Year-To-Date December 2008   Residential sales volume for December 2008 increased 25% from November 2008                              All Sales 2008 (vs. Year-to-Date 2007) 

• Residential sales volume: off 58% to $2.2 billion
• Residential transactions: off 54% with 6,282
• Mobile Home sales on land: off 65% to $40 million
• Multi-plexes (2-5 units) sales: off 60% to $38 million
• Land sales: off 77% to $137 million
• Commercial volume: off 58% to $483 million
• Average residence: $354,800, off 9%

  Existing home transactions sold up 21% in December 2008 vs. November 2008Existing Home Sales (vs. year-to-date 2007) 

• Units sold off 53%; volume: off 58% to 1.3 billion
• 3,561 units sold this year vs., 7,544
• Average price off 11% to$368,172
• Half homes (median) sold for more than $329,500, off 6%
• Average $/SF for homes sold: $211.16 (all sales), off 10%
• Best range: $300,001 - $350,000, with 63.4 monthly
• Second best absorption rate: $350,001 - $400,000 WITH 42.1 per month

 5.6 acreage parcels sold monthly, off 69% from last year: average price, $187,561, off 11%Acreage Sales (vs. 2007) 

• 30.6 per month of existing homes sold, off 57%; average price: $509,132, off 22%
• Median price for existing homes $430,000, off 14%
• 5.6 new single family homes sold monthly, off 56%
• The new home average price: $436,632, off 25%
• Median price for new homes: $450,000, off 22%
• The $/SF for existing homes: $244.18, off 26%
• The $/SF for new homes: 4241.32 off 17% (18% of sales with data)
• Average lot sizes, for existing homes: 4.1 acres, up 11% for new: 2.9 acres, up 5% December’s residential recorded transactions were 55% fewer than last December.

      New single family units sold in December 2008 up 58% from November 2008New Single Family Homes (vs. Year-to-Date 2007) 

• Average sales price: $355,622, off 13%
• Median sales price: $405,000, off 11%
• New homes represent 24% of  volume and 21% of units recorded
• 965 sold vs. 2,105 last year, off 54%; volume off 60% to $420 million
• Average $/SF; $195.07, off 22% (10% with data)
• Best range: $300,000 - $350,000 with 13.5 monthly
• Second best range: $350,001 - $400,000 with 12.6 month

 Best range: $100,001 - $150,000 with absorption of 3.9 per month, off 69%Subdivisions (vs. 2007) 

• The average lot sold for $159,897, off 18%
• Half (median) the lots sold for more than $130,000, off 32%
• 13.1 sold monthly vs. 77.2 monthly last year, off 83%
• The average lot represents 36.7% of the average new home price
• The median priced lot represents 32.15 median priced home

 Attached unit sales up 15% in December 2008 from November 2008Attached (vs. Year to date 2007) includes condominiums and townhomes 

• Average sales price: $281,348, off 1%
• Median sales price: $252,000, off 5%
• 42% (642 units) new
• 1,515 sold vs. 3,469 last year, off 56%; volume: off 57% to 426 million
• Average existing $/SF, $209.20, off 5%; for new: $206.78, off 5% (10% with data)
• Best range existing: $225,001 - $250,000 with 12.4 per month
• Best range new: $300,001 - $350,000 with 11.2 monthly

 Projection 

• Relative inventory decreased to 20.4 months, a strong buyer’s market. Price will weaken
• Lower mortgage rates and lower prices could encourage more people to purchase a home. The uncertainty which hangs over the economy and jobs being cut will discourage some.

Posted with Permission by REAL ESTATS: LAM@realestats.net  since 1991 www.realestats.net

This entry was posted on Monday, February 2nd, 2009 at 4:11 pm and is filed under Snohomish County Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.