Market Statistical Summary for December 2009
Mercer Island had 11 Pending Sales in December of 2009 compared to only 1 in December of 2008! The List to Sales Price Ratio of 90% is the same as that of December of last year. The Average Sales Price is down 9.2% from this time last year to $1,023,000. The Median Sales Price is up 11% to $778,000 from $701,000 last month. Mercer Island continues to be a bargain for buyers looking to purchase as it has lagged in recovery several months behind more moderately priced markets in the Seattle area. Months of Inventory for sale has fallen 48.4% to 4.8 months from 9.3 a year ago and the Absorption Rate is 8.9%, up from 0.7% in December of 2008.
King County Pending Sales were up, year over year, 85% with an average List to Sales Price Ratio of 96%. The Average Sales Price was down 5.4% for the year to $457,000, but continues to increase month over month from a low of $429,000 in March. All indications are that the King County market bottomed out in March of 2009. The Median Sales Price of $380,000 was up from a Median of $375,000 the prior month. Inventory for sale continues to decline (a very good thing!) and is now down 20.3% from a year ago. NWMLS reported that December was the best since 2006 with an Absorption Rate of 18.3%, a 131.6% improvement over the prior year’s 7.9%.
The Eastside’s Pending Sales were up 102.4% over the prior year. The List to Sales Price Ratio increased to 95%, reflecting solid improvement in this market. The Average Sales Price was down 6.2% for the year to $600,000, but has increased nearly every month from a low of $564,000 in March 2009. The Median Sales Price of $530,000 was up from $500,000 the prior month and a low of $485,000 in March of 2009. Inventory of homes for sale was down 24.3% for the year bringing the Months of Inventory on the market down to 6.3 months from 13.8 last December. The resulting Absorption Rate was up an incredible 165.6% to 16.2% from 6.1% this time last year.
Pending Sales were up 92.1% over the prior year with a List to Sales Price Ratio of 95%. The Average Sales Price was down of $491,000 is down 5.4% from $519,000 last December. The Median Sales Price was down 5.9% to $400,000 from $425,000 the year before. The Months of Inventory was down 35.8% to 4.3 months from 6.7 the year earlier. The Absorption Rate was up a 145.9% to 24.1% from 9.8% in December of 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.