Home Pending Sales On Upward Trend

Olympic Mountains and Liberty Bay from Lemolo Shore Drive

Both nationally and locally home pending sales are on an upward trend. The Pending Homes Sales Index, a forward-looking indicator based on contract signings rose 2 percent to 97 in January from a downwardly revised 95.1 in December and is 8 percent higher than January 2011 when it was 89.8. This data reflects contracts but not closed sales.

Here locally in Kitsap County, pending sales were up 13 percent from last year, meaning that last month had more sales in the making than a year ago. However, home prices continued to drop, down 11 percent from a year ago and close to where the price stood in 2005. The median closing price stood at $225,400 for single-family homes and condominiums combined, according to the Northwest Multiple Listing Service. In 2005, it stood at $233,700. The price went down most steeply for condos.

Inventory has decreased 8 percent in February with 1397 homes for sale. This shrinking inventory makes this more of a seller’s market. When priced correctly, homes are selling quickly and even seeing multiple offers.  With spring just around the corner, it is an excellent time to list your home. As always, if I can be of any assistance, please contact me for a Comparative Market Analysis (CMA) to see if this is the right time to list your home!