Whoa Baby! To say these numbers are interesting is an understatement. I better put that MLS required disclaimer that this data was hand calculated by ARDELL using the MLS system, but not posted or compiled by NWMLS.
We’ll start with the January data Year Over Year (YOY). Remember a few more sales will trickle in since we are so early in February, and some agents don’t post immediately after the sale.
But as of tonight, the Jan. month end closings (drumroll please):
**UPDATE FOR LATE POSTINGS OF JANUARY CLOSINGS as of 2/7/08 and again on 2/10/08):
King County SFH sales for Jan. 2008 came in at
861 895 902 vs. 1,357 in 2007. A 36% drop.34%
King County Condo sales are down about
43% 39% from 511 in 2007 to 293 306311.
Remember that for every city that is performing better than those percentages, like Bellevue and Redmond whose SFH sales are only down about 15%, there are other cities and areas whose performance was worse than the overall King County numbers.
People ask why I always calculate Kirkland, Bellevue and Redmond statistics. I expect these areas to outperform King County as a whole. Bellevue and Redmond did. Kirkland did not. Living close to Microsoft is still the criteria that gives homeowners the edge in certain parts of Bellevue and Redmond, though not all of those two cities.
For instance if Factoria performed the same as King County overall, then close to Microsoft is virtually unscathed. I didn’t break that down, but I expect that is the case given Bellevue and Redmond’s overall performance of down 15% or so. Next week when we see if there are any more month end closings posted, I’ll break that down to see where really close to Microsoft is coming in.
I’m also tracking which homes are selling and which aren’t. By visiting the properties in person and picking the ones that should sell, we can tell if there is any impact at all. If the properties that should sell do sell, then that area ( close to Microsoft) is not affected.
Now for the weekly stats. I’ll keep this running with closings on a YTD basis throughout the year and compare the YOY at the end of each month.
Inventory being “down” means that the sales are happening faster than new listings are coming on market this week. So a slight, very slight, reduction in inventory for the first time this year. Sales are keeping pace with, and exceeding, new listings on market by a small margin.
King County – Residential
For sale – 8,638 – DOWN 22
In Escrow – 2,154 – UP 90
Closed year to date – 888 – UP 280
King County – Condo Market
For sale – 2,983 – down 26
In escrow – 795- down 28
Closed year to date – 293 – UP 89
Seems a bit odd that In Escrow is down also, but I expect that is because of month end closings. We’ll see how that shakes out next week and in the weeks to come.
I can’t help but think of the commenter whose monicker is “bored”. Don’t know how anyone can be bored with this housing market.
“Statistics not compiled or published by NWMLS.