2009 was certainly a challenging year. By mid summer the average days on market at Snoqualmie Ridge had reached nearly 200 days, and prices simultaneously had dropped just over 27% in little over eight months. Certainly not a recipe for success.
Many of us looking upon the upcoming winter months wondered just how bad things werre going to get.. But then a funny and very welcome thing happened.
Dramatically lower prices, great mortgage rates, and an expiring (now extended) tax credit lead to a Fall and early Winter rush!
92 properties: (82 residential and 9 condos)have closed at Snoqualmie Ridge just since August 1st.Days on market have dipped to 154 days which is almost 2 months better than the high point. Inventory has also been driven down. Currently there are 73 residential and 20 condominiums for sale at Snoqualmie Ridge or only 3/5 of the Summer inventory high.
We've now found our way to an apparent tipping point. Maybe not an exact bottom to the market, but an equilibrium of sorts where is a great time for buyers to be purchasing a home while prices and rates are down, and a great time for sellers to consider listing their homes. With less inventory on the market to compete with and great incentives for buyers the days it takes to sell and the rate of falling home values are both in decline!
You can her a FREE Home Value Analysis of your current home, or check into any neighborhood you are interested in HERE all from www.TheCascadeTeam.com
Saturday, December 19, 2009
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