In 2009, every key statistical category for King County is down about 20% from 2008. That is a good thing when you think about shrinking the number of Active properties (down 17% May over May and 19% YTD 2009 versus YTD 2008) in our region.
New Listings in King County were also down 21% May over May. This also points to inventory being under control.
Closed transactions are down significantly YTD 2009 versus YTD 2008 (-35%). 2009 is starting to pick up steam as the May numbers are down only 22% from May 2008. If the summer market is hot- perhaps 2009 will catch up or surpass 2008.
The number of Pendings are actually up, but many of these Pendings are tied to short sales- and over 50% of these transactions fail to actually close. So the Pending numbers need to be taken with a grain of salt. We are actually ahead of 2008 when comparing May over May and the YTD numbers are about flat.
(Davis Hsu Research)
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