NWMLS Reports Highest Volume of Pending Sales in Eight Months
With permission from the NWMLS comes the following:
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 | Dec | Feb | Apr |
| King | $415,000 | $389,500 | $395,000 | $410,000 |
| Snoh | $352,475 | $339,675 | $329,950 | $330,000 |
| Pierce | $285,000 | $269,950 | $260,000 | $263,051 |
| Kitsap | $299,950 | $265,500 | $253,000 | $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.
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