April '10 Reiling's Real Estate Market Report - Greater Seattle / Bellevue / King County

By
Real Estate Agent with Veritus Realty Group and RE/MAX Metro+Eastside
Real Estate Market Overview
Our Greater Seattle residential real estate market is jumping! But perhaps just temporarily until the tax credits expire – they only apply to transactions signed by April 30 and closed by June 30. Then we’ll see if the economy has picked up enough to keep things going.

The number of Closed Sales for both single family homes and condominiums in March was up over 50% above February’s number, and also over 50% above last March’s numbers. Prices continued to look solid, and have now spent a whole year at essentially the same stable price level. Inventory for single family homes is somewhat lower than a year ago, but condo inventory has moved a bit higher.

Buying clearly has been stimulated by the Federal Homebuyer Tax Credits, and we should expect to see that effect continue through June, when all eligible transactions have to have been closed.

Current Market Statistics
The links below provide a graphical summary of Real Estate Market Statistics for the Seattle/Bellevue/King County area over the most recent 3+ years, for single-family homes and for condominiums. You can see clearly in the thumbnails and in the main charts the big jump in closed sales, which says that buyers really got busy signing contracts in February.

As might be expected, Months Supply for both houses and condos got worked down sharply from February's high levels - to under 6 months for houses but still almost 9 months for condos.
Here's the charts for the current stats through March:

(Required disclaimer: Statistics and graphs not compiled, reviewed or verified by the Northwest Multiple Listing Service)

                         

                Click for Residential Market Charts                     Click for Condominium Market Charts

The Fall-Out Ratio of Pending vs Closed sales continues to drop, reflecting the banks and lenders continuing to make progress on responding to short-sale offers. The new HAFA regulations which went into effect on April 5 should help this even more. HAFA is the federal Home Affordable Foreclosure Alternatives program, and you can read more about it in the Short Sale section of our blog post series titled My Mortgage is Underwater. Now What Do I Do?

Wrap Up

By the way, all of our newsletter articles are posted on our Greater Seattle Homes blog. So if you want to check back to a previous one, just click the link.

Posted by
Best Regards,

  Chuck and Diane
Chuck & Diane Reiling
Veritus Realty Group & RE/MAX Metro+Eastside
(206) 850-3507

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