In an article released today, the National Association of Realtors (NAR) announced that existing-home sales rose in July to the highest level in 5 months!!
In the article, NAR's chief economist Lawrence Yun states that home prices in some regions could soon increase!
How does this relate to our little corner of the world in Skagit County??
I looked at the market activity. There are all the signs of a healthy market...
In the towns of Mount Vernon, Burlington, & Sedro Woolley, there are 773 Active residential homes on the market. There are 126 with Pending/Contingent Sales. This number shows a healthy market with a 6.13 month inventory of homes. - A 6 month inventory of homes is generally used as the break point in reporting on the market. More than a 6 month inventory is generally regarded as a Buyer's Market, less than 6 months of inventory is a Seller's Market. As I said, a nice healthy market...
I took a closer look at the Mount Vernon, Burlington, & Sedro Woolley market for homes priced under $300,000. Inventory is way down!! There are currently 430 Active residential homes and 97 with Pending/Contingent Sales. A 4.13 month inventory! A Seller's Market all of a sudden. The Buyer's have come back! Yes, a lot of them are looking to take advantage of Short Sales and Foreclosures, but it is a good start and a clearly healthy market.... One that is ripe for a price increase!
For Buyers waiting for the market to bottom out around here.... Get out there and Buy... The market HAS ALREADY HIT BOTTOM here!!
Comments(0)