Well we just ended the month of July and sales of homes in the Thrasher's Corner area of Bothell were exactly the same as in July 2008. There were 11 homes sold in both years. However, prices were down an average of 12% from $466,000 in 2008 to $414,000 in 2009. If you look back to July 2007 prices are now down 22% from their peak of $534,000 and the number of sales were 16.
Snohomish county home sales figures just came out for May from The Talon Group Title Company (who knows why they are so far behind) and for the whole county sales are down 46% and prices are down 12%. In all of Bothell the number of sales are down 44% with pricing down 19% between July 2008 and 2009 so Thrasher's Corner is doing pretty well for its self.
There have been dozens of articles written about whether the real estate market has hit bottom with all sorts of differing opinions, but I think that until we clear more of the foreclosures out of the system there may be a little more room to drop. However, the market has stabilized somewhat for the time being as demand has returned with the New Home Buyer Incentives of up to $8,000, interest rates hovering around 5.25% and affordability improving with the lower prices. I think it is a great time to buy even if prices do drift a little lower before starting to climb again.
d
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment