West Seattle’s real estate market could be recovering with a significant increase in sales this May.

Total sales in West Seattle increased by 100 percent between January and May. Prudential Northwest Realty Associates reports that they sold 45 homes in March, 53 homes in April and 76 in May—an increase of 18 percent and 44 percent, respectively.

“Everything has really turned,” said Mike Gain, president and chief executive office of Prudential Northwest. “When the Market crashed it was down for so long, but we are really starting to see the momentum now.”

Since prices continued to drop in February, May was the first month that prices began to increase in West Seattle after local homes were priced lower in April than they had ever been in the past three years.

However, prices have dropped further after short term increases around June of 2008 and January of 2009, and Gain said such “bounces” in median prices are fairly typical.

According to Gain, West Seattle’s inventory of homes is shrinking—as many have noticed by the increasing “sold” signs in their neighborhoods—and prices are beginning to stabilize. He said Prudential realtors are seeing more serious buyers at their open houses and homes are getting more offers than in the recent past.

Buyers waiting for “the bottom” may have missed it. With interest rates and prices beginning to climb, Mike Gain, said that they will likely continue to do so.

“Generally, once you hit a bottom and things start going up they will (continue to) for many, many years,” said Gain.

Still, he stresses that this is a buyer’s market. According to the National Association of Realtors, on their affordability index—which compares the median home price to the median income—homes in the Northwest are currently more affordable than they have been since the 1970s.

A Federal $8,000 tax credit for first-time home buyers before Nov. 30, is also a strong incentive for home buyers.

“Anyone who has a job and can qualify should buy,” said Gain.

West Seattle currently has 675 active home listings. 175 of those are priced under $300,000, though the vast majority lie between $300,000 and $750,000.