Mixed within an article on Forbes.com by Alex Veiga is both good and bad news regarding Seattle’s real estate market. The bad news: home sales in Seattle are down 41% over last year. The good news: home prices have only declined 11% over last year. Yup, an 11% price decline is good news… when you consider that the median home price in the West was down 24% from a year ago.
“Seattle and Portland, Ore., meanwhile, were among the top 10 metros in the nation with the most pronounced drop in home sales. The Las Vegas metro area, which has had among the highest foreclosure rates in the nation for more than a year, had the biggest sales spike, according to the AP-Re/Max report.”
Sorta makes sense that Las Vegas, with its fire-sale pricing is seeing more home sales than Seattle, where home prices have declined less. San Francisco also showed an increase in home sales. Though I’ve a feeling their 6% increase is due more to popularity than simple pricing trends. Just like in New York, if price is your primary consideration, these cities just aren’t for you.
I wonder if popularity can work for us too? Though with the rainy season almost here, I’m thinking further price declines are probably in store. I’m just hoping we can limit further declines to single-digits.