Wednesday, February 9, 2011

Reflecting & Projecting

My last post was pretty somber. While I'll continue on that note, looks I'll end with some positive comments.

In January 2011 the King County single family home median price sank even lower. At $356,000, that's back to the April 2005 level - almost a 6 year low. 34.3% of King County homes are worth less than their mortgage, which is higher than the 27% national average.

West Seattle? Our average sold price was down to $337,000 last month. Ok, on a slightly positive note, we have 419 active listings today, which has stayed fairly consistent over the past few weeks. Pending sales are up to 163 today...which I find encouraging.

Enough stats for now, where are we really? The recent sentiments among local agents is that activity is really picking up. I feel the same, as many of my clients are considering making purchases this spring and have begun looking. Stock markets have been strong lately...unemployment has decreased slightly...home prices have come down over 25% since's possible we're turning the corner! Though the experts do predict any rebound to be slow & gradual.

Data provided by the NWMLS, Trendgraphix and the following Seattle Times articles:

Monday, January 24, 2011

2011 Real Estate - Where Do We Start?

We start with the realization that 2011 home values in Seattle are the same as they were in 2005 with a medium sold price of $375,000. So the sobering reality is that for anyone who has bought a home since 2005, it's current market value is likely less than the purchase price. (OK, for those that have invested significantly in remodeling or upgrades this may not be true)

To make the selling process even more challenging, fewer than 21,000 homes/condos sold in King County in 2010 compared with 42,000 in 2005. In West Seattle, there are currently 413 homes for sale and the average Days on Market is 101.

That's where we begin 2011. I'll check in regularly to provide updates as the year progresses. Here's a link to the Seattle Times article where I found some of my data: