Current Price Trends
The final statistics for 2007 have been released by the NWMLS. Prices rose slightly last month, ending a three month decline. The median price for December was $290k, which was an almost 10% increase from the January 2007 figure of $264k.
The average cumulative days on market - total time a home is for sale, from listing to closing - dove sharply to 96 days, down from 171 days the previous month. Buyers lost their strangle hold on sellers but still have an advantage, as the average sale price to original list price rose to 96%, up from 90% in November.
Listing inventory continued falling to reach the lowest level since December ’06. There were 146 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 with that figure staying pretty even for the fourth month. With just 17 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.