Dear Buyers & Sellers,
Check it out! Our real estate market on the Seattle Eastside as well as the Greater Seattle Area has turned the corner and is fully a Balanced Market once again…! That is great news! The King & Snohomish County Maps really put the real estate market into perspective. This means inventory levels are at 3-6 months…a seller should expect to sell within 3-6 months based on the volume of inventory and the pending sales activity. If the home takes longer, there are other factors that need to be considered (price, condition, location, etc). Some areas are at 0-3 month inventory levels! Price-points for your area of the Eastside vary, so check the detail charts.
As this is good news to me as an agent, I feel I need to explain why it’s good news to everyone out there. Prices are down from where they were 2+ years ago; no artificial inflation…ok, you say; that means I will have to sell my house for LESS NOW. Yes, it does, but you will also be able to BUY for LESS and if you’re a move-up buyer, your percentage of savings on the new purchase outweighs the difference you took on your sale now vs. 2+ yrs ago…If you’re trying to downsize, you too will save on that purchase. And if you’re moving out of the area, all markets are showing some signs of recovery; some more than others.
Key Points for April 2010:
- Significant drop in months of inventory from a year ago (3.5 vs. 6.2).
- Residential pending sales are up 73%.
- Residential closed sales are up 84%.
- Median closed sales price is almost the same as a year ago.
A year ago, the Eastside was starting to turn the corner into a Balanced Market, but still tipping to a Buyer’s Market. We’re now at a level playing field for all in most Eastside areas. This is the kind of education I like to arm both my buyers and sellers with. Is it helpful? Let me know your thoughts…