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SALES OF RESIDENTIAL PROPERTIES UP IN PUGET SOUND REGION, PUGET SOUND MULTIPLE LISTING ASSOCIATION SAYS

 SALES OF RESIDENTIAL PROPERTIES UP IN PUGET SOUND REGION,
 PUGET SOUND MULTIPLE LISTING ASSOCIATION SAYS
 KIRKLAND, Wash., March 9 /PRNewswire/ -- Sales of residential properties in the Puget Sound region leaped nearly 60 percent over January's figures, reaching their highest mark since April 1991. According to a spokesman for the Puget Sound Multiple Listing Association (PSMLA), the 3,281 pending sales of residential and condominium units reported for February reflect favorable conditions for both buyers and sellers.
 Jack Johnson, president of PSMLA, which tracks real estate activity in King, Snohomish and a portion of Pierce counties, said a comparison of sales and listings figures show significant gains. He credits favorable financing, good weather and abundant inventory as factors that are spurring activity.
 Other indicators, such as average prices and average days on the market, underscore optimism for a strong local market, said Johnson.
 In February, for example, 1,214 more residential properties were sold than during January. Compared to the same period in 1991, Johnson said year-to-date sales are up 72 percent (5,348 units vs. 3,108).
 Average sales prices are edging up, Johnson observed, while the time it's taking to sell a home is declining. The average price of pending sales in February was $165,221, which compares to January's figure $155,222. Year-to-date comparisons show averages have increased by $7,074, or about 4.6 percent (1992-$161,356 vs. 1991 of $154,282).
 Comparing "average days on the market," the figures indicate it is taking about a week less time to sell a home. For February's sales, the average days on market was 68 days, which compares to January's figure of 75 days.
 Real estate agents echo Johnson's optimism, noting increased activity at open houses and significantly more inquiries from "for sale" signs and advertisements.
 Michael Waggoner, chairman of the board of PSMLA and president of The Heller Co. Realtors of Bellevue, said there appears to be "a lot of pent-up demand." At his company, for example, sales have doubled from the last quarter of 1991, and, like members throughout PSMLA's area, agents report strong activity across the price spectrum.
 The Puget Sound Multiple Listing Association is an independent, private, nonprofit association of real estate professionals. Its statistics reflect the activity of more than 670 offices and 9,400 sales associates in the three-county area.
 PUGET SOUND MULTIPLE LISTING ASSOCIATION
 STATISTICAL REPORT
 (as of February 1992)
 RESIDENTIAL AND CONDOMINIUM LISTING & SALES ACTIVITY
 1992 Y-T-D Avg. Days Avg. Days
 Month New Pending Avg. Price avg. on Market on Market
 January Listings Sales (list) price (month) (Y-T-D)
 King Co. 4,165 1,455 $161,026 (same) 76 (same)
 Snoh. Co. 1,598 530 $144,149 67
 Pierce 308 82 $123,809 103
 TOTAL 6,071 2,067 $155,222 75
 February
 King Co. 4,518 2,378 $170,790 $167,084 70 72
 Snoh. Co. 1,450 787 $152,822 $149,332 60 63
 Pierce 195 116 $135,171 $130,465 98 100
 TOTAL 6,163 3,281 $165,221 $161,356 68 71
 -0- 3/9/92
 NOTE TO EDITORS: The figures in this release are revised from the release dated March 5. A summary of activity appears in the above chart. For detailed statistical reports of Pending Sales, Active Listings and/or Closed Sales, call Cheri Brennan at 206-869-5839.
 /CONTACT: Jack Johnson of Puget Sound Multiple Listing Association, 206-820-9200, or after hours, 206-486-3810/ CO: Puget Sound Multiple Listing Association Inc. ST: Washington IN: SU:


SC-LM -- SE013 -- 6625 03/09/92 17:56 EST
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