Jul. 6, 2008 - Condo Volume for June down 52% from the high

UPDATE: As of today, July 21, closed condo sales for June 2008 are 506.  Late postings continue to trickle in...sometimes for months.  So that number may continue to change slightly over time.  The latest data as of today puts the decline YOY at 50.8%

Originla post below:

The number of King County condo sales in June of this year is 52% lower than the highs of 2005 and 2006 and a little more than 50% lower than June of last year.  While the postings for end of June should be in by now, due to the holiday weekend, I wil recheck that in a few days and modify as needed.  Though I doubt the numbers will change dramatically.

In the post below this one, you will find the changes in residential sales volume, June over June, indicating that this June the number of sales is 32% lower than last year and 56% lower than the high in 2004.  The condo market continued at high  levels past 2004, which would suggest that the residential market had priced some people out by 2005.  The fewer number of residential sales each year from 2005 through 2007 would indicate that the rising prices of single family homes was pushing some people out of the residential market and into the condo market, which stayed strong until the credit crisis in the second half of 2007.

Statistics not compiled or posted by NWMLS (required disclosure)