Commercial Real Estate
Housing Sales Continue to Disappoint in March
By Seattle Business Magazine May 9, 2011
Housing Sales Continue to Disappoint in March
One-third of Seattle-area home sales in March resulted in the seller losing money, according to real estate firm Zillow. Last year just 22 percent of homes in King, Pierce and Snohomish counties sold for a loss.
Despite the poor news, the Seattle metropolitan area actually outperforms the national market where 37 percent of all March home sales resulted in a loss. That is the only silver lining to the otherwise grim news. Sales for losses increased more than ten percentage points in the Seattle area over the past year, compared to the national average of 6.5 percentage points.
Across King, Pierce and Snohomish counties, the average home price dropped to $259,200 down 11.7 percent from March 2010. Nationally, average home prices dipped 8.2 percent.
Snohomish continues to struggle most profoundly in the housing crisis. Forty-four percent of homes their sold for a loss, compared to 32 percent in Pierce and 28 percent in King.
In the Seattle metro area, 4,447 homes were sold in the month of March, a slight decrease of .9 percent from the previous year.