Laura (morghon) wrote,
Laura
morghon

My take on the May Market Stats,

I just got a copy of the real estate sales statistics for May as well as year to date for King County and it is very interesting because what I am seeing is that although prices have only dropped slightly between May 2007 and May 2008 and not at all in the YTD comparison, the number of sales has dropped significantly.




I hope this is legible but I suspect it will post too small to read. The bottom line is that the number of sales for the month of May dropped 43% in 2008 compared to the number of sales in May 2007.

I think people have been hesitant to buy because they have been hit with so much media focus on falling prices but most of those articles are not really talking about our market. They tend to focus on the more newsworthy areas like Florida and California and Las Vegas, where prices really have dropped significantly. If they mention Seattle it is usually to say that our market is one of the few that has not seen huge price drops.

I'm not saying it's not a buyer's market here, because this is the best market we've seen for buyers in many years. Sellers are much more willing to be flexible and there are more homes to choose from. It's a great time to buy. I am just saying our market really is pretty strong compared to the rest of the country and I think it will stay that way. Hopefully as people realize this they will be more comfortable buying a home or an investment property and we will see the number of transactions come back up to more typical levels.

With luck, I will be the one to handle some of those transactions! I am throwing my whole heart into real estate. Brian has agreed to watch Alice while I work on the weekend now that she is older and easier to deal with. This has removed the biggest obstacle to getting my business back up and busy. I've been doing open houses and it does feel like the market is starting to pick up.

I am also looking into a total revamp of my website which is now more than a dozen years old. I built it myself and it was pretty nice back in the day. For a while it was one of very few Seattle real estate websites out there so I got lots of hits and plenty of business from it. Nowadays it looks pretty sad compared to all the fancy professionally designed sites agents are buying. The lovely Naomi has offered to help me in this venture and I am pretty excited by the things she has shown me so far. It will probably use something like wordpress which means there will certainly be a real estate blog component to it. I guess I am sort of trying that out here today.
Tags: real estate
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