Real estate Investments and Housing Sales Decline in King County

The number of real estate investments and houses sold in King County, Washington declined in February compared with the previous month and the year before. Prices of homes also took a tumble, with both median and average selling rates recording lower figures. Despite the poor showing for the month, realtors are optimistic that sales and prices will pick up in spring.
A total of 1,244 foreclosed homes for sale in Seattle and non-foreclosed dwellings in the rest of the county were purchased in February 2011, down from the January 2011 total of 1,259. The figure was also lower than one year ago when 1,255 dwellings were sold in February 2010. In terms of average selling price, King County's was pegged at $401,339 in February, down from the $411,353 recorded in the previous month.
The figure also posted a drop when compared with the February 2010 average selling price of 429,288. According to realtors, part of the reason for the decline in prices is the oversupply of foreclosed homes in Washington which are mostly offered at bargain rates. Meanwhile, median selling rate last month was at $320,000 for the whole county, down from the January 2011 median price of $333,500.
Figures were also down from year-ago levels as February 2010 median rate was pegged at $343,500. Despite the decline in prices, not a lot of real estate investments were recorded in the county and homebuyers were also relatively few. Much of the same can be seen in other counties of the Western Washington region. For the region's 20 biggest counties, including King County, February 2011 sales declined to 3,080 from the January 2011 total of 3,207.
Although there are no such things as free foreclosure homes, some market observers have stated that the current prices of dwellings in the area and in most U.S. markets seemed as if the properties are simply being given away. The average price for all counties in February was $304,501, a decline from the previous month's $305,428. Median rate also went down from January's $243,500 to $240,000 in February.
Despite the poor price and sales figures for the month of February, realtors believe that the coming months will be better. They predict that real estate investments and housing sales will improve, particularly during the spring; traditionally the strongest season for the U.S. housing market. In terms of prices, analysts stated that they are likely to remain low, but will definitely improve from the first two months of the year.