We all know that prices can’t go up in large leaps the same way that they can drop significantly in a short time. It takes a lot longer to go up than down, due to appraisal issues.
It will take many weeks to build up enough data post Obama $8,000 Stimulus Credit to form any conclusions. But you have to start somewhere 🙂 Stats prior to the credit are somewhat irrelevant at the moment except to later see if in hindsight pre-credit was “bottom”. We won’t know that until next 4th Quarter and January of 2010. Until then, we’ll track week to week until we build up enough data to do larger market segments.
I am using MPPSF Pending Inspection King County SFH, as these are the most recent “went under contract” homes. The green columns are properties that went under contract pending inspection Monday March 2nd through Sunday the 8th. The purple columns went under contract pending inspection Monday the 9th through Sunday the 15th.
I broke the stats down into under $500,000 (2 columns on the left) and $500,000 to $1M (2 columns on the right). The lower priced segment is doing better, but both show slight improvements. These are asking prices, so all this is telling us at the moment is that buyers seem to be making offers on houses that are not priced quite as low on a median price per square foot basis, as they were pre-homebuyer credit. We won’t know if actual prices close higher until we get at least 45 to 60 days in front of the credit passing.
Data is not compiled or posted by NWMLS (required disclosure)