Lower Inventory Causes Shift Toward Seller’s Market
According to statistics from the Northwest Multiple Listing Service (NWMLS), the number of homes sold in King and Snohomish counties increased 9% in December 2011 over the same month last year. The number of pending sales was also up substantially, nearly 23% over 2010. Following the pattern of recent months, prices of sold homes were down. Prices dropped 14% when compared to last year.
Shift Towards Seller’s Market
The number of homes on the market (inventory) continued to shrink, down 26% over 2010 and nearly 15% from November. This downward trend of active listings has caused a shift toward a seller’s market (as measured by the supply of homes). The supply – time to exhaust current inventory – is 3.2 months in Snohomish County and 3.6 months in King County. A five month supply is considered a balanced market.
Distressed Properties – More Than 1/3 of Sales
Distressed properties continue to drive prices down in the metro area. Bank owned and short sales in December made up about 39% of all home sales in King and Snohomish counties.
|All Residential (Single Family & Condo)|
|All Residential||December 2011||Change vs. Prior Month||Change vs. Last Year (December 2010)|
|Average Sold Price||$326,082||-0.99%||-14.36%|
|Avg Days on Market||82||6.49%||-3.53%|
NWMLS Stats 12-11.pdf
Graphs active listings and homes sold for King and Snohomish Counties.
Activity 12-11.pdf (Residential & Condo)
Shows Residential & Condo listing data for King and Snohomish Counties, including Average Sales Price and Average Days on Market.
Activity 12-11 Residential.pdf (Residential only)
Shows Residential listing data for King and Snohomish Counties, including Average Sales Price and Average Days on Market.
Activity 12-11 Condo.pdf (Condo only)
Shows Condo listing data for King and Snohomish Counties, including Average Sales Price and Average Days on Market.