Median prices for single family homes and condominiums continued to decline in December compared to a year ago, according to figures released by the Northwest Multiple Listing Service.
December marked an all-time low in consumer confidence across the country, a state-of-mind reflected in local home sales.
The median sales price of a single family home in King County fell 7.24 percent over the previous December, to $403,500, according to figures released this morning by the Northwest Multiple Listing Service. It marks the 11th consecutive month of median price declines when compared to the same period the year before. But, the median price topped $400,000 for the first time since September.
The median sales price of King County condominiums held steady, at $288,895, down .38 percent from the previous December.
In Snohomish County, the median sales price for single family homes and condos fell by 9.62 percent to $307,000. The residential markets in Pierce and Kitsap did not fare as well, dropping 12.95 percent at $235,000 for Pierce and 16.57 percent at $221,500 in Kitsap when compared to a year ago.
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In other real estate news, the National Association of Realtors announced today that pending home sales — offers that have been accepted but haven’t closed — also have dropped nationwide. Many buyers are hesitating, scared they’ll lose their jobs or unable to get loans, the industry group said.
Realtors in the Puget Sound area said December’s snow storms contributed to a typically slow sales month.
Karen Gaudette: 206-515-5618 or email@example.com