According to the Northwest Multiple Listing Services June 6th, 2007 report, Condo sales dipped last month. Brokers reported 99 fewer pending sales compared with the same month a year ago for a 5.5 percent decline. In King County, where about two-thirds of the pending sales occurred, the volume nearly matched year-ago numbers. Brokers notched 20 fewer pending sales for a 1.8 percent decline from twelve months ago.

Prices for condominiums continue to jump at a fast clip. For last month’s closed sales, the median selling price system-wide was $270,000, up 18.4 percent from a year ago. In King County, the median price for last month’s closed sales of condos increased 17.6 percent, rising from $246,500 a year ago to $289,950.  

I have had several clients tell me that they believe that prices of condos and homes are going to go down (one client told me this 2 1/2 years ago).  Buyers have sat on the sidelines while the prices have continued to go up.  Those Buyers that have jumped in have seen the value of their properties go up and tell me about it every time I talk to them.

If a property is viewed as a bargain it still will go quickly and the client needs to be ready to jump on it.  That means having that pre-approval letter in hand and the mindset to act immediately.   It is not the time to give a "low-ball" offer, someone will snatch up the property while you are waiting for a counter offer.  Sometimes, it takes sellers missing out on a few properties to understand this.

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