We keep hearing that the market (and the economy) is rebounding.......but the numbers don't lie. Here in the Puget Sound area, I ran 3 of the local markets comparing the past 6 months to today, with the same timeframe in 2009. Here are the results:
Federal Way WA
6 month market snapshot
2009 302 sales with an avg selling price of $258,892
2010 200 sales with an avg selling price of $239,329
Auburn WA
2009 257 sales with an avg selling price of $246,485
2010 200 sales with an avg selling price of $239,329
Lake Tapps/Bonney Lake WA
2009 325 sales with an avg selling price of $305,860
2010 284 sales with an avg selling price of $292,294
Consistently across the different local market areas, sales are down this past year and prices are still falling, albeit more slowly. We, like the other market areas, still have an over-abundance of inventory and contrary to the cheerleaders in Washington, the market is still falling. The GOOD news is, it's a great time for buyers with inventory still up, prices still down and interest rates still at competitive numbers.
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