I don't know what the market is doing in the rest of the country but I know it's still moving along here in the Puget Sound Region of Washington State.
Despite the national media who are lumping all real estate markets into one, we know that real estate markets are local and can not be managed or tracked outside of their individual locales.
Currently the Kirkland, Lake Washington and Seattle areas are still plugging along. While the inventory dropped over the holidays with many sellers taking a break, a large number of those homes have re-listed yet not all at lower prices. All along the inventory has been up from the same time in 2006 with fewer buyers looking due to economic fears and waiting to hear how the lending business will turn out.
However, even with the higher inventory we are definitely seeing more traffic through our local listings. Agents are getting back to work and previewing the inventory readying themselves for when that buyer comes along. Buyers are starting to take a look at what is available and talking once again with loan officers about their options.
You can feel the momentum in the market and smart buyers are educating themselves with accurate information not just about the national economy but about the strength of their state and regional markets as well.
On the Eastside of Lake Washington we have had regular sales of homes, since the first of the year, in the first time homebuyer prices, which here runs between, 350-450k for a single family home. It's still a buyers' market due to over supply and under demand, but sellers aren't exactly slashing prices so we'll see how long before the market truly equalizes.... more