Di Kawell Real Estate Blog

King County Real Estate Home Sales Stats - Easy Version

Here's a great post I'd like to share from our friends at Talon Title:

Existing home sales for King County put into perspective...

Reading the headline of the recent AP article about home sales for December 2009, one would think the real estate market just fell off a cliff.  The AP article is citing national sales data of 5.45 million seasonally adjusted sales, down 16.7% from 6.54 million from November.  Median prices, the AP reports "plunged by more than 12 percent last year - the sharpest fall since the Great Depression".  Pretty powerful stuff.   

Recently, we examined how local news differed from national news and why.  The conclusion was that national trends have little or no correlation to your local market conditions.  On the national level there was a big drop, but consider that November had the highest resale total for all of 2009.  Also consider that the home buyer tax credit was extended until mid-2010, all of which affect overall numbers once this was realized. 

Of much more value to us in the Puget Sound is how our local market is holding up. So lets take a look at the numbers:

Dec 2009

Total King County SFR Sales: 1125

Avg Price: $487,105

Total % from November 2009:-15%

Total % from December 2008:  +34%

Total price change from November 2009: +4.2%

Total price change from December 2008: -3%

Overall, it appears that December 2008 was a much worse month than December 2009.  Total sales increased by 34% in 2009, while prices held relatively stable.  Average prices actually increased from November 2009, while being down 3% from December 2008.  These local numbers are much more palatable than the reported national news. 

Looking ahead, expect much more activity as the tax credit deadline looms again. 

Re-posted from Talon Northwest Neighborhoods Blog

Reading the headline of the recent AP article about home sales for December 2009, one would think the real estate market just fell off a cliff.  The AP article is citing national sales data of 5.45 million seasonally adjusted sales, down 16.7% from 6.54 million from November.  Median prices, the AP reports "plunged by more than 12 percent last year - the sharpest fall since the Great Depression".  Pretty powerful stuff.   

Recently, we examined how local news differed from national news and why.  The conclusion was that national trends have little or no correlation to your local market conditions.  On the national level there was a big drop, but consider that November had the highest resale total for all of 2009.  Also consider that the home buyer tax credit was extended until mid-2010, all of which affect overall numbers once this was realized. 

Of much more value to us in the Puget Sound is how our local market is holding up. So lets take a look at the numbers:

Dec 2009

Total King County SFR Sales: 1125

Avg Price: $487,105

Total % from November 2009:-15%

Total % from December 2008:  +34%

Total price change from November 2009: +4.2%

Total price change from December 2008: -3%

Overall, it appears that December 2008 was a much worse month than December 2009.  Total sales increased by 34% in 2009, while prices held relatively stable.  Average prices actually increased from November 2009, while being down 3% from December 2008.  These local numbers are much more palatable than the reported national news. 

Looking ahead, expect much more activity as the tax credit deadline looms again. 

Re-posted from Talon Northwest Neighborhoods Blog

Buying or Selling a Home in Fife WA 98424?

Fife WA 98424 Home Sales Stats - Looks like you can buy a decent bank owned or short sale home for about $12,000 less than a 'regular' non-distressed home here in Fife.  Most of the housing activity in Fife is taking place in the planned communities of Radiance and SattleCreek. 53% of currently active homes for sale are short sales or bank owned properties. 33% of closed home sales in the past 6 months were short sales or bank owned properties. Average Sold Price on shorts is $232.000; Average Sold Price on Bank Owned is $229,000. These prices are about   4.5 to 5.5% lower than regular, "non-distressed" sales. (I am talking about resale homes .. new construction is different, and I have not included those stats here. Availability now looks like less than 10 homes.) Call me for further details!

Federal Way Home & Condo Sales Stats - July 2009

Average days on the market for the homes and condos that have actually sold is almost the same .. 95 days.

Single Family Homes Stats - *337 homes for sale from $87,900 to $2,900,000. Median price is $314,950.

*60 sales closed in July, from $75,000 to $835,000. Median sold price is $264,488. On average, we have about a 5.6 month supply of homes for sale. But, time increases as prices go up. For example in the price range of $350,000 to $450,000, it's a 10 month supply.

And, for sales that are pending (under contract but not closed) we have 81 homes ranging in price from $100,000 to $998,000. Median pending price is $229,400. 

*For the month of July, we have just 18% of the available homes actually selling.

Condo Stats - *120 condos currently on the market with prices from $82,000 to $329,999.

*11 condos sold in the month of July, prices range from $85,000 to $212,000.

17 condos are pending (under contract) in July, prices range from $72,500 to $250,000.

*For the month of July, we have just 9% of available condos actually selling.

 

 

 

 

                    

Federal Way Home Sales Are Up! Stats Comparisons May '09 to May '08

Recently released title info shows that Federal Way, WA single family housing inventory is down by 30% this year over last; however closed home sales are up by 33% !  3 guesses why? Answer: Affordability!  The average (median) sale price is $241,000 which fairly well reflects the average buying power of a typical Federal Way resident. Our sale prices have dropped 22.20% from a year ago, when the median was $310,125. 

Actual inventory numbers stood at 353 homes on the market as of may 31st, and 56 sales closed for the month of May.

Condo listings in Federal Way are down 9.4% and the sales are down a whopping 46% this May over last! Actual numbers are 7 units sold, at a median price of $129,900. This price is down from a median of $165,000 a year ago.

March Home Sales In Federal Way Much Improved!

Even with rain, snow, sleet and hail Federal Way home sales are gaining momentum! Closed sales for the month are up 60% over February. And that means with inventory holding steady at 350 properties for sale, closed sales at 37 units, we have a 9.5 month supply of homes. That is down from a 15 month supply in February - much improved!

 The median price of the homes on the market for sale is $300,000, and the median price for the homes that have closed is $249,000. We are still seeing first time homebuyers as the main group taking action - not surprising since they have such great incentive with the Federal First-Time Homebuyer Tax Credit now solidly in place, plus excellent FHA financing available.

For up to the minute reports of home values in your neighborhood of Federal Way, please comment here or send an email to me at dkawell@windermere.com  I'll need your address and a list of the improvements you have made to the property. You can also phone me at 206-794-0844.

Quick Video about the First Time Home Buyers Tax Credit

Here's a short video (just 4 minutes) which addresses the first time home buyer tax credit (available until December 1, 2009) and our historically low interest rates...could now be the time to buy your first home?

Burst of Home Sales in Federal Way - Last 2 weeks

According to my search in the MLS database,for February 2009, 40 of the 50 new sales contracts accepted on homes in Federal Way happened in the last 2 weeks - hopefully this is not just a flash in the pan, but we'll take every bright spot we can find in this real estate market!

Current Inventory of Homes for Sale total 349 and are priced from a low of $85,405 to a high of $1,340,000 - and a median price of $299,950.

Sales Pending currently total 103, from a low of $75,000 to a high of $685,000 and the median price of $259,000. These homes averaged 73 days on the market before a sale.

February Closed Sales totaled 23, low $152,400 to high of $621,000, and median at $270,000.  The total closed is virtually unchanged from January (21)  So based on closed sales we are at a 15 month supply of homes.

Regarding foreclosure, short sales, bank owned and pre-foreclosure stats - 28% of actives, 31% of pendings and 35% of solds fall into these categories.

Hopefully the increased activity over the last 2 weeks will be gaining momentum with the buyer tax credit and other government actions taken recently, and being clarified. I'll keep you posted!

Auburn West Hill / Jovita Real Estate Stats Mid-month Update Feb '09

Good News - Buyers are Buying, Sellers are Signing and Activity is Picking Up since Jan 1st, 2009 - just 6 weeks ago. Overall we have about a 10 month supply of homes on the market; and about 25% of the market is pre-foreclosure, foreclosure or bank owned properties. This is consistent with the Federal Way/NE Tacoma/Brown's Point areas as well. And these properties are creating sales, while also still causing a downtrend in pricing.

Here's a Current Market Snapshot of Auburn West Hill/Jovita

ACTIVE LISTINGS

There are currently 160 Active Listings/single family homes on the market, with the highest price at $1,295,000 and the lowest price at $125,000. The median price is $329,925.  22.5% OF THESE HOMES FOR SALE ARE IN PRE-FORECLOSURE, FORECLOSURE, OR BANK OWNED.

PENDING SALES

There are currently 31 homes under contract since Jan 1, 2009. The highest price is $399,900 and the lowest is $148,800. The median price of these pending sales is $251,900; and the average days on the market is 82. 32% OF THESE HOMES ARE IN PRE-FORECLOSURE, FORECLOSURE OR BANK OWNED.

CLOSED SALES

There are 15 sold and closed homes since Jan 1, 2009. The highest price was at $348,960 and the lowest was $155,000. The median sold price was at $260,000. And the average days on market in this group was 80. 40% OF THESE SALES WERE IN THE PRE-FORECLOSURE, FORECLOSURE OR BANK OWNED CATEGORY.

Brown's Point / NE Tacoma Real Estate Stats - Mid-month Update Feb '09

Amazing change in this market over just the last few weeks. Buyers are buying and sellers are signing at a pretty good clip. The bulk of homes selling are in the $200-400,000 range. And we've gone from a 4.5 yr supply of homes for sale down to 18 months based on closed sales to listing ratio. That is a huge improvement!

Here's a Current Market Snapshot

ACTIVE LISTINGS

There are currently 162 homes on the market, the highest price is $1,850,000 and the lowest price is $139,950. The median price is $389,950. These listings average 113 days on the market. 20% OF THESE HOMES FOR SALE ARE IN PRE-FORECLOSURE, FORECLOSURE OR BANK OWNED.

PENDING SALES

There are currently 30 homes under contract since Jan 1, 2009. The highest price is $990,000 and the lowest price is $125,000.The median price of these pending sales is $304,500; and they average 113 days on the market (a coincidence with the actives!) 40% OF THESE PENDING SALES ARE PRE-FORECLOSURE, FORECLOSURE OR BANK OWNED.

CLOSED SALES

9 sales have closed since Jan 1, 2009. The highest price was $860,000 and the lowest price was $224,050. The median price of these sold homes was $279,000; and they average 84 days on the market. 33% OF THESE HOMES WERE EITHER PRE-FORECLOSURE, FORECLOSURE OR BANK OWNED.

Federal Way Real Estate Stats - Mid-month Update - Feb '09

It's Beginning to Thaw!  Buyers have been making offers, sellers are signing and we have made some good progress since Jan 1, 2009 - just 6 weeks ago!

Here's a Current Market Snapshot of Federal Way:

ACTIVE LISTINGS

There are currently 349 Active Listings/Single Family Homes on the market, with the highest price at $1,400,000 and the lowest price at $75,000. The median price is $309,000. These listings average 111 days on the market. 24% OF HOMES FOR SALE ARE IN PRE-FORECLOSURE, OR ARE BANK OWNED.

PENDING SALES

There are currently 60 homes under contract since Jan. 1, 2009. The highest price is $685,000 and the lowest price is $75,000. The median price of these pending sales is $257,950; and they average 85 days on the market. 37% OF THESE HOMES ARE IN PRE-FORECLOSURE, OR ARE BANK OWNED.

CLOSED SALES

Since Jan 1, 2009, there have been 30 homes that have sold and closed. The highest price at $880,000 and the lowest price at $145,000. The median price of these sold homes is $362,475 and the average days on market is 123. 30% OF CLOSED SALES ARE PRE-FORECLOSURE OR BANK OWNED.

SUMMARY: Based on closed sales we have an 11.6 month supply of homes on the market. If you count the pending sales and closed sales, that number drops to 3.8 months of inventory - however over half of the pendings are pre-foreclosure or bank owned and many of these may not end up closing. We should rely on the 11.8 month figure. This still beats the 20 months we had just 2 weeks ago! (A balanced market is approx 6 months of inventory.) Buyers are buying primarily in the $200,000 to $300,000 range, and primarily distressed properties.