June's low interest rates, high inventory and motivated buyers led to the highest King County sales since October 2007.   Mercer Island, West, South & East Bellevue; along with Issaquah all posted year over year increases.  It looks like all the first time buyer activity, which has been spurred by low interest rates and the $8000 government credit is leading to an increase in those sellers becoming move-up buyers.

Pending sales (sold but not closed) are up 25% over 2008.  We'll have to wait and see how that relates to closings as many of these Pendings are Short Sales awaiting approval from the lenders.  There could be a negative effect on overall values when these sales close.

July 15, 2009