From John L. Scott HQ:

A Balanced Market
A shifting market has created a change in approach for both buyers and sellers in Western Washington. As inventory grows, sellers are seeing fewer multiple-offer situations and are pricing their homes accordingly. Increased inventory means more selection for buyers, but home price appreciation is still on the rise, creating a sense of urgency for many of them.

April
The spring got off to a mixed start. Pending sales (offers accepted but not yet closed) on single-family homes were down 7.5%, but condo sales saw an increase of 4%. The median price for a condo was up almost 20%, while single family homes were up only 11%.

May
The median price of a home in King County in May was $469,000, up 9.6% over last year. In Pierce country, the median price was $281,000. While pending sales were on the decrease, sales of million-dollar-plus homes was up 28.5%.

June
The last month of the second quarter saw much of the same activity as the previous two months. New listings were up 51%, pending sales were down 12%, and the median price of a home was up almost 6%. Economists expect healthy appreciation to continue through the end of 2007.

Second Quarter Overview
Though pending sales are down in our area, Western Washington continues to demonstrate its real estate health when compared with much of the nation. Nationwide, the average supply of inventory is almost seven months. Overall in Western Washington, supply is five months. In King County, supply is about three months.

The increase in inventory can be misleading. Homes in close-in neighborhoods, particularly those in the price range a median income family can afford, are quite limited. Homes that fit those two criteria are still seeing large open house attendance and, in some cases, multiple offers.

What’s Your Home Worth
If you are interested in finding more information about the value of homes in your neighborhood, or more specifically your own home, please feel free to contact me at anytime.

I’d be more than happy to discuss a comparative market analysis of your current home. I can help you map out a successful property marketing and price strategy plan. And together we can work to make your vision for your next home come true as well.