally "getting it" and pricing their properties closer to where they should be. "Nothing substitutes for correct pricing and excellent condition for obtaining the best offer in the least amount of time," he remarked, adding, "With interest rates remaining low, we could see some instant success with sales."

For the first week of January, the 30-year fixed rate mortgage rate was 6.14 percent, according to the Bankrate.com national survey of large lenders. One year ago, the mortgage index was 6.24 percent.

"Given the positive job growth, strong regional economic outlook and the fact that buildable land is still scarce, the return of a reasonably hot market is likely, making this an optimum time to buy," said Ron Sparks, a vice president at Coldwell Banker Bain in Bellevue.

Citing a report about declining home sales from a May 2001 Seattle daily newspaper, Sparks quoted a question posed to readers: "Does it signal the end of a four year boom market that's seen the average price of King County single family homes climb to a breath-taking $310,000?" With the average price of a single family home that sold last month in King County nearly $535,000 (median price = $435,000), "We know the answer," Sparks commented.

Northwest Multiple Listing Service is the largest full-service MLS in the Northwest. Based in Kirkland and owned by its member brokers, it currently encompasses nearly 2,100 companies with more than 26,000 sales associates. Together, they serve 19 counties, mostly in western Washington, plus Grant, Kittitas and Okanogan counties in the central part of the state.


Click on the Neighborhoods listed below to obtain real estate market information including:

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Belltown, Queen Anne & Magnolia

Green Lake, Greenwood, Phinney, Wallingford, Fremont

Capitol Hill Area & Central Seattle

Maple Leaf & Northeast Seattle

Ballard & Northwest Seattle Neighborhoods

West Seattle

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