King County Home sales – First Half 2007
ARDELL on 07 6, 2007
I did my normal Kirkland, Bellevue and Redmond combined stats in $200,000 increments for May and June, as Sandy requested, There are several more than the links provided here over at my blog.
Here at Rain City Guide, since we are at the half year point, I did both King County overall in the $400,000 to $600,000 range and Kirkland, Bellevue and Redmond in the same price range. If you could make a graph on Jan. 1 of expectations for a year, the data couldn’t fit better into a market expectation vs. actual. Very interesting.
Other than inventory being a little fatter, but not excessive, for the County vs. microcosm of Eastside graph, it looks pretty much like a decent pregression from January through June. There was one surprise market segment that I think was impacted by rates, tight lending and appraisal factors. I only did that in the K-B-R version as I’m out of time. I may revisit that on a County-wide basis later.
[photopress:kcytd.jpg,full,alignright]
There’s a little more general commentary by segment on my blog. Here I think the graphs pretty much speak for themselves.
[photopress:2007_YTD_KBR.jpg,full,alignright]
These stats hand calculated by Ardell DellaLoggia using NWMLS as a data source. They were not published nor calculated by NWMLS. (required disclosure)
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Thanks a lot Ardell. Seems like we are returning to a normal market here of 5% appreciation, and good balance of inventory and buyers.
I’m seeing a much higher appreciation level than 5%, but I’ll agree with you on the balanced market. Still, a good product will sell quickly with multiple bids while others no one seems to want. The atmosphere is more like a continual January, meaning everyone wants the best new one out the gate more than “inventory” properties. Except with more inventory coming on than January, there are more sales.
Until we start seeing inventory being a 90 to 120 day absorption factor, I don’t see much change for the majority of people. High end is where you see up to a year’s worth of inventory. But many of those just come off market entirely. Just passed two on my way home were the signs just came down, while one around the corner sold at $400,000 more than those.
People want a little more for their money these days than many sellers provide. Not a good time to stick it up there with no prep work.
Thank you, good stats. I like the pie chart, it helps to visualize things.
Kindly.
It will be nice to have a complete circle of monthly sales in this visual, as well as year end inventory going into 2008. I was amazed at the “at a glance” totallity of the visual. I use a very elementary system to create the pie chart. In fact it’s on a kid’s site called “Create a Graph”.
Nothing fancy…just the facts. Works for me.
Ardell: Question for you, not sure if this is the right place to post/ask the question:
If a home is close to a power line and those towers, how much does it de-value the house? Can you quantify “close”? Or is it just visual view of the towers?
Visual is the biggest factor. In a buyer’s market you want to slash your wrists when you try to sell it. In a hot market you can sell most anything. When I started in the business in Jersey in 1990 it was a strong buyer’s market. Only 3 of any 10 houses sold, and no one wanted to go in the one with views of the electric tower. Since 10 people were competing for the same 3 buyers…not much chance of selling.
The person who ended up buying them did so when the price was so low, that it was the lowest price in the best schools. So people who couldn’t afford to buy any higher, got into the school district that way. So better have some reason for people to want to be there as to area, like best schools or proximity to a really big work place
If and when a buyer’s market ever hits town.
Ardell… read my mind… there was something you said in your second sentence that I do not need to see right now.
Sandy,
Coincidentally, we happened on a house with electric towers behind today. The clients did not go in and I had to cancel the appointment. I was amazed at how the agent managed to get a photo without showing the tower.
Some owners want people to know there’s a tower, some don’t. Very hard sell. I’ve never had a listing with a tower in the view, nor have I have sold one with a tower in the view. But I’ve been in front of several and the client reacted the same as they did today. Wouldn’t even go in the house.
LOL
Some times I feel we think/see the same houses 
when you say towers were behind, how far behind? 500 feet?
When standing in front of the house, the tower shows over the roof in the background. This one looked like it was in the back yard. Of course there were several others in the distance. These were huge.
I was way down south, where I rarely go. Kent I think. So I don’t think it was the same house you saw, Sandy.