Seattle Metro Area

Seattle June 2009 Resale Data Available!

Our June 2009 Seattle Metro Area Market Stats Report is ready for viewing!

 

We go directly to the county database when we gather our statistics. This way, we can account for every transfer of ownership rather than just those listed via the local multiple listing service. Our Talon Market Stats report uses the following criteria for reflecting monthly sales:

• Current use code of single family homes. (look for a condo sales report in the near future!)
• The sales price is greater than 35% of the assessed value. (eliminates quit claims with no monetary consideration and other like transfers)
• Sale dates are recorded and reported by the county within the reports time-frame.

For more detailed information, please contact our friendly Property Information department. 

Seattle Metro Area May 2009 Home Sale Statistics are Available!

Our May 2009 Seattle Metro Area Market Stats Report is ready for viewing!

 

We go directly to the county database when we gather our statistics. This way, we can account for every transfer of ownership rather than just those listed via the local multiple listing service. Our Talon Market Stats report uses the following criteria for reflecting monthly sales:

• Current use code of single family homes. (look for a condo sales report in the near future!)
• The sales price is greater than 35% of the assessed value. (eliminates quit claims with no monetary consideration and other like transfers)
• Sale dates are recorded and reported by the county within the reports time-frame.

For more detailed information, please contact our friendly Property Information department. 

Seattle holds strong....despite presence of foreclosures and REO sales

A recent study conducted by LPS (Lender Processing Services, Inc.) reveals further evidence that the downturn America is experiencing in the housing market is regional.  LPS compared some of the top housing markets and their year over year change in sales prices while including and excluding REO sales.  Phoenix and California were a few of those which topped the list for the highest percentage of home price declines but the following was discovered about our market:

LPS reported that the gap between home prices with and without REO sales was smallest in Seattle, New York, and Cambridge, Massachusetts. The company says this is further evidence that the current downturn in the housing market is regional.

Despite our current economic downturn and the housing bubble bursting nationwide, Seattle is still one of the most coveted housing markets in the country and that is a good thing for all of us in this industry to keep in mind. 

 

Photo Courtesy of papalars

March 2009 Home Sales Statistics for Seattle Metro Area

Our March 2009 Seattle Metro Area Market Stats Report is ready for viewing!

 

We go directly to the county database when we gather our statistics. This way, we can account for every transfer of ownership rather than just those listed via the local multiple listing service. Our Talon Market Stats report uses the following criteria for reflecting monthly sales:

• Current use code of single family homes. (look for a condo sales report in the near future!)
• The sales price is greater than 35% of the assessed value. (eliminates quit claims with no monetary consideration and other like transfers)
• Sale dates are recorded and reported by the county within the reports time-frame.

For more detailed information, please contact our friendly Property Information department. 

February 2009 Seattle Neighborhood Statistics

Our February 2009 Seattle Metro Area Market Stats Report is ready for viewing!

 

We go directly to the county database when we gather our statistics. This way, we can account for every transfer of ownership rather than just those listed via the local multiple listing service. Our Talon Market Stats report uses the following criteria for reflecting monthly sales:

• Current use code of single family homes. (look for a condo sales report in the near future!)
• The sales price is greater than 35% of the assessed value. (eliminates quit claims with no monetary consideration and other like transfers)
• Sale dates are recorded and reported by the county within the reports time-frame.

For more detailed information, please contact our friendly Property Information department. 

House Prices Put Mortgages in Reach

An article published in the Seattle PI this weekend commented that the Nationwide home prices have fallen far enough, when combined with current low mortgage interest rates, to get payments back in line with wages, the chief economist for the National Association of Realtors said Friday in Bellevue.

"We believe that the home prices have already fallen to what could be justifiable," economist Lawrence Yun said, noting that mortgage payments for a typical household buying a typical house last year were back to 1998 levels, as a percentage of income.

With the economy being in a recession and the housing prices being subject to fall more, some people are waiting and some people are jumping off the fence. A couple of things that may encourage fence-sitters to purchase are the stimulus measure's $8,000 first-time buyer tax credit and a return to last year's higher limits on loans from $506,000 to $567,500 in the Seattle area.

So what does all this mean to us locally?  According to a report done by the Talon Group, the median Seattle household income was $54,976 for 2008.  The average household income was at $80,515.  The average sales price for a single family residence in the city of Seattle was $560,920, which was down 3% from the 2007 average sales price of $579,977.

Different areas have different resale values, so please check out the Seattle Neighborhood Report (or any area you are interested in) for current resale data.  Please contact our customer service department  for demographics in your area as well.

January 2009 Stats for Seattle Metro Area!

Our January 2009 Seattle Metro Area Market Stats Report is ready for viewing!

 

We go directly to the county database when we gather our statistics. This way, we can account for every transfer of ownership rather than just those listed via the local multiple listing service. Our Talon Market Stats report uses the following criteria for reflecting monthly sales:

• Current use code of single family homes. (look for a condo sales report in the near future!)
• The sales price is greater than 35% of the assessed value. (eliminates quit claims with no monetary consideration and other like tranfers)
• Sale dates are recorded and reported by the county within the reports timeframe.

For more detailed information, please contact our friendly Property Information department. 

Where's the bailout for taxpayers?

CNN Money has a few great articles relating to the bailout, and answers some of the most pertinent questions surrounding what is going on.  For example, Miranda Marquit of Logan Utah asks "If we just gave all the bailout money to taxpayers, how much would we each get?"  The answer is $9,718.49 per U.S. taxpayer.

Colleen Hargis, a computer instructor from Springfield Mo, also asks why they don't give taxpayers the money to stimulate the economy?  That $9,718.49 would look very nice in all of our bank accounts, but wouldn't necessarily give the economy the jump start it needs.  According to Lakshman Achuthan from the Economic Cycle Research Institute, "there's a good chance I'm going to save it...Our economy is based on people spending money.  So people saving money doesn't help."

Please visit CNNMoney.com to view all of the related articles and get your questions answered from industry experts.  It's a very interesting read and will give you insight into what is going on in our world today.

Photo courtesy of pfala

Spotlight on Talon Employees: Erik Eide!

Erik joined The Talon Group October 20th, 2008 as an Account Manager.  Erik's 10 years of experience as a Realtor make him uniquely qualified to enter this portion of the business.  He will primarily be calling on accounts in downtown Seattle. 

As an Account Manager, Erik's goal is to contribute to his clients overall success and be receptive to changes in the market that support that endeavor.  His approach is to understand the needs of his clients and the find create ways to fill those needs. 

Please feel free to contact Erik directly - he is looking forward to hearing from you! 

Contrary to the buzz it's not as bad as the Great Depression

In the wake of the inauguration speech Tuesday January 20th, where Barack Obama is quoted as saying "every so often the oath is taken amidst gathering clouds and raging storms", some are feeling as if this may be the next "great depression".  Talking heads and beat writers are now commonly comparing 2008 with the great depression, and the emotions attached to the current status of the economy are strong.  But where do we really stand in comparison?

The Washington Times has recently compared the two eras in several key economic qualifiers, with some surprising results.  For example:  Gross Domestic Product was -13% in 1932, and -32.3% between 1930-1933.  The GDP in 2008 was +1.2%.  Another interesting stat is bank failures.  Between 1929-1932, there was a total of 10,763 bank failures.  2008 we only had 25.  Not too shabby considering.

Our economy is in a rough patch, but "our capacity remains undiminished [and] our goods and services are no less needed than they were last week or last month or last year".  What this means for the future is anyones guess, but a little perspective doesn't hurt.  We've been in worse situations before, and have always come out ahead.