Pending Home Sales Rise

Pending Home Sales Rise

Below is an article that CR Roberts had in the TNT today....Great Information! As the number of pending home sales increases, demand for properties is up as buyers take advantage of lower prices. Northwest Multiple Listing Service reported Monday that members have reported a 43 percent increase in pending sales of single family homes and condominiums during May, compared with the same month a year ago. The agency represents members in 21 Washington counties. Sellers accepted offers from 7,509 buyers last month, up from the 5,242 a year before. In Pierce County, MLS members reported 1,579 new listings for residential and condominium properties in May, compared with 1,443 a year ago. More importantly, there were 1,223 pending sales in May, well ahead of the 859 – a 42.3 percent increase – recorded a year ago. Closed sales rose to 796 from 741, a 7.4 percent increase. In Thurston County, members marked 495 new listings, compared with 464 a year before. There were 338 pending sales in Thurston County in May, up nearly 22 percent from 278 sales in 2010. The 255 closed sales in May marked a 1.5 percent decrease from 259 a year before. In Pierce County, the median sales price of closed residential and condominium properties was $194,000, well down from $221,000 in May 2010. In Thurston County, the median sales price of $218,900 was down from $229,000. Through May 2010, Northwest MLS members had reported 35,454 mutually accepted offers; while this year’s total for five months was 33,612, down about 5.5 percent. “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. “Homes that are priced aggressively are seeing a lot of competition and we’re even getting reports of some homes selling before buyers can act.” Jacobi said a recent review of Windermere’s sales data shows 40 percent of homes in the median price range are selling at list price, and many of these buyers are paying cash. “With that being said, the market is still very price sensitive, so sellers need to continue to be realistic about the value of their home,” he said. The median system-wide price for last month’s sales 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 percent to 40 percent in many markets) of foreclosed homes and short sales that are being sold at deep discounts. Read more:

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Phone: 253-224-6663
Dated: June 8th 2011
Views: 1,592
About Brandi: Brandi Rademacher with RE/MAX Realty South is the Professional Realtor who other Realtors come to fo...

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