From a Northwest Listing Service news release.
Percent change in Mill Creek-Everett-Lynnwood housing statistics
- Pending Sales – 20% increase from August 2011 to August 2012
- Inventory – 55% decrease from August 2011 to August 2012
"September housing statistics around Washington indicate recovery is continuing, strengthening sellers' positions"
“Pending sales, closed sales and prices all increased in August compared to a year ago, according to the latest figures from Northwest Multiple Listing Service. Those key indicators, coupled with the persistent shortage of inventory, prompted one industry leader to declare the market has flipped.”
“Last month's pending transactions nearly equaled the July total of 8,416 sales and marked the fifth consecutive month of at least 8,000 pending sales.”
“Closed sales, reflecting several months of strong pending sales, reached the highest volume so far in 2012. Brokers tallied 6,612 closings last month, continuing a streak of four months of 6,000-plus completed transactions.”
"The biggest story this year is that the market has flipped,” proclaimed J. Lennox Scott, Chairman and Chief Executive Officer of John L. Scott Real Estate. He attributes the shift to a seller's market in most areas and prices to a combination of factors, including historically low interest rates, lower adjusted prices, the shortage of inventory, an elevated number of investors, and the return of local home buyers.
"Inventory levels are incredibly low, but our hope is that many homeowners who were underwater can now afford to sell because of the continued appreciation of home prices,’ remarked OB Jacobi, President of Windermere Real Estate Company. He also noted a pick-up of activity in the new construction housing market, which he expects will add much-needed inventory throughout Puget Sound.
The full news release can be found from the following link: