Puget Sound home sales down; some regions warming

While increased activity has led to multiple offers in some Puget Sound neighbors, pending home sales during April were down 24 percent from a year ago when buyers were scrambling to take advantage of a federal tax credit, according to the latest Northwest Multiple Listing Service statistics.

Northwest MLS members reported 7,154 pending sales during April. When compared to the same month in 2008, last month’s pending sales (mutually accepted offers) jumped 15.2 percent, according to the NWMLS.

The median price on the 4,581 completed sales for April was $237,000, a decline of 9.2 percent from the year-ago median price of $261,000. In King County, prices are down about 4.6 percent, from $340,000 to $324,500. The dips reflect a significant number of foreclosed homes and short sales that are in the mix.

“We just had three offers on two new listings, one in North Seattle at $320,000, and the other in Ballard at $429 000,” said MLS director Mike Skahen of Lake & Co. “While buyers remain cautious, they are ready to pounce on attractive, well priced homes and the open house traffic is very heavy,” Skahen said.

Skahen credits the hiring at Amazon and general improvement in the Seattle economy with the boost, adding “a good recovery is under way.”

NWMLS director OB Jacobi, president of Windermere Real Estate, said an analysis by Windermere shows distressed properties accounted for about 35 percent of home sales in King County in April, up from 21 percent a year ago. Bank owned properties account for much of the growth, according to Windermere’s research.

“The good news is that while there is significant bank-owned inventory, it looks like the banks are starting to work their way through it,” Jacobi said.

Frank Wilson, branch managing broker at John L. Scott’s Poulsbo office, said fewer buyers are making low-ball offers and sellers are being more proactive about pricing their homes to be competitive in today’s environment.

“Both buyers and sellers are beginning to get the message of today’s market, which is be realistic,” Wilson said.

• Join us Sunday – “Real Estate Today” – 9 -10 a.m., May 8: Exploring the Spring Housing Numbers: Is Spring still the season to buy and sell a home, or are buyers chasing prices and not seasons? Join host Tom Kelly, Windermere’s OB Jacobi and Darin Stenvers from John L. Scott as they discuss the latest Northwest Multiple Listing statistics in Western Washington counties. Call 1-888-973-5476, (1-888-973-KIRO) with your questions, comments and concerns.