Distressed properties propel brisk local sales – DataQuick

DataQuick, a San Diego-based real estate research firm, reported that September home sales in the Seattle area increased 26.2 percent when compared to the same month last year with distressed properties making up half of the closings.

The regional area – which includes Seattle, Tacoma and Bellevue – saw 3,747 new and resale home closings in September.

While sales figures are up significantly from a year earlier, they are down 11.8 percent from August. A seasonal decline from August to September – the start of the academic year – is common, DataQuick reported.

Sales in the sub-$200,000 price range, which grew 71 percent from the year-ago period, buoyed the region’s September home sales as the median sales price plummeted to a seven-year low.

Buyers overall paid a median sales price of $259,000 on new and resale homes, down 1.7 percent from August and 9.1 percent from September of 2010.

Meanwhile, sales in the $200,000-to-$600,000 price range jumped 6.8 percent from last year. And in the $600,000-to-$900,000 price segment, sales increased 27.1 percent year-over-year.