Inventory continues to drop from last year and last month, (not unusual for this time of year though); condos included. The North Seattle neighborhoods have as low as 3.3 months supply of housing for sale and on the high end are the Capitol Hill condos at 8.8 months of supply.
Short Sales and Foreclosures:
King County's short sales and foreclosures active listings are about 40% of inventory. On the low end are North Seattle condos with only 10% of active listings being in the the foreclosure and short sale market and Kirkland condos are at the high end at 47%.
Last month prices were down 9% from last year. This month King County's average prices are down 12%. Sammamish continues to be faring the best with a stable increase in median prices from 1-4% and the Capitol Hill condo market was down 14% from last year.
It really is all about location. Each neighborhood has a different story:
North Seattle continues to see multiple offers on well priced properties and days on market are only 29. Even townhomes are selling faster than last year.
Bellevue's days on market are 40. Foreclosure percentage is at 15% which is comparably low. About 82% of pending sales close which is comparably high.
Shoreline's median prices went from down only 2% (September numbers) to down 7% with October's sales. Their foreclosure rate is 23% and days on market are 56.
Bothell is looking better at 6% down from last year and only 4.4 months supply of available housing.
The down markets are still condos: Capitol Hill 14%, North Seattle 11%, Edmonds 10%, (Downtown condos are down only 2% from last year -- this is a good sign!).
Single family dwellings currently in the downtrend are consistent with last months numbers: Edmonds and South Seattle both 11% down from last year.