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Federal Way Housing Market Update

By
Real Estate Agent with Keller Williams

For those of you who are looking at buying or selling in Federal Way, here is a quick look at this year's Federal Way housing market.

2009 So Far

Just like the rest of the country, the Federal Way housing market has seenHouse of cash its fair share of depreciation in 2009.  As of November 30th, Federal Way has seen an overall depreciation of 14.21%, but not all is despair.  The silver lining comes with the fact that nearly all of this year's losses for Federal Way came in the first two months of the year.  January and February saw 9.71% and 5.38% depreciation, respectively.  Since then, the housing market in Federal Way has more or less stabilized with no single month losing or gaining more than 4.66%.  Another silver lining comes in the form of total numbers of homes sold so far this year.  As of today, Federal Way is only one sale shy seeing as many homes sold so far this year as were sold in all of 2008 (577 total sales), and we still have nearly a month to go!

November 2009

November did see a mild decline, month over month, in the average Federal Way housing market price of 3.02%.  What that means is that in October you could buy or sell a house (on average) for $134.89 per square foot, whereas in November that price per square foot dropped to it's lowest point so far this year: $130.81. 

Where do we go from here?

That's the question of the year.  These numbers are specific to Federal Way, Washington, but there are exceptions to every market.  If you are seriously looking to sell your home, make sure you get a licensed REALTOR(c) to show you the homes you will be competing against.  As of today, Federal Way has a 7 month inventory of homes on the market.  If you want to sell your home in 3 months, you will need to be priced very competitively.  Find an agent who is willing to be honest with you and tell you what your home will probably sell for in today's market. 

Don't forget...

There are several government programs and special loan options for first time homebuyers, veterans, teachers, and people looking to buy in a rural area.  Ask your agent for more information.

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