Housing Activity Surges in King County

In a news release published today by the Northwest Multiple Listing Service, pending sales reported by members showed an overall increase of 11.4% from a year ago and up 21.3% from March.  Though these statistics are averages of the 19 counties that make up the NWMLS market area, there are areas where the surge in real estate activity isn’t so promising.   Also tempering this rare positive news is that activity for the moderate and upper priced homes still continue to be slow.  While the Seattle area real estate market is far from being turned around, the report is encouraging for condos, the more affordable lower priced single family homes and for the First Time Home Buyer.

In King County specifically, the report shows that the inventory is shrinking, that home prices seem to be stabilizing, and that real estate sales is showing a surge of activity.

Reasons for the real estate surge can be attributed to lower home prices along with the continued availability of remarkably low interest rates.  The $8,000 First Time Home Buyer Tax Credit and other programs are also playing a part.

Pending Single Family Sales in King County rose 25% from March to April. North King County  pending sales rose a whopping 52% (includes Shoreline, Kenmore).  The increase in pending sales on the Eastside was 35%.  Prices are still down compared to a year ago, however the median price for a single family home in King County for April is the same as it was in March at $350,000.

Pending Condo sales in King County, where nearly 60% of the condo sales occur, were still down compared to a year ago but jumped 42% from March.

What the stats show is that the demand is increasing.  With the inventory (the supply) decreasing,  Economics 101 rule of supply and demand is starting to have an affect on the stablization of home prices.

The real estate market is still highly advantageous to a home buyer.  It is still a buyer’s market.  Real Estate is ‘On Sale’.  Good prices can be found at every price level.  For the first time home buyer and those in the market for single family homes under $400,000 or condos or townhouses, the prices – the interest rates – the tax credit … the timing is right.

Steve Swanson is a Redmond Real Estate Agent servicing Redmond and the Eastside, and teaches First Time Home Buyer Classes in Redmond Bellevue Bothell Kirkland and Sammamish.

Search for Seattle area homes at www.helloRealEstate.net
Do your Redmond Home Search at www.RedmondHomesandCondos.com

 

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New Group on Facebook

One of my philosophies is to support local business.  I especially place emphasis on supporting and promoting the businesses of my friends and clients.

An example of the talent is Rob Heim.  Rob and his wife Amy used my services to help them sell their Duvall home and acreage.  They later called on me to help them find their current home in Maple Valley.  Rob and Amy are very active paragliders that fly off Tiger Mountain.

Professionally, Rob is a very gifted Landscaper.  Landscape artist actually.  After his move to Maple Valley, Rob jumped off the ledge.  He left his lead position at the company he where he worked and started his own landscape business.

View Rob’s site online at www.cedarrocklandscapes.com.  He works all around the Eastside and King County.  When you look at his portfolio, and should you get the opportunity to meet Rob & Amy, you will find two talented professionals and a very silly and terrific couple!

I’ve created a group on Facebook called The hello Real Estate Network.  My goal is to encourage discussion and networking among those interested or involved in real estate.  Consumers, real estate agents, as well as vendor and contractors.  It is an open Facebook group so anyone can join.

One of the tasks I am working on is that of compiling a list of contractors and vendors that would not only service my target markets, but would also service the various communities of those in the hello Real Estate Network Group.

First point of emphasis is always … quality first!

Rob’s business is one that I have no concerns in supporting and is an example of the many quality professionals I hope will become part of my Concierge list within the hello Real Estate Group.

You’re invited to share a story of someone that you would like to get noticed