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PUGET SOUND MULTIPLE LISTING ASSOCIATION REPORTS STABLE PRICES, FEWER NEW LISTINGS

 PUGET SOUND MULTIPLE LISTING ASSOCIATION
 REPORTS STABLE PRICES, FEWER NEW LISTINGS
 KIRKLAND, Wash., June 4 /PRNewswire/ -- Inventory of homes for sale reached the second-highest mark in six months, even though fewer listings were added during May than for any previous month this year, the Puget Sound Multiple Listing Association (PSMLA) said today. According to Puget Sound Multiple Listing Service reports for the month of May, pending sales declined from April, but were nearly 70-percent higher than the same period a year ago.
 In figures released today, PSMLA members reported adding 6,067 new listings to the inventory during May, raising the total to 22,388 residential properties for sale in King, Shohomish and northern Pierce counties.
 Agents registered 2,109 pending sales in May, a drop from April's total of 2,525, but up significantly from the same period last year when only 1,247 sales were reported.
 Prices are relatively stable, said Jack Johnson, association president. Based on closed sales for the month, the average price is reported to be $163,616. That figure compares to April's average of $163,551 and a year-to-date average of $162,017. Last year's overall average price was $162,068.
 Listing prices also show little fluctuation during the past several months. Current inventory is listed at an average price of $226,132. That figure represents a slight drop from the average for the same period last year ($230,911), as well as a decline from 1991's overall average of $230,103.
 Homes in King County continue to command the highest prices. The average price for King County's 16,283 active listings is $241,442 -- almost one-third more costly than the Pierce County average. A total of 1,039 homes are currently listed for sale in northern Pierce County (the area served by PSMLA) at an average price of $182,077. Snohomish county, with 5,066 listings, reports an average price of $185,960.
 Unseasonably warm weather and lingering uncertainty about jobs may be contributing to some of the slowdown, Johnson said. However, he added, a random survey of area brokers suggests a rebound may be under way.
 For example, one manager from a multi-office brokerage said there has been a "dramatic surge" of activity at open houses, particularly among house hunters accompanied by real estate agents. The broker also remarked that the volume of sales and calls during the past two weeks increased noticeably over the first half of May.
 Johnson said attractive financing and the end of the school year may fuel activity. But he also noted that prices could start edging up if the volume of new listings continues to shrink.
 The Puget Sound Multiple Listing Association is an independent, private, nonprofit association of real estate professionals. Its statistics reflect the activity of approximately 670 offices and nearly 9,500 sales associates in the three-county area.
 PUGET SOUND MULTIPLE LISTING ASSOCIATION
 STATISTICAL REPORT
 (as of May 1992)


(Data excerpted from Reports on Residential and Condominium Activity)
 Second Quarter 1992:
 Pending Pendings Pendings
 Month New Total Avg. Price Sales (average (avg. days
 Listings Active (list) (units) price) on market)
 MAY Listings
 King Co. 4,486 16,283 $241,442 1,489 $178,771 67
 Snoh. Co. 1,373 5,066 $185,960 535 $149,044 66
 Pierce(A) 208 1,039 $182,077 85 $134,322 88
 TOTAL 6,067 22,388 $226,132 2,109 $169,439 68
 Average Days
 Month Closed Sales Average Price on Market
 (units) (Closed Sales) (Closed Sales)
 MAY
 King Co. 2,038 $168,613 67
 Snoh. Co. 661 $161,708 61
 Pierce(A) 84 $136,075 99
 TOTAL 2,783 $163,616 66
 (A) PSMLA covers the northern portion of Pierce County.
 -0- 6/4/92
 NOTE TO EDITORS: Statistical highlights are summarized in the above chart. Additional details, including breakouts by areas within each county, are available by calling 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:


LM-JH -- SE004 -- 7108 06/04/92 14:15 EDT
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Date:Jun 4, 1992
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