May 2010 Mason County Residential Sales Statistics

What's happening:

According to the News Release by Northwest Multiple Services on June 4, home sales during May tapered off around Washington state following a surge of activity in April as buyers hustled to meet deadlines for tax credits. Leading up to its expiration, the tax credit caused a surge of home sales, but a surge can only be sustained for so long. Listing activity also sagged during May after strong upticks in March and April during the buildup before the incentives lapsed. The slowdown during May was due in part to the end of the incentive program, but overall activity so far this year is stronger than a year ago.

What's predicted:

The extremely low interest rate is expected to last through the summer and into fall, which will help give a nudge to buyers that no longer can look to the tax credit for incentive. As the market returns to normal, home values may continue to decline in some parts of Washington state and within some price ranges. The tax credit pulled sales into April at the expense of the remainder of the spring buying season. Quoting the remarks of one real estate company CEO: "What we’re seeing now is a natural adjustment. As consumer confidence continues to improve in the coming months, we expect to see the buyer pool replenish itself which should be followed by an increase in home sales.”

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

New Listings:
- Listing Inventory: Total 155. ↓20% comparing to last month, ↓14% comparing to the same month last year.
- Average Days on the Market: 142 days.
- Median Listing Price: $229,000. ↓1% comparing to last month, ↓9% comparing to the same month last year.

Pending Sale Listings:
- Total 55 pending listings. ↓32% comparing to last month, ↓24% comparing to the same month last year.
- Average Days on the Market: 124 days.

- Median Pending Sale Price: $149,900. ↓18% comparing to last month, ↓11% comparing to the same month last year.

Sold Listings:
- Total 60 Sold Listings: ↑22% comparing to last month, ↑7% comparing to the same month last year.
- Average Days on the Market: 157 days.
- Median Sold Price: $160,400. ↓15% comparing to last month, ↓1% comparing to the same month last year.

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

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