Well they have.
Our office had its busiest seven-day period this past week since July 2007. I haven't seen the "big board" (the white board where we each log our sales) completely full since I arrived last fall... people were having to squeeeeeze those last few in just to fit.
Beyond my office's anecdotal evidence, one of the contributors over at the Seattle P-I's real estate professionals' blog did some analysis on last month's Northwest MLS numbers... things are heating up in the north end... and are STILL balanced overall. Can you stick a sign in the ground and ask 10% more than the house down the street sold for last month? No, but we're still in a solid market, and in dramatically better shape than the rest of the country.
"In February 2008, Seattle NWMLS AREA 710 (North Seattle) slipped in to a SELLER'S advantaged market (2.8 months inventory) [for single-family homes] becoming the first NWMLS area to become a SELLER'S advantaged market since September of 2007. Nie areas are now considered Balanced markets.
BALANCED markets for King and Snohomish Counties include:
Area 705, Greenlake/Ballard (4.1 months)
Area 700, Queen Ann/Magnolia (4.3 months)
Area 385, Central Seattle (4.5 months)
Area 140 West Seattle (4.6 months)
Area 715 Richmond Beach (5.1 months)
Area 390 Central Seattle (5.2 months)
Area 120 Des Moines (5.4 months)
Area 350 Renton (5.6 months)
All other NWMLS areas in the Region, including the Eastside continue to remain Buyer's advantaged markets.
Inventory is absorbing in the lower price ranges. In most areas, higher priced properties continue to build market time and build inventory.
January 2008 saw no Seller's advantaged markets with only 5 Balanced markets (NWMLS Areas 705, 710, 140, 700 and 715).
Sellers Market is defined as 0-3 months of inventory.
Balanced Market is defined as 3-6 months of inventory.
Buyers Market is defined as 6 months + of inventory."
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