Home Sales Improving in Pacific Northwest

For the first time in 6 months, pending sales around Western Washington have increased, according to the Northwest Multiple Listing Service.

According to the MLS, last months pending sales increased by 25%, from over 4,550 transactions to 5,701. In the same time period, sales decreased by 5.6% compared to a year ago but still at the highest level since September 2008. Inventory also fell more than 14%, with 39,825 active listings for single family homes and condominiums compared to 46,358 listings a year ago. Inventory also fell more than 14% with fewer new listings added during March.

Many experts think that increased open house traffic and more ‘for sale’ signs indicate renewed buyer confidence and activity. Buyers are also actively searching the internet and becoming more knowledgeable before seeking the assistance of their agent.

Sales are increasing in part because of deeply discounted prices and also because of the newly instated $8,000 first time homebuyer tax credit. Sales are increasing all across the Puget Sound region with increases in the Seattle area of over 35% and nearly 40% in Southwest King County. In fact, seven of the 19 counties in our MLS system have shown gains in comparison to February.

Though we have not completely recovered from the housing recession, we are definitely moving in that direction.