KPLU Local News
(2010-01-06)
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SEATTLE, WA
(KPLU) -
December is typically a very slow month for home sales. But local realtors report a surge of transactions at the end of 2009 - marking the seventh straight month of strong sales for the region. At the same time, the latest statistics from the Northwest Multiple Listing Service also show prices continued to fall.
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Nearly 5,000 home sales closed last month statewide. That was a lot more than many observers were expecting. Glen Crellin, who directs the Center for Real Estate Research at Washington State University, says it's a dramatic improvement compared to a year ago.
"Of course a year ago was dismal. But we've got 50 - 80 percent improvement in sales activity in most of the jurisdictions served by Northwest MLS. That's really good news."
It's good news he says, because it means there are fewer homes for sale sitting on the market dragging prices down.
"That said, we still are looking at significant price weakness."
Prices are down about seven percent statewide compared to a year ago - in King County, a single family home now sells for a median price of $273,000. But those numbers represent prices falling at a slower pace than in recent months.
Condo sales are a different story - in King County, median prices dropped twice as much, by almost 15 percent.
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