In the aftermath of the real estates market collapse last year that was caused by unscrupulous banking practices, Seattle Washington real estate seemed to have survived the financial storm relatively intact. However the experts and analysts have stopped short of calling the coast clear, there may still be unpleasant surprises waiting to ambush the investors of Seattle real estate.
In term of housing market price, the Seattle Washington real estate is performing outstandingly well. According to Trulia.com, the median price of Seattle Washington real estate only dropped 10% in 2008, in contrast to Los Angeles’36% and Chicago’s 21%. Furthermore compared to the median price of five years ago, the median price in Seattle Washington real estate actually rose 29%. But the analysts are still agnostic about whether Seattle Washington real estate can hold the line until the economic recovery.
The reason why analysts are stopping short at pronouncing the sanguineness of Seattle Washington real estate out right is because while the median price show a “soft-landing”, the picture is not all bed of roses. The number of sales for 2009 showed a sharp decline in the first three month while both the number of listings and average listing price in Seattle Washington real estate rose slightly. What worries most people is that the decline in sales compounded with increases in listing would cause a collapse in the housing market prices, but that has not occurred yet. One can only speculate why the law of supply and demand has not set in regarding Seattle real estate market. The common sense tells us that after the subprime loan collapse, banks are reluctant to lend out money, thus caused fewer number in sales. Also, the fact that the listing prices did not drop tells us that there are fewer foreclosures in Seattle Washington real estate market than places like Los Angeles.
On a positive note the statistics provided by First exclusive on Seattle Washington real estate market does show slight sign of recovery in March, also there are positive predictions coming from the financial sector that the recession might end in 2009. In short, nobody knows in the aftermath of the mortgage crisis and stimulate packages, which direction the Seattle Washington real estate market is likely to go, most analysts still prefer to adopt a wait and see attitude and caution investors to do the same.
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