Originally published March 5, 2008 at 12:00 AM | Page modified March 5, 2008 at 4:32 PM
Housing inventory continues to swell in February
Price of homes in King County hold steady compared to year ago despite rising number of homes on the market.
Seattle Times business reporter
Newly released February home sales numbers reinforce the prevailing sense that the Puget Sound area is solidly a buyer's market.
Despite excellent weather last month, a bumper crop of houses and condos to choose from and low interest rates, 36 percent fewer King County properties sold last month than the previous in February. However, compared to January, sales activity was up, with 421 more houses and condos selling.
In surrounding counties, February's year-over-year sales were down 25 to 38 percent, the Northwest Multiple Listing Service reported today. The biggest drop was in Kitsap County, while Pierce experienced the least. Snohomish County was in the middle, with February sales down 33 percent.
The number of for-sale homes, meanwhile, remains high, with 69 percent more King County houses and condominiums and town homes on the market this February compared to a year ago. Last month saw 13,353 houses and condos for sale in the county, up from 12,370 in January.
Surrounding counties also reported significantly more homes for sale, but none came close to King County's totals.
A look at prices shows that the market is not in free fall — at least in King County, which has the lion's share of sales. Surrounding counties, however, are showing some significant weakness, a sign buyers are reluctant and sellers are ready to deal.
In King County, single-family homes sold for a median $429,900 last month, down about $5,000 from the month before, but within pocket change — $25 — of the previous February.
Condos, which account for roughly a third of the county's home sales, had a median sales price of $289,000 last month. That reflects a 1.3 percent increase over the previous February.
House prices in Pierce and Kitsap counties took a hit, dropping 7.4 percent and 12.3 percent, respectively.
That put Pierce's median at $265,750 last month, nearly matching January's number.
In Kitsap, which recorded just 181 sales last month, the median was $250,000. In January it was $278,553.
The median February price of Snohomish County single-family houses was $355,000 or $1,000 less than a year earlier.
Interest rates for 30-year, fixed-rate mortgages remained in the 6-to-7 percent range during the month.
Elizabeth Rhodes: erhodes@seattletimes.com
Copyright © 2008 The Seattle Times Company
Q&A: How veterans can take advantage of VA loan program to buy a home
Nation's Housing: $6,500 tax credit for homebuyers may be a good move
Homebuilders are vying for choice parcels in hard-hit markets
Concrete makes inroads in home flooring
Take care of home repairs before you retire, advises AARP

Opening day at Crystal Mountain
Skiers crowded the slopes at Crystal Mountain for one of the resort's earliest openings.
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
- Homeless man, 46, arrested in Greenwood arsons
- Steve Kelley | ESPN's Bill Simmons gets us: He hates Clay Bennett, too
- KVI talk radio host off the air as of Thursday
- Police investigate videotaped arrest
- Seattle U. Men's Hoops | Big recruit goes from Huskies to Redhawks
- Razor found in muffin an accident, 'mortified' baker says
- Mariners sign Jack Wilson to 2-year contract
- Suspect's family shaken by slaying of police officer
- Mountlake Terrace woman reports razor in muffin
- Ivar's undersea billboards a hoax devised as marketing ploy
- Police investigate videotaped arrest
630 - Seattle man to pack a pistol into community center to protest mayor's ban
184 - Light rail to airport to begin Dec. 19
177 - GOP clueless as families struggle with health care
161 - ESPN's Bill Simmons gets us: He hates Clay Bennett, too
125 - KVI talk radio host off the air as of Thursday
125 - Mariners sign Jack Wilson to 2-year contract
110 - Prosecutor weighs death penalty in police slaying
103 - Wright State game thread
97 - Person of interest in custody in connection with Greenwood arsons
94
- Light rail to airport to begin Dec. 19
- Homeless man, 46, arrested in Greenwood arsons
- Ivar's undersea billboards a hoax devised as marketing ploy
- Steve Kelley | ESPN's Bill Simmons gets us: He hates Clay Bennett, too
- Washington in race for federal education funds
- KVI talk radio host off the air as of Thursday
- Goodwill's Glitter Sale is Nov. 14-15
- Police investigate videotaped arrest
- Boeing: 787 fix is complete on first plane
- Seattle U. Men's Hoops | Big recruit goes from Huskies to Redhawks





