For example, in Snohomish County it was reported that YOY median prices were up 12%. In fact, this Spring, the median price for residential & condos was $359,950 for March and down to $349,950 for April. This certainly is not Spring 05 & 06', which showed crazy spikes.
In another example, area 705 (encompassing greater Ballard, Crown Hill, Greenwood, Phinney etc), March median sales price for residential only was $499,975 and April it is down to $475,000. This is not reported, but is factual.
The takeaway from this is not that the broader numbers are incorrect, but that people need to understand that the market is cooling down from the pace of 05-06 Spring. Price reductions are now common, residential incentives whether from builders or homeowners whether offering higher commission splits or upgrades is now part of the marketing push not seen last year and in 2005. The market in general is different and it will take a while before some sellers and some agents realize it.
In our office we work with one of the top RE/Max agents in sales volume (units sold, not commissions earned) in the Northwest Sector and the agent and I discussed the market in general and the bubble aura permeating in other states. The agent's remark paraphrased: a lot of agents are not doing as much business and have never experienced a correction. They don't know what's going to hit them and this one is going to be deeper and longer. How much, time will tell.
Hope the agent is wrong!
