Sunday, November 26, 2006

Home Sales Coasting Into 2007

Existing home sales are expected to coast into 2007 at roughly the same level as 2006, according to the National Association of Realtors®. Even though exisitng home sales are expected to fall 8.6 percent this year, 2006 remains third-best year on record. Our local markets look like they will be "coasting" into 2007 with fewer sales than 2005, but prices remain strong.

Active listings in King County increased by 2,516 homes or 34 percent compared to the same time period in 2005. Sales decreased in October by 11 percent or 377 homes. The average market time increased by 20 percent during the same time period.

The average sales price is 11 percent higher than October 2005 and year-to-date prices are 14 percent higher or $460,327.

Snohomish County statistics look very similar. The number of active listings increased by 27 percent from October a year ago. And sales decreased by 203 homes or 14 percent with market times increasing 31 percent or 12 days.

The average sales prices in October increased by 14 percent compared to a year ago, while the year-to-date prices are up 9 percent or $351,842.

While prices continue to increase by double digits, competition for today's market savvy buyers is fierce. Homes must be priced right and in excellent condition. I have the knowledge, experience and expertise to help sellers maximize their profits in today's market. Give me a call if you are thinking of selling your home!
Statistics compiled by the Northwest Multiple Listing Service and are deemed accurate but not warranted.

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