Encouraging news for the Puget Sound housing market emerged Tuesday with the release of new sales figures for August.
Pending sales for the four-county central Puget Sound area, King, Pierce, Snonohomish and Kitsap, were the highest they’ve been in August since 2006, said the Northwest Multiple Listing Service. And closed sales were up significantly in all four counties.
Pending sales totaled 5,944 in those four counties compared with 4,520 in August last year, 5,764 in August of 2009, 4,584 in that month in 2008 and 5,580 in August of 2007.
In August of 2006, pending home and condo sales in those four counties were 7,692.
Thurston County also saw a pending sales increase from 344 in August last year to 370 last month, said the Northwest MLS.
“For the first time in a long time, I can say with confidence that things feel better,” said John Jacobi, president of Windermere Real Estate. But Jacobi cautioned that the 26.42 percent increase in pending sales in the 21 Washington counties that Northwest MLS covers was so large in part because August 2010’s pending sales were relatively weak.
“We shouldn’t get too distracted by the large increase in pending sales,” he said. “It’s a positive sign, but those figures are being compared to last summer’s post-incentive doldrums.”
Al Morken, broker with Better Properties Real Estate’s North Proctor branch, likewise was cautious about pending sales because so many fail to close because of strict credit requirements, more diligent home inspections and inconsistent appraisals.
But Morken said the increase in closed sales is an encouraging sign.
The market, he said, in many ways is set up for an increase with historically low interest rates and more reasonable home prices.
Closed sales in August reflected that same positive news in those four counties while closed sales in Thurston County last month were down slightly.
Pierce County saw a 44.24 percent increase in closed sales last month. King had a 36.40 increase. Kitsap figures reflected a 36.36 percent bump, and Snohomish had a 42.68 percent increase.
Thurston County’s closed sales were down 2.44 percent, the new figures showed.
The new statistics, however, weren’t without their down side for sellers. Median prices were down last month in all five counties.
The median fell from $221,500 in Pierce County to $186,750. In Thurston County, the drop was from $239,950 to $225,500. King County median prices were off from $349,450 to $315,000.
The median home sales price in Kitsap County was $235,000, a drop from $268,950 in August 2010. Snohomish prices dropped from $260,000 to $232,000.
The declines in median home prices is partially due to the sale of foreclosed or short sales properties, said the National Association of Realtors.
Low inventories of for-sale homes in some cases is once again causing multiple offers for choice homes, especially near Seattle and Bellevue. The price bracket from $600,000 to $800,000 is particularly active, the MLS said.
John Gillie: 253-597-8663 john. gillie@thenewstribune.com
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