Area Home Sales Up In Dec., But Offers Down Dramatically

Seattle Times Staff: Seattle Times News Services

KIRKLAND - It was a ho-ho-hum December in the real estate business. Closed home sales were up as people hurried to finish deals before the end of the year. But, as always during the holiday season, pending offers were down dramatically.

There were 2,847 home sales closed across King, Snohomish and northern Pierce counties last month, according to the Puget Sound Multiple Listing Association. That was up 37 percent over November's 2,076 closings.

But sellers accepted just 1,726 offers, down 25 percent from November's 2,307 offers. That was down 29 percent from December 1993, when lower mortgage rates (near 7.5 percent) kept people buying.

The year finished with 34,194 homes sold across King, Snohomish and northern Pierce counties. That was 2.1 percent more than 1993, when 33,505 homes were sold.

Home prices were up 4.1 percent overall last year. The average 1994 sale in the tri-county area covered by the PSMLA was $174,918, up from $167,996 in 1993. The median sale was $150,000.

In King County, the average sale was $182,151. Snohomish homes averaged $163,973, and northern Pierce County homes $143,930.

PSMLA had 11,890 homes on the market last month; 2,680 were new

listings.