I left December out, since most of the month end closings aren’t posted yet, and month end could be a large percentage of a month’s sales. But we want to start off 2008 with some kind of benchmark and expectation for the year in front of us.
I could have called this “and then came September…”, but the single family market actually had a double whammy.
Condo sales in 2007 actually started out UP 3.8% over 2006 until we hit September closings. (that’s units sold, not pricing)
Single Family Homes were conversely DOWN by 9.4% under 2006 when we hit September closings. (again, # of units sold and not pricing)
So first we had people priced out of the Single Family Market moreso than the condo market, and then the Mortgage Crisis hit both markets in August which reflects in the September and subsequent month closings.
I posted most of the data for King County for 2005, 2006 and 2007 over at my blog, for those who want to pull the data and draw their own conclusions.
I’ll come back to this topic, and include inventory issues, after December closings for 2007 are posted.