Author Archives: ARDELL

About ARDELL

ARDELL is a Managing Broker with Better Properties METRO King County. ARDELL was named one of the Most Influential Real Estate Bloggers in the U.S. by Inman News and has 34+ years experience in Real Estate up and down both Coasts, representing both buyers and sellers of homes in Seattle and on The Eastside. email: ardelld@gmail.com cell: 206-910-1000

Can you price your house at land plus structure?

Posted on by
84
Larry asks: ” Isn’t it too simple a model to look at the sale price of a property by looking at the square feet of the structure? A property around Seattle, correct me if I’m wrong, has about half of its value in the land, and half in the structure. If real estate appreciates or depreciates. it’s the land that goes up and down, not the structure, right? I understand that $/sqf is an index that varies with property value, but this doesn’t seem to reflect the reality that it’s the land value that’s going up and down, which has only a loose relationship to house square footage.  Or is it just not workable to try to do a more complex calculation? My concern is that when you have an unusual situation with a large lot, and 2/3 of the value is in the land, this method will give erroneous results.”

Let’s deal with this sentence first and get it out of the way “A property around Seattle, correct me if I’m wrong, has about half of its value in the land, and half in the structure.”  No, not true.  One can not even begin to generalize, but a good rule of thumb for builders is that the new house will sell for 3X the lot value.  But that is ONLY if the lot was worth buying in the first place.

If your land has value separately from the structure, then your structure often doesn’t have any value. When your structure has value with the land on a combined basis, then the (extra) land can usually only add 10% more to that value unless the lot can be split into two or more lots.

If a builder might want the land, then yes, the value of the land is part of the valuation process.  If a builder wouldn’t want the land, then no, the land does not “value out” except as “an extra”.

Let’s take a regular neighborhood where the only buyers are those who are buying homes, and not builders who want the lot.  How can you tell?  Every house on the street is the same age, is a good clue.  No builder has ever bought a house torn it down and put a new home on that street, usually means no builder wants to do that. If a house burned down, well then of course the lot would have a value.  But if no one is interested in tearing the house down and putting a different house on it, then you don’t value the property by valuing the land first and then the structure. Most homes on the Eastside (housing developments) fall into that category, and any street in Seattle or Kirkland or Bellevue, considered to be a bad investment for new construction, falls into that category as well.

When no one would build a new house on the lot, you value a property based on comps alone, and the value of the land becomes irrelevant.  Most times the homes are on lots of about the same size.  A bigger lot vs. a smaller lot becomes “an extra”.  Sometimes extras add value and sometimes they don’t.  Too large of a lot often is viewed by potential buyers as “too much maintenance” and can actually detract from the value.  Often corner lots fall into the “more maintenance” category.  In these neighborhoods the large lot only values out IF it is SUBDIVIDABLE.  If the person buying it can turn the lot into two lots and put another house on that second lot and sell it, then yes, the extra land would be a factor in determining the asking price or offer price.

Before we leave this category of “no” you don’t separate the land when determining an asking or offer price, let’s talk about land as “an extra”.  The best rule of thumb for “extras” is they can’t in total equal more than 10% of the value of the property without the extras.  Say you have a house that comps out at $650,000.  You can’t get more than $65,000 more for that house because of extras, or $715,000.  Beyond that it just has too many extras.  Extras include, tennis courts, pools, extra land beyond the norm for the neighborhood, and to some extent new kitchens, new baths and any “added value” unless many in the neighborhood homes have also added these things and the comps have grown as a result.  If no one in the neighborhood has done ANY improvements since 1968, you can’t get double the price of everyone else’s house because you remodeled your house and have a pool and a bigger lot, etc.  That ONLY applies in areas where land is not separated from the structure in order to do a valuation.

So for all of the above, simple methods of price per square foot and adding and subtracting for some things here and there is the only method that works.

Let’s move on to where Larry is correct.

Larry, when the land does matter…then often it is ALL that matters, and the structure does not.

When it’s not all about square footage or value of structure, it often shifts to all about the land.

Example:  I had a buyer client who bought a 4-plex at 7th and Market in Ballard.  When he sold it two and a half years later (a year ago) the value of the 4-plex was roughly $720,000.  I listed the property at $850,000 because IF the buyer wanted to tear down the 4-plex and build townhomes, the value of the land was worth more than the value of the 4-Plex with the land under it.  It sold for $855,000 and five townhomes are being built on it as we speak.  People called who wanted to buy a 4-plex and it didn’t “pencil out” and a lot of agents thought I was nuts 🙂

When the value of the land exceeds the value of the home plus land, then the structure is “free”. This is true where builders are building and only WHEN builders are building.  If builders stop building for five years because the market is soft, then the value will go down to whatever an owner occupant will pay for it, and whomever buys it can live in it and sell it when the builders come back out looking for lots to build on.  We are entering a market like that and to some extent have been in that market for 10 months or so in some areas and in some locations.

So to answer your question, the reason it is or is not done the way you suggest is not because the “calculation is too complex”, it’s because it’s unnecessary.  A buyer isn’t going to pay you 3X the value of the neighbor’s lot plus the value of your structure, because the lot is 2/3rds bigger, unless it is subdividable into THREE lots. If it can only be subdivided into two lots, then they may pay you the value of your house based on comps and price per square foot, plus a portion of the value of the extra lot, not triple, even though it is 3X bigger. And if it can only be one lot, they may not want it at all, because it is too much maintenance and that can reduce the value overall.

The highest value of a lot is usually where the value of the structure is about nil AND a new house built on that lot will sell.  If you live on a street with no newer houses, if no one has ever wanted to build a new house on your street, the houses could end up at no value if no one wants to buy it as is and no builder wants to build on the lot.  Then it becomes your home for life…or a perpetual rental property 🙂

A woman approached me this Sunday.  She asked me what her property was worth.  The house was tiny and worth about $300,000 with a huge yard.  The lot was worth $300,000 without the house.  When I told her the lot was worth $300,000 she started talking about the house.  No!  You can’t add the value of the house to the value of the land.  No one is paying $300,000 for a big yard. They will only pay $300,000 if they are going to tear the house down.  Someone may buy it and live in it, but they will get the house for free if they do.  Maybe you can get $350,000 for it.  A $50,000 house is dirt cheap and someone may pay an extra $50,000 over lot value and live in the house.  But you can’t value the house at price per square foot and add it to the value of the lot.

You can sell it to a builder for lot value, or you can try to find an owner occupant who is willing to pay a little more than the builder will pay for the lot.  Those are your options.

Larry, my guess is your land is treated as “an extra” and adds 10% to the value IF a buyer views it as an extra vs. a shortcoming.  Today most people don’t want to spend all of their free time mowing the yard.  And you can only get 10% more for ALL extras on a combined basis. So if your house is already worth 10% more than your neighbor’s homes because you added a new kitchen…then the extra land is not of value as your exceeded you cap for “extras”.

Sunday Night Stats – Volume is Stabilizing

Posted on by
100

We have a couple of months to go before we have a full 12 months past Mortgage Meltdown to guide us into the future of the real estate market.  But volume has really been pretty stable.  As you can see from the above chart, September of 2007 is when the market dropped as to volume.  Compare this to some graphs I did at the end of last year showing the relationship of volume month to month back in 2005.  Then add my predictions as to volume back in mid April of this year.

When I predicted that total single family home sales in King County would be 16,500 by the end of 2008, I was basing that on the second chart in the first link above.   Let me bring that chart forward so you can follow what I’m saying better.

June 2008 sales were 1,557.  June in 2005 represented 10.3% of the total year sales.   1,557 is 10.3% of 15,116.  If you use April sales from the top wheel of 1,505 that would be 9% of 16,722 (which is where my prediction of 16,500 came from).  While volume is clearly drastically reduced, it is not dropping out from under us.  It basically dropped once and then stabilized.  That’s good news, though we do see some minor slippage in the relationship between April of 2008 and June of 2008, so we will continue to track that as the year progresses.

Where prices will go in response to the change in volume is another story and where Absorption Rates become a weak indicator.  Absorption Rates only work when you can expect all inventory to be “absorbed” .  that is not the case.  In a market like this you have to throw absorption rates out the window and try to find the point at which a property will not sell at all.  The worst I have seen is a market where only 3 of 10 houses will sell PERIOD!.  To say current inventory will be absorbed in eight months is not true.  At the end of eight months, some of those homes will still be on market and other properties that came on market after them will be the cream of the crop that sells.

When you see prices fluctuating upward, while volume is stablilizing and absorption rate is high, that is because the small percentage of homes that sell quickly and at higher prices, are influencing and increasing the price stats.  We saw that more in February, March and April than we did in May and June.  That is why the April prediction of 16,500 may turn out to be 15,500, since June did not expand much beyond April levels as it usually does.

Single Family Homes in May and June look like they sold at higher prices, as does the condo market, but that is because people are opting to get more for their money.  As price per square foot drops, people are opting for bigger houses and lower prices.  Instead of buying an 850 square foot condo for $250,000, they are buying an 1,100 square foot condo for $300,000.  So they are paying a higher price, but a lower price per square foot.  Same is true for single family homes.  In March the median price was $435,000 and the median price per square foot was $221.  In June the median price is up to $451,000 but people are opting for the higher price AND the larger house, as they trade in the lower price per square foot of $216 for more house. (Note, homes in escrow are at $207 MPPSF – see weekly stats)

It’s really a smart move.  People who are unsure of the market over the next several years are making sure they buy a condo or house that is large enough so that they can stay put, and not have to trade up as to size.  Those who are buying, and there are clearly fewer of them, are not buying with the idea that they will REFI or sell in a couple of years.  They are buying for the long term.  They are paying a higher price, but a lower price per square foot.  That is why it may appear that prices are going up, when they are really going down. 

Before I do this week’s stats, note that earlier this week I did the 1st half and 1st quarter to 2nd quarter comparison.  May and June did not do as well as expected, so the 2nd quarter did drop more as to volume YOY than the 1st quarter.  But if the market can sustain at this level for another 45 days, I think by year end it will still be in the 16,500 total sales for the year range.

Sorry this post is so long tonight.  There are no easy answers this year.

Changes in condo stats for this week

Active Listings: 4,014 – UP 56- median price $320,000 – MPPSF asking $313 – DOM 66

In Escrow:  847 –  DOWN 23 – median asking price $297,000  – MPPSF asking $302 – DOM – 48

Sold YTD :  2,875 – UP 98 – median list price $290,500 – median sold price  $285,500 – median PPSF – $289 DOM 48  Note: 35% selling in 30 days or less.

Residential:

In Escrow: 2,771 – UP 11 – median asking price $434,000 – DOM 49 – MPPSF $207

SOLD YTD: 8,612-  UP 297- median asking $449,950 – median sold price $440,000- DOM 49 – MPPSF $218  Note: 36% selling in 30 days or less.

Actively for sale 12,184 – UP 281- MPPSF <$800,000 is $220- MPPSF >$800,000 is $337

Note that the MPPSF Asking prices of homes not sold is virtually unchanged week to week while those going into escrow are the ones asking less and less each week.

(above info and graphs not compiled, published or verified by NWMLS – required disclosure)

Open Houses in Bryant Sunday 7/13

Posted on by
30

Hi everyone,

I can’t give you the whole list here in a blog post, as it is against one of the many mls rules 🙂 But tomorrow there will be at least 15 Open Houses in Bryant.  Many agents from different offices have gotten together to have their properties open tomorrow.  Most from 1-4, but some for other times within that range.

Generally they are between 25th Ave and 40th Ave NE.  Mine is at 6806 27th Ave NE from 1-4 and I will have a list and map of the other Open Houses at that location.  A good opportunity to see a lot of properties within a short distance.  They range in price from $479,000 to $850,000 with most of them $600,000 or less.

Agents are still sending me info, so I don’t have a complete list yet.  But for those who like to view property, it’s a good opportunity to maximize the number of homes you can see in a short period of time, complete with a guide map.

Sunday Night Stats – King County

Posted on by
Reply

I started working on some June YOY stats over on my blog, but I think I’m going to give it a few more days to make sure all of the June closings are posted before making any comparisons over here besides the regular stats.  It is a holiday weekend, and I’m sure more than the normal amount of June 30 closings may be posted next week.

So far it looks like June 2008 residential sales in King County were 44% less than last year and 56% less than the high as to volume, and prices are slightly down both on a price per square foot basis and median sale price,  Condos also down a little over 50% as to volume both from last year and from the high, but while median price per square foot is down, median prices are up as is the median size of condos sold in June.  Instead of spending less, condo buyers are opting for getting more square footage at that lower price per square foot, and spending more to get the larger units.  Likely a move toward being able to hold longer.

I’ll do some 1st and 2nd quarter comparisons and 1st half YOY in a few days when I’m sure the majority of June 30 closings have been posted.  For now let’s update our regular weekly stats.  Inventory is down this week (selling faster than they are coming on market) in both the condo and residential categories.

King Couny 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 1,485 – $286 (2Q postings as of 7/06/08)

Changes in condo stats for this week

Active Listings: 3,958 – DOWN 89- median price $319,990 – MPPSF  asking $319 – DOM 64

In Escrow:  870 –  DOWN 43 – median asking price $295,000  – MPPSF asking $298  – DOM – 49

Sold YTD :  2,777 – UP 132 – median list price $292,000 – median sold price  $287,900 – median PPSF – $291 DOM 49  Note: only 35% selling in 30 days or less.

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 4,558 – $220 (2Q  – postings as of 7/06/08)

Changes in residential stats for this week

In Escrow: 2,760 – DOWN 103 – median asking price $435,495 – DOM 49 – MPPSF $209

SOLD YTD: 8,315-  UP 407- median asking $449,950 – median sold price $440,000- DOM 49 – MPPSF $218  Note: Only 36% selling in 30 days or less.

Actively for sale 11,903 – DOWN 284- MPPSF <$800,000 is $220- MPPSF >$800,000 is $336

Stats not compiled or published by NWMLS. (Required disclosure)

Sunday Night Stats – King County

Posted on by
178

Of course Monday is the last day of the 2nd Quarter and the 1st Half of 2008.  Exciting stuff!  But that will be next week’s news.

Tonight, since 6/29 will be kind of boring weekly stuff, I tracked of few of the top listing machines to see how their volume has changed.  Can’t tell you who they are, but remember, when volume is down some of these big teams have to split with several people.  So expect to see some cutting down on staff given the change in the market.

The worst was down to 9 sales in the 2nd quarter of 08, from a high of 25 quarterly sales.  Another down from 28 to 12.  Another down to 11 from a high of 27.  Average price down from $1.7M to $1.3M.  Another down from $2M to $1.5M.  One is carrying 60 listings…with only a 25% turn rate.  That’s a lot of marketing costs for homes not selling.  Another is carrying 55 listings with a 20% sold rate.  Another dependent primarily on builders for inventory is down to more than 50% fewer listings with volume sold off 50% below that.

Now for this weeks stats.  The chart from last week has been updated as to 2Q08, but all the data is not yet in. Remember, last day of month can be a heavy closing day, and many won’t post those for several days.  The holiday weekend could cause further posting delays next week.

Watch those condo stats…they will play a role in residential stats in coming quarters.  Residential will lag as to how the condo market ultimately impacts the single family home sales.  Look at the difference in volume on the condos 1Q08 vs 2Q08 compared to the spread on those two quarters in previous years.  And of course the price dip is fairly dramatic there. 

What will be interesting is when we get to monthly YOY volume stats come August and September, when we are comparing this year to the part of last year that was already reduced as to volume.

King Couny 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 1,384 – $288 (2Q incomplete data – postings as of 6/29/08)

Changes in condo stats for this week

Active Listings: 4,047 – DOWN 2- median price $320,000 – MPPSF  asking $316 – DOM 61

In Escrow:  913 –  DOWN 16 – median asking price $295,000  – MPPSF asking $294  – DOM – 51

Sold YTD :  2,645 – UP 141 – median list price $294,950 – median sold price  $289,000 – median PPSF – $294 DOM 48

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 4,266 – $220 (2Q incomplete data – postings as of 6/29/08)

Changes in residential stats for this week

In Escrow: 2,863 – DOWN 68 – median asking price $442,400 – DOM 47 – MPPSF $211

SOLD YTD: 7,908-  UP 419- median asking $449,950 – median sold price $440,000- DOM 49 – MPPSF $219

Actively for sale 12,187 – UP 192- MPPSF <$800,000 is $220- MPPSF >$800,000 is $337

Stats not compiled or published by NWMLS. (Required disclosure) 

Negotiation Advices for "Denismurf"

Posted on by
126

“HUGE leap to proposed new topic: Our 4th offer failed, we’re settling in for a long haul, and we would be riveted (better late than never) by a discussion on what protocols govern behavior among real estate agents, firms, and customers here. I can’t find a way to introduce new topics myself.

Seattle Real Estate – Que Pasa?

Posted on by
132

The other shoe has dropped.  That’s the best way for me to describe the situation.  Of significant interest to me is the relationship between the first and second quarters.  Rarely, and not for a very long time, have prices in the second quarter dropped below prices of the first quarter of the year.  This is a significant and telling change.  To me it means a longer and sustained downturn is coming.

This “downturn” is not a “correction” phase.  Corrections happen in gain taking, and are a result of prices going up.  Our downturn in the Seattle Area is primarily and perhaps singularly the result of changes in the financing options available to buyers and persons needing to refinance.  That’s both good news and bad news.  The good news is that the impact should not be as great as it has been in areas of the Country who are experiencing BOTH a correction AND being impacted by financing issues.  The bad news is that it will be harder to call how low and how long. 

So What’s Happening out there right now?  In a nutshell?  The best is selling at lower prices and the worst isn’t selling at all.  Lots of in between there.

Each week I post the stats on Sunday Night.  Today I offer a quick visual reference.  When looking at smaller segments of the marketplace, the abnormalities will be a bit more extreme because there is not enough volume in the final “closed in the last 30 days” to make it an accurate indicator.  Consequently you need to look at that last number (closed in the last 30 days) in conjuction with the MMPSF of those currently in escrow and balance that with 2008 2nd quarter to date.

I used Redmond (detail here) mainly to show that the price changes are not totally about short sales and foreclosures and subprime financing issues.  It’s a combination.  No area is NOT impacted.  Some are impacted more than others, but no area is NOT impacted and the full effect will not play out for at least 18 months due to lagging market segments.  The first time buyer portion will play out in conjuction with those not able to refinance.  Some areas will get a double whammy while others will only be adjusting to a reduction in the number of first time buyers.  The 2nd and 3rd legs of the marketplace that need first time buyers to move them forward, will be impacted further down the road.

(above info and graphs not compiled or published by NWMLS – required disclosure)

Most importantly is do the stats agree with what we are seeing and hearing on the street? 

What people want is the BEST property on market at the price of the worst propert on market 🙂  Some, in fact many, are going home after looking at property and waiting for that to happen.  Some are making offers based on the lowest price on market to the best house and largely being unsuccessful at accomplishing that.  Those who are buying, are buying the best property on market at the lowest price they can achieve.

Consequently when property is selling at a higher price per square foot, it is not an indication of rising prices, but of best on market selling at a lower price than it would have sold in the 3rd quarter of 2007, but still more than the worst and cheapest property on market.

We’re still about 10 days away from the full stats of the second quarter, but too many people need up to date info now.  For the most part, sellers need to be a whole lot more reasonable and accommodating than buyers.  It may not be a full fledged buyer’s market, but the large majority of sellers have to adapt to the fact that is is NOT a seller’s market.

 

Sunday Night Stats – Prices Down

Posted on by
18

Asking prices of property coming on market continue to inch up, even as prices of property going into escrow and closing continues to inch down. 

As to prices, so far condos are down 6.7% from peak pricing;  Residential is down 4.8% from peak and residential “in escrow” down 6.5% from peak pricing.  (I am showing the peak price in bold in the charts below for easy comparison)

So far it looks like this will be the first quarter in a very long time where the median price per square foot is trending downward in the condo market, and flat at best in the residential market.  Considering that the 2nd quarter has exceeded the 1st quarter as to price in recent years, this is significant news.  We have another 8 days in the month, but look at the volume and prices in the charts below.

I’m going to continue to keep a running total of YOY.  Last week I went all the way back to 2000.  In future weeks I will continue to post 2004 to present so we can see where volume peaked, and track pricing to see how the volume changes are slowly impacting prices, and how these prices compare to previous quarters.

If you read the colums down instead of left to right, it should make a little more sense to you.  We will see a lot of changes in the 2nd quarter starts in the next couple of weeks.  But given the weekly stats are continuing to show weak numbers as to median price per square foot as to properties “in escrow”, I don’t think we are going to see the expansion we are used to between the 1st and 2nd quarters as to volume (no surprise) OR price.  I’ll post and compare the percentages when all of the results are in for the month of June.

King Couny 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 1,244 – $290 (2Q incomplete data – postings as of 6/22/08)

Changes in condo stats for this week

Active Listings: 4,049 – UP 85 – median price $324,950 – MPPSF  asking $321 – DOM 60

In Escrow:  929 –  DOWN 17 – median price $289,000  – MPPSF asking $286  – DOM – 50

Sold YTD :  2,504 – UP 120 – median list price $295,000 – median sold price  $289,950 – median PPSF – $295 DOM 48

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 3,846 – $219 (2Q incomplete data – postings as of 6/22/08)

Changes in residential stats for this week

In Escrow: 2,931 – DOWN 56 – median asking price $449,000 – DOM 47 – MPPSF $215

SOLD YTD: 7,489 –  UP 377 – median sold price $440,000- DOM 49 – MPPSF $219

Actively for sale 11,995 – UP 178 – MPPSF <$800,000 is $220- MPPSF >$800,000 is $337

Stats not compiled or published by NWMLS. (Required disclosure) 

Remember, the in escrow MPPSF is lower and those are ASKING prices, not sold prices.  Sold prices have been running about $10,000 less than asking prices in both the single family and condo markets.