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Puget Sound Real Estate Facts

April 10, 2008

                 P1010049

A week doesn’t go by without a call from a former client wondering what the price of their home might be right now.  Some have called with a permeating “sky is falling” fear in their voice.    All of this is understandable with what is heard in the news and on the streets. 

I hear it too.  Last week a rumor circulated that a major builder was going bankrupt.  Proven not to be true but it did have that pond rippling affect.    Something a bit more true was the Puget Sound Business Journal article about the Wine Village in Woodinville.  The developer wasn’t able to get financing but actually If you read the small print it appears that the bank offered funding although with laughable terms.  That truly seems to be the problem with this market…..financing.   

However, with all that said the buyers are out there.  So, here are the NW homes and condos Y-T-D facts:

King County home and condo prices are up by approximately 1.38% from a year ago.

Snohomish County. home and condo prices are down approximately 6.93%

Inventory is up by close to 64% in King Co. and up by 45% in Snohomish Co.

Real Estate is a supply and demand equation.  So, the lofty inventory numbers are a bit daunting.  For sellers that is the bad news.  For buyers that is the good news (call me for the details).

Although, if one looked a bit closer at the data there are some neighborhoods that are still hitting the ball out of the park.  Some good news again for sellers!

Seattle home prices are up by 14% from a year ago.

Redmond is up 5%

Woodinville is up by 6%

And Carnation was up a whopping 39% in February (something must have sold out there…..just kidding…  I love Carnation!  I sold the old trout farm out there last summer)

If you really want to know what is going on in your neighborhood and the true value of your home call me for a thorough market analysis that includes NWMLS statistics and other  data that looks at the absorption rate in the area.  This to me is the true indicator of the market.  You must look at what is selling not just at what has sold…….

* stats source nwmls, chicago title

Maureen Nolan-206-200-9849   –  www.maureennolan.com

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