Home sales remained subpar around most of Washington during September. There are some encouraging signs, among which month’s supply of inventory pointing toward a more balanced market, stabilizing prices with more homes being priced competitively, the market adjusting to no more tax credits, and strong sales of "specialty homes" - homes that have a unique mix of character and amenities. The three-county area of King, Snohomish, and Pierce are reporting about 6 months of inventory. That’s not to say we should expect prices to increase right away, but it’s a positive sign nonetheless, especially when the national supply of inventory is more than 11 months. Prospective buyers have plenty of choices across the price spectrum. The new pool of potential buyers are getting their feet wet, but they’re taking their time before they jump in. "Crazy requirements" are impeding the pace of sales. If it’s not the conditions of an inspection report, it’s the appraisal coming in off sale price, or lenders reviewing and re-reviewing the buyer’s qualifications, or buyers rethinking whether or not to buy.
What's predicted:
The balance of the year is predicted to be "somewhat fickle," in part because of upcoming elections and lingering uncertainty around the slow pace of the recovery. Experts expect interest rate hikes. "It’s not if, it’s when." Interest rates below 5 percent are an extraordinary event, and buyers need to take advantage of them. Sellers know they must position themselves better than their competition on all levels – price, condition, terms. Buyers who procrastinate will risk losing purchasing power because of anticipated increases in interest rates.
Below is the residential sales statistics at our Mason County local level for the month of August, 2010.
New Listings:
- Listing Inventory: Total 112. ↓19% comparing to last month, ↓5% comparing to the same month last year.
- Average Days on the Market: 156 days.
- Median Listing Price: $219,000. ↓3% comparing to last month, ↓9% comparing to the same month last year.
Pending Sale Listings:
- Pending listings: Total 58. ↓21% comparing to last month, ↓31% comparing to the same month last year.
- Average Days on the Market: 148 days.
- Median Pending Sale Price: $181,500. ↓2% comparing to last month, ↑13% comparing to the same month last year.
Sold Listings:
- Sold Listings: Total 52. ↑23% comparing to last month, ↓20% comparing to the same month last year.
- Average Days on the Market: 205 days.
- Median Sold Price: $184,450. ↓6% comparing to last month, ↑4% comparing to the same month last year.
(Above report compiled by PING Real Estate. Data source: NWMLS published data Oct 4, 2010)
Below is the statistical summary by the counties statewide for September, 2010:
