Real Estate Stats and Trends March 12, 2012

Has the Housing Market Reached the Bottom?

The latest NW Multiple Listing Service press release titled ‘Washington Homebuyers Realizing “Market may have Reached Bottom of Cycle”‘ suggests that confidence in a market bottom is increasing across the Puget Sound. Very low inventory and very low interest rates contributed toward a huge pending sale increase in February. For example, the release states: “Within King County, pending sales were particularly robust in the Lake Forest Park/Kenmore neighborhoods (up 73 percent), Kent (up 61 percent), Burien/Normandy Park (up 58 percent) and central Seattle (up 56 percent). The northeast portion of Snohomish County also experienced strong sales (up 63 percent from a year ago).” You can read the full article here.