According to the latest stats from the NWMLS, home sales in the Seattle area are continuing their summer rebound. Based on the number of calls I'm getting from Seattle buyers who are looking to use the $8000 first time home buyer tax credit before the November expiration, I'd imagine this rally will last later into the fall than the usual cyclical summer real estate surge.
Total real estate sales in King County were are their highest point in two years, while pending sales were up over 10% in King and Snohomish Counties. While prices in Seattle are down about 13% compared to last year, the "losses are lessening" as an optimist once said. Prices were down over 15% earlier in 2009, so things seem to be flattening out.
The biggest surprise was the drop in overall inventory. King County experienced a 20% decrease in the number of houses on the market, a really staggering number. This will surely drive prices up a bit on some new listings, and should keep the home prices from falling any further, at least in the short term.
Sam DeBord and Brian Wiegand
Seattle Homes and Seattle Condos for sale on SeattleHome.com
Seattle Waterfront Homes - RE/MAX Real Estate Brokers
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