Here are the numbers for single family residences:
For complete year-to-date data, you can review these charts.
- This month, July, 2007: 3235 homes available, 773 homes sold, 25% chance of selling.
- Last month, June, 2007: 3107 homes available, 841 homes sold, 27% chance of selling.
- July 2006: 2281 homes for sale, 803 homes sold, 34% chance of selling.
(Numbers are from derived from MLS data and for pending sales of single family homes, not closed sales)
Inventory increased this July by about 1000 homes from last July, a significant jump in available homes. With each passing month, inventory has increased this year, so our numbers are much higher than January (1895 homes in January vs. 3235 in July). However, the number of new listings coming on the market is less than previous months. The addition of 128 homes for sale in July is one of the smallest monthly increases this year. Below is a list the number of new listings added to to the market each month:
- January - 1895 homes available
- February - 1910 homes available, 15 new listings
- March - 2126 homes available, 216 new listings
- April - 2444 homes available, 318 new listings
- May - 2823 homes available, 379 new listings
- June - 3107 homes available, 284 new listings
- July - 3235 homes available, 128 new listings
Overall, the number of properties, homes and condos, on the market increased by 224 properties this month, an increase of 96 condos along with 128 single family listings. (I will be reporting about the Eastside condo market in a separate article. )
How have sellers been fairing? Our median sale price is up, but not every month. The median price each month is a function of what's sold that month, so we are seeing some monthly fluctuation. However, I believe, barring any complete meltdown of the mortgage industry, there will be some good appreciation come December. Competition, however, has increased as the overall gap between the number of listings and the number of sales became greater. When selling your home, it should be priced against the current competition, not just the past sales. If you are a seller, expect to have your home in pristine condition when going on the market. Your home must be perfect and positioned with professional marketing the first moment your listing hits the internet, not a day later. Your Realtor should have all of the marketing complete and ready to go before you are listed.
Is there a silver lining for sellers? With less new listings coming to market, is the amount of new inventory slowing down? We shall see in the next few months.
How are buyers fairing? Buyers should be out buying right now. The choices are just great. In many areas there's a softening of prices. If sellers are in tune with the current market, sellers are more negotiable. I have seen some price reductions in some communities where homes sold with multiple offers just a few months ago. If you are a buyer with impeccable credit, this is a time for you to be out looking and buying. You may also have less competition with other buyers.
Can homes still sell in a day in this market? Yes, I just had a closing on a home in central Bellevue that sold in one day for just over $700,000. My buyers were able to see the home within hours of its listing. We presented the offer that night and it was accepted first thing in the morning. That day many other buyers were scrambling on that house, but too late. My buyers were able to react quickly because they had seen a lot of homes. When they walked into this home, it was clear it was the one and it was worth the full asking price.
Check out the charts listed above and let me know if there is other data you would like to see. I will comment each month with some different things I see happening in the market. Your thoughts are welcome! Stay tuned for my condo report and eastside neighborhood report.
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