So far it looks like sellers have a 50% chance of selling vs. last year. I’ll keep tabs on that as we go. You were twice as likely to sell your house last year as this year, if you put it on market. For those of you who think it’s a new year and if it didn’t sell last year it’s time to raise the price…I’d rethink that. Hopefully low interest rates will improve the stats moving forward. But I wouldn’t count on the improvement being more than a 66.6% chance of selling. We’re not talking about selling at the price you want. We’re talking about selling at all. Not a good time to be stubborn or overly optimistic. You have until 4/1/08 to get real with your pricing, or possibly be back on market in 2009. Stop pricing off what other people are asking. Stick close to the comps this year. No more than 5% over the comps is a good rule of thumb. And don’t skimp on condition. Condition will be the MOST important factor in 2008, second to not pricing more than 5% over the comps.
King County – Residential
For sale – 8,508 – UP 132
In Escrow – 1,906 – UP 97 – 6.5% of those are contingent contracts
Closed month to date – 439 – UP 203
King County – Condo Market
For sale – 2,929 – UP 59
In escrow – 798 – UP 18 – 2.6% of those are contingent contracts
Closed month to date – 144 – UP 75
UP means over last Sunday’s data. Sales of single family homes kept pretty good pace against homes coming on market this week. But still running at about half the pace of this time last year. Let’s assume 1/3 of the buyer pool is gone and that this year’s sales will be 2/3rds of last year in total number of properties sold. That’s my prediction based on what we’re seeing so far.
“Statistics not compiled or published by NWMLS.