Not a huge movement, but fewer condos for sale, meaning they are selling a bit faster than they are coming on market, for a change. Fewer in escrow than last week, but that’s normal for the last week in the month as more escrows close out in that week. Won’t be doing true month end stats until next week, as there will be end of month closings posting during this week.
King County Condos
Active Listings: 3,911 DOWN 42 – median price $324,999 – MPPSF $320 – DOM 59
In Escrow: 944 – DOWN 28 – median price $299,925 – MPPSF $300 – DOM 51
Sold YTD : 2141 – UP 127- median list price $289,950 – median sold price $285,000 – median PPSF $290 – DOM 47
I did a quick check on May closings. While all are not posted, May sales prices were up both as to median price and MPPSF at $290,000 and $293. Likely won’t take the YTD numbers up much, but one would expect “high season” sales to be a bit more as to price than 1st quarter sales…and they are. I’m putting one on at $273 per square foot in Issaquah this week, hoping for shorter days on market than the King County median of 47.
King County Residential
Single family homes are not selling at a higher rate than they are coming on market as the condos are. I would expect to see that change in June and July. The number in escrow is down, but again that is because more move from in escrow to closed in the last week of a month, than in other weeks.
In Escrow: 2,879 – DOWN 54 – median asking price $448,950 – DOM 45 – MPPSF $212
SOLD YTD: 6,547 – UP 380 – median sold price $440,000 – DOM 50 – MPPSF $221
May sale prices are up at $447,000, but no change for MPPSF
I do the Actives last for Residential, as I can’t run stats when volume is over 10,000 units
Actively for sale 11,612- UP 33 – MPPSF <$800,000 is $220 – MPPSF >$800,000 is $339
If distressed properties start selling more and more outside of the mls and less and less via the mls, we will have to check these numbers against the tax record data. In fact it will be a good idea at the end of June to compare the first two quarters mls figures with County Stats.
I’m still seeing multiple offers on the best properties. People expecting the best properties in the best areas to sell at bargain prices are disappointed. It’s not that kind of buyer’s market. It’s not really a buyer’s market at all…it’s just not a seller’s market. Distressed properties ARE a bargain, but not the best homes in the best areas. The date for that to change is usually around October 15th.
Stats not compiled or published by NWMLS. (Required disclosure)
Ardell, I don’t think you’ll see distressed properties move outside the MLS as much as move to limited service brokers. I don’t think just having a seller come pay you $XXX.xx to list a property on the MLS is not going to get you in trouble under the distressed property law. But regardless of whether they go limited service or FSBO, once it gets to a point a buyer will be taking a risk buying the property, so they might sell better FSBO where an agent is less likely to warn the buyer of the risks they face.
Since % of volume down, and differences in volume down in different areas, plays an important role in projections, comparing to the tax record is still a good idea. While the MLS is cutting down on duplications caused by listing in two areas at once, a check against tax records will give more accurate data I would think, and is warranted.
Won’t help us be more accurate as to inventory, but will help with sold property YOY. We will at least ascertain the margin of difference using mls vs. tax records.
I’m not saying it was a bad idea to look at the additional data. More data is always good (although then you have to figure out what it means!)
I was just saying that the distressed properties might not more off the NWMLS.
It may be helpful if you compared numbers over the last 10 years, at least as far back as the dot com boom. As far as I can tell, properties in pretty much every area near Seattle are selling in greater numbers and at FAR higher prices than they were when the local economy was going dot-com crazy.
Any slowdown needs to be taken in proper perspective. 1999 was an an incredibly hot year for local home sales – and still, volumes and prices are blowing way past what we saw back when Seattle was the new hotness.
Anyone that sees the current market as “slow” has a very short memory.