Current Price Trends
The final statistics for 2007 have been released by the NWMLS. Prices continued to slide for the third month after a significant gain in September. The median price for December was $308k, which was a 15% gain from the January 2007 figure of $266k.
The average cumulative days on market - total time a home is for sale, from listing to closing - dove sharply to 56 days, down from 120 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 91% in November.
Listing inventory continued falling to reach the lowest level since March ’07. There were 114 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 third month. With just 9 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.