Sunday Night Stats – Housing Market is “Stimulated”

As you can see from the graphs below, there has been a 50% increase in the number of properties going pending in the last 7 days, compared to the week of 2/7 to 2/14 before the $8,000 “first time” homebuyer credit passed.

427 sales went pending in the first week in March. That’s a 50% increase over the 286 that went pending in the 2nd week in February.

The second graph shows the increase in the number of homes that are selling in 30 days or less.  Not sure if that increase is “normal”  for January through the first week in March though.  Still, worth reporting the positive trend upward.
I combined condos with single family homes in King County. I think it’s fair to say that the credit stimulated home sales.  It’s also fair to say that people waiting for the credit, depressed home sales in the previous period.  So the real stimulus may lie somewhere in between.
On a side note, I am hearing of a few pending sales falling out, because the owner/seller is now eligible for the new assistance that came out on 3/4, and may not “have to” sell after all.
King County Condo and Home Sales Improved by 50%

King County Condo and Home Sales Improved by 50%

% of homes and condos sold in 30 days or less improving

% of homes and condos sold in 30 days or less improving

 Statistics are not compiled or posted by NWMLS

Sunday Night Stats













Last week when everyone was talking about median price being down in August, it seemed to me that median prices is generally down in August…or at least flat.  The graph shows the relationship in median price for 2005 through present from June through year end.  It may give you an idea of what to expect to happen to prices for the balance of 2008. I also find the nexus points fascinating and the 2005 vs the three years following to be very interesting.  Hope you do as well.













As usual, I calculated these myself.  We expect the YOY volume paths to cross eventually.  But I doubt that is going to happen this year.  The spread will become narrower beginning at the end of September.  But there will still be a spread, I think.

For these grapsh I combined condos with SFR because over this 4 year period, tracking what buyers are doing is more important than whether they chose a condo or a single family residence. 

During this period we saw many choosing condos vs. SFR because they could not afford SFR.  Now we are seeing the reverse with SFR prices getting lower than townhome prices.  That is putting pressure on townhomes to be cheaper to compete with the single family home market.  During swings from condo to SFR and vice versa, it is best to combine them to see total buyer activity and trends.

Required Disclosre: Data not compiled, posted or verified by NWMLS

Sunday Night Stats – King County

King County – Residential

For sale – 8,680 – UP 172

In Escrow – 2,064 – UP 158

Closed month to date – 608 – UP 169


King County – Condo Market

For sale – 3,009 – UP 80

In escrow – 823 – UP 25 – 2.6% of those are contingent contracts

Closed month to date –  204 – UP 60

Next week I’ll have to post both end of month and Sunday night stats plus YOY closings for the month of January.

Single family home market keeping pretty good pace with those closing and going into escrow vs. coming on market.  Condos not so good.  Hard to believe that with over 3,000 on market, only 18 went into escrow two weeks ago and 25 this past week.  If the condos don’t move, the single family market will see the consequences of that come Spring and Summer.

“Statistics not compiled or published by NWMLS.