First, a little background for you...
The FHA insures almost a quarter of all new loans made in 2009, and about 80 percent of that business is from first-time homebuyers. Especially with the $8,000 homebuyer tax credit, the rush for new purchases has perhaps given some lenders incentive to push the lending limits for less qualified buyers. This results in higher rates of mortgage delinquencies and because FHA guarantees these loans, they are left "holding the bag." 
An overview of those 47 Edmonds houses and condos:
| All homes | Houses | Condos | |
| Number Sold: | 47 | 40 | 7 |
| Average List Price: | $440,916 | $436,733 | $464,813 |
| Average SOLD Price: | $422,622 | $420,097 | $437,050 |
| Total Market Value: | $19,863,245 | $16,803,895 | $3,059,350 |
| List-to-Sale Ratio*: | 95.9% | 96.2% | 94.0% |
| Average square footage: | 2,121sf | 2,258sf | 1,338sf |
| $ per square foot: | $199/sf | $186/sf | $327/sf |
| Average Days on Market: | 78 | 77 | 80 |
| * The percentage of the actual sales price compared to the listing (asking) price. |
Single Family Residences:
For November 2009, houses in Edmonds, WA sold at a relatively good rate. We are seeing the inevitable dip with the coming of the winter months but compared to a year ago, the number of homes sold in Edmonds, WA is 300% better! Prices are down significantly but at least the volume has picked up dramatically. This is a good overall sign of the real estate market for our area. Even given the slower real estate market, most folks should be happy with an average marketing period of under three months.
The average sq ft of these 40 Edmonds homes was 2,258 sq ft. These homes spent an average of 77 days on the market (DOM) for the month of November. The list-to-sale ratio for these homes was 96.2%. What that means is that homes ended up selling at 96.2% of asking price. So the average home listed at $436,733 would have actually sold at $420,097 for the month of November.
Condominiums:
It's hard to make general statements on just seven closings for the month of November. We saw prices increase dramatically. In fact, there is a general trend over the past year for higher and higher sales prices for condos. This might be explained, in part, for the higher end condos built along the Sound.
Overall Market:
It's certainly not a bad time to purchase (or sell) a home in Edmonds, Washington. In fact it is a great time if you are a 1st time home buyer or a long-term homeowner. The former is eligible for an $8,000 tax credit while the latter is eligible for a $6,500 credit. That's a dollar-for-dollar credit. Not just a reduction in taxable income. Actual cash back. Read the information I have written about the program here.
- $8,000 First Time Homebuyer Tax Credit | Who is Eligible in Snohomish County
- $6,500 Existing Homeowner Tax Credit | Who is Eligible?
- Frequently Asked Questions about the extended tax credit
- Summary of New Guidelines for Both Tax Credits
What do these numbers mean? Is it a good time to buy? Is it a good time to sell. It all depends on your individual situation. I would rather buy in a Buyer's market and I would rather sell in a Seller's market. But if you can't do either, it's not the end of the world. Drop me a line for more info or if you have any questions specific to your situation.
If you would like to find out the value of your home please feel free to contact me via phone or email. I would be more than happy to supply you with a FREE Market Analysis.
If you would like to purchase a home in the Edmonds Real Estate Area please give me a call or contact me via email. We can discuss your future plans and I can set you up on an email campaign to receive the hot new listings quicker than YOU can find them.
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Statistics compiled by Casey Bui using available NWMLS data | Equal Opportunity Housing | All information deemed reliable, but not guaranteed.
“Wow. What can I say? Casey has been my Realtor in getting me into a condo in the Seattle area and then out of it three and a half years later as I moved back to the Midwest. Casey took what had the potential to be an extremely stressful time and turned it into a smooth ride. But this was just the finale of what I call a three-and-a-half year working relationship.
“I was very tentative about the buying and selling process when I first started talking with Casey. I simply wanted to learn more about the process and the current market. Casey was able to answer all of my questions and explain things in a way that made sense. He was very patient with my numerous questions and busy schedule as well. Casey was able to carefully balance optimism with realistic expectations which meant I was never let down and could always see the light at the end of the tunnel. I couldn’t be more pleased with the house that Casey found for me, not to mention all of his help with my old condo which he listed and sold very quickly. Based on my experiences with Casey, I would recommend him to help sell or buy your next home.” - Alisa C. 
