House prices rise in King County, surge in Seattle
By AUBREY COHEN, SEATTLEPI.COM STAFF Published 04:31 p.m., Thursday, May 3, 2012
House prices rose for the first time in a long time in King County last month, while they surged up by double digits in Seattle. The median sale price was $360,000 countywide and $425,000 in Seattle in April, the Northwest Multiple Listing Service reported Thursday. That's up 2.9 percent and 10.4 percent, respectively, from April 2011.
"I think it's very encouraging," said Glenn Crellin, associate director for research at the Runstad Center for Real Estate Studies at the University of Washington.
"I'm still worried about places like South King County, where activity was OK, but prices are continuing to fall," he said. "In Seattle, I think the upswing is on."
Lender-owned "REO" homes, which tend to sell for less, made up 22 percent of all house sales in April 2011 but less than 17 percent of sales last month, he wrote. "Fewer REO sales means a higher median, all other things being equal."
Across all 19 counties in the listing service, the median sales price, including houses and condos, rose for the first time since January 2008. It was $240,000, up nearly 1.3 percent from April 2011.
Commenting in a listing service news release on the disparities between areas, Windermere Real Estate President OB Jacobi said: "As is fairly typical of a recovering market, the activity first heats up in the urban centers, and then spreads to the surrounding suburbs and outlining areas. We are now seeing this trend."
We've gotten back to multiple-offer situations for many homes hitting the market, said J. Lennox Scott, chairman and CEO of John L. Scott Real Estate.
"The pent up demand of local home buyers who are now purchasing homes has ignited a surge of sales activity," he said. "For homeowners who have equity, and have been cautiously waiting to sell, this ultimately means they can sell their home today and purchase within the same market timing."
There might be enough evidence of stability to bring sellers out, Crellin said. "I'm convinced that there are a significant number of individuals who would like to sell but have just been reluctant to do so when the market was in freefall."
Sales of houses and condos were up 13 percent from a year earlier in Seattle and 19.2 percent countywide. Pending sales, which don't all close but can be the best indicator of recent activity, rose 20.9 percent in Seattle and 22.5 percent countywide.
The inventory is very low, 2.4 months worth of homes per sale at the current sales pace in Seattle and 2.9 months countywide, down from 4.7 months and 5.7 months a year ago.
Condo prices were softer than those of houses. The median condo sales price last month was $260,000 in Seattle and $194,500 countywide, down 7.1 percent and 13.4 percent, respectively, from a year earlier.
Read more: http://www.seattlepi.com/realestate/article/House-prices-rise-in-King-County-surge-in-Seattle-3533110.php#ixzz1tru5ccXA |
