Familiar tune: Local home sales up, prices down

Northwest Multiple Listing Service member brokers reported 4,988 closed sales during September, surpassing the year-ago volume by 991 transactions for a gain of nearly 25 percent.

The number of completed transactions in the four-county Puget Sound region (King, Pierce, Snohomish and Kitsap) jumped 32 percent from the same period in 2010.

With inventory at its lowest level since May, members reported “stiff competition for move-in ready homes” in some neighborhoods.

“Historically low interest rates may get more buyers shopping but buyers are very well educated,” said Darin Stenvers, NWMLS director. “Before they ever leave their homes, they have a good idea of which homes are priced correctly. Many sellers are not taking into consideration the effects of extremely tight appraisal guidelines and heightened credit requirements.”

Northwest MLS members added 7,923 new listings to the database last month, the fewest since February. At month end, there were 35,254 active listings in the MLS service area, almost 6,900 fewer than a year ago (a decline of 16.4 percent).

The median price on last month’s closed sales of single family homes and condominiums (combined) was $233,945, down about 9 percent from September 2010. Compared to March, 2011, prices area-wide have declined 3.7 percent, while a comparison to June, 2011, shows a price dip of 2.9 percent.