Business - Business News

POSTED: Monday, Oct. 06, 2008

Regional home sales, prices down in September

While the year-over-year decline in local home sales wasn't as dramatic in September, the drop in median prices was accelerating, according to a new real estate report.

Last month in Whatcom County, 176 homes sold, down 18 percent from September 2007, according to a report released by the Northwest Multiple Listing Service, which tracks residential sales by real estate agents in 19 Washington state counties. The median price was $269,900 for homes sold, down 8.4 percent compared to September 2007 and down 3.8 percent from August.

The smaller drop in September sales could be partly a result of hitting the one-year mark of the credit crunch. In August 2007, the problems with credit and subprime loans were taking hold across the country. By September 2007, home sales locally had slowed 33 percent from the previous month while the median price remained about the same. Between August and September this year, the decrease in home sales was 13 percent.

"There was some relative strength in September in terms of home sales; I think sellers were more willing to negotiate with the price," before heading into the winter months, said Lylene Johnson of the Muljat Group. Last week, Johnson released a report she compiled using third-quarter listing service data that showed Whatcom County homes sales were down 25.3 percent and the median price was $275,000, down 5.2 percent year over year.

In talking about her report last week, Johnson also noted strength in homes sold in the lower end of the price spectrum and a decline in sales of upper-end homes in September, which would impact the median price.

Much of Western Washington saw similar drops in sales and prices in September, according to the report. In King County, home sales were down 17 percent in September compared to the same period last year, while the median price dropped 7.8 percent. Skagit County's median price for homes sold in September was $239,750, down 13.5 percent compared to September 2007.

Condominium sales in Western Washington saw big changes year over year. Last month, 48 condos sold in Whatcom County, down 39.2 percent compared to September 2007. In King County, 457 units sold in September, down 44.1 percent.

Real estate agents could find some solace in pending sales, or offers that are made and accepted but not closed. Across the 19 counties, there were 5,982 pending sales in September for homes and condos, up 4.1 percent year over year. In Whatcom County there were 241 pending sales, nearly matching the 246 pending sales in September 2007.