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Quote of the Day

He who stays in the valley shall never go over the hill.

Q3 2008 Market Report: Summary Charts

For complete report, contact info@solutionpartnersnw.com

Year-over-year Q3 active listings up in King and Snohomish counties. King County up 23% single-family and up 37% condo.

Year-over-year Q3 closings are down across the board with the largest drop (47%) in King County condos, followed by Pierce County condos 41%.

All counties and product types exceed the 6 month balanced inventory level. Pierce County condo has the highest level, but down from Q1 2008 level.

Year-over-year Q3 average DOM up with King County condo up 67%. Most all counties and product types leveling off Q2 to Q3 2008.

Data source: NWMLS

Charts by: Solution Partners NW Market Research Department.

Quote of the Day

Definition of Insanity: Continue doing the same thing and expect a different result!

Real Estate Markets Most Likely to Rebound

By Dorothy Pomerantz
Forbes.com
November 3rd, 2008

If you're a homeowner seeing property values plummet, look to the commercial real estate market for solace. It might tell you which areas will recover fastest--and which will likely remain weak.

The Urban Land Institute recently asked 700 real estate professionals to name the best (and worst) places to invest in commercial real estate in the coming year. Those surveyed included private developers, Realtors and Real Estate Investment Trust executives. Their answers also apply to the residential market, since the single-family-home sector typically follows the economy. As wages go up and there are more jobs, more people can buy homes, pushing prices up.

The best cities in which to invest are those that are considered gateways to international investment, have vital downtowns where people can forgo cars, and don't have a glut of condos or office space.

In Depth: Best and Worst Places for Real Estate Investors

These traits landed Seattle the No. 1 spot on the list. No city scored above a 6.15 on a scale of one to nine (one being an abysmal place to invest and nine being excellent). Seattle is "a diversified market, has a good base of business and is becoming a 24-hour city," says Stephen Blank, senior resident fellow, finance, of the Urban Land Institute. "It's going to be in a good position to come back."

Although the city is suffering from the loss of Washington Mutual and the downsizing of Starbucks, Boeing and Microsoft are still relatively strong. Apartment vacancies are low and there aren't too many new buildings going up, meaning the market won't be oversupplied. The same is true in the retail space.

For link to article, please visit http://www.bizjournals.com/seattle/stories/2009/01/05/daily19.html?ana=from_rss