Market Statistical Summary for October 2009
King County posted yet another strong month with 2222 Pending Sales in October—up 119.6% over October 2008 while the $/SqFt remained stable. The List to Sales Price Ratio remained at 96%. The Average Sales Price was $452,000. Median Prices were down 4.6% from October 2008 to $375,000—narrowing the gap by another 2% from -6.6% in September. There are currently 5.7 Months of Inventory on the market. The Absorption Rate was 24%—an improvement of 172.7% from October 2008!
Pending sales on the Eastside were up 150.6% from October 2008!! The List to Sales Price Ratio increased another percent to 96% for the month. The Average Sales Price closed out the month at $583,000, down 11.9% from October 2008. The Median Sales Price, which is down 11.7% for the year, was $477,000. There are 6.6 Months of Inventory on the market. The Absorption Rate of 19.9% was at its highest in more than two years and 215.9% above that of October 2008.
Mercer Island sales continue to increase and are now at 140% above the prior year in Pending Sales activity. The List to Sales Price Ratio was 91% in October indicating significant movement off of list price coupled with a handful of distressed property sales. Average Sales Prices were down 31.1% over the prior year overall, to $1,089,000—impacted most by continued stronger sales in the lower Island price brackets. This is clearly evidenced when one looks at the Median Sales Prices, which were down only 4.8% from October 2008 to $960,000. There are 8.5 Months of Inventory on the market. The Absorption Rate of 14.2% was up 173.1% over the prior year and continues to improve as pending sales increase and standing inventory declines.
Pending Sales were up 101.6% over October 2008 to 752 units. The List to Sales Price Ratio remained a very solid 97%. The Average Sales Price was $482,000, down 3.8% from the prior year. The Median Sales Price was $400,000, down 2.4% from October 2008. The Months of Inventory index was showed only 4.5 months on inventory currently on the market. The Seattle Metro market had the strongest Absorption Rate at 27.8%—up 143.9% from that of October 2008.
Active Listings: All homes currently for sale but not yet sold.
Pending Sales: Homes under contract but not yet closed for that month.
Sold Listings: Homes sales closed in a given month.
$/SqFt: The price per square foot determined by dividing the sales price by the square footage of living space.
Average Sales Price: The average price of all homes sold that month.
Median Sales Price: The price that represents the mid-point of all homes sold that month where 50% of sales prices are above and 50% of sales prices are below.
List to Sale Price Ratio: Represents the comparison of sold price and list price of the homes sold (sold listings) as a percentage.
Months of Inventory: Represents the number of months of inventory on the market based upon the number of homes for sale (active listings) and the number of homes pended that month. For instance, if there are 1,000 active listings and 100 of them sold in a given month, it would take 10 months to sell the current inventory of homes for sale.
Rate of Absorption: Represents the percentage of the current active listings that are being absorbed (or pended) each month. For instance, if there are 1,000 active listings and 100 of them sold in a given month, the rate of absorption would be 10%. 10% of the market is being sold in that given month.