Recent King County pending sales continue to dip in price.  There seem to be more bargains in the single family home market than the condo market overall.  But that is starting to change.

In the condo market, of the 628 condo sales pending, only 283 have gone pending since the 1st of October, and the asking prices on those were 3.7% lower than the pending sales from before October 1st.  Considering that condo prices for the 3rd Quarter were only down 7.2% YOY, a 3.7% dip in prices is significant and should bring condo prices down to more than 10% lower YOY by year end.  We’ll have to wait and see where they close out.  Those that have closed so far in October have actually closed at higher prices than the 3rd Quarter, so we may not see the full impact of lower prices until the end of the 4th Quarter in condos. 

In the Residential market, 957 of the 1,893 pending sales went pending since October 1, so less of a backlog on a % basis than in the condo market.  The prices of the recent pendings is only down by a hair, compared to pendings from before October 1.  But pending prices overall and closed prices in October to date are down almost 10% compared to the 3rd Quarter and almost 20% YOY. 

If you are hanging in for the perfect house, you may have to wait until Spring of 2009.  But if you’re looking for an opportunity to buy based on bargain prices, the last quarter has a lot to offer.  Remember, for every bargain priced property SOLD there are 5 or more overpriced properties. So far in October it looks like buyers are choosing wisely and getting some real deals.  But you have to know what you are doing out there.

Kind of like going to a huge shoe sale and picking out the Prada’s from the Payless overstock.

As always, stats are not compiled, verified or posted by NWMLS. (required disclosure – it’s also required that I say that in bold letters, for those who’ve been wondering.)