The Stats: NWMLS 2008 Annual Report

Each year in late January, the Northwest Multiple Listing Service (NWMLS) publishes its annual report on the Puget Sound’s previous year’s real estate statistics.  This report has it all, from the median sales price of closed condominiums in King County, to how many million dollar homes sold in Snohomish County, to the number of active members of the NWMLS, and so much more.

*The following information is local and taken directly from the NWMLS 2008 annual report.

**Some of the charts are a little tough to read, for a complete copy of the report, email requests to TylerEch@cbbain.com

Fast Facts:

·        The NWMLS reported more than 54,000 sales in 2008

·        1,171 single family homes sold for $1,000,000+

·        Of the 19 counties served by the NWMLS, San Juan County claimed the highest Median Sales Price of single family homes at $510,000

·        More than 8,500 condos sold, 60% were in King County 

2008 Median Price of Closed Single Family Homes, by County

A look back at Real Estate in 08′

By: Tyler J. Echelbarger, Realtor w/Coldwell Banker Bain

At the stroke of midnight on December 31^st, 2008, I raised my glass and toasted good riddance, once and for all, to 2008.  Indeed, many want to forget 2008 and its troubled economy, plunging stock market, financial meltdown, and government bailouts, but the lessons learned must never be forgotten.

One day in August 2007 we saw signs that trouble may be lurking as open house traffic abruptly dwindled, home sales slowed considerably, and realtors were left asking each other, what in the world happened to the market?

Even with the struggling market in the last quarter of 2007, we had reason for optimism in 2008.  Lawrence Yun, senior economist for the National Association of Realtors, spoke to Seattle area brokers and thought that we would be relatively secure from the decline that had already devastated markets in California, Arizona, and Florida.  In fact he saw Seattle as a “superstar city” and thought it likely that 2008 would outperform 2007.  In fact, Forbes magazine wrote similar articles praising the Puget Sound market and even deemed it “bubble proof”.

 RESIDENTIAL:  Median Sales Price of Closed Homes