King County Sales Summary for April

Closed home sales, King County April 2008

The NWMLS stats for April were released earlier today and things weren’t all bad for King County in April, traditionally one of the better months for real estate. Overall, the month of April brought 5,196 new listings  for a total of 15,359 active listings, which is more than 55% higher than the total inventory, measured same time last year.  Both the number of pending and closed sales during April 2008 were about one-third less than the stats for same time, last year; 2008 April pending sales amounted to 2,419, while the number of closed sales during the month were slightly less at 2,020 at an average  price of $498,861. Overall median price for King County weighed in at $410,000, all in all pretty flat (technically a 0.67% increase) from April of last year. The complete NWMLS King County breakouts for April can be found here.

Taking a closer look at the Eastside, total inventory is still high (surprised, heh?!), 75% over last year’s number.  Also in line with the rest of King County the numbers of pendings and closed sales are about 30+% below 2007 stats. Median price overall, however—flat, flat, flat, 0.06% over April of last year though sales of SFH are sustaining this measure, as when examined separately, the median price of SFH is down by 6.65% and the median price of condos is down by just over 9%.

Eastside Highlights:

Area 510 (Mercer Island) – Way to go, 510! The median price of sold SFH is actually almost 12% up over last year’s price and the number of closed sales was actually just about 9% over last year’s also.  (It’s no surprise though, that the economy isn’t stopping those who have money from using it.)

Area 530 (Bellevue, East of 405) – Another decent stat for April, with the number of closed SFH sales almost 2% higher than same time last year. Median price however, declined by just over 8%.

Condo sales – Tsk, tsk…  No stand out winner areas in condo sales, though in general, prices aren’t too far off of last year’s.  The biggest drop in median price was around 20% in area 540 (East of Lk. Sammamish), where competition’s much tougher, as this area has the highest number of active condo listings on the market.