May housing figures show a significant improvement over last year, according to a report just released from the Northwest Multiple Listing Service.
Pending sales for the month of May were 18% higher in Thurston County than May 2010. There were 325 pending home sales versus 274 a year ago. This is a particularly good sign of the market, as sales during the second and third quarter last year fell off after the expiration of the home buyer tax credits. Those credits expired on April 30, 2010. A month does not make a pattern, but so far in June pending sales activity has been solid.
Ken Anderson, president of Coldwell Banker Evergreen Olympic Realty, said, “The return to stronger spring sales shows that the market is standing on its own without the aid of government stimulus in the form of tax credits.” Many homes are priced competitively and the educated buyers in the market are jumping when they see good value.
On the supply side, more sellers entered the market in May than a year ago. There were 484 new residential listings last month, compared to 451 in May 2010. Even with this increase, total active inventory of 1,638 homes is still 10.2% below last year.
This better supply-demand balance is being felt across many areas in the county and a wide variety of price ranges. We have brokers reporting multiple offers on quite a number of properties that are priced ahead of the competition.
