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Well, the Times printed another gloom and doom article this morning. It talked about how much sales have gone down from Q1 to Q2 of 2008. Their statistics were for all of King County and only for resale homes.
It did not feel right to me, so I ran some statistics of my own. It only took a few minutes with the NWMLS statistics search. I ran Eastside (South Bellevue to Woodinville) and City of Seattle separately, all homes and condominiums sold, Q1 and Q2, 2007 and 2008. Here’s what I found; pretty much what I expected. This shows the number of closed sales and median prices.
Eastside 2326/$502k 3161/$530k 1437/$510k 1975/$525k
Both the number of sales & closed sales prices were up Q1-Q2 each year. The volume was down from 2007 to 2008. Sales prices are nearly steady from 2007 to 2008.
Seattle 2470/$400k 3724/$415k 1889/$402k 2346/$415k
Both the number of sales & closed sales prices were up Q1-Q2 each year. The volume was down from 2007 to 2008. Sales prices are nearly steady from 2007 to 2008.
This evaluation concludes that Median Prices are virtually unchanged from 2007 to 2008. Volumes are down considerably. I did run different statistics than the Times and did not check their numbers. They may be correct, but really reflect what I consider to be a skewed view of the market; likely created by including all of King County property. While the Times may be catering to all of King County, I think more local statistics are of greater use to the public. After all, Real Estate is a local phenomenon.
Whenever you would like information on your property value or general property values and trends, I am happy to help. Please contact me at betsy@betsyweyer.com or 425-444-3305.
Betsy Weyer
August 16, 2008
