Current Price Trends
The final statistics for 2007 have been released by the NWMLS. Prices rose slightly, but were still down from a year high in October. The median price for December was $304k, which was a slight increase from the January 2007 figure of $300k.
The average cumulative days on market - total time a home is for sale, from listing to closing - moved up a bit to 94 days, up from 85 days the previous month. Buyers continue to have the upper hand, even though the average sale price to original list price rose to 95%, up from 93% in November.
Market Activity
Listing inventory edged down again to reach the lowest level since April ’07. There were 273 homes on the market to begin 2008. Buyers will soon notice that their choices are rapidly diminishing. The holiday season took its toll on sales as they stayed flat for the fourth month in a row. With just 21 homes sold, sellers must remain committed to proper pricing.
* Homes sold - single-family homes, both resale and new construction, but not condos or vacant land.
** Median home price - the middle price in a given sequence of prices, taken as the average of the two middle prices when the sequence has an even number of homes.
*** SP/Orig LP% - Sale price divided by original list price.
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