It Was 2010 – The Year the Market Held Up

Our analysis of data made available by the Northwest Multiple Listing Service (NWMLS), for which they are not to be held responsible, shows that sales in 2010 were pretty much the same as in 2009. As with the rest of the economy, that’s not an improvement, but it does demonstrate an end (let’s hope it’s not just a pause) to the declines.

House sales in 2010 were slightly down – 1.8% – from 2009; the average sales price was up 9.8% to $494,910 (thanks to low interest rates and the $8000 first-time homebuyer tax credit), the median sales price was up 1.8% to $421,000; and the average days on market actually fell to 55 from 58.

Condo sales were down 2.8%, while the average sales price was up 2.7% at $368,817; the median sales price was up 0.5% at $292,000; and the average days on market went up from 76 days to 82.

The condo data has some glitches; the NWMLS has only a sampling of inventory from large projects which have a substantial number of unsold units, such as the well-publicized Veridian Cove (about half of 182 units) and Olive 8 (almost half of 229).

The latest Case-Shiller Index shows that home values in the Seattle metro area were down by three percent in 2010 through October (they operate on a two-month delay).

Certainly, the real estate market in 2010 wasn’t good by any standard, but we’re glad it wasn’t worse.

Once again. The data was not compiled or published by the NWMLS, and they are in no way responsible for anything we’ve written here.

 

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One response to “It Was 2010 – The Year the Market Held Up

  1. I think all of the facts and figures and trends about real estate these days have very little to do with real estate as it is meant to be. People who are tired of living in an apartment or Mom and Pop’s basement should go out and buy a house. By “getting better” most non-homebuyers only want something to be the way it was.
    This is now, it is today, and if a person plans on living for 20 to 50 years longer, a home investment is a very good thing. Who cares about the 1.8% and 2.8% up or down numbers? Really!

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