January is the month of reflection for a lot of businesses, as year-end results often have a direct affect on production goals for the coming year. We like to take a look at our sales stats as a team and compare them to MLS averages. Before I jump into 2008 results, let me remind you of 2007 stats for comparison.
Closed Sales, King County ’07: 33,210 (down 11.5% from ’06)
Closed Sales, Sno. County ’07: 12,940 (down 21.45% from ’06)
Median Home Price, King County ’07: $400,000
Median Home Price, Sno. County ’07: $349,500
Overall sales in 2007 were down drastically from 2006, but the median price continued its rise (4.63% in King County, 7.53% in Snohomish County). The average time on market (King and Snohomish Counties combined) was 57.5 days – 14.5 days longer than the year before. For Snohomish County the percentage of list price received was 99.09%
That was from last year’s “year in review” post. The post continued with our stats:
One stat that we’re especially proud of is our time on market for 2007. Of our listings that sold that year, on average our sellers only had to wait 29 days to have a signed-around contract – which is almost half the time of the market average, and actually an improvement over our time in 2006, which was a stronger year by all accounts. We’re also proud to report that homes listed by the Pickett Street team sell for more money: Pickett Street listings in 2007 sold for 99.86% of list price – 0.77% better than the market average.
For the sake of brevity I’m going to jump right to 2008 stats. I think virtually everyone is aware that 2008 was not an ideal year to sell real estate, and on almost every count the stats reflect this.
Closed Sales, King County 2008: 21,133 (down 36.37% from 2007)
Closed Sales, Sno. County 2008: 7,842 (down 39.40% from 2007)
Median Home Price, King County 2008: $390,888 (down 2.28% from 2007)
Median Home Price, Sno. County 2008: $325,000 (down 7.01% from 2007)
I mentioned last year that as we transitioned into a slower market that we believed our listing program included tools that will continue to work even in a slow market. Exhaustive print and internet marketing coupled with strategic alliances with staging, photography and graphic design partners result in our homes selling for more in less time. That proved to the be the case in 2006 (when we began tracking our efforts) and in 2007 (when sales began to slump).
The trend continued in 2008! Of our listings that sold in 2008, our listings were on the market an average of 80 days , which is a week better than the market average of 87 days. We’re also proud to report that homes listed by the Pickett Street team still sell for more money: Pickett Street listings that sold in 2008 sold for 99.43% of list price, which is 1.47% better than the market average of 97.96% of list price. This stat is better relayed in dollars: with these stats as our basis, a home listed for $400,000 would sell for more than $5,880 above the NWMLS average.
We say this every year, and we’ll say it again: these numbers really don’t get to the heart of what we feel separates us from the crowd, but it’s encouraging to step back and see the results of the systems we employ. Thanks to all of our clients in the communities that we served in 2008.