Northwest MLS Brokers Report Stable Prices, “Great Opportunities” for First-Time Buyers

KIRKLAND, Wash. (April 4, 2008) – Stable housing prices and strong real estate fundamentals are creating an attractive market for buyers, according to officials from the Northwest Multiple Listing Service. Commenting on just-released figures for activity for the month of March, MLS director Matt Deasy noted prices have been stable for six months and conditions have changed to a buyer’s market.

Abundant supply and a slower pace of sales are among factors favoring buyers. Brokers added 13,274 new listings of single family homes and condominiums during March. With those additions, there were 46,358 active listings in the NWMLS market area, which covers 19 counties. That inventory is about 34 percent larger than a year ago, when there were 34,463 active listings.

Seattle differs from many U.S. cities, Deasy emphasized, citing “more moderate price appreciation, fewer subprime loans, fewer foreclosures, a strong local economy and geographical and land use issues that make supply more limited.”

Prices have been stable for six months. “The year over year price decrease the press is reporting is old news,” Deasy suggested, noting that price correction happened in August and September of 2007.

MLS figures show the median price of a single family home in King County has fluctuated by only $4,050 over the past six months. The median price for a single family home that sold in King County last month was $439,900. That’s down about 3.3 percent from a year ago, but up $10,000 (2.3 percent) from February. Last month’s median selling price in King County reversed a downward or flat trend that started in July. For the MLS area overall, prices have fluctuated during the past six months: