Quick post, NWMLS numbers have been released for December – showing that both Seattle and King County SFH have gone negative on a year-over-year basis.
The median selling price in December was $455,975 in Seattle and $435,000 in King County, down 1.5 percent and 1.1 percent, respectively, from December 2006, according to the Northwest Multiple Listing Service. The city price was down 9 percent from a high of $501,000 in August, while the county price was off 9.6 percent from a peak of $481,000 in July 2007
Here are a couple other tidbits. First number is Seattle, second is King County
– Pending sales off 23% and 34%
– Closed sales off 14% and 28%
– Inventory up a whopping 70% and 61%, respectively
It’s hard to put a positive spin on a month as dismal as this one, but based on the articles posted so far – the press release appears to try with a few “Yun-esque” Realtor quotes.
In a news release accompanying the numbers, area brokers said flooding and above-normal precipitation contributed to the typical seasonal slowdown, but expressed optimism about the market.
“Traffic at open houses between Christmas and New Year’s was the heaviest we’ve seen in a long time,” said Dick Beeson, a listing-service director and broker/owner of Windermere/Commencement Associates, in Tacoma. “I believe the bottom has arrived in the Puget Sound marketplace and from here on prices will stay level or advance slightly in 2008.”
J. Lennox Scott, chairman and chief executive of John L. Scott Real Estate, said several factors point to a market turnaround.
“Interest rates are down, sellers have adjusted their prices, apartments are full, job growth is strong and there is a pent-up demand of buyers coming into the market,” he said.
The full text of the NWMLS press release is available over at Seattle Housing Buzz.