The Northwest Multiple Listing Service reports that there was whopping 63% increase in pending sales during October 2009 compared to October 2008. Many people would attribute this to the tax credit though there are certainly other important factors weighing in here. (See the previous post about interest rates.)
The NWMLS reports that in October there were 9,344 new listings of single family homes and condominiums added to inventory. That is the fewest number added since December 2008. Remember that in December 2008 we were buried in snow.
At the end of October there were 38,159 active listings in the NWMLS database; that is a drop of 17.4 percent from the same month a year ago.
For the four-county Puget Sound area (King, Snohomish, Pierce, and Kitsap) inventory has shrunk 20%. Excluding condos the inventory of single family homes has dropped 22% in the four-county area. The lowest median sales price, $136,000, for single family homes and condos combined, was in Grays Harbor County. The highest was in San Juan County with a median sales price of $454,250.
For the month of October the average price for a closed sale of a single family home in King County was $421,521 and the median price was $349,950. In Snohomish County the average price was $304,444 and the median price was $280,000. In the report King County showed 12,321 active listings and Snohomish County showed 5,171 active listings.
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