Home sales down 32 percent from '07

By Jim Szymanski | The Olympian • Published June 06, 2008

Home sales in Thurston County were down 32 percent in May compared with the same month last year, the biggest year-over-year drop so far in 2008, a report by the Northwest Multiple Listing Service says.

Throughout the listing service's 19-county Western Washington region, May sales were down 40 percent.

Some agents say the dropping numbers mean it is a good time to shop for real estate because many homes are available.

"People are hanging on to their wallets," said Blake Knoblauch, an agent with Greene Realty Group of Thurston County. "Buyers are waiting to see the bottom of the market, but we don't know when we're going to see the bottom. For all we know, it could be now."

Although sales are down, median sales prices are down only slightly, as is Thurston County's inventory of about 2,200 homes for sale, said Jerry Wilkins, area services manager of the listing service.

Median Thurston County sales prices slipped to $264,000 last month, down less than 1 percent from $265,475 a year ago, the NWMLS reported. The 297 homes sold in the county last month was an increase from 284 in April.

"Median prices essentially remain unchanged," Wilkins said. "I do think we're still in a fairly stable environment."

Still, sales are down throughout the region, especially compared with the market's peak sales year in 2005.

In May of that year, for example, the listing service reported that there were 8,610 pending sales in King, Pierce, Snohomish and Kitsap counties. It reported that in May 2008, 4,526 were pending in that area, a drop of almost 48 percent.

Knoblauch said people are unsure about the economy and the outcome of this year's presidential election and have become cautious spenders.

"It's still a fine market but it's not what we've been used to," he said.

Tacoma broker Dick Beeson added that Northwest weather still has not improved enough to put people in a buying mood.

"We still haven't had summer hit us yet as the weather remains cool, wet and cloudy," he said. "I expect both temperatures and the market to heat up as summer approaches."