Year end figures always give a better idea of where the real estate market trend is. During the year, prices go up and down. But I always like to see what it actually is at year end compared to last year. The NWMLS has posted some year end statistics. In the South Bellevue area including Newcastle and a portion of Issaquah, here's what happening. The number of closed transaction are pretty darn close. In 2010, there were 713 closed transaction. This past year, 2011, we had a 60 more, 773 closed transaction. The number of closings were more and days a home is on the market before a contract is finalized went from 87 days in 2010 to 75 days in 2011. So, it's taking just slightly 2 weeks less to get it sold. These figures from the NWMLS just proves that there are buyers out there, they just are more price conscious and choosier. Speaking of price, NWMLS also reports that the median price home have gone down. From being $575,000 in 2010, at year end the median price for homes sold is $530,000. Not quite double digit drop but 7.8% is still a drop. Sellers are starting to come around. Some of the ones that were holding off selling hoping the market would start going up again is finally to the point where if they need to sell they will sell at what the market is telling them to sell at.
I am excited to see these figures. They are not double digit. I've seen the market decline, but it is declining at a lesser % than the years before. To me, it means that the market is stablizing. So, just hang on. If you were looking for your dream home, maybe you should reconsider and remodel your home. In my opinion, your home is not the stock market. You should not see it as an investment. See it as a place to live in.
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