Low interest rates, low down payment requirements, and lower adjusted prices are attracting buyers into the market. Brokers attribute much of that price decline to the fairly high ratio (estimated at 30-40 percent in many markets) of foreclosed homes and short sales that are being sold at deep discounts. The last few years, home sales haven’t sustained much momentum without government support. This year, however, the momentum is continuing to build naturally, as we would normally expect in the spring and summer months. Remember, by this time last year we had already experienced all of the benefit of the homebuyer tax credit, and sales began to wane after that credit had expired. We see an entirely different dynamic this year.
What's predicted:
It’s also obvious that the basic market forces of low supply and high demand are beginning to shift buyer or seller attitudes in many neighborhoods. That’s good news for sellers, and perhaps a cautionary message to
buyers as well.
Mason County Closed Sale Overview for May, 2011
Average sold price: $154,670
Median sold price: $138,572
Price range out of 52 sold listings:
Under $100K: 15 listings;
$100K-$200K: 22 listings;
$200K-$300K: 11 listings
$300K-$400K: 3 listings
$400K-500K: 1 listing
Above $500K: 0 listing
Below is the countywide residential sales stats in WA state:
(click on the table below for a larger image)
Compiled by PING Real Estate
(Data Source: Northwest Multiple Listing Services May 6 News Release and NWMLS online stats)
