Weekly Scorecard 2-21-11
The inventory keeps declining. This week South Bellevue saw the largest drop in inventory to under 300 homes. The other areas stayed about the same. There are some cross currents going on though. The values do not appear headed up and a look at the inventory will show that in my opinion it is degrading with newer homes in better condition making up less and less of the overall inventory. what you are seeing is a picking off of the better homes with no replacement for those homes. The foreclosures are up but those homes and condos are at the lower end of the price spectrum and need a lot of work. The better condition homes and new construction homes have worked their way through the system. Those sellers who got caught have had to dispose of their homes and the nicer homes are now owned by sellers that will need to see price increases before they bring their home to the market. This is what I am seeing on the ground as I talk to potnetial listings.
The spreadsheet is here: Weekly scorecard 2-21-11