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Industry News

Puget Sound asserts housing healthy

August 13, 2002

Northwest MLS reports sound figures for July

Inman News Features

Nearly 6,700 home sellers in western Washington accepted offers on their properties last month, producing a 4.5 percent gain in the number of pending sales, compared with a year ago, according to the latest figures from Northwest Multiple Listing Service.

Only two of the 13 counties in the Northwest MLS service area reported fewer pending sales than the same month a year ago.

King and Snohomish counties were the only areas to register declines in the number of pending sales from a year ago, according to Northwest MLS. The volume of pending sales in King County was off less than one percent, while the decline in Snohomish County was more pronounced at about 4.6 percent. Cowlitz, Grant, Mason, Pierce and Skagit counties all notched double-digit increases in the number of pending sales compared with a year ago.

Both the number of new listings added to inventory and the volume of closings nearly matched figures from a year ago, reported Northwest MLS. Brokers added 11,360 new listings to the MLS system last month, only 49 fewer units than the total of 11,409 properties that brokers added during the same month last year.

There were 29,347 listings in the inventory at the end of July, a 1.94 percent increase over last year when 28,788 properties were listed, according to Northwest MLS. The current selection includes 25,253 single- family homes and 4,094 condominiums.

MLS members reported 6,475 completed transactions area wide in July, nearly equal to the 6,553 closings a year ago. Prices for those sales, which include single-family homes and condominiums, rose about 4.6 percent compared with last year.

Snohomish County reported the sharpest increase in prices from a year ago. The median price for last month's closings in Snohomish County was $217,500, an 8.48 percent increase over the median price of $200,500 for transactions that closed last year. Prices in Thurston County jumped more than six percent from a year ago. Cowlitz, Grant, Lewis and Mason counties were the only counties that reported price declines from a year ago.

Copyright: Inman News Service

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