It’s too early in the month to post the end of July stats. We’ll do that next week as many agents will post their month end closings during this week. Seems to me that August closings may keep pace with July and July will be down from June as to price, and maybe volume too. Two of my listings are pending inspection for August closings, and one has been on market for quite sometime. Another is at least a bridesmaid…waiting to hear if it made it to bide. If there’s no offer, it was at least a close second So it seems to me that some people who have been looking and looking, are starting to move in and make offers.
King County Condos
2004 – 1Q – 1,694 – $188, 2Q 2,636 – $199, 3Q 2,540 – $196, 4Q 2,176 – $195
2005 – 1Q – 2,066 – $198, 2Q 2,925 – $209, 3Q 2,769 – $226, 4Q 2,266 – $224
2006 – 1Q – 1,956 – $242, 2Q 2.748 – $252, 3Q 2,737 – $269, 4Q 2,217 – $278
2007 – 1Q – 2,042 – $295, 2Q 2,862 – $302, 3Q 2,676 – $311, 4Q 1,618 – $294
2008 – 1Q – 1,258 – $299, 2Q 1,508 – $287
Changes in condo stats for this week
Active Listings: 4,030 – DOWN 70 – median price $319,950 – MPPSF asking $310 – DOM 65
In Escrow: 793 – DOWN 39 – median asking price $289,950 – MPPSF asking $291 – DOM – 50
Sold YTD : 3,060 – UP 134 – median list price $289,950 – median sold price $285,000 – MPPSF – $289 DOM 49
Residential King county
2004 – 1Q 5,650 – $152, 2Q 9,237 – $160, 3Q 8.737 – $163, 4Q 7,467 – $165
2005 – 1Q 6,402 – $173, 2Q 9,093 – $185, 3Q 9,131 – $192, 4Q 7,301 – $195
2006 – 1Q 5,596 – $201, 2Q 8,248 – $214, 3Q 7,771 – $216, 4Q 6,204 – $217
2007 – 1Q 5,304 – $222, 2Q 7,393 – $230, 3Q 7,944 – $229, 4Q 4,301 – $221
2008 – 1Q 3,640 – $219, 2Q 4,641 – $220
Changes in residential stats for this week
In Escrow: 2,559 – DOWN 125- median asking price $419,950 – DOM 48 – MPPSF $204.8
SOLD YTD: 9737 – UP 420 – median asking $449,950 – median sold price $440,000- DOM 49 – MPPSF $217
Actively for sale 12,307 – DOWN 210 – MPPSF <$800,000 is $220 – MPPSF >$800,000 is $332
Stats not compiled or published by NWMLS. (Required disclosure)
Ardell, have you looked at the percentage of the market in Seattle which is zero lotline townhomes? It seems like it’s a not insignificant portion but I haven’t looked into the actuals.
I did, Gordon. At one point a neighborhood with 21 pendings in a zero lot line townhome price range had 16 of 21 townhomes, and only 6 single family residences on normal sized lots. That info was quite startling!
I will do a post on what IS selling vs. what is not, as that info is of value to all.
Are foreclosure auctions included in your closing numbers? What about foreclosure auctions where the bank takes the property back?
Alan,
I use the mls, so the stats only include properties sold via the mls. However there are duplications in the mls, so the volume of those not posted in mls hopefully about equals those that are duplicated.
I sometimes use the tax records for many things, but not for posting Sunday Night Stats.
Some Short Sales that show in the Active and Pending categories of my stats, end up as sold at auction and those sales are generally not posted as sales in the mls. But if the person who bought it at auction (or lender) puts it on market as an REO or Flip, then it will come back at that point. I know several that came back into the mls that way after going to auction. Some bought by private individuals and some as REOs.
The # of pending sales on Residential is enormous relative to homes sold YTD, and the MPPSF is so much lower than closed transactions, that I have to believe that “in Escrow” has a bunch of short sales in that stat that never do close, and end up sold at auction.
This week, my purchase business has picked up and I have more buyers getting preapproved. Most buyers that I’m working with are asking for closing costs and looking for “a good deal”.
Tons of Renters! out there. I don’t usually list rentals, but one of my vacant for sale properties turned into a “for rent or for sale”. The number of calls and emails we have received in a few days from people looking for a rental is astounding!
Relocating to area.
Seller coming back to live in their home so tenant has to leave.
Seller decided to expand and remodel the rental and sell it (before the market gets worse)
Trying to get closer to…work, school, crew at 4 a.m..
It sure makes the phone ring of the hook to have a rental listing. A really nice one anyway.
We’ve turned a few of our unsold zero lotlines into great rentals. It wasn’t our Plan A when we built but it’s an alternative that we didn’t have in the early 90’s when the market slowed and it was harder to rent OR to sell. Having a really strong demand for rentals (almost unprecedented in my memory) really creates some options for sellers who don’t HAVE to sell at this time.
Yeah – I saw your meadowbrook listing on Craigslist, Ardell.
Cute house, but weird configuration. Might work better as a rental, or find that buyer that has a situation where it would work.
Biliruben –
That is my house (the meadowbrook one). It is not your cookie-cutter house in any form. That can be good or bad, depending on your tastes. The configuration is weird in that it is a 2BD with an attached studio (but the flow throughout the house is actually quite nice). Between the 2BD-studio mix, and its odd placement in a bizarre-shaped lot makes it unusual indeed. For 95% of the prospective buyers, one or more of those features is viewed as a negative in this market. For us, those features were actually negligable or even a positive. It just takes that special buyer. Unfortunately, with so few buyers out there (especially in that intermediate price range), it could be along time coming. So, we opted to consider renting it while we relocated to CA for a new job.
BTW- Ardell and her partner have done ALL of the showings…at least 3-4 meetings a week (and often at short notice). When it comes to $ paid per unit effort, I think rentals might be something of a charity case. (THANKS ARDELL & KIM!). I’m hoping Ardell will take some time out her uber busy schedule to write a post on the pros and cons of taking a listing as a rental. But yes, we seem to have more luck in the rental market. But then again, the quality of rentals is usually different than homes for sale, and it really is a very nice house.
Yeah Lesley. I was thinking in terms of having a couple with an older parent that still wants some independence, or maybe making the studio into a work-space.
Little small for us, or I might have taken a look.
Biliruben – I don’t want to bogart the post, but I have a funny story about the “space”. If you want, you can email me with the e-mail you found on Craigslist and I’ll tell you.
Wow…”Bogart the Post”, ….does anyone remember the origin of that phrase? 🙂
I googled it and most references are about “bogarting a joint” and not passing it 🙂 I guess the perception is that Bogart did whatever he wanted and whenever he wanted to do it.
Lesley,
Feel free to “bogart my post” with funny stories, anytime.
Ha! Re: Bilirubin #11 and Ardell #14
Well, moral of story is One man’s shack is another man’s mansion
Or Square footage ain’t nuthin but a number.
Our Meadowbrook tudor (the 2/1 with an attached studio) has almost 1500 square feet inside (1250 in house and 250 studio) and 400 unfinished basement. Two extreme examples that still leaves me scratching my head on what should be “comfortable space”
Party 1: Not enough space for a single person who currently lives in apartment with no pets. Loved the house, but too much furniture & books.
Party 2: Spent 1.5 days trying to convince us that his family of 7 could fit ENTIRELY in the 2 BD house (all kids too small to be in studio unattended). Eventually had a self-proclaimed “reality check” about it, but still…….
In both cases, the prospective tenants were very nice and professional, but I’m learning to never second guess someone’s need for space.