Pending home sales show a sustained and continuous uptrend, rising for four consecutive months with very favorable housing affordability and a first-time buyer tax credit boosting activity, according to the National Association of Realtors.
The association said the market seems to have turned to the buyers' advantage, and the federal government's $8,000 tax credit for first-time buyers who buy through November is an inducement. Experts say the housing recovery must start with such first-time buyers, who don't need to sell one home to buy a new one, and typically there’s the ripple effect up.
And that's what may be happening in the Seattle area, according to the latest report from the Northwest Multiple Listing Service. Buyers and sellers reached deals on 711 houses in Seattle and 2,246 countywide in May, up around 24 percent and 27 percent, respectively, from a year earlier, the report said.
Those pending sales totals were up from increases of around 15 percent in the city and county from a year earlier in April.
Home inventory showed possible signs of a market turnaround, with the number of houses on the market in May down 20 percent in the city and county from a year earlier. The condo total was down more than 13 percent in Seattle and nearly 11 percent countywide.
The median house sales price was $399,000 in Seattle and $375,000 countywide in May, down 16 percent and nearly 15 percent, respectively, from a year earlier. Seattle's price was unchanged from April, while the county's dropped 1.3 percent.
According to Forbes Magazine, Seattle is still ranked as one of the best places to live. Furthermore, West Seattle is and will always be in demand as one of the top locations to live within Seattle.
West Seattle is famous for its views of the Puget Sound, Olympic Mountains, and the Seattle Skyline. Experts say the location is in demand by buyers.
Buyers have incentive to buy before Nov. 30 to take advantage of the $8,000 down payment, and interest rates are at historic lows adding further incentive for buyers.
