Real estate sector shows small rebounds in Western Washington

WESTERN WASH. — It hasn’t rebounded yet, but in light of the last two years Western Washington’s real estate sector has made a baby leap forward.

According to an April 6 North West Multiple Listing Service press release, “Pending sales (offers made and accepted, but not yet closed) around Western Washington for the month of March reached the highest level in six months.”

Compared to February, pending sales in March surged 25 percent up from 4,559 transactions to 5,701.

Although March’s numbers are still down 5.6 percent compared to March 2008, its volume is the highest monthly total since September at 5,982.

On the market inventory is also down about 14 percent over the last year, but this decline forecasts of a positive for NWMLS Director Dick Beeson who maintains reduced inventory will spur buyer activity.

“Well priced and well conditioned properties will generally be the first ones sold,” he stated in the release, adding open house traffic and “for sale” sings have increased twofold in recent weeks.

It seems as though the trend has shifted: it’s no longer buyer beware, but buyer be prepared.

Nowadays the buyer is becoming more proactive in real estate ventures.

Beeson said buyers are perusing the Internet before making a call or visiting an open house and are now more knowledgeable about options in specified price ranges.

“All in all we are seeing generally increased interest at all levels of the market, high and low end,” Beeson said in the release. “We may not soon see 2005 or 2006 levels of sales numbers, but we’re holding our own and progressing steadily in the right direction.”

An upswing can come none too soon for Washington, as the state’s budget is built around real estate sale revenues. The House and Senate have approved budgets, which do include some $9 billion in cuts for 2009-11.

In Kitsap County of the 2,010 active listing 470 were added in March. A total of 300 sales are pending with 186 already closed. The median price in Kitsap County is $246,495.

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