Homes sales slump in January in Puget Sound region

Home sales continued to sag in the four-county Puget Sound area last month, and median sales prices — with the sole exception of single-family homes in King County — slipped further, more proof that the region has joined in the nationwide housing slump.

Data released today by the Northwest Multiple Listing Service showed just 2,712 closed sales in King, Snohomish, Pierce and Kitsap counties last month, a 35.4 percent drop from the 4,197 recorded in January 2007. Nearly 3,300 sales were pending across the region, 32.4 percent fewer than a year ago.

The median selling price for King County homes remained at $435,000 for the third straight month, enough for a 1.3 percent gain over the previous 12 months. (Median means half sold for more, half for less.)

But prices for condominiums in King County, which had held up better than single-family homes, sank in January to $270,500 — down 6.7 percent from December, and 1.6 percent below January 2007.

Elsewhere in the Puget Sound region, median sales prices also edged lower. The median selling price for homes and condos combined was down 1 percent in Snohomish County, 2.5 percent in Pierce County and 5.4 percent in Kitsap County.

At the same time, new listings continued to pour onto the market, adding to inventories of homes and condos that have been taking months longer to sell than their owners had hoped.

In the four-county area, 10,043 homes and condos were listed for the first time last month, 16.5 percent more than in January 2007. Overall, there were 28,215 active listings in the region, 46.3 percent above the level a year earlier.

Drew DeSilver: 206-464-3145 or ddesilver@seattletimes.com