Feb. 28, 2008 - Where is the Seattle Real Estate Market Going?

Every week on Rain City Guide, I have been posting data from King County Home Sales.

Click here for weekly statistics from Jauary 6th or so of 2008 to present.

The big news is that volume is down pretty much across the board by just over 30%.  That many fewer homes are selling compared the the same months a year prior and that started in September or so of 2007. 

Days on Market has also been affect to the point where it is taking most owners about twice as long to sell their properties.

Determining if the reduction in number of sales and the lengthening of days on market has impacted prices yet, and if so what extent, is not an easy calculation.  Every year the expansion of price happens in the months from April through July.  So we will be watching closely to see if the Seattle Area squeezes any appreciation into 2008 during those months.