Earlier tonight I calculated some current results comparing the Spring selling Seasons of 2005 through 2009. The results are fairly redundant and not much changed from my bottom call back in February. I did some detailed stats for Woodinville and Greenlake-Fremont 98103, and there are not many changes or surprises. My call of 20% under peak pricing unless it is a short sale or bank-owned property, is continuing to hold, and I expect that to stay the same for at least a couple of years.
In 98103 one surprise was as to volume sold between single family homes and townhomes. With the decline in single family home prices, the volume of those sold did not decline from last year, in fact it increased slightly at the expense of townhome sales. (Caption on the graph should be 98103 Median Sold Price) and that excludes the townhomes. Towhomes are running at $338,000 vs. $429,475 for the same period last year.
I would expect prices to fall at some point doing the 4th quarter, as usual, and then next year’s Spring Bounce period to run at about the current levels.
(required disclosure by NWMLS: Stats are not compiled, verified or posted by The Northwest Multiple Listing Service)