I’ve often thought realtors were the first to feel trend changes and now I’m going to step out of my comfort zone and say that I feel a change in the air. I tried to make a low offer today for a client on an Edmonds condo for $599,000 and it sold on Monday for full price. Another, a home in NewCastle with several showings today that looks like it will also go for full price with multiple offers for $550,000. I’m thinking the bottom feeders are full and that we’re soon going to get back to our normally uptrending market. I’ve heard that most homeowners decide to sell during the Holiday season when they are disatisfied with their homes while entertaining, and then they start looking to upgrade in January. Anyone know any facts to support this?
I also got a cold call from a Baltimore developer this week looking for hot projects in the Puget Sound area since it’s supposed to be the hottest in the nation over the next 10 years. We may work together on 3 projects we have ready to build. I have another appointment with an investor that buys first phase new construction, a plat at a time and we’re meeting in December.
Nothing I can quantify, just the feelings of a trend change.
Here are MLS statistics for October.
* Existing home transactions sold increased 3% in October 2006 from September 2006.
* 49.8 acreage parcels sold monthly, up 13%; average price: $297,031, up 50% from last year.
* New single family homes units sold in October 2006 off 18% from September 2006.
* Condominium unit sales off 8% in September 2006 from August 2006.
䀃 Relative inventory decreased to 2.8 months. Prices will increase.
䀃 Expect some seasonal slowing through the start of 2007.