Check out this short post on the real estate market and you! CLICK HERE
Looking back, the market here on the beach for 2014 was a marked improvement over the previous years in most ways. Prices either inched up or stabilized in each segment of our market with decent availability for buyers and stable sales for sellers. Lending practices at least didn't get worse and in many cases became more streamlined and predictable. Appraisals came in favorably in most cases with adequate comparables (always a challenge in our small market).
Here is a LINK to a 2015 forecast from KIRO Radio's Tom Kelly for the Puget Sound region. Our own coastal market is tied to the rise and fall of values in the urban areas with a slight delay in response to changes in either direction. I look forward to the coming year and to meeting you at the beach soon!
Check out the most current report on market trends… and then consider that the beach is typically a year or two slower to respond. Now is the time to take advantage of that simple fact!
CLICK HERE for Full Story
Around the country values rose sharply in 2nd home market however here on the South Beach most categories of property remained stable and low due to the small market and relatively undiscovered beach. Take advantage of the future rising trend by purchasing beforehand… To read the report CLICK HERE
This recent report from Inmon News indicates many markets are growing in both volume and price. California leads the way in this recovery with values up considerably as compared to this time last year. On the coast of Washington the market lags behind the national trend typically by 12-18 months meaning values are still low with better chance of appreciation in the near future.
To read the full story CLICK HERE
Each six month Trulia breaks down the cost of housing across the US to estimate the value in owning as opposed to renting in various markets. This short article is very interesting. CLICK HERE
Washington is one of the states where home prices have returned to within 10% of peak 2006 pricing. That is largely driven by the metropolitan areas of the state. On the coast values have lagged which is typical of the pattern between urban and recreational areas. Look for the coastal market to respond later this year and in 2015. To read the article CLICK HERE.
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!