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.
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