The latest Seattle Real Estate Stats are posted for October, 2010. (Areas 500-600 make up the Seattle Eastside.) The key points:
♦ Half of the Seattle Eastside is at a balanced market (Yellow), 3-6 mos. of inventory.
♦ The other half is still at a buyer’s market (Green), 6+ mos. of inventory.
♦ Interest rates are still uncharacteristically low, and have been for quite some time, creating no sense of urgency with buyers, thus increased inventories. At some point, interest rates will begin to increase and I’m sure our ‘landscape’ of local real estate stats will change then too.
♦ One year ago, the overall Seattle Eastside was in a balanced-market…much of the change from a year ago vs. the current market is due to the increasing number of short-sale and bank-owned properties on the market now.
What do you see happening in the current real estate market? Share your thoughts…