A special Shout Out to my Late Night Fans. I was over on my blog testing out some theories in specific areas. Comparing YTD 08 with same period 07 in King County, Kirkland and Bellevue. To my surprise, given it’s almost 1:00 a.m., I was seeing people reading them as I was posting them.
I almost didn’t post my Sunday Night Stats, given tomorrow is a holiday and I post them Sunday nights so that people have something to play with at work on Monday morning. But once you start a regular “show”, I guess you can’t miss a night. So I was pleased to see someone is watching and waiting and reading. Quite a few someones in fact. It gave me the energy to press forward, so thanks!
Before I continue with the normal weekly stats, I think I’ll go back over to my blog and do Redmond. The more time I spend in Redmond, the better I like it. I just sold a Rivertrail townhome, and have another coming on market next week. Have spent quite a bit of time in Abbey Road and English Hill recently as well. Redmond has a lot to offer and may be becoming the stronger choice than Bellevue or Kirkland. I’m going to be tracking that. As I suspected, Redmond’s doing pretty darned good relative to Kirkland and Bellevue at 30% down as to volume vs. 60% down as to volume. And the asking prices of property on market is also more in line with reality.
The market is not going up this year people! Stop adding 10% to last year’s comps to get your asking price. Unless you like sitting on market for 3 times the number of days, only to have to reduce your price and sell for less as “stale on market”. Condition and price are key! Inventory is up and volume is down and you have a lot of competion with many months of inventory in supply.
OK, let’s get to tonights weekly roundup:
King County Condos
Active Listings: 3,953 UP 36 – median price $324,950 – MPPSF $320 – DOM 58
In Escrow: 972 – UP 42 – median price $299,950 – MPPSF $302 – DOM 50
Sold YTD : 2014 – UP 128- median list price $289,950 – median sold price $285,000 – median PPSF $290 – DOM 47
(The numbers on solds on my blog tonight are different because I closed it as of 5/15/07 and 08 to do an accurate % regarding change in volume, giving enough time for all closings to be posted. Here I do the 7 day change from last Sunday.)
King County Residential
In Escrow: 2,933 – UP 229 – median asking price $449,000 – DOM 43 – MPPSF $212
(median asking price way up there on “in escrow” this week -MPPSF up too by $5)
SOLD YTD: 6,077- UP 341 – median sold price $439,990 – DOM 50 – MPPSF $221
Sold prices the same PSF. Houses are selling for about $10,000 under list price.
Actively for sale 11,579 – UP 126 – MPPSF <$800,000 is $220 – MPPSF >$800,000 is $338
No change to speak of in price per square foot. Inventory increasing by less than half as much as last week. Maybe it’s the holiday. Speaking of which…have a good one!
Stats not compiled or published by NWMLS. (Required disclosure)
Ardell wrote: “The market is not going up this year people! Stop adding 10% to last year’s comps to get your asking price.”
Well technically the market is going up this year, a normal seasonal advance, but it’s not going up as fast as it did last year, so we’re down YOY.
First five months of last year (KC SFR Median):
429,495
429,925
454,950
465,000
469,000
First four months of this year:
435,000
429,900
439,900
448,500
And May is shaping up to be roughly the same as April.
But who prices by looking at last year and adding 10% in any market?
Kary,
The asking MPPSF in one area is $405 per square foot vs. year to date closed MPPSF being $314, down from $334 YOY. I don’t know “who” indvidually that “is” doing that, and there are other factors to consider, but the warning message is warranted for many.
Things may be down a bit from last year, but it doesn’t look as if the Eastside market is really showing any significant deterioration. Sales are still occuring, and prices aren’t falling out of bed.
Is it too early to conclude that we have avoided any serious fall-out from the credit crisis?
Sniglet, yes it’s too early, but it might be hard to tell.
The new distressed property law going into effect next month could very well have a worse negative effect, but it might also have a positive effect (reducing inventory). So going forward it might be hard to tell what’s causing what.
No way. Seattle market will not slow down with Microsoft, Boeing and Google hiring with so many good paying jobs. You might see a slight appreciation this year. But it will definitely going yo shoot up in double digits.
Fingers crossed.
I completely agree with Stella. This is temporary. This might prove to be a good time to buy rentals and investment properties.
I have a funny observation to make about these last two comments.
Suspicious comments get “flagged” by RCG and put into moderation… For reasons I won’t share Stella’s comment was flagged. But interestingly, users whose comments are flagged don’t get notified (It helps keep down on spam).
Well, Mary’s comment where she completely agrees with Stella came while Stella’s comment was still in moderation. 🙂 Just a head’s up to put things in perspective. Personally, when someone writes a comment without linking back to their website/blog, I heavily discount their opinion.
That is too funny. But I don’t agree about heavily discounting the opinions without a link, as most times they are “real people” vs. industry professionals. Not everyone has something to link to.
I apparently met “biliruben”, though at the time, I had no idea it was biliruben.
Ardell: No doubt that there are some good people who comment anonymously and I have nothing against people not linking back to their site with a comment.
But I’ve seen enough anonymous people bounce around with multiple identities in order to either amplify a point or start an flame war that I can’t help but discount their opinion. However, as you point out, some people, like biliruben, keep up an anonymous gig long enough where they earn their identity.
Oh- I did not know you guys only recognize folks with blogs as authentic people.
Adrell – you “real people” comment was interesting. Yeah – we are some of those in ” real”, and “non-professional” category.
sniglet wrote:
“Is it too early to conclude that we have avoided any serious fall-out from the credit crisis?”
Uhmm, sales 60% down in Kirkland and Bellevue. If that’s not a fallout tell me what is. 90% down? I don’t know what business you are in sniglet but I can gurantee you that our shareholders would not have to think twice about if a 60% reduction in sales is a fallout or not.
Mary,
I’m pretty sure I know someone who had lunch with “sniglet” 🙂 I know he had lunch with Synthetik. Communicating anonymously is pat of blogging and WEB 2.0.
As to your comment about buying for investment, I just got an email for an auction on a house in Bothell. Bids starting at $50,000. Interesting times.