First, it’s been pretty obvious in the last 3 to 4 days that people are reacting to the interest rates being at 4.75% to 4.875% recently. I can honestly say agents are not instigating this momentum, as all of the calls I have received have been directly from buyers that I’ve never spoken with before. In fact I have had more calls to see property from buyers than I have had showings from agents. It’s like a large part of the agent marketlace is MIA. I’m hearing similar stories of “agents retreating” from Vancouver. A sign that first quarter 2009 is clearly going to be on the upswing. But let’s look at some more of the here and now tonight.
The Best: Townhomes – the under $500,000 variety – net even a Buyer’s Market really – not a Seller’s market either. A balanced market in Townhomes in Redmond where almost ALL townhomes sell for under $500,000 and North of Downtown in Seattle. Location issues are more of a concern in Seattle than Redmond, as most townhomes in Redmond are built in larger, well located communites. In Seattle they are often smack on a main arterial. So be discriminating as to location and lifestyle and not just space issues.
Only a 5.7 month supply of townhomes in Redmond 98052 – not even a buyer’s market
Hard to believe with all the gloomy news, I know, but yes there is a market segment that is still performing well. That will clearly improve in 2009 if rates stay this low, so we could even see a Seller’s Market come back in Redmond Townhomes in the not too distant future. Still, I’ve seen prices taking a beating in the last 60-90 days. Let’s see if lower rates and low supply pulls that back to stable. I think that will happen for Townhomes in Redmond.
Now for the Opposite Extreme – The Dark Side – The Scariest Stat of all Sundays
Over FOUR YEARS of Inventory! Where you ask?
Kirkland 98033 in the $1.2M plus market. 115 for sale and only 7 closed in the last 90 days. See detail.
Compare Single Family Homes – Kirkland 98033 above to Redmond SFH 98052 below:
They look like Chirstmas Balls 🙂 The more red you see, the less green and blue, the weaker the housing market. Redmond is doing pretty good until you get over $750,000.
Two story townhomes under $500,000 are definitely the IT segment both in Seattle and the Eastside. Kirkland just doesn’t have enough of them like Redmond does. Not sure what happens when you get out to Cougar Mountain and other not “close-in” newer townhomes. I don’t get out that way very often, and last I looked there was a reason why I don’t go out there very often. Every time it snows, I get calls from people who want to sell them and move closer to work.
Well, that’s your Sunday Night Stat “Christmas Balls” edition. Hope you’re enjoying your “White Christmas”.