|Real Estate Market Overview|
Our Greater Seattle-Bellevue real estate market continues to show normal seasonal patterns in inventory, but sales volume was unusually high in December, and months supply for single-family homes took a related drop to its lowest point in over a year. Interim data suggest that January sales volumes will be back to their normal seasonal low. The most recent monthly median price for single-family homes bumped up a little to $370,000, about where it was a year or so ago.
The condominium market also had a big jump in closed sales in December, and a corresponding big drop in months supply - I don't expect these numbers to carry forward into January. December median price for condominiums confirmed November's step down.
This market report is a bit shorter than usual because it is paired with the following post on "2011 - The Years Ahead".
|Current Market Statistics|
The links below provide a graphical summary of Real Estate Market Statistics for the Seattle/Bellevue/King County area over the most recent 3 years, for single-family homes and for condominiums.
Here's the charts for the current stats through December: (Required disclaimer: Statistics and graphs not compiled, reviewed or verified by the Northwest Multiple Listing Service)
As noted above, monthly Closed Sales rates for both single-family homes and condominium homes jumped up significantly in December, and Month's Supply dropped corresponding ly. I doubt that either will be sustained in January, and I expect that it will look more like November. We also have an anomaly in the Days on Market numbers, which have suddenly dropped back to their old pre-May 2010 ranges. Rather than try to conjure-up explanations for these things, I think I'll just wrap up this portion of the newsletter right here.
There's plenty to think about in the following '2011 - The Years Ahead' post.