Does the drop in home prices we have seen so far make the current real estate market affordable? Do prices that have dropped ten percent represent a great buying opportunity? Long-time Seattle Bubble regular Eleua takes on these questions and more with his “House Valuation Workshop,” using his native Bainbridge Island as a working example….
Puget Sound Counties July NWMLS Update
Let’s check in on the NWMLS statistics from around the sound. Here’s where the YOY stats stand for each of the six counties as of July 2008: King – Price: -7.5% | Listings: +22.9% | Sales: -24.4% | MOS: 6.6 Snohomish – Price: -5.5% | Listings: +10.5% | Sales: -32.8% | MOS: 8.4 Pierce –…
Prices Flopping all Across the Eastside
Prices may be holding up somewhat in the neighborhoods close to downtown Seattle, but the Eastside apparently is not so lucky. With nearly eight “months of supply” the downward pressure is mounting on home prices east of the lake. I’d like to highlight an excellent thread over in the forums, where prolific Seattle Bubble poster…
July Neighborhoods Months of Supply Update
Here’s the latest update on months of supply, or “absorption rates” for the 30 NWMLS areas in King County. For an explanation of what months of supply means, please refer to the original neighborhood MOS breakdown post. Don’t forget you can view a map of these areas here. Remember: Over 6 MOS is a buyer’s…
WCRER: Affordability Drops Again
The Washington Center for Real Estate Research posted their latest “Market Snapshot” data (pdf) this week. Here’s an article on the data from the Times: Home sales still sliding in state, Puget Sound region WCRER director Glenn Crellin continues to blame the media and buyer fear for the floundering market: “Buyers see and hear stories…