July 2010 Puget Sound Single Family Sales Trends
Overall the median home prices increased in July while the number of closed sales declined after the effect of the Tax Incentive faded. The slower sales also reflect the Pacific Northwest summer slow down trend in activity when people take vacations in the nice weather. The number of listings increased in the three counties tracked here is the highest since November 2008. The good news is that conforming 30 Year fixed rate mortgages are as low as 4.375% with zero points and the 15 Year Conforming rate is 3.875% with zero points (as of August 11th) and near the lowest level in 40 years - which helps home affordability and give the opporttunity to refinance at lower interest costs. Call us on 206-325-8400 for current rates and options!
King County
The median home price improved to $399,950 which was the highest since December 2008 and extended the improving price trend. There were 1,474 closed sales in July (averaging 137 days on the market)which was down 14.8 % from July 2009 and the pending sales were just 1,716 (down 41.9 % from the 2,955 in April this year). The number of listings increased to 10,470 which is the highest since October 2008 but still down 14.9 % from the 12,310 high in May 2008 and the indicated inventory is now 7.6 months.
Snohomish County
With 628 closed purchases in July it reflected the drop in pending sales over the last few months. However the pending sales moved up a bit to 755 compared to last month but still down 22.1% compared to July last year. The median home price improved to $285,000 and slightly better than the past six months. The number of listings increased slightly again to 4,770 with the indicated inventory remaining at 7.6 months and the average time on the market for closed sales was 155 days.
Pierce County
There were 631 closed sales in July which was down 27.3% from June and down 26.0% from July last year. Meanwhile the pending sales were up slightly at 967 and 17.4% lower than July last year indicating a slight improvement next month. The median home price at $225,000 stayed in a narrow range since February. The number of listings increased again to 5,943 compared to last month but was still down 22.1% from the high in May 2008. It took an average of 158 days to sell a home and there was an indicated 9.4 month inventory.