Northwest MLS sales up in May; prices still lag

Northwest Multiple Listing Service members reported a 43 percent increase in pending sales of single family homes and condominiums during May compared to the same month a year ago. Sellers accepted offers from 7,509 buyers last month, up from the year-ago total of 5,242 pending sales.

“We’re seeing a definite shift in the market – especially in the areas closer to Seattle and Bellevue,” said OB Jacobi, president of Windermere Real Estate and a member of the Northwest MLS board of directors.

The median price for last month’s sales system-wide was $239,999, about 11 percent less than a year ago when it was $269,950. Brokers attribute much of that price decline to the fairly high ratio (estimated at 30-40 percent in many markets) of foreclosed homes and short sales that are being sold at deep discounts.

In King County, prices slipped 8.4 percent, from $346,000 a year ago to $316,750 for last month’s closed sales of single-family homes and condominiums. For single family homes only (excluding condominiums), the median selling price was $345,000, down about 9 percent from the May 2010 figure of $379,000.