The Greater Seattle Undressed Network

--> Jun
10

Greater Seattle Home Sales Gaining Traction but Hold the Champagne!

HOME SALES ARE UP IN A COMPLEX MARKET

The Seattle real estate market has (finally) gained some traction. Since the beginning of 2009 there has been a steady increase in closed sales. This is good news. As has been pointed out, the recent decline in home prices, historically low mortgage interest rates and the $8000 first time home buyer tax credit has had a positive influence on motivated buyers. I would like to caution you that it isn’t exactly time to pop the champagne (although I can think of other reasons to do so!). Let’s take a look at some sobering numbers that may put things in better perspective:

SEATTLE HOME SALES

It’s a sight for sore eyes to see the trajectory of the market going up! This last year has been a roller coaster ride. It is important to note that May 2009 sales were down 28% from a year ago and I think it’s important for you to see how current sales compare to those of recent years:

This is a “graphic reminder” that the real estate market is not exactly “coming back.” Sales are anemic compared to several years ago (when anyone with a pulse could purchase a home). The comparison may not seem fair, but the fact is, we are living in more difficult times. There are some huge macro-economic forces that may continue to moderate home sales for a long time: unemployment levels, tighter credit markets and lending standards, issues with distressed property sales, etc.

KING COUNTY HOME SALES

I’ll let you draw your own conclusions about the home sales in King Co. over the last 5 years. As a Realtor® and a resident of King Co. I expect home sales to remain static for the remainder of the year. I believe the most difficult obstacle to the real estate market is the sense of uncertainty that Americans feel these days. There are some experts who predict that the next wave of foreclosures will further dilute home values and this is keeping buyers on the fence at a time when home affordability is better than it’s been in years.

As and Associate Broker, Realtor® and the author of another Undressed Network blog, www.kenmoreundressed.com, I have years of experience as a residential real estate agent. If you have any questions or need the services of a real estate professional, please don’t hesitate to contact me.

James Lupori

Associate Broker

Keller Williams Greater Seattle

206.713.2102

--> Feb
09

Greater Seattle Home Sale Statistics for January 2009

Seattle Home Sales: Frigid Like the Weather!

I have been waiting anxiously for January Seattle home sale statistics. There has been an incredible amount of buzz in the real estate community about how much “activity” there was and the increase in pending home sales. I hope that the pending sales translate into actual closed sales in February; however, the numbers from January were not exactly robust.

I’ve provided you with four charts that show some key home sale numbers: a) Total Sales, b) Average Sale Price, c) Days-on-market and d) Percentage of homes that sold for 100% of the last asking price. If you click on the charts, you will see a larger version for easier viewing.

Then number of closed sales in Seattle was almost 44% lower than in January 2009. As I mentioned above, many of my colleagues here at Keller Williams Greater Seattle indicated that they have been hearing from more potential buyers lately. As Spring approaches people tend to start kicking tires.

Home prices and days-on-market are fairly self-explanatory; however, the last chart is informative: Only 25% of homes are selling at 100% of the last asking price. This is still a strong indication that prices are still soft.

If you are interested in learning more about the real estate market or have any questions about purchasing or selling your home, please don’t hesitate to contact me:

James Lupori, Associate Broker/Keller Williams Greater Seattle

206.713.2102/jlupori@gmail.com