Weekly Scorecard 1-4-10

By George Thurtle

Here is the first report of the new year and new decade. On the surface it looks like a big drop in inventory but I would say it is not what it appears to be.¬† A lot of listings are set to expire year end; I know I had six; so it is hard to make any trend of the inventory number. A more accurate trend will probably not appear until the end of January as these homes get relisted. The big news which the spreadsheet does not show is the ramping up of new construction sales that are not forclosures. In MLS Area 500 4 of the 5 pe ndings were new construction. While there was pressure on the pricing these were not bank homes or short sales. Camwest had homes sell in both South Bellevue, West Bellevue and East Bellevue. Eric Campbell at Camwest has always done infill and been very price sensitive and I think he is going to have a good spring sales season if interest rates remain stable. In West Bellevue the numbers look low for the prices but that is because half of the sales were for tear downs. It appears with the depletion of the new construction inventory thatthe ¬†building cycle is starting again. In the upper end no one is going to build speculative homes so it is presale or custom homes if the buyer wants a new home. Don’t expect to go out in the market anymore and find nuch suitable with the new construction inventory most of it is left overs.

 

The spreadsheet link is here: Weekly scorecard 1-4-10

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