For the 12 months rolling average ending in February 2011 vs. the previous 12 months, the average price in the Greater Seattle/King County area is down 4.7% according to the NWMLS.  The average price declined from $425,000 to $406,000 and the median price fell from $349,000 to $325,000 for a decrease of 7.4% for the same 12 month period.  At the end of February there were 10,695 active listings in King County listed in the NWMLS representing an 4.9 month supply of homes.  Remember, 5.5 months is considered a "balanced" market by most.

 

Pending sales in February are up over January by 21.8% and we see a continued uptick in activity so far into 2011.  Our listings are being shown a lot so far this year, more so than in many months, and activity is strong on the well priced homes.  I think a lot of this is due to the increase in interest rates and the buying public realizing its better to purchase a home now with the rates so amazingly low even if the value drops a little more. In fact, in the last month, we have been involved in 4 multiple offer transactions.

We are continuing to see an increase in distressed property sales (short sales and bank owned homes) which represent 34.2% of last months sales in King County. Of the 1,306 sales last month in King County, 304 were Bank Owned properties and 142 were short sale properties.

SALES VS. LISTING ACTIVITY - KING COUNTY DECEMBER 2009 TO PRESENT