Eastside NWMLS Sales Statistics, January 2008

ACTIVE LISTINGS

The most recent NWMLS real estate numbers show the number of active Eastside home listings in January 2008 to be up 67% over the same time last year.  Last month closed with 4,022 active listings compared with 2,402 last year; this high level of inventory due to both fewer closed sales and an increased number of new listings on the market.  

The high number of Eastside listings appears to be primarily fueled by condos, with nearly twice as many active condo listings on the market as the same time last year. Single family homes (SFH), on the other hand, contribute to the sheer number of active listings, though proportionally, active SFH listings in January represent a 56% inrease over 2007 active SFH listings.

CLOSED SALES

The total number of closed sales during January (445) was down 37%  from the same time last year (703). Closer examination of the numbers shows that January closed sales of SFH in 2008 were down 29% compared to the corresponding 2007 number; condo sales were down 51% from last January.

The overall Eastside median selling price, however, reflects a 7% growth from $485,000 in 2007 to $520,000 in 2008. This increase is most likely due to the larger proportion of higher priced SFH (74%) in the closed sales mix compared to the SFH composition (66%) in January 2007. (See graph.)

NOTABLE SINGLE FAMILY HOME (SFH) SALES BY MLS AREA

Area 530 (E. Bellevue) – This area continues to show strong prices with the overall median price of a SFH increasing by almost 12% from $510,000 to $570,000. The number of closed sales in January 2008 was equal to the number of closed sales in January 2007.

Area 550 (Redmond) – Another strong area, showing median price growth of 4% and the same number of closed sales in both January 2007 and 2008.

Area 560 (Kirkland) – The median price in this area grew by 11% compared to last year though the number of closed sales was nearly one-quarter (24%) less.

NOTABLE CONDO SALES BY MLS AREA

Area 540 (Sammamish) - The median price of a condo in this area increased by nearly 2%, from $317,000 to $322,000 while the number of closed sales was down from last year by 31%. Although it was a decline in number of sales, it was the smallest decline in Eastside condo sales by area. 

Area 600 (N. Kirkland/Woodinville) – In this area, the median price of condos rose by 7% from $250,000 to $268,000, although the number of closed sales declined dramatically by 74%, compared to January of last year.