Northwest Multiple Listing Service members tallied more than 52,000 single family home and condominium sales in 2009, about 3.7% fewer than 2008, for a combined sales value of more than $17 billion. This report reflects activity of members in 19 counties encompassing nearly eighty percent of the state’s population.

Although the number of sales nearly matched 2008 levels, the dollar volume of the sales fell by 14.6%. Brokers attribute the drop to lower selling prices and higher volume of short sales and foreclosures.

Among the 19 counties included in this report, San Juan claimed the highest median sales price for single family homes at $443,500. King County followed at $380,000. System-wide the median price last year was $280,000.

For condos the median selling price was $235,000, down 7.3% from 2008. King County accounted for 6 out of every 10 condo sales, selling for a median price of $254,000.

Other highlights in the Annual MLS Summary:

• More than 8 out of 10 transactions was a “co-op” sale; listed by one office and sold by another.
• Single family homes accounted for 87% of total sales.
• 802 sales of single family homes fetched $1 million or more. The MLS map area for Bellevue/west of I-405 had the highest volume of million-dollar plus sales (120 closed sales). The highest priced home sale in the MLS system for 2009 was $15,560,000 for a home on Mercer Island.
• Reported 66 sales of condos sold for $1 million or more, 392 condos sold for $500,000 or more. Highest priced condo sold last year was in downtown Seattle for $9,750,000.

Foreclosure is Devastating to Your Credit

There is nothing more damaging to your credit than a foreclosure. It will reduce you credit score about 300 points and stay there for 10 years or more. If you have both a low credit score, and a foreclosure on your credit report, you will have a very hard time getting approved for new credit to purchase a car, receive a student loan, or even to be accepted as a tenant. Many job applications ask if you have ever had a foreclosure. The devastation of losing your home to a bank foreclosure will keep rearing it’s head for years to come, even after the deal is complete.

Click here to learn about 11 alternatives to protect you and your family from foreclosure.

What is a Short Sale?

A short sale is where a property is sold for less than it is worth. The lender must agree to the short sale, and a process is followed.

1. The homeowner must be deemed in a distressed state, behind in payments, and the property is usually faced with threat of foreclosure.
2. Documents must be completed to prove the homeowner cannot continue mortgage payments, a letter explaining the cause of the financial distress is usually required.
3. Efforts must have been made to sell the property at its full market value and a detailed report of the sales activity supplied.
4. If the lender approves the short sale, a buyer is found, and a price is agreed upon. Then the sales process would continue as a normal sale would.

Many times the lender will pay almost all of the seller’s required fees and commissions in a short sale. The homeowner may walk away owing nothing, but they cannot walk away with any proceeds. The process from start to finish can take anywhere from 3 to 12 months, and help from our Certified Distressed Property Experts© can be invaluable.

Don’t let a temporary problem become a long-term nightmare.

Call Brazen Sotheby’s International Realty today at 425-454-4141, or fill out and submit the information form so we can contact your for a completely confidential consultation. Contact us now so we can help.