As you can see from the graphs below, there has been a 50% increase in the number of properties going pending in the last 7 days, compared to the week of 2/7 to 2/14 before the $8,000 “first time” homebuyer credit passed.
427 sales went pending in the first week in March. That’s a 50% increase over the 286 that went pending in the 2nd week in February.
The second graph shows the increase in the number of homes that are selling in 30 days or less. Not sure if that increase is “normal” for January through the first week in March though. Still, worth reporting the positive trend upward.
I combined condos with single family homes in King County. I think it’s fair to say that the credit stimulated home sales. It’s also fair to say that people waiting for the credit, depressed home sales in the previous period. So the real stimulus may lie somewhere in between.
On a side note, I am hearing of a few pending sales falling out, because the owner/seller is now eligible for the new assistance that came out on 3/4, and may not “have to” sell after all.
King County Condo and Home Sales Improved by 50%
% of homes and condos sold in 30 days or less improving
Statistics are not compiled or posted by NWMLS