Northwest MLS Brokers Report Highest Volume of Pending Sales in Eight Months
KIRKLAND, Wash. (May 5, 2008) – Pending sales during April reached their highest level in eight months, according to the latest figures from Northwest Multiple Listing Service, which covers 19 counties in western and central Washington.
Brokers reported 6,208 pending sales (offers made and accepted, but not yet closed) last month. That was the highest number of transactions during one month since August, when MLS members notched 7,751 pending sales of single family homes and condominiums. Compared to the same month a year ago, pending sales were down about 32 percent.
Other indicators tracked by the multiple listing service were mixed. Prices for sales that closed during April were down about 5.5 percent compared to a year ago, but a look at more recent months shows stable price in many areas – especially compared to most metropolitan areas around the country.
In the four-county Puget Sound region, prices have shown little fluctuation since August when they started slipping during the subprime mortgage meltdown. In King County, the median price for last month’s closed sales of single family homes and condos was $410,000. That’s up slightly (0.67 percent) from 12 months ago and only $5,000 below the price reported for August 2007.
SFH & Condos
Aug 2007
Sept
Oct
Nov
Dec
Jan 2008
Feb
Mar
Apr
King
$415,000
$395,000
$387,500
$385,990
$389,500
$395,000
$395,000
$405,000
$410,000
Snoh
$352,475
$344,500
$352,874
$355,000
$339,675
$344,500
$329,950
$335,000
$330,000
Pierce
$285,000
$269,925
$266,157
$262,950
$269,950
$260,000
$260,000
$258,405
$263,051
Kitsap
$299,950
$317,200
$285,000
$265,000
$265,500
$279,000
$253,000
$277,637
$268,650
House hunters continued to have plenty of choices last month as NWMLS members added 13,607 new listings during April, about 9 percent less than twelve months ago. For the same month a year ago, they added 14,930 (1,323 more) listings to the MLS inventory.
At month end, there were 49,141 single family homes and condos offered for sale in the MLS system.
A year ago, the inventory consisted of 38,408 listing. Compared to this time last year, inventory is up 27.9 percent. On a percentage basis, that’s the smallest jump since June 2006, when inventory grew by 25.7 percent over the prior year.
Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest. Its membership includes approximately 31,000 brokers and agents. The organization, based in Kirkland, currently serves 19 counties, mostly in western Washington, plus Grant, Kittitas and Okanogan counties in the central part of the state.
Statistical Summary by Counties: Market Activity Summary - April 2008
April 2008
Single Family Homes + Condos
LISTINGS
PENDING SALES
CLOSED SALES
New Listings
Total Active
# Pending Sales
# Closings
Average Price
Median Price
King
5169
15359
2419
2020
$498,861
$410,000
Snohomish
2038
7156
902
732
$361,964
$330,000
Pierce
2210
8332
1041
894
$294,262
$263,051
Kitsap
618
2701
262
242
$346,176
$268,650
Mason
201
889
77
69
$248,063
$197,900
Skagit
300
1366
136
113
$291,781
$241,970
Grays Harbor
204
939
80
68
$164,565
$144,800
Lewis
162
747
63
62
$215,863
$189,500
Cowlitz
177
811
87
83
$198,318
$173,000
Grant
168
703
67
60
$166,151
$142,250
Thurston
620
2123
365
284
$283,909
$262,725
San Juan
72
398
12
9
$570,111
$571,000
Island
236
1188
101
75
$314,478
$275,000
Kittitas
146
646
46
35
$267,215
$235,000
Jefferson
91
522
25
35
$318,778
$299,950
Okanogan
74
451
29
21
$210,095
$180,000
Whatcom
532
2157
259
225
$297,778
$265,000
Clark
208
911
86
67
$304,901
$247,900
Pacific
64
415
28
10
$174,050
$149,000
Others
317
1327
123
104
$226,485
$197,500
MLS TOTAL
13,607
49,141
6,208
5,208
$377,800
$310,000
4-County Puget Sound Region Pending Sales (SFH + Condo combined)
(Totals include King, Snohomish, Pierce & Kitsap counties)
