The Northwest MLS has released their Western Washington real estate statistics for February 2010. Sales activity was consistent with January closings. Median home prices in King County remain flat, with a slight uptick in the average sales price for single family homes. The pace of closings is up dramatically from a year ago, with a 45% increase in King County. Pending transactions are also up dramatically from their lows a year ago. Inventory of homes on the market is rising slightly as more homes get listed for the spring and summer selling seasons.

King County Data for February 2010

• King County median prices are down only 0.4% from twelve months ago.
• There were 1,255 closings in King County for single-family homes and condos, up 44.8% from a year ago.
• Pending sales for King County are up 63% from the same time last year. 
• Average and median sale prices for homes and condos in King County remain relatively flat this year.
• There were 11,539 active listings in King County for February 2010, down 9.8% from a year ago.

Buyer and seller activity for our own business at findwell jumped substantially in February as well. We are seeing a significant increase in active buyers and sellers looking to take advantage of a combination of factors including the housing tax credits, low interest rates and spring selling season. From our own view on the market, we anticipate relatively strong selling statistics for the next six month period. Follow the findwell blog for future monthly statistical updates.

Previous monthly updates:

• Northwest MLS statistics – January 2010
• Northwest MLS statistics – December 2009
• Northwest MLS statistics – November 2009
• Northwest MLS statistics – October 2009
• Northwest MLS statistics – September 2009
• Northwest MLS statistics – August 2009
• Northwest MLS statistics – July 2009
• Northwest MLS statistics – June 2009
• Northwest MLS statistics – May 2009
• Northwest MLS statistics – April 2009

Related articles:

The Northwest MLS has released their Western Washington real estate statistics for January 2010. Sales activity for January did decline from December to January, but that is mostly attributable to the holiday seasonality of home buying. 2010 continues the trends that we have been seeing for the last 9 months or so in the Seattle metro area, with average and median sale prices remaining essentially flat for quite some time. The number of closings is substantially higher than last year at the same time, and inventory remains considerably lower than the peaks we were seeing in 2008 and early 2009.

King County Data for January 2010

• King County median prices are down 3.9% from twelve months ago.
• There were 1,222 closings in King County for single-family homes and condos, up 34.9% from a year ago.
• Pending sales for King County are up 47% from the same time last year. 
• Average and median sale prices for homes and condos in King County remain relatively flat this year.
• There were 10,679 active listings in King County for January 2010, down 11.2% from a year ago.

Our own business is seeing increased activity in 2010. With the holidays behind us, and the home buyer tax credits due to expire at the end of April, there seems to be an abnormally high number of home shoppers for the winter season. We anticipate a faster than anticipated sales pace during the spring season of 2010. Follow the findwell blog for future monthly statistical updates.

Previous monthly updates:

• Northwest MLS statistics – December 2009
• Northwest MLS statistics – November 2009
• Northwest MLS statistics – October 2009
• Northwest MLS statistics – September 2009
• Northwest MLS statistics – August 2009
• Northwest MLS statistics – July 2009
• Northwest MLS statistics – June 2009
• Northwest MLS statistics – May 2009
• Northwest MLS statistics – April 2009

Related articles:

The Northwest MLS has released their Western Washington real estate statistics for December 2009. Sales activity did slow compared to November, but that is an expected trend due to the holidays and the initial expiration of the first-time buyer credit. In terms of market health, there are clearly a lot more closings and pending sales from the same time last year, so closed transaction volumes continue to improve from the downturn last year. Inventory of active listings is also substantially down from a year ago, and prices appear to have stabilized in the past months.

King County Data for December 2009

• King County median prices are down 5.6%% from twelve months ago.
• There were 1,795 closings in King County for single-family homes and condos, up 53.6% from a year ago.
• Pending sales for King County are up 51% from the same time last year. 
• Average and median sale prices for homes and condos in King County remain relatively flat this year.
• There were 9,652 active listings in King County for December 2009, down 17.1% from a year ago.

findwell’s business did slow due to the holiday season, but activity in the new year indicates that we will likely see a fairly strong spring buying season as buyers look to take advantage of the home buyer credits before their expiration. Follow the findwell blog for future monthly statistical updates.

Previous monthly updates:

• Northwest MLS statistics – November 2009
• Northwest MLS statistics – October 2009
• Northwest MLS statistics – September 2009
• Northwest MLS statistics – August 2009
• Northwest MLS statistics – July 2009
• Northwest MLS statistics – June 2009
• Northwest MLS statistics – May 2009
• Northwest MLS statistics – April 2009

Related articles:

• King County home sales surge in December for seventh straight month (seattletimes.nwsourse.com)

The Northwest MLS has released their Western Washington real estate statistics for November 2009. As expected, the original November expiration of the first-time home buyer tax credit drove a quicker sales pace than might otherwise be expected. For Western Washington, pending sales increased 31% compared to November 2008, and closed sales increased 76% compared to November 2008. Inventory of homes and condos for sale also continues to decline, with inventory in Seattle down 16% from a year ago. Inventory for single-family homes in Seattle is down 20.6% since a year ago.

King County Data for November 2009

• King County median prices are down 7.7%% from twelve months ago.
• There were 2,234 closings in King County for single-family homes and condos, up a surprising 76.9% from a year ago.
• Pending sales for King County are up 37% from the same time last year. 
• Average and median sale prices for homes and condos in King County remain relatively flat this year.

findwell’s business in the Seattle area remained abnormally strong during November, echoing the overall trends seen in the market. We will continue to watch these statistics closely as we enter the slower winter season, but we do anticipate the pace of sales to remain stronger than normal because of historically low interest rates and the extension of the tax credit. Follow the findwell blog for future monthly statistical updates.

Previous monthly updates:

• Northwest MLS statistics – October 2009
• Northwest MLS statistics – September 2009
• Northwest MLS statistics – August 2009
• Northwest MLS statistics – July 2009
• Northwest MLS statistics – June 2009
• Northwest MLS statistics – May 2009
• Northwest MLS statistics – April 2009

Related articles:

The Northwest MLS has released their Western Washington real estate statistics for October 2009. Despite seasonal trends that should have the market slowing down in the fall, the upcoming expiration of the first-time buyer tax credit is attributed for a stronger than normal sales pace. For Western Washington, pending sales versus October of last year are up 63% and inventory levels that are the lowest since December 2008. Year-over-year price declines continue to slow.

Pending sales of single family homes and condos in the four-county region of King, Kitsap, Pierce and Snohomish counties are up 70.4% over last October. Aside from the tax credit driving sales activity, remember that September-October 2008 was filled with horrible financial news such as the stock market crash and multiple large bank failures which contributed to the slowdown last fall.

King County Data for October 2009

• King County median prices are down 2.4% from twelve months ago.
• There were 2,234 closings in King County for single-family homes and condos, up 29.7% from a year ago.
• Pending sales for King County are up 71% from the same time last year. 
• Average and median sale prices for homes and condos in King County remain relatively flat this year.

findwell’s business in the Seattle area was abnormally strong during October, with our best month of the year for sales. Normally we expect our best month of closings in August, due to normal seasonal trends, but clearly the tax credit deadline drove activity later into the fall. It will be interesting to see how the new extension and expansion of the home buyer tax credit will impact home sales activity over the next 6 months. Stay tuned to the findwell blog for future monthly updates.

I have been working with a client to purchase one of the Ashworth Cottages located just north of Greenlake at 80th and Ashworth Ave N. If you are not familiar with the project, this is a community of 20 stand-alone homes and townhomes that is situated around a central courtyard. It was originally built by Pryde & Johnson, and is the only LEED Platinum-certified community of its kind in Washington state. The builder spared little expense on these homes, with finishes like tiger wood floors, concrete counters, vaulted ceilings and cherry cabinetry.

The properties high-end finishes and green-friendly LEED certification originally landed them at a price point where they were unable to sell them in the down market during 2007-2008. After the bank foreclosed on the property, they are back on the market at some extremely attractive prices, something like 20-35% off of their original list prices. Buyers seem to agree, and it looks like they have sold 8 out of 17 homes in just a week! At this pace, it appears that they won’t last long, as they have hit a price point that appears to resonate with buyers for homes of this quality.

Here are some of the listings currently on the MLS. Availability is subject to change pretty quickly, so an on-site visit will tell you what is left.

8018-A Densmore Ave N

8011 Densmore Ave N

8019 Densmore Ave N

If you would like to tour these homes or would like assistance in putting together an offer, please contact us at info@findwell.com. We currently have availability for showings this weekend.

UPDATE 10/24/09: According to the listing agent, 12 of these homes are officially sold, up from 8 last week. There is only one townhome left, and the rest are stand-alone homes.

The Northwest MLS has released their Western Washington real estate statistics for September 2009. As we have seen from May-August, there continue to be positive trends in the statistics for home sales in our region. Typical seasonality in real estate has activity slow down once the busy summer season is over, but the statistics show a big jump in pending sales, continued declines in inventory, and a quick sales pace for lower-priced homes. We believe that there are a few factors driving this continued activity. Interest rates remain at historical lows, first-time home buyers are rushing to take advantage of the $8,000 tax credit before November, and recent price declines have increased affordability for many potential homeowners.

Pending sales of single family homes and condos in the four-county region of King, Kitsap, Pierce and Snohomish counties are up 26.7% over last September and increased 30.1% over August.

King County Data for September 2009

• King County median prices are down 8.2% from twelve months ago. Declines are slowing in the median prices and are being driven by two factors. First, pricing pressure remains due to distressed property sales such as short sales and foreclosures. More importantly, there is an unbalance in the sales data towards lower-priced homes which is the segment of the market that is clearly outselling more expensive homes. 
• There were 2,016 closings in King County for single-family homes and condos, up 7.7% from a year ago.
  • Single-family homes
    • Average sale price = $455,374
    • Median sale price = $382,160
  • Condos
    • Average sale price = $245,000
    • Median sale price = $282,744
• Pending sales for King County are up 28% from the same time last year.

findwell’s business in the Seattle area is seeing similar trends to the overall market. Many of our pending and closed transactions are for homes and condos at entry-level prices. We have remained surprisingly busy for this time of year, and some of our strongest months for sales will be in October and November, driven by first-time homebuyers trying to take advantage of the tax credit.

The Northwest MLS has released their Western Washington real estate statistics for August 2009. Continuing on positive trends from May-July, pending and closed sales continued to increase. Median prices for sold homes still show declines from last year, though prices do show signs of stabilization. Interestingly, it appears that the price range for sold homes is being skewed towards the lower-priced homes, driven by first-time home buyers taking advantage of low interest rates and the first time buyer tax credit.

Pending sales of single family homes and condos in the four-county region of King, Kitsap, Pierce and Snohomish counties are up 25.7% over last August and increased 3.8% over July. Pending sales showed a particularly strong increase in North King County (+38.7%) and the Eastside (+36%).

King County Data for August 2009

• King County median prices are down 9.88% from twelve months ago, but remain relatively flat to slightly down since January. 
• There were 2,005 closings in King County for single-family homes and condos, up 1% from a year ago.
  • Single-family homes
    • Average sale price = $456,585
    • Median sale price = $375,000
  • Condos
    • Average sale price = $275,498
    • Median sale price = $252,250
• Pending sales for King County are up 25% from the same time last year.

Our own business is clearly showing the impact that first-time buyers are having on the market right now, as most of our pending and closed transactions are at entry-level prices. Activity in that segment of the market remains strong.

The Northwest MLS has released their Western Washington real estate statistics for July 2009. Trends for July, much like May and June, remain modestly positive. Pending sales of homes increases compared to July 2008, as did closed sales for that same period. We also continue to see an continued decrease in listing inventory.

Pending sales of single family homes in the four-county region of King, Kitsap, Pierce and Snohomish counties are up 21.2% over last July, but are down 6.9% from June. Pending sales for condos in the same four counties are up 12.5% over a year ago.

King County Data for July 2009

• King County median prices are down 12.8% from twelve months ago, but remain relatively flat or up slightly since January. 
• There were 2,161 closings in King County for single-family homes and condos, up 4% since last month and up 6% from a year ago.
  • Average sale price = $431,446
  • Median sale price = $401,500
• Pending sales for King County are up 17% from the same time last year.

findwell has seen these same trends with our own customers with buyer activity continuing to strengthen. There appears to be a fair amount of buyers out there in the entry-level price range looking to take advantage of the first-time home buyer credit which is due to expire in November.

Related articles

findwell was in attendance today at the Lumen Condo Auction at the Hyatt in downtown Seattle. The condo developer was auctioning off the remaining 16 unsold homes for this development located in Lower Queen Anne in Seattle. After selling an initial allotment of condos, the developer struggled to sell-out the building and resorted to an auction format to drive buyer interest. It appears that the auction was a success, as all remaining homes were sold, except for the penthouse. Apparently they are auctioning the penthouse later this month after prospective buyers have had a chance to view it.

Michael Willson, one of our findwell agents, was in attendance representing our clients who were bidding. They placed bids on three separate condos, but were outbid on each occasion, so today was a bit of a disappointment for them. However, they had their bid strategy and price limits set ahead of the auction and stuck to them, not letting themselves get wrapped up in the excitement of the event.

The room at the Hyatt was standing-room only, with ~200 people in attendance. While the auctioneer did his best to try to coax bidders, it did lack some of the frenzy that we saw back at the DR Horton auction in December. It appeared that there were ~3-5 active bidders participating for each condo.

Results from the auction are listed in the table below. On average, condos were bid up 39% over their Minimum Bid, with an average price of $345/sq ft. This is certainly a far cry from their “Previous Offering Prices” which averaged $560/sq ft. Winning bids were an average of 38% below the “Previous Offering Prices.”

Ben Huh provided a video of today’s auction on YouTube: