July 2009 New Construction Special Report!

King County

The number of single family homes listed for sale in June 2009 that were designated as New Construction dropped again and was down 22.5% to 1,667 from a year ago while the number of sales increased to 280. This improved the indicated months inventory to 6.0 months which is the best it has been since August 2007. As of July 21st there were 7.9% of the New Construction noted as Short Sale, and just 1.4% were Bank Owned. The median price trended down to $439,500 which is 15.4% less than the high of $519,450 in May 2007.

Pierce County

The active listings for Pierce County new construction were down over 53% from the high of 1,799 in July 2007. The number of sales moderated to 92 for last month, indicating a 9.1 month inventory at this time. The median home price was $266,135 in June and down 20.4% from the high of $334,526 two years ago in June 2007. Of the New Construction homes listed for sale 8.5% were denoted as a Short Sale, and 7.3% were Bank Owned.

Snohomish County

The number of listings for New Construction homes in Snohomish County have declined steadily over the past two years. With 964 new homes listed for sale in June 2009 it is down 44.6% from the high of 1,741 in Oct 2007. As of July 21st there were 123 homes listed as a Short Sale (equals 12.8%) and 76 or 7.9% were denoted as Bank Owned which is higher than King or Pierce County. The median home price is now $330,000 which is down 29.0% from the high of $464,500 attained in May 2007. With 151 sales in June it indicated a reasonable 6.4 month supply and the best it has been in two years.