Positive indicator of things to come

NWREporter October 2011

News from the Northwest Multiple Listing Service

Northwest MLS brokers notch this year’s best monthly tally of sales during August

KIRKLAND, WA, September 6, 2011. August now ranks as this year’s best month for both pending and closed sales around Washington state, according to the latest report from Northwest Multiple Listing Service. Last month’s volume of pending sales was the highest number of mutually accepted offers since April 2010 when the homebuyer tax incentive expired.

Northwest MLS brokers reported 7,632 pending sales during August, a gain of more than 26 percent from the same month a year ago when they notched 6,037 pending sales. Last month’s total for the 21 counties in the MLS service area surpassed July by 450 transactions.

Thirteen counties had double-digit gains from a year ago, led by Snohomish County where pending sales jumped more than 46 percent.

“For the first time in a long time, I can say with confidence that things feel better,” said Northwest MLS director OB Jacobi, president of Windermere Real Estate. “We shouldn’t get too distracted by the large increase in pending sales,” he cautioned, noting, “It’s a positive sign, but these figures are being compared to last summer’s post-tax incentive doldrums. With that being said, we’re excited about the positive momentum in the market.”

“Interestingly enough,” Jacobi remarked, “We’re seeing the most activity in the $600,000 to $800,000 price ranges in King County, but low inventory continues to be an issue across the board.” He also noted the company’s mortgage reps are reporting a 50 percent increase in non-refinance loan applications, which he believes “is a positive indicator of things to come.”

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