It’s a cold night here South of Seattle, a good night to catch up on stats and market activity. Although we’re just weeks away from Christmas, the first time home buyer’s tax credit extension has kept many buyers in the market. I would say showings on listings are steady….not heavy, but not super slow either. Here’s a breakdown of activity for single family homes listed and sold through NWMLS members within the last six months. (The analysis follows)
Active Listings: 239 Average List Price: $405,631
Pending Listings: 92 Average List Price: $320,807
Sold & Closed (6mo): 239 Average List Price: $356,477
The highest priced Active Listing is $3,375,000 and the lowest priced home currently on the market carries an even $130,000 asking price. The highest sale price in the last six months was $3,800,000 (imagine the average price in the sold category above with this sale not skewing the range). The lowest sales price was $87,900.
If you’re looking to sell your Maple Valley home which is priced over $500,000, you’ll need to settle in for a long wait. In the past 6 months, there have only been 25 single family homes sold over $500,000…only 10% of the total sales volume for the same time period. However, with 45 homes on the market right now in the same price range, that equates to an absorption rate of approximately 12 months. Stricter financing guidelines and fewer “move-up” buyers (due to short sales and foreclosures) are the main reasons for the slow absorption rate.
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