The National Association of REALTORS® has published the results of its quarterly sales survey and found that the median home price continues to rise in most metropolitan areas. The median is a typical market price - meaning half of all homes sold for more, and half of all homes sold for less.
Lawrence Yun, NAR chief economist, said the data underscores the fact that all real estate is local. "Some metro areas are hot, while others are experiencing localized problems," he said.
The November sales statistics for King and Snohomish Counties will give us a better idea of our local market:
While the number of homes on the market in King County continues to increase, fewer of those home sold this November compared to November 2006. This November, active listings were up 32% while the number of listings sold decreased 22%. Year-to-date, the number of sold listings is 10% lower than it was this time last year.
King County is, meanwhile, experiencing a slight increase in sales prices. Although the increase for the month of November 2007 over November 2006 was negligible, the year-to-date average sales price was up 8% this year. The average days on the market for listings was up 25% both for the month and year-to-date compared with 2006.
King | Active | Closed | Average | Average |
November 2007 | 13,188 | 2,187 | $476,207 | 64 |
November 2006 | 8,951 | 2,787 | $474,142 | 48 |
Year to Date | N/A | 31,355 | $499,085 | 52 |
Year to Date | N/A | 34,936 | $461,429 | 39 |
Snohomish County continued to mirror, almost exactly, the market activity that King County experienced in November 2007. The number of active listings increased by 33%, but the total sales for the month decreased by 27% and were down 20% year-to-date compared with the same time in November 2006.
While the average sales price for the month of November 2007 was almost the same as it was in November 2006, the average year-to-date increased 8%. Market times for the month and year-to-date both increased about 30%.
Snohomish | Active | Closed | Average | Average |
November 2007 | 6,413 | 835 | $364,850 | 75 |
November 2006 | 4,272 | 1138 | $366,018 | 52 |
Year to Date | N/A | 12,258 | $383,902 | 63 |
Year to Date | N/A | 15,347 | $352,893 | 45 |
Remember, as Yun said, all real estate is local and changes from month to month. To get the latest information on Snohomish County WA real estate, please call me at 425-308-3669 or visit KarensVillas.com. To receive a complimentary home value analysis, please visit WashingtonHomeValues.net.
Statistics compiled by the Northwest Multiple Listing Service and are deemed accurate but not warranted.
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