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
The change in median sales price in King and Snohomish Counties was not all that terrible from 2007 to 2008 especially when compared to other west coast markets. (Certain neighborhoods were hit harder than others and I am happy to provide your areas statistics at your request.)
In order to stabilize this market and ultimately recover the 2008 loss, the number of units sold in 2009 must gain considerable ground. Here is a look at the number of closed single family units from 2007 and 2008.
We have a long way to go, but I have personally seen some positive signs within the market thus far in 2009.
I am currently working with a number of buyers and have visited countless homes, condominiums, and new construction neighborhoods in 2009. Of the places I have looked at, activity is up, offers are coming in, and deals are being signed. In fact, two different clients in the last two weeks have been involved in multiple offer situations. Surprisingly, these were properties that have been on the market 120-180+ days and had limited activity prior to 2009.
Buyers seem to be re-entering the market, but until I see three or four consecutive months of increased sales and decreased inventory, it would be foolish to proclaim a widespread market comeback.
With that said, no buyer should wait until the absolute bottom to buy, because by the time they comprehend where the bottom is, they have already missed it!
**Be sure to register your e-mail address with my web-site in order to get all the latest news and statistics on King and Snohomish County real estate. Thanks for reading! -Tyler
206.799.3877
Just passing by. Btw, your website has some great content!