Other than Inventory being a little overstated, the King County stats in the $400,000 to $600,000 range don't differ a lot from my normal microcosm of Kirkland, Bellevue and Redmond stats. I think wen you do all of King County, the higher end doesn't sell as well as the K-B-R area. Other than that, nothing of great note here as far as I can see.
I don't use average sale price as a sign of appreciation the way that many do. I use apples to apples specifics for that. I'm seeing a 25% to 75% overall gain for people who bought to years ago and are selling now, depending on product and area. The higher appreciation for the lower priced properties, generally speaking. Under $200,000 gaining more than the $400,000 to $600,000 properties due to a number of reasons, most importantly being "you buy it because it's there and can afford it" and don't fine tune value as much.
It's been an interesting stat calculation time. I'll post the two big 6 mo charts over at Rain City Guide for the masses who just want an overview. The many and more detailed charts will only appear here on my blog.
A lovely progession of color expansion moving from Jan sales through June sales and into Active and In Escrow. Totally as expected. Rarely does life fall exactly where you expect it to fall. This segment involves the larges number of home buyer's and sellers. At year end I will add $200,000 to $400,000 to this category. But since it currently has a basically unexplained abnormality with closings down in June, I'm leaving them out, as that point is best highlighted separately for May vs. June statistics.
Jul. 6, 2007 - Kirkland, Bellevue, Redmond Over $850,000
I'm not going to break this segment down any further than higher than $850,000. Obviously the inventory competes for fewer buyers, but not to any extreme. Having shown this segment it's a mixed bag of some overpricing, some people wanting too much for properties with weaknesses like noisy location or shared driveways. People pricing of other active listings instead of solds. Lots of just bad judgment calls and people hanging on to a price that isn't working for them given the ration of buyers to sellers. But overall, we're not looking at a huge inventory vs. potential buyers. Being a little more realistic about price would solve this segment. Some are not real sellers and end up not selling at all.
Jul. 6, 2007 - Kirkland, Bellevue, Redmond $600,000 to $800,000
My best guess here is that condo conversions and new construction generally are in play in this market segment. Consequently resale is having a harder time competing in the marketplace causing excess inventory to some degree, but not excessively. Sellers will simply need to adjust price based on competition. The most dramatic difference here is that "in escrow" properties far exceeds a one month supply based on May and June sales. That is another clue that we are seeing new construction and condo conversions here and the closings for that 179 in escrow will get spread out over 2-3 months of closings or more.
Jul. 6, 2007 - Kirkland, Bellevue Redmond $400,000 to $600,000
Inventory is way up here, but sales are steady. This is the market segment with the most volume and activity. Less than a two month supply anyway you slice it. Market reacting as expected for this time of year.
Jul. 6, 2007 - Kirkland, Bellevue, Redmond $200,000 to $400,000
This appears to be the only category where June sales are less than May sales. I think increased interest rates, tighter lending standards and tighter appraisal standards have impacted this segment moreso than others. Still, inventory vs. in escrow is clearly not excessive and in escrow far exceeds both May and Jne closings. So an odd trend, but not predictive of market weakness overall.
Jul. 6, 2007 - Kirkland, Bellevue, Redmond under $200,000
The only thing worth mentioning in this category is that buying something for under $200,000 is getting near impossible. If you are looking to buy something for $200,000, make sure you are getting new listings emailed to you as soon as they hit the market. Don't think you will see it three days later. Get there fast! If it doesn't sell in 72 hours, something is wrong with the place and you don't want those. You want the ones that sell in 48 hours, not the ones that take 15-22 days or more.
On Seattle Real Estate including Kirkland, Bellevue, Redmond, Green Lake and most areas around Lake Washington North of Downtown Seattle.
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