Mukilteo Market Stats - June

Here are the market stats for the month of June in Mukilteo.

Sales activity was strong, with twice as many properties going under contract and closing in the month of June as were listed. However, we had a fairly large backlog of inventory coming into June, so even with the increasing sales activity, we still have a 2 month supply of inventory as of June 30.

As an aside, we calculate supply by looking at the number of listings on the market and dividing by the number of listings that went under contract or sold during a given period. Last month, we had a 2.5 month supply of inventory, which means that at the current rate of sales, it would take 2 fewer weeks to sell through the entire stock of housing inventory in Mukilteo than it would have during May. This tells us that things have in fact picked up for the summer.

I would classify this as a healthy market, if somewhat slower than last year (last year we only had about a 1 month supply of inventory). A balanced real estate market (a market that is neither a buyer's market nor a seller's market) occurs when there is about 2 to 4 months of inventory, though some would classify as a buyer's market any inventory levels of more than 6 months, and a seller's market as inventory levels of more than 6 months. Clearly, here in Mukilteo we are in a balanced market that leans towards still being a seller's market. But, with inventory levels up over the last two years, buyers definitely have more leverage than they have had in some time.

One sector of the market that plays a big role in how days on market numbers as a whole pan out is properties over $1,000,000. These properties comprise about 10% of the market in Mukilteo, and typically, we expect to see longer market times in this sector of the market. And this is what we are seeing. Currently, it is taking an average of 130 days to get properties in this price range "under contract" and it is taking an average of 139 days to get them to sell. But we have several properties in this price range which have been on the market in excess of 250 days, which has increased days on market figures for Mukilteo as a whole.

That's my analysis, here's the data. All statistics are hand calculated by me, using NWMLS data, and include Mukilteo (in city limits) ONLY for the period June 1, 2007 through June 30, 2007:

Active Listings
Listing Count: 92 (this includes ALL listings currently on the market, regardless of date listed)
Average Time on Market: 88 days
Median List Price: $622,475
Average $ Per Square Foot: $259

There were 25 new listings in the month of June

Under Contract (includes Contingent, Active STI and Pending)
Listing Count: 21
Average Time On Market: 55 Days
Median List Price: $579,900
Average $ Square Foot: $252

Sold Listings
Listing Count: 29
Average Time On Market: 123
Median Sale Price: $620,820
Average $ Square Foot: $238

This graphic shows the breakdown of time on market for properties currently listed. Last month, about 54% of our inventory was less than 30 days old. This month, we are seeing more balance between new and older listings.