The winds of March brought change to the market and April saw fewer homes for sale and a significant shift in the relationships of Bank owned and Short sale homes. In February 25% of the listings consisted of these homes but in April only 19% of listings were short or bank properties.
Pending sales in February comprised 51% of all pending sales, by April that number was reduced to 32%, 18% Bank owned and 14% short sales. Of sales that closed in April 27% were Bank or Short, down from 35% in February.
Spring weather has had a wintery feel and the spring home selling market has been frosted a bit as a result and as the sun pops out more and more buyers show their faces too. Pent up demand is releasing and those who have waited for the lowest prices and lowest rates have likely missed the best selection of inventory and now must wait for home sellers to present their homes to the market.
Many homes that have been long standing inventory (the dogs) are seeing multiple offers!
Appreciation for 2011 was forecast to be 3-5%, a conservative number to be sure but a positive number for the first time since the crash in mid 2007! It is certainly too early to say we are out of the woods but there appears to be a clearing ahead of us.
The Eastside continues to fare better than the county overall with little difference in median prices while other areas are still seeing double digit reductions in prices.
One factor that may negatively affect our momentum will strike just as the market traditionally starts to dip in September. Lower conforming loan limits will result in higher loan cost for many so if your clients are going to get a loan above $417,000, they should act before September!
|September Statistics EASTSIDE & KING COUNTY||Residential||Condo|
|Current Residential Active Eastside Listings||2625 (-13.17%)||1069 (-22.59%)|
|Current Residential Active King County Listings||7974 (-13.38)||2920 (-22.75%)|
|New Eastside/King Listings in The Month||968/3045||340/855|
|Pending Eastside/King Sales in the Month||730/2318||272/669|
|Closed Eastside/King in the Month||499/1533||156/363|
|Median Sales Price Eastside/King||$498,835 / $349,950||$225,350 / $224,500|
|Change in Median Price Eastside/King||-0.23% / -6.68%||-8.77% / -7.61%|
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