Improving consumer confidence and a looming deadline for homebuyer tax credits are helping to boost activity. Both pending sales and closed sales in February outperformed year-ago totals . We are entering what is traditionally our busiest home selling season. Prices, while showing signs of stabilizing, still lagged year-ago figures. Move-up buyers are accounting for some of the surge in activity. Brokers credit the combination of a $6,500 tax incentive for qualified repeat buyers and thawing jumbo loan market as factors in spurring activity for February.
Market prediction:
We can see and hear the rumblings of pent-up demand from buyers, adding spring and summer sales to outpace last year because there are such good price values in the market. They are reminding buyers of the possibility of rising mortgage interest rates due to the Federal Reserve’s plan to stop buying mortgages by the end of March. Earlier in the week, the state Employment Security Department reported the state’s economy "picked up some steam in January," adding an estimated 12,400 jobs the first monthly gain since November 2008. As the peak real estate season is approaching, we see several encouraging signs. "Homes are more affordable, mortgage rates are at all-time lows, and employment in the state appears to be on the rise. All signs point to a strong spring." one broker added.
Below is the residential sales statistics at our Mason County local level for the month of February, 2010.
New Listings:
- Listing Inventory: Total 140 listings, down 5% comparing to last month, up 26% comparing to the same month last year.
- Average Days on the Market: 152 days
- Median Listing Price: $224,975, up 2% comparing to last month, down 5% comparing to the same month last year.
Pending Sale Listings:
- Total 54 pending listings, down 4 % comparing to last month, down 7% comparing to the same month last year.
- Average Days on the Market: 125 days
- Median Pending Sale Price: $147,225, down 13% comparing to last month, down 8% comparing to the same month last year.
Sold Listings:
- Total 39 Sold Listings: down 19% comparing to last month, up 95% comparing to the same month last year.
- Average Days on the Market: 118 days
- Median Sold Price: $145,000, down 9% comparing to last month, down 2% comparing to the same month last year.
(Above report compiled by PING Real Estate. Data source: NWMLS published data today Narch 4).
Below is the statistical summary by the counties statewide for Feb, 2010:
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