NWMLS Report Summary

The Northwest MLS reports that there are currently 43,646 single family residences and 8,271 condos to choose from. Single family residence sales are declining 3.8% but condo sales rose 8%, as Seattle buyers favor more amenities, shorter commutes and maintenance-free living.

According to the 2008 NWMLS Housing Report, “Interest rates are historically low, there’s a healthy inventory of homes to choose from, and the new, higher conforming loan limits have increased housing affordability.”

April to May saw stabilization and higher prices in some of the areas served by Northwest MLS, including: King County, Snohomish, Pierce, Kitsap, Thurston and Whatcom. These counties largely showcase mega-mansions and luxury estates, where homes average from $293,000 to $494,868, and where buyers are largely unaffected by the economic downturn.

One point the NWMLS Housing Report stressed is that buyers should be prudent but shouldn’t wait for a miracle. Buyers will actually save more money if they take advantage of the low interest rates, rather than try to save a few books whittling down the price.

Perhaps buyer uncertainty is behind the whole market downturn. When the market picks up, it’ll happen fast, experts at Northwest MLS feel. According to NWMLS director Mike Skahen, “It’s a great time to negotiate with sellers.”