Surprise on the breakdown of First Quarter YOY. While condo volume is down 41% compared to 1Q-2007, condo prices are holding steady and may even be going up. Single family homes are down 33% as to volume, but as Case Schiller reported and I have tonight verified, single family home prices are back to August 06 levels and tipping downward.
Condo sales for the 1st quarter were only 1,210 compared to 2,042 in the first quarter of 07, but price per square foot is at $297 compared to $295 in 2007 and $242 in 2006. Plus the properties in escrow are showing $306 per square foot. While that may decrease when we see the sold vs. asking prices, so far sold prices have been pretty close to asking, so the likelihood is that those in escrow will close higher than the $297 price per square foot of 1Q-07.
So for condos, volume way down but prices up…again.
Single Family homes sales for the 1st Quarter are showing at 3,570 vs. 5,304 in 1Q-2007. Prices are down to $219 per square foot (exactly where they were 8/06) down from $222 in 1Q-2007 and up from 201 in 1Q-2006. Properties in escrow are at $214 per square foot as to asking prices. So we will likely see a continued downward trend as to price in single family homes in the next few weeks of closings.
In 1Q-2008, 33 out of 100 homes sold at 98.8% of asking price within 30 days. 20% were on market for over 120 days.
In 1Q-2007, 43 out of 100 homes sold at 100.48% of asking price within 30 days. 15% were on market for over 120 days
In 1Q-2006, 54 out of 100 homes sold at 101% of asking price within 30 days. Only 8% were on market for over 120 days.
Now for tonight’s stats:
I’m switiching out to median price per square foot (MPPSF) vs. median price. I’m also showing DOM as they look like they are coming down, so we want to track that.
King County Residential Sales
Active/For Sale – 10,426- UP 246 -DOM 53 – MPPSF Under $2M – $230 (Over $2M MPPSF $546)
In Escrow – 2,708 – UP 134 – DOM 47 – MPPSF $214
Closed YTD – 4,004- UP 285 – DOM 53 – MPPSF $219
King Conty Condo Sales
Active/For Sale – 3,684 – UP 94 – DOM 54 – MPPSF $320
In Escrow – 876 – UP 30 – DOM 37 – MPPSF $306
Closed YTD – 1,305 – UP 71 – DOM 51 – MPPSF $295
“Statistics not compiled or published by NWMLS.