President Obama just signed a bill extending the First Time Homeowner Tax Credit and allows tax credits for certain existing homeowners.
By Greg Perry, Kirkland Realtor
Eastside (NWMLS Areas 500-600) Closed Residential Sales 3rd Quarter 2009:
From an article today on MSNBC
Metro: Seattle-Bellevue-Everett
What a home will be worth in 2012: $413,966
Q4 2008 price: $395,000
Projected price change by MSA: +4.8%
Projected price change by state: +5.4%
Relatively protected by the presence of tech giant Microsoft and airplane maker Boeing, after a nearly 10 percent drop in 2008, analysts project an 8.7 percent decrease this year, followed by gains.
Real estate is very local. Other cities won't fare as well. To see the entire article:
By Greg Perry, Kirkland Realtor
Just as Eastside median prices experienced a bubble, the Eastside real estate agent count experienced one, as well.
The following chart represents September numbers in the year indicated:
Eastside Real Estate Agents
In 1998, the NWMLS had 2,276 real estate agents in the Eastside areas 500-600. Agent counts modestly rose until 2002 where they started expanding in excess of 10% per year until the peak in 2007 with 5,485. Agent counts immediately started withdrawing at the rate of approximately 10% per year for 2008 and 2009. 2009 started the year with 4,605 Eastside agents in January. At September's end there were 4,498 agents representing a 9% decline year to date.
For combined residential and condo PENDING sales, the Eastside had 686 Pending sales in 2008 and 908 Pending sales in 2009 for a 32% increase, while Active listings fell 14% (5531 in 2008 vs. 4780 in 2009). Months of supply in 2008 was 11.2. In 2009, months of supply improved to 5.3%.
To understand NWMLS areas, see map:
By Greg Perry, Kirkland Realtor
Location, location, location has been the 3 word battle cry for real estate for decades. But, is it true? Does location really make a difference in real estate activity and investment? Judge for yourself.
Here is a chart for weekly absorption rates in the different NWMLS areas. You will see just how strong or how weak your favorite area is. Be sure to look on the column on the extreme right for the 7 week average.
Please contact me if you would like a further breakdown by Price Range of your favorite area. I will be happy to send it to you!
To see where the NWMLS areas are, see this map:
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The Working-for-you real estate team, working by referral specializing in the Seattle area's Eastside communities. Visit www.425realty.com, The voice of Seattle's Eastside!
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