Homes Sales Surge for Second Straight Month

Pending single-family home sales in King County surged again in May, prompting some real-estate professionals to suggest the market may have turned a corner.

Waiting longer to buy a home is not likely to pay off, according to Northwest Multiple Listing Service director Kathy Estey after reviewing reports summarizing May activity. Estey pointed to shrinking inventory (about 20 percent fewer listings than a year ago), double-digit increases in the number of pending sales (up 17.7 percent from a year ago), solid open house activity, and signs of stabilizing prices (eight of the 19 counties in the report show price gains since January) as indicators of an improving market.

Estey, the managing broker at the Bellevue Downtown office of John L. Scott Real Estate, said affordable homes inventory is down to the levels of a normal market and reaching for a sellers’ market. “Multiple offers are common in the under $400,000 range when the home is priced well, shows nicely and is marketed professionally,” she remarked. “Buyers who are waiting for prices to come down more have missed the bottom,” Estey believes.

As the market continues to clear out the inventory of short sales and bank owned properties thing s will only get better.  Once again people its time to get off the bench and get into the game if you have the opportunity to do so. The perfect storm of low interest rates, the $8,000 tax credit and low prices  is only going to last so long wait too long and it looks as though you’ll get left out.

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One Response

  1. Good job. Thanks for keeping us abreast on whats happenign in the reo market in Washington. I am about to start writing about Chase Bank REO inventory at my new blog. Luckily, I got a good domain name to blog about the topic, but I do know its going to be tough to contribute valuable info than what is already out there.

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