How was 2007 for the rest of Washington?
To find out, I looked at the Northwest MLS statistics for 2007. Members of the NWMLS sold more than $33.3 billion in sales of single family homes and condos in 2007. Also, 18 of 19 counties experienced an increase in median prices compared to 2006 with one county matching the 2006 price.
Not bad! Last year’s unit volume, in their service area which covers about 80 percent of the state’s population, did drop 14.5 percent from 2006. However the dollar volume was down only 8.7%. The increase in median prices in their 19 counties ranged from zero percent in one case to nearly 16.1 percent.
Overall, median prices for condos jumped 10.6% to $260,000 over 2006 and 5.9% for single family homes to $342,000. Five counties reported double digit price gains for single family homes (Chelan county is not in the NWMLS service area).
2,311 residenced fetched more than $1 million, a 10.1 percent jump from the previous year. In King County, the average price of a residence (s.f. and condo) that sold in 2007 was $497,855. For single family homes that sold in King County last year, the average price was $564,468. In 1997, it was $230,345.
The fourth quarter, reflecting the usual seasonal slowdown plus turbulence in the mortgage market, was the slowest withonly 17 percent of pending sales taking place during that timeframe.
We are certainly in a part of the country that is being spared from the worst of the housing correction. I expect 2008 to be a good year in Chelan county with a bit less frenzy but with good sales for well priced and marketed properties.
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