Residential Sales volumes down in Puget Sound Area!
In King, Snohomish and Pierce counties, residential sales volumes and values were down in November compared to one year ago. Based on data compiled from the Northwest Multiple Listing Service, King County had 1,145 closed sales of residential homes and condos in November of 08 versus 2,187 in November of 07 which is a 48% decline. Snohomish County had 383 in November of 08 versus 835 in November of 07 for a 44.2% decline. Pierce County closed 463 sales in November of 08 versus 784 in November of 07 for a 41% decline in sales volume.
Median prices also declined. King County was down 5.44% from last November to a median price of $365,000 for residential homes and condos. Snohomish County declined 7.46% to a median price of $310,000 versus November of 07. Pierce County dropped 12.53% to a median price of $230,000.
Single family residences, excluding condos, show the median price in November of 2008 in King County at $395,000 a drop of 9.2% versus one year ago. Snohomish and Pierce counties dropped 11.07% and 13.21%respectively.
While the Puget Sound area is still doing well compared to the rest of the country, we are continuing to see degradation in that market. With many of the real estate customers for the Chelan Valley and North Central Washington originating on that side of the mountains, I would expect to continue to see weakness in our local markets.
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