There was an interesting article in the Seattle Times today: http://seattletimes.nwsource.com/html/realestate/2009607020_homesales06.html
HOUSES:
The article concentrates on homes sales (be sure to read about Condos below). In short, what the article says is when you divide the local area in 5 parts (Seattle, Eastside, North King County, Southwest King County, and Southeast King County) and compare the number of house (not condos) sales from July 2009 versus July 2008 you see an increase of the number of transaction in 4 of the 5 areas (North King County was only area with less transactions: 66 versus 67 transaction in the previous year). But prices are down between 12% and 14.3%. The article goes back and forth with theories of whether this means the market is at the bottom. For example, the argument for prices may go up is the theory that demand is raising thus prices will too. The other side says with the $8,000 tax credit for new buyers set to end on November 30th and with foreclosures that are presumed to not have peaked in our area that the prices will continue to stay low.
CONDOS:
What many will miss in the article, is you have to be sure to click on the arrows and see graph 2 of 3. It takes the same 5 areas (Seattle, Eastside, North King County, Southwest King County, and Southeast King County) as it did for the homes and shows the number of transactions and the median sales price and compares July 2009 versus July 2008. Unlike homes, condos sales transactions are only up in one area: Eastside which is up 8.7%. The other areas are either even (North King County) or down between 14.5% to 37.5%. In addition to the number of transactions being down in most areas, the prices are down in all areas (between 10% and 26.1%). While I think these numbers can be skewed a little bit because the number of transactions there are in certain areas (ex. North King had 13 condo sales in both July 2009 and July 2008) which makes total price comparison a little tricky - a better comparison would have been price per square foot - it still shows prices overall are down for condos as it is for homes.
While these numbers, article, and blog may seem daunting, it still may be the perfect time to buy a condominium. The tax credit for first time home buyers is set to sunset on November 30th, armed with the the market data and real estate expertise one of our agents may be able to find you the perfect condominium for your budget.
Showing posts with label King County Condo Sales Data. Show all posts
Showing posts with label King County Condo Sales Data. Show all posts
Thursday, August 6, 2009
Monday, August 3, 2009
King County Condominium Sales Data - July 2009 & 2008
In July 2009, 384 condos sold in King County. The median sales price was $250,000 or $247 per square foot and a median days on the market of 50 days.
This compare with the previous July where 459 condos sold, for a median price of $268,000 or $276 per square foot and a median of 49 days on the market.
When comparing July 2009 with July 2008, the days on the market went almost unchanged (up only 1 day from 2008), but the total sales were down and the price per square foot was down a little over 10%.
The July 2009 numbers are very similar from the previous month's numbers (see my blog dated July 7th on the June data). The number with the biggest change is the number of units sold which is down about 5% from the 406 condos sold in June 2009, but compared to last June and July that is a minor drop in the number of sales when sales dropped over 12%.
From this data, one could conclude that prices have been steady the last two months and the pricing is reasonable especially when compared to last year.
This compare with the previous July where 459 condos sold, for a median price of $268,000 or $276 per square foot and a median of 49 days on the market.
When comparing July 2009 with July 2008, the days on the market went almost unchanged (up only 1 day from 2008), but the total sales were down and the price per square foot was down a little over 10%.
The July 2009 numbers are very similar from the previous month's numbers (see my blog dated July 7th on the June data). The number with the biggest change is the number of units sold which is down about 5% from the 406 condos sold in June 2009, but compared to last June and July that is a minor drop in the number of sales when sales dropped over 12%.
From this data, one could conclude that prices have been steady the last two months and the pricing is reasonable especially when compared to last year.
Tuesday, July 7, 2009
King County Condominium Sales Data - June 2009 & 2008
This is my second monthly blog on this topic (please see previous blog which compares May of each year). These are the numbers per the Northwest Multiple Service:
In June 2009, 406 condominiums sold in King County with a median sales price of $250,000 or $251 a square foot. The median days on the market were 48 days.
In June 2008, 526 condominiums sold in King County with a median sales price of $294,750 or $292 a square foot. The median days on the market were 55 days.
The June 2009 median days on the market went down from not only last year of the same month but also from May 2009. This may be because sellers are more aggressive on price. The median condo sold in June 2009 for $251 square foot compared to $292 a year prior and $266 in May 2009.
In June 2009, 406 condominiums sold in King County with a median sales price of $250,000 or $251 a square foot. The median days on the market were 48 days.
In June 2008, 526 condominiums sold in King County with a median sales price of $294,750 or $292 a square foot. The median days on the market were 55 days.
The June 2009 median days on the market went down from not only last year of the same month but also from May 2009. This may be because sellers are more aggressive on price. The median condo sold in June 2009 for $251 square foot compared to $292 a year prior and $266 in May 2009.
Friday, June 19, 2009
King County Condominium Sales Data - May 2009 & 2008
I posted a blog ( http://rentalsleasing.ewingandclark.com/2009/06/king-county-rental-data.html ) on the rental data in the Northwest Multiple Service (NWMLS) which got me thinking about the residential condominium sales data. This is what I found per the NWMLS:
In May 2009, 322 condominiums sold in King County for a median price of $272,950 or $266 per square foot with a median of 54 days on the market.
In May 2008, 544 condominiums sold in King County for a median price of $287,700 or $295 per square foot with a median of 44 days on the market.
In May 2009, 322 condominiums sold in King County for a median price of $272,950 or $266 per square foot with a median of 54 days on the market.
In May 2008, 544 condominiums sold in King County for a median price of $287,700 or $295 per square foot with a median of 44 days on the market.
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