Market Snapshot 2010/06/07

The after effects of the expiration of the tax credit? Starting off with the change in pending ratios, and the number of homes under contract, we can probably be accurate in claiming a link to the tax credit. There are 1072 homes pending in the county and 887 for Vancouver, a bit of a decline from the last couple of reporting periods. Overall, about a 7% drop in the total number pending with both countywide and citywide. I think it is likely that the 3659 homes available in the county at large and the 2606 in the Vancouver area particularly, do reflect some of loss of momentum and urgency to get under contract that may have been reflected in the slightly lower number of homes available the last month.

Ratios of short-sale and bank-owned continue along at an eerily consistent rate, although they really are showing smaller proportions of the total market - by 2 or 3%. So, short sales and bank-owned are about 33% in the city and 29% in the county. Small but measurable signs of an improving market for sellers. I say that and want to point out that control of prices is still held by the 'have to sell' population of house sellers. I noticed we still have pages of 'Notice of Defaults' showing up in the local paper.

Price points are shifting upwards a bit recently. Whereas about 65% of the market available was under $250,000 a couple of months ago, only about 60% is at or below the $250,000 price point now. Still, odd as that is, there is still about 43% of the market available under the $200,000 price point. As we move into the higher price ranges, there are so few transactions that I can say there are twice as many homes under contract over $1,000,000 than there was last month and I'm talking about just two more transactions.

What's the take away this week? Mostly, I think signs are that the market is transitioning - shifting if you will. Is this when it's going to start going sideways? The ratios this month are not as favorable for sellers as they were last month, but they're still roughly 1 under contract for every 3 on the market. Investors are very active buying and selling, so it could be a good time for you, too.

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