A bit of good news for our local real estate market was reported by the Seattle Times today…
The number of closed sales in August increased by more than 35% from a year ago with 1,775 closed sales. This is a great news as it shows a strong recovery from the post-tax credit lull we experienced in 2010.
However, despite the increase in volume of sales we aren’t seeing an increase in prices as median home prices have remained unchanged from July to August, and are 8% lower than a year ago (keep in mind the tax credits expired in September 2010). Home prices have been hit by an overabundance of supply due to distressed properties – especially in the condo market.
For the most part we’ve been bouncing along at the same price levels for the last 6-8 months – hitting bottom about 2-3 months after the tax credit expiration. The good news is that the increasing volume of sales is helping offset a decent portion of the increased supply and keep our prices stable.
As employment improves it will create more buyers and fewer distressed owners, and the market will really start to turn the corner.
For more information see: Seattle Times – Local Homes Sales On Upswing