Is the Seattle Housing Market Recovering?

According to the Northwest Multiple Listing Service there was a strong gain in home sales in February. Since this is generally the busiest home selling seasong, it will be interestting to see how much the market increases this spring over last spring. King County generally leads the trend and the San Juans are usually at the end of the trend. Closed sales in Feb were up 45% from Feb last year.

Agents in Seattle are reporting heavy traffic at Open Houses and many think the looming deadline for the homebuyer tax credit is helping to boost activity.

Pending sales (offers made and accepted, but not yet closed) also increased 45% from Feb last year. This will be the 11th straight month of increases.

Seattle is seeing more  'Move up Buyers' than last year, which bodes well for the San Juan's and Orcas, as generally the buyer on Orcas Island is mature and sells a home to purchase here, or is purchasing a second home. Contributing to these higher end sales is the thawing of the Jumbo Loan Market.

To see Listings on Orcas Island and the San Juans go to: OrcasDreams-Island Properties