Friday, December 22, 2006

December Market Report

David Lereah, National Association of Realtors chief economist, said a fairly steady pace of home sales can be expected for the next two months. "It's important to focus on where the housing market is now - it appears to be stabilizing, and comparisons with an unsustainable boom mask the fact that home sales remain historically high - they'll stay that way through 2007." he said. "In addition, a temporary correction in prices distracts from the fact that it is primarily the number of homes sales that affects the economy, and the number for this year will be the third highest on record." How do local home sales stack up to this prediction?

Active listings in King County increased by 2,185 homes or 32 percent compared to the same time period in 2005. Sales decreased in November by 12 percent or 3794 homes. The average market time increased by 32 percent during the same time period. The average sales price is 12 percent higher than November.

Snohomish County statistics look very similar. The number of active listings increased by 35 percent from November a year ago. And sales decreased by 220 homes or 16 percent with market times increasing 20 percent or 9 days.

The average sales prices in November increased by 15 percent compared to a year ago, while the year-to-date prices are up 10 percent or $366,019.

When thinking about selling your home, be sure to give me a call. I have the market knowledge and expertise needed to help you price your home correctly thus assuring a successful sale.

Statistics compiled by the Northwest Multiple Listing Service and are deemed accurate but not warranted.

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