Pending Sales in Western Washington
Kent, Washington
Here is the latest for the Western Washington Area! Prices show "stabalization"...
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New Stats for Western Washington
According to our Northwest Multiple Listing Service there has been a significant increase in pending sales for April, up 11.4% compared to a year ago and up 21.3 % from March figures.
The NWMLS encompasses 19 counties. In the Puget Sound area (King, Kitsap, Pierce and Snohomish counties) pending sales were up 26% from March. According to the data, the inventory is less, and prices are stabilizing. The median price for April's closed sales was $270,000 for homes and condominiums, down 12.9 percent for the one year period but was the same for March.
Inventory is down 18.3% from last years levels.
This good news is credited to lower prices, lower interest rates which means higher affordability and improving consumer confidence and of course the first time buyer tax incentive.
According to Lennox Scott, chairman and CEO of John L Scott Real Estate described the market as "bifurcated". " Sales are up and prices have stabilized in the more affordable market, " but he also noted the high end properties are experiencing different market conditions.
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