We are almost halfway through 2010 and the summer is nearly upon us-time to take a “pulse” of the current real estate market. Seattle home sales in 2010 are up 22% over last year at this time, though there is still a lot of recovery to be realized. Some price ranges are seeing a return to multiple offers (many in the $600K+ price ranges), other price ranges are seeing a dramatic rise in inventory as sales slow down after the end of the government tax credits for home buyers.
We’ve noticed a real shift in the way buyers approach the process because they hold most of the cards, and seller’s often feel pretty battered and bruised when they get to the end of a sale. This New York Times article from last week summarizes the challenges seller’s are experiencing and we are working harder than ever to help our buyers and sellers navigate their transactions successfully.
The chart below shows the current supply of inventory and pending sales. There has been a steep increase in inventory over the last few months and a decrease in pending transactions in May after the April 30 (tax credit deadline). The normal seasonal shift (summer slowdown) is more pronounced this year, though we are noticing a new wave of buyers entering the market due to low interest rates (under 4.5%). We will be very interested to see how the Fall market compares.
On a positive note, Seattle’s long-term projections are encouraging. According to the Kiplingers Report Seattle is among the “Top 10 best cities for the next decade” which means we have plenty of time to get back on track.
Windermere Real Estate