April 2010 Mason County Residential Sales Statisitics

What's happening:

According to the News Release by Northwest Multiple Services on May 5, “While the tax credit has gone away, the buyers haven’t", MLS figures show inventory is nearly equal to year-ago levels, closed sales jumped almost 51 percent, and sales prices in many areas reflect little variation during the past six months. With pending sales outperforming a year ago. the months’ supply (an industry indicator of sales velocity) is shrinking. System-wide, there’s about a 4.24 month supply, meaning at the current sales rate, if no other homes were put on the market it would take just over four months to exhaust the supply. For the four-county Puget Sound market, there is a supply of about 3.5 months.Prices continue to show modest dips from a year ago, with the overall median price, at $261,000, down 3.3 percent from twelve months ago. Compared to January, half the counties in the MLS service area are showing increases in median prices.

What's predicted:

The tax credit seems to have accomplished its purpose. It motivated home buyers to enter the market place, creating a synergy that should propel us through the summer months. As long as sellers remain realistic about the market value of their homes and the expectations of buyers, the strength of the market will grow. Also reported is an uptick in new construction activity as some builders have resumed buying land at reasonable prices. If buyers want to have a variety of houses from which to choose, this is a good time for them to look. The combination of current availability and incredibly low interest rates offers home buyers a tremendous opportunity. Moving forward, local home buyers will continue to experience a purchase power advantage thanks to historically low interest rates and lower adjusted home prices.

Below is the residential sales statistics at our Mason County local level for the month of April, 2010.

New Listings:
- Listing Inventory: Total 192. ↑14% comparing to last month,  ↑19% comparing to the same month last year.
- Average Days on the Market: 140 days.

- Median Listing Price: $230,000. Same = comparing to last month, ↓ 8% comparing to the same month last year.

Pending Sale Listings:

- Total 80 pending listings, ↑ 2% comparing to last month, ↑ 14% comparing to the same month last year.
- Average Days on the Market: 125 days
- Median Pending Sale Price: $181,998, ↑ 9% comparing to last month, ↓ 5% comparing to the same month last year.

Sold Listings:

- Total 49 Sold Listings: ↑11% comparing to last month, ↑6% comparing to the same month last year.
- Average Days on the Market: 117 days
- Median Sold Price: $187,000, ↑11% comparing to last month, ↑35% comparing to the same month last year.

(Above report compiled by PING Real Estate. Data source: NWMLS published data May 5, 2010).

Below is the statistical summary by the counties statewide for April, 2010: