November 2007 NWMLS Report
KIRKLAND, Wash. (Dec. 6, 2007) –A “typical holiday market,” “the start of an optimum buy zone,” “a good time to beat the spring rush,” and a “wonderful time to be a home buyer” are among reactions by directors of Northwest Multiple Listing Service upon viewing the activity summary for November.
The latest recap report issued by Northwest MLS shows little price fluctuation from a year ago, ample inventory (about 31 percent more listings than a year ago, but 6.3 percent fewer than the previous month), the expected seasonal slowdown of sales activity, along with reports of “busy agents” who are working with motivated buyers and sellers.
For its 19-county market area, MLS members reported 5,194 pending sales of single family homes and condos (combined) last month, down from 7,022 for the same month a year ago, a drop of 26 percent.
An analysis of the falloff in activity in the four-county Puget Sound region from October to November shows this year’s decline, at 12.4 percent, is the third lowest of the past eight years. Since 2000, pending sales from October to November have dropped from a low of 5.3 percent (in 2001) to a high of 25 percent in 2003.
Prices on completed sales of single family homes and condos dipped slightly — 1.35 percent area-wide — from a year ago. For November’s closed sales, the median price was $315,000, which compares to the year-ago figure of $319,300.
For the four-county Puget Sound region (King, Kitsap, Pierce and Snohomish counties), the median selling price for last month’s closed sales of single family homes and condominiums was $340,000, down about 1.2 percent from the same month a year ago when the price was $344,000. For single family homes only (excluding condos), the median price for the four-county area rose about 1 percent, from $363,500 to $367,352. For condos, the median price increased more than 3.9 percent, from $255,000 to $265,000.
In King County, the median price declined 2.9 percent for the “blended” property types (single family homes and condominiums); the price declined from $397,500 to $385,990. The price for single family homes only (excluding condos) was unchanged at $435,000. The median selling price for condos that sold in King County last month was $284,450, an increase of 4.2 percent from twelve months ago when the median price was $272,950. One factor contributing to the price dip is the growing popularity of condos, which tend to have lower prices. A year ago, condos accounted for 25.3 percent of closed sales in King County; last month, condos made up 30.3 percent of sales countywide.
There’s too many townhomes sprouting up throughout Seattle you say? Well, it certainly seems that way as virtually all new developments within the city limits are either condos or townhomes. And, as more and more townhomes replace single family homes it seems to stir up peoples ire. But is it really that bad?
Seattle only has a limited number of L2 and L3 zoned properties compared to single family homes. Most of the L2/L3 zones can be found in specific areas namely around downtown Ballard, the Licton Springs area north of Green Lake, along Greenwood Ave & Lake City Way, Fremont, the edges of Queen Anne and Magnolia, the south end of Capitol Hill, as well as the Central area and parts of West Seattle.
Construction at the former site of Seattle’s iconic Twin Teepees restaurant at 7201 Aurora Avenue has begun. The 4-story mixed-used building will include office space and a 24-unit apartment complex called the Tyee at Greenlake.
