Kate Pedersen

Prices:

In January, King County's median prices were down 2% from last year. Better than last months year over year comparison of 5%. Sammamish continues to be faring the best with prices remaining stable all through last year. On the low end are Bellevue condos which are down 16% from last year and Renton's market is down 15%. This year is starting out on a good trend for stabiliztion in more areas.

Inventory:

Six months of inventory is a balanced market. Less than that is a seller's market and more is a buyer's market.

Inventory continues to drop from last year and last month. The North Seattle neighborhoods have as low as 2.7 months supply of houses for sale and only 2 months supply of townhouses. I am definitely seeing more of a seller's market come into play here. We still have a buyer's market with Shoreline houses at 8.2 months supply and Bellevue condos at 8.9 months supply. Overall for King County, inventory is at 4.9 months supply for houses in and 5.9 months for condos.

Short Sales and Foreclosures:

King County's short sales and foreclosure active listings are about 31% of inventory. On the low end is North Seattle with only 18% of active listings being distressed sales and Kirkland condos are at the high end at 72%. Foreclosures and short sales are slightly up from the past few months, however word is the banks are planning to rent more of their foreclosed properties until prices come back. This will help lead to more stabilization.

Looks like a Sellers market but still acts like a Buyers market. Inventory is low and Buyers are negotiating great deals.

Inventory:

The number of houses for sale continues to drop from last year and last month - not unusual for this time of year though. The North Seattle neighborhoods have as low as 3.2 months supply of houses for sale and on the high end are the Edmonds condos at 7.9 months of supply. Overall King County inventory is at 4.2 months.

Short Sales and Foreclosures:

King County's short sales and foreclosure active listings are about 30% of inventory. On the low end is Redmond with only 15% of active listings being in the foreclosure and short sale market and Kirkland condos are at the high end at 49%. Foreclosures and short sales are up from October from 1 to 6 percentage points in most areas.

Prices:

In November, King County's median and average prices were down 11%. Better than October's year over year comparison which was down 12% (average) and 15% (median). Sammamish continues to be faring the best with a stable 1 to 4 percent rise in median prices and the Kirkland condo market's comparison is down 36% from last year. I've been seeing some unbeleivable good deals in the Kirkland condo market.

Inventory:

Inventory continues to drop from last year and last month, (not unusual for this time of year though); condos included. The North Seattle neighborhoods have as low as 3.3 months supply of housing for sale and on the high end are the Capitol Hill condos at 8.8 months of supply.

Short Sales and Foreclosures:

King County's short sales and foreclosures active listings are about 40% of inventory. On the low end are North Seattle condos with only 10% of active listings being in the the foreclosure and short sale market and Kirkland condos are at the high end at 47%.

Prices:

Last month prices were down 9% from last year. This month King County's average prices are down 12%. Sammamish continues to be faring the best with a stable increase in median prices from 1-4% and the Capitol Hill condo market was down 14% from last year.

Other Highlights:

It really is all about location. Each neighborhood has a different story:

North Seattle continues to see multiple offers on well priced properties and days on market are only 29. Even townhomes are selling faster than last year.

Bellevue's days on market are 40. Foreclosure percentage is at 15% which is comparably low. About 82% of pending sales close which is comparably high.

Shoreline's median prices went from down only 2% (September numbers) to down 7% with October's sales. Their foreclosure rate is 23% and days on market are 56.

Bothell is looking better at 6% down from last year and only 4.4 months supply of available housing.

The down markets are still condos: Capitol Hill 14%, North Seattle 11%, Edmonds 10%, (Downtown condos are down only 2% from last year -- this is a good sign!).

Single family dwellings currently in the downtrend are consistent with last months numbers: Edmonds and South Seattle both 11% down from last year.

All over King County, inventory is dropping. Some neighborhoods have as low as 3.8 months supply of houses for sale. That is a seller's market and as long as houses are listed competitively, many sellers are getting more than one offer.

King County's short sale and foreclosure market is about 20% of inventory and prices are down 8% from last year.

I track many neighborhoods and am glad to give you statistics and trends on any neighborhood or area you are interested in. Here are some highlights:

Shoreline looks like it could be starting to stabilize with prices being only 2% down from last year. Comparing this to most neighborhoods - it's good!

Sammamish has consistently been 2-4% up from last year.

The down markets are currently Edmonds (prices haven't indicated this much of a drop until now and this is actually Snohomish County) and South Seattle, both 11% down from last year.

Most neighborhood prices are up and down from month to month.

The condo market is still down although some neighborhoods are beginning to look better. Downtown has the appearance of a possible stabilization and I believe this is where it will first begin.

March 2011 Statistics:

King County:
MEDIAN PRICE: $363,852 (up a little bit from last month)
DOWN 12% FROM LAST YEAR (this was -14% last month)
South King County: Kent, Federal Way, Auburn have more short sales and foreclosures, bringing King County price difference from year to year up.

INVENTORY: 10,500
6.9 MONTH SUPPLY (last month we had an 8.7 month supply)
Less inventory.

AVERAGE MARKET TIME: 117 days

Median Prices for houses is still looking stable around different neighborhoods.
These prices are compared to a year ago:
North Seattle: $410,101 EVEN (last month +1%)
Edmonds: $341,281 DOWN 6% (last month -5%)
Bothell: $343,195 DOWN 3% (last month -2%)
Bellevue: $548,727 EVEN (last month even too)
Sammamish: $574,821 UP 2% (last month +2%)
South Seattle: $280,169 DOWN 8% (last month -9%)

Overall the housing market is improving.

Median Prices for Condos compared to a year ago are stabilizing as well but not at the same rate as Single Family Residences:
Downtown: $395,083 UP 2% (this is the first positive condo statistic I've seen, last month -4%)
Capitol Hill: $275,765 DOWN 5% (last month -2%)
North Seattle: $229,279 DOWN 7% (last month -6%)
Edmonds: $262,266 DOWN 7% (-7% last month too)

The condo market recovery could be starting downtown!

Compare Median Prices for different neighborhoods:

12 month median sale price percent change is based on a comparison of the rolling average/median price for the last 12 months: 4/1/11 - 3/31/11 with the 12 months before 4/1/10 - 3/31/10.
Statistics are not compiled, posted or verified by the Northwest Multiple Listing Service (MLS).