December 2008 Kenmore Home Sale Statistics

The Northwest Multiple Listing Service released it’s monthly press release for December 2008. The results from 2008 were as one would expect - heart breaking. It was not hard for market observers to guess that the sour financial markets and the insane weather this last month basically knocked-out home sales with a big left hook in the last round of 2008. Ouch! Bloody nose!

I’m going to stick with basic home sale statistics for Kenmore in this post. In the next several days there is going to be a lot of year-end data and analysis that I will share with you. For now, let’s keep it simple and local. Just click on the graphs for a large, more detailed image:

UNITS SOLD

UNITS SOLD, 4-YEAR TREND

Numbers: 2005 - 42 sold, 2006 - 24 sold, 2007 - 19, 2008 - 13

There has been a steady decline in home sales here in Kenmore since 2005. What’s interesting is how precipitous the decline was between 2005 and 2006. The change was not as significant comparing this year to last, a sign that the market was already weakening two years ago.

AVERAGE PRICE

AVERAGE PRICE - 4 YEAR TREND

PRICES: 2005 - $388,000, 2006 - 470,000, 2007 - 430,000, 2008 - 438,000

The media has been quick to point out that prices in the Seattle area have fallen to 2006 levels. Kenmore seems to be experiencing more of a flattening-out since the beginning of 2007. Home owners in Kenmore haven’t been immune from a stagnant increase in equity. It may be some time before we make up the losses in the last three years.

DAYS-ON-MARKET

DAYS-ON-MARKET - 4 YEAR TREND

DAYS TO SELL - 2005 - 48 DAYS, 2006 - 70, 2007 - 62, 2008 - 103

A lot of agents are reporting how difficult it has been to sell homes in the current market. As you can see, it’s taking over 100 days on average to sell a home. If you’re going to enter the market in the current environment, it is critical that you have your house priced aggressively and ensure that it is properly presented (dressed for success). Even though interest rates have dropped to historic lows, buyers are still sitting on the sidelines in the hope that prices will fall further.

If you are considering selling or purchasing a home, please give me an opportunity to consult with you to explore your options. Even though there are a lot of “experts” saying that it’s an ideal time to buy a house, you owe it to yourself and your family to work with an agent familiar with the market.

Statistics Often Lie courtesy of mac steve