Brokers reported 10,289 pending sales last month – fewer than the same month a year ago, but significantly more than the previous month, according to the latest report from Northwest Multiple Listing Service. That total, which encompasses 17 counties, was down about five percent from twelve months ago when brokers notched 10,841 pending sales. Compared to February, when there were 7,673 pending sales, the volume jumped 34 percent.

"People are taking a bit longer to decide and even with the increase in inventory, there hasn't been a reduction on selling prices," said NWMLS director Dick Beeson, a broker at Windermere Real Estate.

Prices system-wide were about 13.7 percent higher than a year ago, with ten of the 17 counties reporting increases of 20 percent or more. Last month's closed sales of single family homes and condominiums had a median selling price of $292,000, eclipsing the year-ago figure of $256,783.

In the four-county Puget Sound region, Snohomish County claimed the biggest year-over-year price hike. The selling price for last month's closed sales (including single family homes and condos) was $209,950 -- $52,375 higher than the same time a year ago for a 20.3 percent increase.

King County's median price jumped more than $40,000 from a year ago, rising to $365,000 from $324,950. For single family homes only (excluding condominiums) the median price for sales that closed last month was $405,000. That's almost $145,000 more than the median sales price of $260,300 for single family homes that sold last month in Pierce County.

Three other counties also reported median sales prices above $300,000 for last month's completed sales of single family homes and condominiums. San Juan County continues to top the list, with last month's closings having a median price of $503,250. Jefferson County's sales had a median price of $315,900 and Snohomish County reported a median price of $309,950.

Brokers credit expanding inventory and attractive financing with fueling activity.

NWMLS members added 12,639 new listings to inventory last month, edging out the year-ago total of 11,808 new listings. The additions include 10,786 single family homes and 1,853 condominiums. With those new listings, the total inventory at month end rose to 23,533 listings. Compared to the same month a year ago, the inventory grew by 15.9 percent.

The largest gains from a year ago are in Thurston County (up 77.5 percent), Grays Harbor County (up 62.5 percent), Pierce County (up 26.7 percent) and Kitsap County (up 22.9 percent). Only four counties have fewer listings than a year ago: Cowlitz, King, Lewis and Kittitas.

"Traffic at open houses has been pretty decent," Beeson remarked. "People are taking a bit longer to decide," he acknowledged, but said well-priced properties are still drawing multiple offers. "All the doom and gloom predicted hasn't arrived," he said. In fact, he believes the abundance of people moving into the area will sustain demand and price appreciation "for some time," but tempers his optimism by noting, "So long as rates stay under 7 percent."

Rates on 30-year mortgages now average 6.54 percent, up from the month-ago average of 6.39 percent, according to HSH Associates, a mortgage information publisher.

"Traffic at open houses has been pretty decent," Beeson remarked. "People are taking a bit longer to decide," he acknowledged, but said well-priced properties are still drawing multiple offers. "All the doom and gloom predicted hasn't arrived," he said. In fact, he believes the abundance of people moving into the area will sustain demand and price appreciation "for some time," but tempers his optimism by noting, "So long as rates stay under 7 percent."

Rates on 30-year mortgages now average 6.54 percent, up from the month-ago average of 6.39 percent, according to HSH Associates, a mortgage information publisher.

Thank You!

Bob Chapman

This information is from the Northwest Multiple Listing Service, which is based in Kirkland, WA and owned by its member brokers, encompassing approximately 2,075 member brokerages, with more than 26,000 sales associates. The MLS covers 17 counties, including most of western Washington, plus Grant, Kittitas and Okanogan counties in the central part of the state.

Copyright 2006. All material contained herein is owned and protected. Any attempts to reproduce this information without the express written consent from the owner will be prosecuted.