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)
First of all, you’ll need a bluetooth capable cell phone. Many, if not most, of the newer cell phones have this capability. But if yours doesn’t, you’ll need to upgrade. These days people change out their cell phones pretty frequently anyway. But if you have been waiting, now is probably a good time. Just be sure you understand how your cell phone plan will be affected and hopefully your carrier won’t force you into signing a new extended service contract.
The New Jawbone
Jabra’s SP5050
accept the call. This device is suppose to be very easy to install and it uses ‘Text-to Speech’ software. The voice prompts provide guidance and assistance install and to help pair the device and upload your cell phone’s address book. When a call is received, the Supertooth 3 announces the incoming caller’s name or number. Just say ‘OK’ to accept the call. You also have a choice of 6 languages.
Venturi Mini