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Tuesday, December 06, 2005

South Sound Inventory Up, Prices Down

KOMO News and The Olympian must not have gotten November's numbers last night like everyone else. Well, they've got them in hand now, so here for your reading pleasure (or frustration) are a couple more takes on November's numbers, including a specific look at the South Sound, where prices were particularly stagnant:

The holiday season, colder weather and rising interest rates combined to cool South Sound's hot real estate market slightly in November, Realtors said.

Sales for the month were down 4 percent compared with last year and, for the second time this year, the median monthly sales price dropped from the month before.
...
As demand dropped with the temperatures, a positive result for potential buyers was the year's largest inventory of homes for sale last month. The inventory was 1,095 homes, up from 827 the same time last year.
People (realtors anyway) always say "they're not making any more land." Apparently in the South Sound, they are. I jest, but hey, if the realtors can oversimplify things, so can I.

(KOMO News, 12.06.2005)
(Jim Szymanski, The Olympian, 12.06.2005)

4 comments:

Van Housing Blogger said...

Hey Seattle,

how much speculation do you think there is in your market? Are Californians coming north to buy and live, or to buy and rent out/speculate?

I ask because I haven't heard much about speculation in Seattle - just more about incoming new residents from cali.

biliruben said...

Anectdotally, there is certainly some. Not as much as in Cali or Oregon, I don't think, but I am definitely seeing my share of fixers being snapped up, painted, landscaped and either sold again or rented.

I don't know how much is California money or simply locals trying to cash in, but there is certainly speculative activity going on.

Also, California gets a bum-rap. More midwesterners move to Seattle than Californians, by a large margin.

Dukes said...

There is tons of speculation up here. My bro-in-law is in real estate and one of my good friends is a mortgage broker. The things they tell me about what people are doing send shivers down my prudent economic spine. People are banking "literally" on perpetual price rises, even some normally sensical people. This whole fiasco is going to be very interesting to monitor.

Anonymous said...

I agree w/ Biliruben. We Washingtonians have a neurotic impulse to blame Californians for everything. And a very hard time taking responsibilty for what we ourselves create.