Pending sales around Washington state at mid-year surpass year-ago levels; industry leader says “It feels like we have hit the bottom of the market”

In the North West Multiple Listing Service reported a continuing double-digit gain in home sales during May, last month’s pending sales surpassed the volume for June 2010 by nearly 36 percent.

“It feels like we have hit the bottom of the market,” remarked Lennox Scott, chairman and CEO of John L. Scott Real Estate. He described sales activity as being at “healthy levels” for the past seven months across all price ranges close to the Seattle-Bellevue job centers and up through the median price range in the surrounding markets. “Buyer confidence has definitely returned,” he proclaimed.

Prices on last month’s closed sales area-wide were down about 9 percent from the same month a year ago, but compared to January, the drop is only about 2.8 percent. The median price for sales that closed last month was $240,950; a year ago it was $265,000. In January it was $250,000.

Posted via Seattle Real Estate-Seattle Homes For Sale