Last month’s pending sales for the 21 counties surpassed the volume for June 2010. Closed sales are running slightly behind 2010 figures. Buyer confidence has definitely returned. With the return of buyer confidence, multiple offers are occurring in markets where there is low inventory. The lower inventory level is also causing the median home price to stabilize, despite prices sold being lower than last year. Brokers are seeing a lot of activity in the markets close to the job centers in Seattle and Bellevue.
Measured by "month’s supply," there is about a 5-month supply of homes system-wide, which is considered to be a balanced (or neutral) market favoring neither buyers nor sellers. Inventory is tighter in King County where the month’s supply is about 3.7 months.
On the current market, the basics have not changed for buyers and sellers. Even though it is easy to get caught up in the national news. Real estate is a micro discussion, not a macro one. Your broker should be able to talk neighborhood specifics and what the inventory and turnover are within each area.
What's predicted:
Buyers’ priorities will shift from looking for the best deal possible to finding the best house for their needs at a fair price.
No uptick in prices is expected. The buyers are out there. They’re looking for an “opportunity.” Buyers need to talk with a lender first to better understand their mortgage options, become informed about today’s market and be prepared to make a reasonable offer when they find a home that meets their needs. Sellers need to be priced within about 3 percent of what the home will sell for, and they need to look at their home and property through the eyes of a buyer. Paint, clean, de-clutter and above all, be prepared to move.
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Mason County Closed Sale Overview for June, 2011
Average sold price: $179,264
Median sold price: $140,000
Price range out of 63 sold listings (After some research, I found out it was 63, Not 59 as shown in the published table below because several sold lisitngs didn't get entered into the database until after the NWMLS published its figures).
Under $100K: 15 listings;
$100K-$200K: 28 listings;
$200K-$300K: 13 listings;
$300K-$400K: 1 listing;
$400K-500K: 5 listings;
Above $500K: 1 listing
Below is the countywide residential sales stats in WA state:
(click on the table below for a larger image)
Compiled by PING Real Estate
(Data Source: Northwest Multiple Listing Services June 6 News Release and NWMLS online stats)
