Last year’s numbers reflect the market slowdown that started in August 2007 when the “mortgage meltdown” became apparent. Both the dollar volume and number of units sold were down sharply from record-setting activity of 2005-2006. In 2005, NWMLS reported around 103,000 closed sales valued at around $33.7 billion, followed by 96,000 residential sales in 2006 worth around $35.4 billion.
Median prices (half sold for more, half for less) for homes and condos that sold during 2008 were down 6.15 percent area-wide compared with 2007. The area-wide median price for a single family home that sold and closed during 2008 was $316,000 (average was $381,665). Condominiums that sold last year had a median selling price of $253,500 (average sales price was $301,065).
Only two counties, Grant and Okanogan, reported slight gains in year-over-year median prices for sales of single family homes and condos combined, while all others experienced declines ranging from 2.2 percent (Cowlitz County) to nearly 11 percent (Jefferson County). Prices in King County, which accounted for 39 percent of the closed sales, fell about 2.3 percent.
MLS figures for single family homes show all counties in its market area since 2002 have had median price gains of 50 percent or greater.
Single family homes accounted for approximately 84 percent of the residential units that sold in 2008 and more than 87 percent of the dollar volume.
In its annual report, Northwest MLS summarized listing activity, pending sales and closed sales. Among some of the findings in the comprehensive report:
- Members added 137,278 new listings of single family homes and condos to the MLS database during 2008.
- Members represented, on average, nearly 47,000 home sellers each month.
- Nearly eight of every 10 transactions (79 percent) were listed by one office and sold by a different office.
- 1,171 single-family homes and 106 condominiums sold for $1 million or more; 598 condos sold for $500,000 or more.
- A Seattle home on Lake Washington fetched the highest sales price at $15.8 million.
- Among condo sales, a penthouse in a downtown Seattle high-rise commanded $9 million, the highest in that category.
- Sixty percent of condos that sold during 2008 were in King County, and 76 percent of all condos that sold during 2008 had two or fewer bedrooms.
- A comparison of single family home prices by counties shows San Juan County maintained its position as most expensive. Homes that sold there last year had a median price of $510,000.
- In the four-county Puget Sound region (King, Snohomish, Pierce and Kitsap), only about 7.3 percent of single family homes sold for under $200,000. Nearly one of every four homes (23.5 percent) in that area sold for $500,000 or more.
- The second quarter was the most active for pending sales; nearly 29 percent of the offers that were made and accepted last year occurred during the April-June timeframe.
- The price of a 3-bedroom home built before 2006 varies widely across the MLS market area. San Juan County topped the list at $575,000, followed by King County at $390,000. The most affordable 3-bedroom homes are in Grant County ($144,250) and Grays Harbor County ($148,000).
- A comparison of prices by school district has Mercer Island as the most expensive. The median price for homes that sold last year in that district was $1,025,000. At the other end of the spectrum was the Wilson Creek School District in Grant County where the median selling price was $84,900.
