June closed residential sales leaped up 25.84% due in large part to the stimulus transactions and consumers confidence buoyed in the 2nd quarter. The end of the stimulus and other negative eco-nomic news was clearly reflected in the 20.28% reduction of pending sales (year over year) East-side listings were down 11.05% In a vacuum these numbers could reflect a trend of recovery be-cause of decreased inventory and healthy pending and closed sales. Unfortunately we are not in a vacuum and buyer confidence is not climbing, world economies are not healthy so many home buyers are waiting on grabbing the huge opportunities available in low prices and low interest rates.
Current lending rates will more than compensate for the lack of $8,000 government rebates. Ex-ample: $500,000 loan at 5.38 monthly payment is $2801 today at 4.38 that payment is $314 less In just over 25 months the savings is $8000 If buyers have job stability, good credit, some down payment and plan to live in their home for over 5 years, today is probably a good time to buy. Sellers and listing agents have an adjustment to make in market time and depending on location, price range. Areas 510 and 520 show the hardest hit reduction in median price, which actually just means that the less expensive homes are selling and the high, high end is not! Seattle and Eastside areas showed appreciation in median prices whereas both SW and SE areas continue to decline. Staying close to work centers pays off. What will happen in July? Market wide it looks like it will be less than robust but YOUR MAR-KET is determined by your dedication to doing the right things to keep your business moving in the right direction. Set your course, adjust your sails and reach your destination! We are here to help you focus on second half and reach your goals.
|March Statistics EASTSIDE & KING COUNTY||Residential||Condo|
|Current Residential Active Eastside Listings||3693||1439|
|Current Residential Active King County Listings||9873||3920|
|New Eastside/King Listings in The Month||1053/3319||413/1054|
|Pending Eastside/King Sales in the Month||578/1804||171/415|
|Closed Eastside/King in the Month||638/1879||167/469|
|Median Sales Price Eastside/King||$550,000/$383,000||$239,990/$242,000|
|Change in Median Price Eastside/King||+2.23/ -3.04||-7.70/-2.81|