Washington State has had a pretty slow year for real estate sales.  The number of sold homes is well down on the year from last year's great run.  There are several areas that have seen overall price declines in the last year.  There has been plenty of depressing news in the media. - Depressing, I know... but read on, it gets better!

There is plenty of GOOD news to report on the Wshington State Real Estate Market as well.

According to the Office of Federal Housing Enterprise Oversight (OFHEO) 2nd Quarter 2008 House Price Index, Home prices across the State gained .56%.  That's not saying much. 

However, if you look at the past 5 years, Washington State home prices have STILL gained 61.4%. 

If you want to look even farther back; Since 1980 home prices in Washington State have gone up an amazing 405%

Looking at the last year period ending June 30th, 2008, Washington State currently ranks 30th in Percent Change in House Prices.  However, Washington State has performed better than ALL 29 of the higher ranking states over the last 5 years.  Washington State has performed better than 28 of those States since 1980.

Buying real estate is supposed to be a long term investment.  Real estate is not stock.  You don't sell it on a daily, weekly, monthly, or even yearly basis!  At a minimum real estate should be a 3-5 year investment for it to pay off well.

As you can see, the Last Quarter has seen price declines in most local markets.  When you look at the 1 Year outlook for the State, the market has been basically flat... Some local markets markets are up, some are down. 

The big news is in looking back over 5 years, a much more reasonable time for a real estate investment.  In that period, 9 out of the 12 local markets in Washington State GAINED OVER 60% despite the currently flat market (the 3 ALL gained as well, just not as much).

Again, it bears repeating, real estate is not stock!  It is a long-term investment  Looking back to 1980, only 10 States have out-performed Washington State for the house prices percentage gains.... That ain't bad!

Agents.  Are you experiencing a market rebound?  I work primarily in Skagit County and we have seen a big turn-around.  The July Statistics from the NWMLS Residential Home Recap showed Skagit County gaining 3.92% over last July.  My sales have been up in August.  What's happening in your area?