Maple Valley Real Estate by the numbers.
A 10 year retrospective so to speak….
Back to 2005 when sales numbers were peaking at a level we have not seen since. Even though I lived it, going to work every day trying to figure out the what’s and when’s and how-could-this-be-happening’s every day, it’s still shocking to look back at the numbers “on paper”. To think closings within the greater Maple Valley market (all Residential Single Family within the Tahoma School District) numbered more than 1100 in 2005 and plummeted by 58% over the next 3
excruciatingly grueling years. As the market bottomed in 2011, sales began to rebound and we will finish out 2015 very close to 2007 figures, which is an eight year span.
The Buyer’s Market When No One was Buying
Corresponding to the low number of closings, you’ll see inventory spiked, in 2008 and 2009, Homeowners needed or wanted to sell, but buyers, due to a variety of factors; financing restrictions, lack of consumer confidence and short sale red-tape tying properties up for upwards of 12 months in some cases stopped them from buying. Per the chart above, at the beginning of 2008, based on the rate that listings were selling, there were enough properties on the market to last almost a year and a half….and that’s assuming no new listings hit the market.
It wasn’t until 2012 the tide turned and inventory fell below the 6 month level which typically signifies the switch from a buyer’s to a seller’s market.
The Bottom and The Top
Over the last 10 years median sales prices were at their lowest in 2011…so if you bought then, pat yourself on the back, you might be sitting pretty. Average sales prices have been climbing steadily as they have been throughout the greater Seattle/Tacoma region. With one month left in 2015, these numbers may tick slightly higher, but it will likely be another year or two before we hit the peeks of 2006 and 2007.