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King County Sales up 8% from January to February 2009

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Sam DeBord, "SeattleHome.com"

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Good news for the local housing market in Seattle:  With Washington State residential sales up 5% from January to February, we had an even bigger bump in King County at 8%.  There is almost always a bump in sales as we head towards spring, but these numbers look significantly better than a normal cyclical trend.

The fastest-moving homes are, not surprisingly, $300k-$350k, closely followed by $350k to $400k homes.  In Seattle and much of King County, these are starter homes mainly purchased by first time home buyers.  Many of these sales can be attributed to the low interest rates available, as well as the tax credit for these first time buyers.

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March 24 - Seattle
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Geordy Rostad, "geordy"

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I visited a brand new plat in Lynnwood of 90 homes or so.  The site agent has sold 10 of them this month.  Those are right in the price range you mentioned of $300k-$350k.  She did drop the prices by $75k to get them in that range though.
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March 24
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Gordon Stephenson, "Gordon"

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Are they short sales?   Or are they the less expensive homes that builders seem to be moving towards to get some action going on their mothballed plats in Sno County? 
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April 27
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Spencer Rascoff, "spencer"

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My big fear is that there's a ton of "shadow inventory" hiding out, ready to come onto the market as soon as there's a rebound. How many people do you know that would have sold their home in the last 1-2 years if it had been a better market. I'm among them. I worry that new supply will come onto the market and soak up any new demand, and it's going to take us a while to work through all of the inventory.
In my area (Madison Park), there are a lot of listings right now, and more coming all the time. And the price drops just keep coming.
Sorry to be a downer. I hope I'm wrong and things recover quickly.

I'd LOVE to be a buyer right now. Wish I were renting...
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April 27
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Gordon Stephenson, "Gordon"

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Different situation out in the north and south counties with these developed and unbuilt plats that Geordy was referring to. 

As for Mad Park, I've actually seen some good sales activity (I'm sure you have too) in your neighborhood, pendings in the $3-5M range.  So people are buying.  Prices are dropping, people are buying...just a matter of finding a point where those supply/demand lines collide. 
And if you "would have sold" in the past two years to buy up...you should be doing so immediately, pre-rebound.  Real dollars are in your favor.
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April 27
 

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