Originally published March 7, 2007 at 12:00 AM | Page modified March 7, 2007 at 6:01 PM
King County home sales climb in Feb.; prices steady
It's too early to say if this spring's home sales will be a repeat of last spring's frenetic activity, but February's home sales point to...
Seattle Times business reporter
It's too early to say if this spring's home sales will be a repeat of last spring's frenetic activity, but February's home sales point to it, according to statistics released today by the Northwest Multiple Listing Service.
The number of pending sales in King County climbed to 3,272 last month, compared with 2,492 in January.
However prices have yet to take a big jump — good news for buyers.
King County's median single-family home price has not edged upward in several months, according to the MLS.
It put February's median sold price at $429,925, about what it's been since fall, but up almost 9 percent compared with February a year ago.
The picture is more complex for King County condos. Median sales prices have bobbled up and down — from $269,950 in December to $229,900 in January to $285,250 last month. That's happened for a number of reasons.
One big one: Numerous new condo projects are now being sold, which can affect the mix of sales, and thus the median prices, in any given month.
But the buyers are definitely there, said, Lennox Scott, CEO of John L. Scott Real Estate.
"Housing activity for the month of February continues to show signs of regeneration as sales remain on par with year-ago totals. Interest rates dropped down again, bringing the 30-year fixed-rate-mortgage to about 5.8 percent," Scott noted. "This combined with continued job growth are the key indicators to a stable housing market in the coming months."
Windermere broker Karen Lavallee said sales activity in her office's West Seattle neighborhood showed a marked increase recently.
"Our office picked up about the third week of January, and it's been good ever since," she said.
Lavallee thinks that reflects pent-up demand from November and December, when bad weather kept home shoppers away.
![]()
"But the sun comes up and everything perks up," said Lavallee.
Scott reports that the strongest sales are in the more-affordable price ranges. Those vary according to neighborhood.
Additionally, "King County continues to see a slight shortage of inventory in the more-affordable price ranges in neighborhoods close to the job centers in Seattle and Bellevue," he said.
The MLS calculates that King County has just under a three-month supply of single-family homes for sale. There's about a two-month supply of condos. A supply of six months or more is seen as favoring buyers.
February's median single-family sold prices for the four central Puget Sound counties — King, Snohomish, Pierce and Kitsap — were up between 9.4 percent and 12.5 percent compared with a year earlier. Pierce had the highest appreciation; King the lowest.
That likely reflects median prices. At $286,980, Pierce County is the most affordable, so it potentially can attract more buyers. Competition drives prices up.
At $429,925, King was the least affordable county in the area last month.
Seattle was even less affordable. It's median single-family home sale was $440,250, and annual appreciation reflected that. In the last year, homes within Seattle have appreciated 7.1 percent.
Elizabeth Rhodes: erhodes@seattletimes.com
Copyright © 2007 The Seattle Times Company
Chase shrugs off loss of CD investors
Sunday Buzz: Expedia, Intelius, Classmates slapped by Senate report
Denny Triangle gains skyline, but tenants slow to come
UPDATE - 04:28 PM
Senate Democrats at odds over health care bill
Your Funds: Money for nothing: Some investors pay for advice they never get

LA Galaxy's David Beckham
Los Angeles Galaxy's David Beckham talks about the upcoming MLS Cup final during after a team practice.
nwjobs

Post a comment

Michelle Goodman blogs about work/life balance.
How to tell your office you're gravely ill
Post a comment
nwautos

Choosing a new sedan? Weigh the impact of your choice on your wallet and on the planet.
Post a comment
- 'The Road' takes Viggo Mortensen to Mount St. Helens and Astoria, Ore.
- Craigslist adoption ad: A plea by young mother-to-be? A scam?
- Italian lead prosecutor argues Knox motive was hatred
- Italian prosecutors request life sentence for UW student
- Tugboat sinks on Seattle's waterfront
- Child-support error costs nearly $21,000
- Man shot in chest on E. Union Street in Capitol Hill
- Washington state wines make annual best-of list
- Chase shrugs off loss of CD investors
- Mariners Blog | A Mariners-Tigers swap makes a whole lot of sense for both teams
- Senate vote clears hurdle
234 - Tight Senate vote launches health care over hurdle
119 - Child-support error costs nearly $21,000
117 - Palin excitement builds in Tri-Cities
115 - Vikings easily beat the Seahawks
108 - Prosecutor requests life in prison for Amanda Knox
87 - Cutting through breast-cancer confusion
86 - Game thread
70 - New York terror trials will restore faith in rule of law
52 - Chase shrugs off loss of CD investors
46
- Washington state wines make annual best-of list
- Nonprofits get creative using Twitter and Facebook to make donation easier
- It's possible to recover a life lost to hoarding
- Lynnwood is reinventing itself — again
- Great places to cross-country ski for free (or almost) in the Methow
- Child-support error costs nearly $21,000
- 'The Road' takes Viggo Mortensen to Mount St. Helens and Astoria, Ore.
- Recipes: Sesame Pork Roast, Sour Cream Mashed Potatoes, Gingerbread with Lemon Sauce and more
- Banff: powder, peaks & purity
- 175 foster kids in Washington get 'forever families'





