The Real Estate Market is Not Getting Better

By
Real Estate Agent with Better Properties Seattle

Here in the Seattle area we have enjoyed a really great market until July or August of 2007, unlike the rest of the Country.  The big story is in the fewer number of sold property, the higher and growing numbers of property for sale.  But in reality what we are looking for is for the reduction in volume to slow down or stablilize.  Unfortunately, no signs of that happening yet.

The rate at which sales are getting few is going higher.  In the 4th quarter when the slowdown started due to the mortgage and credit crisis, volume dropped to about 29% lower than the same quarter in the previous year.  In the 1st quarter of 2008 the condo market dropped to about 38% compared to the same quarter of the previous year and in the recently closed 2nd quarter that drop expanded to 47% compared to the same quarter in the previous year.

There are some stories floating around about the market getting better because more property sold in the second quarter than in the first quarter.  That's called "grasping at straws".  In reality, the 2nd quarter was by far worse than the first quarter, relatively speaking.

We continue to look for signs that the market will stabilize.  When I see a sign I'll let you know...but in the meantime don't believe everything you read because it just ain't so.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Location:
Washington King County Seattle

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
407,763
Cameron Novak
The Homefinding Center - Corona, CA
Featured Corona Real Estate Agent Team

Have you ever thought that maybe... just maybe... because prices have dropped dramatically... that some people who might have previously looked to purchase a condo, may now be able to buy a house?

Also, the number of active salespeople has dropped dramatically.

It's funny... it seems that every agent that's having a hard time wants to immediately start bagging on the market.

Jul 10, 2008 06:26 PM #1
Rainmaker
304,760
ARDELL DellaLoggia
Better Properties Seattle - Kirkland, WA

Cameron,

Our prices have not dropped dramatically and single family homes are down as well as to volume.  Remember, we are just beginning to see signs of market weakness in our area, unlike the rest of the country.

Did you look at the numbers?  Are the prices in your area down significantly?  Did volume drop before prices.  Agents in the rest of the Country can shed some light and insight on what may be to come.  How much have your prices actually dropped percentage-wise?

Jul 10, 2008 06:30 PM #2
Rainmaker
534,689
Liz Moras Migic
Chilliwack, BC
Chilliwack, British Columbia - Realtor

I guess the good thing is there will always be people that move.  People get married, people get transferred, people get divorced, people pass on........I've always done betterin challenging markets then 'great busy markets'............it gives you a better chance to do 'relationship selling'........because you have time to!

Ardell................I love your name...........you sound like a Gina Lollobrigitta (sp?) lol

Jul 10, 2008 06:32 PM #3
Rainmaker
45,316
Michael Creel
InActive Agent - Bellevue, WA

Cameron, if you think ARDELL has a "hard time", you must be new to this business. Why is it when any agent acknowledges publicly that the market is in turmoil, agents such as yourself pipe in and say such absurd things?

Jul 10, 2008 06:32 PM #4
Rainmaker
304,760
ARDELL DellaLoggia
Better Properties Seattle - Kirkland, WA

Hi Liz,

I'm more a Sophia Loren type actually :) though my name flows more like Gina's...my body isn't quite as fluid...but it's getting there! Working out every day before Inman Connect :)

Jul 10, 2008 06:35 PM #5
Rainmaker
1,041,251
Charles McDonald
Charlottesville Real Estate Solutions - Charlottesville, VA
REALTOR®, Blogger, Principal Broker®, Owner

It is amazing to me how well a chart tells a story. good or bad...

Your friend in Charlottesville!

Jul 10, 2008 11:29 PM #6
Rainmaker
304,760
ARDELL DellaLoggia
Better Properties Seattle - Kirkland, WA

Charles,

I find that some of my clients like the actual data to create their own excel spreadsheets while others like the at a glance color charts like the ones in the post.  The beauty of this format is it is so simple (create a graph is a kid's site that anyone can use) and gives the advanced data people the info that they can extract and put into their own format if they like.

 

If you tell the truth when the market is NOT good...people will believe you when you report that it IS good.  Otherwise, they will just tune you out at all times.

Jul 11, 2008 05:24 AM #7
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
304,760

ARDELL DellaLoggia

Ask me a question
*
*
*
*
Spam prevention

Additional Information