In January of 2007, 455 people were able to sell their homes in 30 days or less at 99.84% of asking price.
In January of 2008 only 261 people were able to sell their homes in 30 days or less and they sold at 98.93% of asking price.
42% fewer people sold their homes within 30 days of listing the home for sale in January 2008 vs. January 2007
In January of 2007, 13.25% of all homes sold had been on market for over 120 days and sold for 97.52% of asking price at time of sale.
In January of 2008, 21.67% of all homes sold had been on market for over 120 days and sold for 95.60% of asking price.
And yet…they sold for a little more. Volume down by 30%, days on market longer, but median sold prices up from $430,000 to $431,375. Median asking prices up from $430,014 to $439,000.
That was January…let’s jump to April (I don’t know the answers before I type this BTW. I figure I can’t introduce my agent bias if I post in real time.)
In April of 2007, 1,184 people were able to sell their homes in 30 days or less for 100.62% of the asking price.
In April of 2008, only 561 people were able to sell their homes in 30 days or less and they sold at 99.25% of asking price.
53% fewer people sold their homes within 30 days of listing the home for sale in April 2008 vs. April 2007
In April of 2007, 13% of all homes sold had been on market for over 120 days and sold for 97.8% of asking price at time of sale.
In April of 2008, 20% of all homes sold had been on market for over 120 days and sold for 95.97% of asking price.
But in April, no more volume down; prices up.
Median sold price in April of 2007 was $474,950 ($50 less than median asking price)
Median sold price in April of 2008 was $451,250 and median asking price at time of sale was $459,925
By Request: Stats for “Curious” in Redmond 98052 pretty strong relative to King County as a whole. Also for Curious – Woodinville 98072; not a pretty picture. For Aiboh here’s 98074 Sammamish – not bad. A lot better than Woodinville. I have to put the special request stats on my blog for space purposes. But keep the requests coming and if I can’t do them on Sunday night, I’ll squeeze them in during the week somewhere.
Regular weekly stats:
King County Residential
Actively For Sale: 11,231 – UP 268
In Escrow: 2,813 – UP 63 – MPPSF $210 (dropped $2.00 again – and that’s asking price
Closed YTD 5,414 – UP 305 – MPPSF $220 YTD (April MPPSF $224)
Not sure why closed sales keep running high while the properties in escrow are running low as to median price per square foot. You would expect the closings to be affected eventually as these close, but so far not.
MAYBE a lot of the ones staying in escrow are short sales, and they are not closing at all. That would be the only explanation I can come up with for “in escrow” MPPSF running lower and lower and closings not being lower.
King County Condos
Actively For Sale: 3,890 – UP 106 MPPSF $320 Down $3.00
In Escrow: 940 -UP 40 – MPPSF $303.50, Down $1.50 but close to where they were the week before last.
Closed YTD: 1,776 – UP 101 – MPPSF $288 – asking prices still running high relative to closed prices. Especially considering April closed sales are running at $270 MPPSF compared to April 2007 at $300 MPPSF.
Volume down 52% April YOY in condos and prices are starting to see more signs of weakening. But again, given the sold properties in both residential and condo were on market for a long time, we could be seeing some old inventory selling off at drastically reduced prices. Some old stale inventory is runing scared from “new on market” and dropping prices accordingly.
Stats not compiled or published by NWMLS. (Required disclosure)