More area homes short of buyers last month

More Western Washington homes were for sale last month, but fewer buyers signed deals, according to the Northwest Multiple Listing Service's November report, released Thursday.

In King County the number of houses and condominiums on the market was 32 percent above the previous November. Pending sales — transactions signed but not closed — were down 11 percent compared with a year earlier.

Those trends were reported in most of the 19 counties within the Multiple Listing Service (MLS) region.

Wet weather and attention given to the midterm election and the holidays may have affected sales, the MLS said.

The prices that sellers received in most counties in November showed an increase from a year ago.

For single-family homes and condominiums combined, prices were up 13.6 percent in King County, 12.7 percent in Snohomish County, 10 percent in Pierce County and 12.6 percent in Kitsap County. That was in comparison with the previous November.

King County's median single-family home price, $435,000, reflected little movement since summer. The median condo price, $272,950, likewise has remained relatively static.

"We have a little bit of a pause today," said Chris Pauling, president of Prudential Northwest Realty. "But jobs and the strong economy are going to keep prices from falling."

Pending sales for houses and condos combined were down in most of King County.

The exceptions included Queen Anne, Magnolia, Madison Park and Capitol Hill in Seattle. Outside the city, Auburn, Des Moines, Redondo, Renton Highlands and Kennydale showed sale gains.

November's sales were uniformly down throughout North King County and Eastside neighborhoods, compared with a year earlier.

That was also true throughout Snohomish County. But that didn't translate to a decline in sales prices.

Homes in southwest Snohomish County appreciated 21.5 percent from a year earlier. That was the county's high. The low, 6.3 percent, was in Everett and Mukilteo.

Greg Hoff, owner and broker of Windermere's Edmond's office, said sales declines should be taken in context. A year ago, sales were at record highs, Hoff said, so last month's falloff is a return to normal — not the bottom falling out of the market.

"The question I get is, 'Where's the bubble?' " he said. "They think it's bursting because it's not going up the way it used to."

A true bubble burst would occur if prices fell, Hoff said. That's happening in some Sun Belt states, but not here.

Elizabeth Rhodes: erhodes@seattletimes.com