Locally our market continues to strengthen from the improved 2013 cycle. Supply is still fair although getting more difficult to find specific types of property. This short interview covers market trends in the national real estate scene. Take a moment to check it out. CLICK HERE
This post on Active Rain hits the nail on the head when it comes to selling a home. Great advice presented well. Take a moment to read by clicking HERE. preparing to put the best foot forward for your home makes a world of difference in the result!
Real estate values around the Pacific Northwest have turned the corner and in 2013 our little corner of the market began recovering as well. Average residential sales prices rose 5% from 2012 values and there was a 20% increase in number of properties sold! The local condominium market posted a 10% increase in number of units sold and a 38% increase in average sales price for a 2 bdrm condominium at Westport by the Sea! The sluggish land market of 2012 rebounded with a 27% increase in number of lots sold and a 30% increase in average sales price.
The reasons for the quick turn around are largely due to the artificially low prices our market was driven to in the latter part of last decade and the relatively low supply of available properties in our market. As demand has returned the limited supply has facilitated a quicker rise toward what would be a "normal" market value for beach property. We are still not there yet… which means the time is right to consider making a purchase on the coast. Contact one of the knowledgeable professionals at Windermere Real Estate Westport to find out more!
Steven Perlberg from "Business Insider" reports that inventory is down and markets continue to rise. Check out the full story CLICK HERE
The information in this blog from Amber Nelson is worth considering. To read CLICK HERE
Here at the coast we are less susceptible to national trends but the market in King & Pierce County impacts how folks feel about a second home purchase. Many factors come into play when you look at current value and attempt to anticipate future value but this review rings true.
This enlightening article in the New York Times by Robert Shiller (Yale economist) is a broad review of the market response to "bubbles". To take a look at it CLICK HERE.
At the South Beach our market is so small that the influences of "supply and demand" can have an immediate impact.
This report from Rueters gives great information for home owners hoping to take advantage of low interest rates. The challenge we face in the real estate market is finding comparable sales that will hold up to the extreme underwriting scrutiny and that challenge is even moreso with a refi. At least in the appraisal related to a sale the appraiser has a target purchase price to prove or disprove. In a refinance the open ended nature often leaves the appraiser unfocused and that is where personal bias can come in.
Providing the information and atmosphere suggested in the story may make the difference.
To read this informative article by Lou Carlozo – CLICK HERE
The beach community of Seabrook continues to grow and thrive thanks to the thoughtful design and positive energy that the founders and home owners generate every week end. Owning at Seabrook is a "lifestyle choice" made as much on the idea of new beach urbanism as it is owning coastal real estate.
To read more about this charming village CLICK HERE
To find out about New Construction Pricing/Options, Resale Opportunities or Foreclosure/Short Sale offerings at Seabrook CLICK HERE or call me at 360-581-3399
2012 looks like the year things in the world of real estate start turning around. Here on the South Beach our limited supply puts us in a market that responds very quickly and dramatically to national trends. To review the freshest information on market trends around the country
On the South Beach, comparing 1 year residential sales from April 1st, 2010 to the end of March 2011 with April 1st, 2011 until end of March 2012 the following statistics confirm the national market trend:
South Beach Residential / Condominium Unit Sales:
20% Increase in Unit Sales Volume
15% Reduction in “Days on Market”
33% Reduction in “List Price / Sale Price” Ratio (10% to 7%)
8% Reduction in Average Sales Price
This last statistic is an important indicator that while prices dropped on the average from the previous years sales, the amount was not severe and coupled with all of the other indicators showing positive trends… to me verifies that values will continue to rise and our return to a stable market is well underway. Feel free to email or call to discuss these trends ro to schedule an appointment to look at available properties in our beautiful beach community.