November Market Predictions Anyone?
As November draws to a close, would anyone care to venture any guesses as to what the King County MLS numbers for the month will show? Here are my guesses, straight outta left field:
Median Closed Sales Price (Res): $435,000If the numbers come out close to those, that would pretty much fall in line with my expectations for the close of this year. YOY listings would be up ~32% and sales down ~14%, while the median price falls back slightly to early summer levels (but up ~12% YOY).
Median Closed Sales Price (Condo): $260,000
Active Listings (Res): 7,250
Pending Sales (Res): 2,000
I also predict that if pending sales are in that ballpark, there will be no shortage of claims in the press that the slow sales are "due to the unusually wet weather."
What are your predictions?
4 comments:
I recently read somewhere that November is supposed to be a "hot" month for real estate sales. Is that true?
"Downtown San Diego had at least 30-40 condo projects going on at any given time during 2003-2005 - almost completely investor driven. I believe they actually accomplished what Seattle wants to do... unfortunately for them! Many of those condos have been on the market since 04' and never lived in."
It's interesting that you should mention this. I have been looking at SD condos, being that I am a bottom feeder. I am not sure the bottom has been hit yet, but the condo prices on many projects look to be priced better than new condos in Seattle. If I had a job lined up, I could easily trade what I have here for a comparably-sized unit there.
OTOH, the only unit for sale in my building right now has been on the market for 100 days.
has anyone read the Nov issue of business 2.0, on the topic of real estate? Seattle is listed as one of the cities to be Bubble-Proof, any comment on that? they argued that due to the strong local economy, that the market not only will not tank, it will eventually go up if the economy continues to do well.
Seabubble,
Yes, we covered this story here a month ago when it first came out.
Post a Comment