Market update

According to statistics from the Northwest Multiple Listing Service (NWMLS), the number of homes that went under contract in October was up slightly in the Puget Sound area when compared to last month, with Snohomish County seeing the biggest month over month jump of 8.16% Overall, home sales were up nearly 5% from September, in large part due to the 8% sales jump in King County.
The year over year comparison shows pending sales down 22%, and closed sales down 27%. This large gap could be attributed to October 2009 benefiting from a large spike in sales because of the original expiration date of the federal tax credits for homebuyers.

Stable Prices & High Inventory
The Puget Sound continues to trend towards a buyer’s market, with prices stable, inventory up, and low mortgage rates increasing buying power.