Sunday Night Stats August 4, 2008
It’s too early in the month to post the end of July stats. We’ll do that next week as many agents will post their month end closings during this week. Seems to me that August closings may keep pace with July and July will be down from June as to price, and maybe volume too. Two of my listings are pending inspection for August closings, and one has been on market for quite sometime. Another is at least a bridesmaid…waiting to hear if it made it to bide. If there’s no offer, it was at least a close second So it seems to me that some people who have been looking and looking, are starting to move in and make offers.
King County 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 1,508 - $287
Changes in condo stats for this week
Active Listings: 4,030 - DOWN 70 - median price $319,950 - MPPSF asking $310 - DOM 65
In Escrow: 793 - DOWN 39 - median asking price $289,950 - MPPSF asking $291 - DOM - 50
Sold YTD : 3,060 - UP 134 - median list price $289,950 - median sold price $285,000 - MPPSF - $289 DOM 49
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 4,641 - $220
Changes in residential stats for this week
In Escrow: 2,559 - DOWN 125- median asking price $419,950 - DOM 48 - MPPSF $204.8
SOLD YTD: 9737 - UP 420 - median asking $449,950 - median sold price $440,000- DOM 49 - MPPSF $217
Actively for sale 12,307 - DOWN 210 - MPPSF <$800,000 is $220 - MPPSF >$800,000 is $332
Stats not compiled or published by NWMLS. (Required disclosure)
Rain City Guide at Inman Connect San Francisco 2008 July 28, 2008
This Photo is floating around from Inman Connect dubbed as “Dustin’s Angels” 
That’s Dustin, Rhonda, Jillayne and me at The Trulia Party.
Who Should Get Out Of The Real Estate Business?
Dustin, Jillayne, Rhonda, Galen and I were all in San Francisco for a few days for The Inman Connect Conference. One of the most profound and spot on statements I heard at the Conference was “If you do not have a listing, right now, in THIS market (top-heavy with inventory)…turn in your license!”. Sorry I can’t remember who said it. In fact I think it was a woman in the audience and not on one of the panels. But how TRUE is THAT! With inventory at all time highs, can you say you are a real estate agent if you have NO listings?! I thought that was a punch in the glass jaw to some of the agents milling around the conference.
The highlight of my trip was when Pete Flint of Trulia came over to me at the Better Homes and Gardens Soiree and handed me his card. He recognized me from Trulia Voices :) I gained a huge respect for him given our conversation. We were talking about Trulia Voices vs. Zillow Q & A, and I was impressed with his sincere level of interest in opinions on the subject. Trulia had the best party, BTW. A funny in the Trulia Voices link up there. One of the agents immediately gave my response a “thumbs down”, while at the same time the person who asked the question voted it as Best Answer. Oh well, you can’t please everyone.
I still feel guilty about keeping Marc Davison of 1000 Watt Blog up so late that he missed his Panel Moderation the next morning. Brian Boero filled in for him. Officially the reason for his missing the panel was related to his recuperation of severed finger. But I can’t help but feel that had I let him get a little more sleep the night before, he might have made it. Yet, I can’t say I’m sorry for detaining him for so long…I just didn’t want to let him go. He’s an amazing person.
I’m hoping Inman or Sellsius will post a video of the panel I was on, moderated by Joe Ferrara. I was a little nervous about being on a panel with THREE attorneys! Russ Cofano, Joe Ferrara the moderator and the woman from NAR. I was told afterward that something I said was Twittered into cyberspace instantaneously. Not sure what it was…I wasn’t Twittering on my iPhone while speaking on the panel. I got visibly annoyed with Todd Carpenter during the discussion (sorry Todd). The Panel was on “How Not To Get Sued” as a blogger. Todd was basically saying to be nice and avoid controversial topics. But Russ and I had a really nice conversation and rapport on stage. (No Tim, no Punch and Judy show.)
I was the only one in the room that clapped for Frank Llosa on “The Future of the MLS” panel when he spoke of the button next to the Listing Agent info that explains why, as a buyer, you might not want to call the Listing Agent. Here’s a quote from Frank’s website that will give you an idea of why I like him ”
“TRUST ME, I’M A REALTOR” Yeah Right! When was the last time a REALTOR talked you OUT of buying a house or condo?…”
The big “visual event” of the trade show was a new Franchise called “BUG Realty”. “At Bug!…We are the “no hype,” “no frills” real estate agency.” Ladybug pens. Even Ladybug cars circling the block around the convention all day. The guy at the booth looked a lot like the French Actor Jean Reno of “Leon/The Professional”. But when I asked them what their commission structure was, he responded “I don’t know…we just put this all together last week, and we don’t have a commission structure yet.”
The one thing I noticed at this convention vs. the last one, was a lot of butt kissing of the Major Traditional Brokerages vs. The Geeky Boys. A sign of a changing market? I think yes.
Sunday Night Stats - Where’s the market heading? July 27, 2008
Tonight I want to get an idea of where the market is heading as we go into July, as to prices. I’m going to bulk together some Zip Codes that I personally follow, to have a large enough area to be meaningful, and yet zero in on local at the same time.
I’m getting the data as I am typing, so I have no idea how the numbers will fall. We’ll find out together.
First Group: 98033, 98052, 98004, 98005, 98007 and 98008 on a combined basis.
Residential:
In January of 2008: median Asking Price of homes sold was $652,450 and the median Sold Price of those same homes was $625,000. Median days on market of those sold homes was 68 days and 27.66% sold in 30 days or less. Median Price Per Square Foot = $267.66
Lets jump to May 2008 and see where the market went by that time from the beginning of the year. Median Asking Price $643,500. Median Sold Price $630,000. Median Days on Market 41 and 38.28% sold in 30 days or less. Median Price Per Square Foot = $272.72
June 2008: median Asking Price $710,000. median sold price $690,000. Median days on market 61 and 33.58% sold in 30 days or less. Median Price Per Square Foot = $277.10
July month to date: Median Asking Price $650,000. median sold price $639,000. Median days on market 50 and 30.92% sold in 30 days or less. Median Price Per Square Foot = $253.57. Median type of house was a 4 bedroom 2 1/2 bath 2,520 sf home.
Some pretty large homes are in escrow with the median square footage of all homes in escrow at 2,660 and a medain price per square foot of $262.20. Of course that $262.20 is asking price and not sold price, so prices are trending down from July 1 to present.
Let’s compare that to June of 2007: Median Asking Price $699,000. Median Sold Price $685,000. Median days on market 21 and 61.09% of homes sold in 30 days or less. Median Price Per Square Foot = $292.73. Median type of house was a 4 bedroom 2 1/2 bath 2,340 sf home.
Interesting July stats so far. The size of home is larger, the price is lower. More home for less money as I said last week. Very Interesting. But the numbers are so different from May and June. Fewer houses sold quickly. This data is worth tracking week to week, especially as we head into fall.
Second Group Seattle 98115 and 98103 on a combined basis excluding townhomes (townhomes on Eastside automatically not included for the most part, as on The Eastside townhomes are condos and not residential). Trying to keep this apples to apples.
In January of 2008: median Asking Price of homes sold was $540,000 and the median Sold Price of those same homes was $522,500 Median days on market of those sold homes was 51 days and 29.57% sold in 30 days or less. Median Price Per Square Foot = $253.64
Lets jump to May 2008 and see where the market went by that time from the beginning of the year. Median Asking Price $595,000. Median Sold Price $580,000. Median Days on Market 20 and 61.97% sold in 30 days or less. Median Price Per Square Foot = $277.51
June 2008: median Asking Price $550,000. median sold price $546,000. Median days on market 29 and 54,02% sold in 30 days or less. Median Price Per Square Foot = $265.04
July month to date: Median Asking Price $567,450. median sold price $553,450. Median days on market 23 and 56.90% sold in 30 days or less. Median Price Per Square Foot = $261.67. Median type of house was a 3 bedroom 1 3/4 bath 2,115 sf home.
Let’s compare that to June of 2007: Median Asking Price $567,000. Median Sold Price $569,500. Median days on market 13 and 75.93% of homes sold in 30 days or less. Median Price Per Square Foot = $273.79. Median type of house was a 3 bedroom 1 3/4 bath 2,080 sf home.
The median asking price of all pending sales is $535,000 and the median square footage is 2,085. Looks like better “deals” are in escrow as we speak at $256.59 MPPSF as to ASKING prices with that number to be pared down further as to sold prices.
Stats not compiled or published by NWMLS. (Required disclosure)
Unless someone asks for the regular weekly King County Stats, I’ll post them over on my blog tomorrow. It’s been a long, back-breaking day for me. I was more interested in finding out where the market was heading, than posting overall King County since last Sunday. But I will post them on my blog tomorrow for the benefit of those who have been charting them on Excel Spreadsheets.
Goodnight!
*****************
You can find the regular weekly stats here.
Tami Michaels re Mayor Nickels & Multi-Family Design Standards July 25, 2008
Tomorrow morning, Saturday July 26th, at 11:00 a.m., a representative of the Seattle Mayor’s Office will be On Air with Tami Michaels. The show will be devoted to Mayor Nickels proposed changes to multi-family zoned construction (original announcement from the Mayor’s Office).
And more details about Tami’s show tomorrow here.
Tami called me before I left for Inman Connect to discuss this topic, specifically with regard to regulations that could increase costs for builders and consumers at a time when the housing market is weakening. The discussion led to the age old question “Can government dictate taste in housing style?”
I have had many discussions over the years with various municipalities regarding this topic, and they all hinge on this quote from City Councilmember, Sally Clark “The mayor and I have both heard a lot lately about how growth is affecting our neighborhoods, not all of it is positive…”
Over the span of my 18 plus years in real estate in various places on both Coasts, I have become involved with this issue from time to time, and EVERY time it boils down to nothing happening except a bunch of controversy with little to no satisfactory result. I have been to several “town meetings” where everyone who was griping was invited to attend and participate in discussions to improve whatever everyone “wanted” or was griping about. Each time what became apparent as a result of these meetings is that you can never get everyone to agree, and sometimes you can’t even get people to attend the meetings!!! It’s one thing to hang around griping about change, it’s quite another to be asked to get involved in a viable solution.
So I ask anyone who thinks they might have something to add to the discussion regarding proposed changes to multi-family zoned building projects in Seattle, to head on over to Tami Michaels’ post and add a comment. I’m going to listen to tomorrow’s radio show and gather more info before commenting. Maybe you would like Free Flushes to become mandatory…maybe not.
Anyone involved in Seattle Real Estate, or residents who have something to add about townhomes or the proposal in general, should tune in tomorrow at 11:00. “The changes would affect the 10 percent of the city zoned for multifamily construction, from low-rise development throughout the city to high-rise residential towers on First Hill. The change is heralded by the Mayor’s Office as “… the first major update to multifamily zoning in Seattle in 20 years.”
Don’t let a once in 20 years change pass by, without at least craning your neck to take a peek at what it’s all about.
Sunday Night Stats July 21, 2008
Before I did the Quarterly and Weekly stats tonight, I did a few calculations on newer vs. older property. I was wondering with lower volume, if more newer properties were selling at a higher rate. Given more choices, would people disproportionately select newer homes and condos? Answer was no, not dispropotionately.
35% of residential properties for sale were built since 2000 and 33% of properties sold YTD were built since 2000. 32% of condos for sale were built since 2000 and 38% of condos sold were built since 2000. So a tad overweighted toward newer on condos, but not by much.
The significant news this year, since volume of property sold being down is really last year’s news that continues in a stablilized manner, is that this is the first time in many years that the MPPSF is lower in the 2nd quarter than in the 1st Quarter.
The scarier number is the $206 per square foot on the residential properties currently in escrow. It is quite possible that this lower number is being caused by short sales that are not closing at these low numbers. Short sales take a long time to close, so we may not know that answer until the end of the 3rd Quarter.
King County 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 1,508 - $287
Changes in condo stats for this week
Active Listings: 3,958 - UP 90- median price $319,990 - MPPSF asking $312 - DOM 65
In Escrow: 856 - DOWN 14 - median asking price $289,000 - MPPSF asking $294 - DOM - 49
Sold YTD : 2,955 - UP 178 - median list price $290,000 - median sold price $287,000 - median PPSF - $290 DOM 49
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 4,641 - $220
Changes in residential stats for this week
In Escrow: 2,760 - UP 2- median asking price $425,000 - DOM 48 - MPPSF $206
SOLD YTD: 8,963 - UP 648- median asking $449,950 - median sold price $440,000- DOM 49 - MPPSF $223
Actively for sale 12,339 - UP 436- MPPSF <$800,000 is $220- MPPSF >$800,000 is $335
Stats not compiled or published by NWMLS. (Required disclosure)
Can you price your house at land plus structure? July 15, 2008
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 July 14, 2008
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 July 12, 2008
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 July 7, 2008
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)
« newer posts | older posts »
