February Statistics are in and there isn't great news for sellers, but Buyers should be excited!
The good news for the buyers is that inventory is still high, meaning selection is good and the number of pending/sold listings is unchanged but has the effect of increasing selling times for sellers of Single Family Homes to an average of 115 days and 133 Days for Condos. As sellers adjust to the reality of a longer selling period, the competition between sellers has brought home prices down. The absorption rate for Single Family Homes increased to 12.03 months of inventory, and a respectable 9.17 months of inventory for Condos in Issaquah. Comparatively, February of 2008 saw absorption rates of 7.48 months and 13 months respectively.
Following are the numbers so you can judge for yourself what conditions are in the market.
Single Family Homes:
The numbers of Listings are slightly up from the last quarter of 2008 with 361 Single Family Homes available in Issaquah. I continue to attribute inventory decline or in this case modest increase to more sellers having decided to postpone listing their homes.
Issaquah had 30 homes that went Pending which is steady and similar to the pendings at the end of 2008.
18 Homes were sold/closed in February which is slow pace when there are 361 homes on the market.
Average days on the market is up a little to 115 days.
The average price increased slightly from end 2008 of $647,483 to $677,888 but doesn't reflect so much that overall prices have increased but rather the price range of homes that have been selling..
Condominiums:
Listings for condominiums are up from end of 2008 level of 191 up to 211 for February.
Pending sales got healthy from 13 the end of 2008 to 23 for February which is bordering a balanced market of 9.17 months of Inventory.
Average price are virtually unchanged for condominiums in Issaquah from $286,997 to $285,971 and days on the market for those sold is also unchanged at 133 days.
Feel free to email me with comments or questions at james@homejames-seattle.com
ZIP Codes: 98027, 98029 Location Characteristics: Issaquah has a small town feel with its historic buildings and charming older homes and includes several new residential developments that have fit in perfectly for this area. An ideal place for families, with great schools, many mountain hiking and biking trails around, and close proximaty to business districts including easy access to Seattle.
About James Christoforou:
With 22 years experience in the tourism industry I firmly believe that Great Customer Service is of the utmost importance in the service that I provide. You will find that my experience in management & my strong negotiation skills are invaluable in representing you knowledgably, and professionally. Now enough about me...it's all about you!
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
