Maple Valley 2008 Year End Market Review

The best thing about the 2008 real estate market in Maple Valley?

It's over!

While it's conceivable we could to continue to slide with slower sales and softening prices, I just don't see how buyers can remain on the sidelines much longer given interest rates under 5% for a 30 year fixed and some very attractively priced bargains in our area.

In order to give the most accurate picture of the year in review, I decided to go back and compare 2008 to the prior two years. Please note, these numbers reflect single family homes only listed and sold through NWMLS.

As you can see prices have softened, but even more noticeable and of an immediate impact is the decrease in sales numbers. Tightening lending practices, the elimination of many seller-funded down payment assistance programs (which enabled first time home buyers to enter the market) and weak consumer confidence all contributed to the low sales total...and forced sellers to compete for the few buyers ready and able to make a move.

Now as we enter 2009 we watch to see what changes Congress will enact; whether they will see the light and allow down-payment assistance programs to be revived (along with stricter appraisal and qualifying standards) and whether historically low interest rates will motivate buyers to make a move.

Have we hit bottom?

I have no idea, but as soon as we do I'll let you know...only by then, we'll be heading back up!