A special Shout Out to my Late Night Fans. I was over on my blog testing out some theories in specific areas. Comparing YTD 08 with same period 07 in King County, Kirkland and Bellevue. To my surprise, given it’s almost 1:00 a.m., I was seeing people reading them as I was posting them.

I almost didn’t post my Sunday Night Stats, given tomorrow is a holiday and I post them Sunday nights so that people have something to play with at work on Monday morning. But once you start a regular “show”, I guess you can’t miss a night. So I was pleased to see someone is watching and waiting and reading. Quite a few someones in fact. It gave me the energy to press forward, so thanks!

Before I continue with the normal weekly stats, I think I’ll go back over to my blog and do Redmond. The more time I spend in Redmond, the better I like it. I just sold a Rivertrail townhome, and have another coming on market next week. Have spent quite a bit of time in Abbey Road and English Hill recently as well. Redmond has a lot to offer and may be becoming the stronger choice than Bellevue or Kirkland. I’m going to be tracking that. As I suspected, Redmond’s doing pretty darned good relative to Kirkland and Bellevue at 30% down as to volume vs. 60% down as to volume. And the asking prices of property on market is also more in line with reality.

The market is not going up this year people! Stop adding 10% to last year’s comps to get your asking price. Unless you like sitting on market for 3 times the number of days, only to have to reduce your price and sell for less as “stale on market”. Condition and price are key! Inventory is up and volume is down and you have a lot of competion with many months of inventory in supply.

OK, let’s get to tonights weekly roundup:

King County Condos

Active Listings: 3,953 UP 36 – median price $324,950 – MPPSF $320 – DOM 58

In Escrow: 972 – UP 42 – median price $299,950 – MPPSF $302 – DOM 50

Sold YTD : 2014 – UP 128- median list price $289,950 – median sold price $285,000 – median PPSF $290 – DOM 47

(The numbers on solds on my blog tonight are different because I closed it as of 5/15/07 and 08 to do an accurate % regarding change in volume, giving enough time for all closings to be posted. Here I do the 7 day change from last Sunday.)

King County Residential

In Escrow: 2,933 – UP 229 – median asking price $449,000 – DOM 43 – MPPSF $212

(median asking price way up there on “in escrow” this week -MPPSF up too by $5)

SOLD YTD: 6,077- UP 341 – median sold price $439,990 – DOM 50 – MPPSF $221

Sold prices the same PSF. Houses are selling for about $10,000 under list price.

Actively for sale 11,579 – UP 126 – MPPSF <$800,000 is $220 – MPPSF >$800,000 is $338

No change to speak of in price per square foot. Inventory increasing by less than half as much as last week. Maybe it’s the holiday. Speaking of which…have a good one!

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

When I started Sunday Night Stats, I didn’t think this through as to what would happen when I ran into volumes that exceeded 10,000 units.  I can’t run stats for volumes over 10,000.  9,193 condos sold in 2007.  Inventory would have to exceed last year’s total sales for us to run into difficulty, and I don’t expect that to happen.  I also don’t expect sales to exceed last year’s, so let’s start with the condos tonight and add some relevant breakdowns.

Remember that “in escrow” prices are asking prices.  It’s easy to see why the properties in escrow are selling and why the ones for sale are not.  There’s a $20 per square foot difference overall.

King County Condos

For Sale – 3,774 – UP 68 – DOM 56 – median price $328,000 – MPPSF $323

1 bedroom condo – 1,056 – DOM 56 – median price $294,970 – MPPSF – $419

2 bedroom condo – 1,988 – DOM 58 – median price $340,000 – MPPSF – $312

In Escrow – 946 – UP 75 – DOM 43 – median price $299,950 – MPPSF $303

1 bedroom condo – 274 – DOM 31 – median price $269,500 – MPPSF – $394

2 bedroom condo – 472 – DOM 45 – median price $305,000 – MPPSF – $285

Sold YTD – 1,517 -UP 120 – DOM 49 – median price $284,000 – MPPSF – $290

1 bedroom condo – 418 – DOM 43 – median price $247,250 – MPPSF – $362

In 2007 – 2,676 – DOM 24 – median price $263,000 – MPPSF $386

2 bedroom condo – 787 – DOM 50 – median price $299,000 – MPPSF – $289

In 2007 – 4,742 – DOM 29 – median price $298,000 – MPPSF – $288 

King County Residential

To avoid any segment exceeding 10,000 for the rest of the year, I am breaking these down into three age categories, and then combining them at the end and carrying out the data out for any segment with 10,000 or less units. 

Built before 1970:

For Sale 3,624 – DOM 50 – median price $450,000 – MPPSF $248

In Escrow 1,097 – DOM 36 – median price $410,000 – MPPSF $234

Sold YTD 1,831 – DOM 43 – median price $410,000 – MPPSF $235

In 2007 – 9,651 – DOM 26 – median price $429,000 – MPPSF 246.

NOTE: The median asking price of the sold properties was $419,950.  So if the properties in escrow have the same relationship of sold price to asking price, expect to see prices down more than the $246 per square foot of 2007 to the $235 of closed year to date.  The properties on market are asking slightly higher than the price per square foot of last year in this age range, but are not getting it.

Built from 1971 to 1999:

For Sale 3,146 – DOM 53 – median price $535,000 – MPPSF $228

In Escrow 688 – DOM 51 – median price $439,000 – MPPSF $209

Sold YTD 1,207 – DOM – 56 – median price $427,000 – MPPSF $206

In 2007 – 6,778 – DOM 37 – median price $460,850 – MPPSF $220

Again, properties for sale are asking more than the $220 PSF that they sold for last year and getting less.  The asking price of properties sold year to date was $438,000.  So unlike the prior to 1970 category, the properties in escrow may end up at the same median price per square foot as the YTD closed sales.

Built 2000 or later:

For Sale 4,068 – DOM 66 – median price $594,950 – MPPSF $217

In Escrow 1,046 – DOM 55 – median price $479,000 – MPPSF $197

Sold YTD – 1,608 – DOM 59 – median price $475,043 – MPPSF $206

In 2007 –  6,956 – DOM 49 – median price $500,000 – MPPSF $207

The asking prices of the properties closed YTD was $484,995.  So those properties in escrow look pretty dismal both as to price AND price per square foot.

Total Residential Properties:

For Sale 10,828 – UP 209

In Escrow 2,831 – UP 191 – DOM 45 – median price $445,550 – MPPSF $214

Closed YTD 4,646 – UP 316 – DOM 52 – median price $438,163 – MPPSF $219

Median asking price of closed properties was $448,250.  1,627 of those sold in 30 days at 99% of asking price. 

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