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Home Prices Rose as Seattle Pre Foreclosure Homes Declined

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By : John Cutts    99 or more times read
As the number of Seattle pre foreclosure homes dropped in February, home prices climbed up compared to price levels in February last year, based on sales figures from the Northwest Multiple Listing Service.

The median sales price for single-family houses in February in Seattle was $399,000, up by 1.4 percent from the $393,500 median in February last year and the second consecutive month that the median increased year-over-year.

Lower-priced foreclosures in Seattle, however, contributed to the month-over-month drop in the median price. In January, the median sales price was $415,000.

The median sales price for condos also jumped up year-over-year by more than 6 percent, but it dropped by more than 8 percent month-over-month to $290,500.

According to the NWMLS, only 342 housing units in King County entered real estate listings in February as total foreclosure postings during the month fell by 26 percent from January and dropped sharply by 33 percent from February 2009.

Pending sales of Seattle pre foreclosure homes and all other types of homes jumped up by nearly 61 percent in February from one year earlier and rose by almost 27 percent from January. Closed sales surged by 41 percent year-over-year to 313 units.

The improvement in sales has encouraged local real estate agents and has raised hopes that the spring of 2010 would be a good year for home sales. NWMLS head OB Jacobi said he is optimistic about the Seattle housing market because of the increase in job opportunities and in the 45-percent jump in closed sales. The stock of single-family houses available for sale also improved by more than 12 percent from January.

In the entire King County, the market changes were not as encouraging as changes within the city of Seattle.

The median price for King County single-family houses in February was $373,010, a decrease of 0.53 percent from the January median of $375,000. Condo prices also fell by 3 percent from February last year and by 7 percent from January.

The stock of single-family houses improved month-over-month in King County in February, posting an 8-percent increase from January.

In the entire Puget Sound region, the sales price median for single-family houses in February dropped to $297,000 and the median for condo prices fell to $233,500. The lower prices of Seattle pre foreclosure homes and other foreclosed properties weakened their impact on the market, but they are still a significant factor in the direction of the market.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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