Commercial Real Estate
Home sales rise 35 percent
By Seattle Business Magazine September 6, 2011
Though housing prices continued to stagnate, home sales showed healthy improvement throughout Washington state in August.
According to new data from the Northwest Multiple Listing Service, buyers in King County closed on 1,775 residential homes in August 2011a 35 percent increase from a year ago, when buyers closed on 1,313 homes. Sale prices remained unchanged from July, averaging $350,000 per home, compared to $380,000 in August 2010.
The trend held true at the statewide level. Sales of 5,704 residential homes closed across Washington in August, up 35 percent from 4,211 homes a year ago. Prices are down 12 percent from a year ago, with the average home selling for $236,000, down from $269,450 in August 2010.
The number of homes sold in 2011 has now surpassed the statewide total for all of 2010. There also were more sales in King County during the month of August than in July for the first time since 2006.
Condo sales also shot up during August. A total of 766 sales closed in Washington, an increase of 47 percent from the 521 sold in August 2010. In King County, condo sales increased 41 percent to 481, up from 341 a year ago.