Covington WA Real Estate | Homes Sold January 2012

Welcome to the year 2012! I am calling a Seller's market in Covington WA. It's all about supply and demand with any type of product and a house is no different. Currently in Covington there are 82 homes on the market, 10 homes pending their inspection and 28 homes that are pending having already had their inspections. These 28 homes will most likely close and ownership transfer in the next 30-90 days.

In January there were 23 homes sold in Covington. Now remember these figures are only for homes that are in the Covington City Limits. No homes out in the area that are not in the city limits are recorded here, like Lake Winterwood or Winterwood Estates as they are still in unincorporated King County with a city address of Kent.

The homes that sold in Covington sold for an average sold price of $204,135 which is a decrease of 34.046% from the boom days of 2007. That January average sold price is a 1.03% increase from December 2011. We can only hope that trend continues. With the low inventroy in the area home prices shoud increase slightly.

How do we decide if this is a seller's market? Its all about supply and demand or absorption rates. We figure this using the current inventory of 82 homes on the market and the number of homes sold last month, which was 23. Divide 82 by 23 and you have the number of 3.56. This means that if all stays the same and in Feb we sell 23 homes it would take 3.56 months to sell out of the current inventory.

• NORMAL MARKET :: conditions exist when the Absorption Rate is between 5 and 6 months
• SELLER’S MARKET :: conditions exist when the Absorption Rate is lower. (1 – 4 months)
• BUYER’S MARKET :: conditions exist when the Absorption Rate is higher. ( 7 plus months)

Real Estate Values

Homeowner Warranty | What are they? | Do you need one?

Originally Posted at: Homefront Realty

Originally Posted at: Homefront Realty

During the month of December there were 21 homes that sold in Covington, Washington. These homes all have the city listed as Covington. There are more homes sold in the area that are located outside the Covington City limits and will be reported in the Kent October stats.

These Covington WA homes actually had a transfer of home ownership. Contracts complete, cash or lender funds available, buyer and seller have signed all of their documents that escrow prepared for the closing. Once all the I’s were dotted and the T’s crossed there where deeds recorded at the King County courthouse that transferred the property into the new home owner’s name!

If you want to learn more about how we transfer property in Washington State a really great site to visit is the Escrow Association of Washington site. There you can find definitions and explanations of the home buying process for Covington Washington.

Let’s look at those 21 Covington homes compared to December 2011. There are some good sigs of some type of normal market in the future. Sold properties are up, homes new to market is up, expired properties are down and supply and demand is looking promising. If you were to look just at December 2011 the Covington real estate market would be a seller's market with only 3 months of inventory.

Dec-10 vs. Dec-11: The median sold price is down 8%

Dec-10 vs. Dec-11: The median price of for sale properties is down 11% and the median price of sold properties is down 8%

Dec-10 vs. Dec-11: The number of sold properties is up 40%

Dec-10 vs. Dec-11: The number of under contract properties is up 164%

Dec-10 vs. Dec-11: The number of new properties is up 40%

Dec-10 vs. Dec-11: The number of for sale properties is down 19%

Dec-10 vs. Dec-11: The number of expired properties is down 33%

Dec-10 vs. Dec-11: The number of for sale properties is down 19% and the number of sold properties is up 40%

Dec-10 vs. Dec-11: The average days on market is down 27%

Dec-10 vs. Dec-11: The average months supply of inventory is down -73.9%

Not a bad time to purchase a home in Covington, Washington. Prices are down, interest rates are at an all time low you might want to look at what it means to you.

What do these numbers mean? Is it a good time to buy? Is it a good time to sell. It all depends on your individual situation. I would rather buy in a buyers market and I would rather sell in a buyers market if I have to buy another home with the proceeds. I am a fan of the NORMAL market – everyone can feel more comfortable and real estate transactions are not as stressful.

If you would like to find out the value of your home please feel free to contact me via phone or email. I would be more than happy to supply you with a FREE Market Analysis.

If you would like to purchase a home in the King County Real Estate Area please give me a call or contact me via email. We can discuss your future plans and I can set you up on an email campaign to receive the hot new listings quicker than YOU can find them.

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“Statistics not compiled or published by NWMLS.” Equal Opportunity Housing All information deemed reliable, but not guaranteed”