New Construction Numbers in Kenmore, WA - Resale Is Doing Much Better
It should be no surprise that new homes (those built in 2008) have not been selling at the brisk pace of several years ago. Far from it. Since January 1, 2008, twenty-five (25) newly constructed homes have sold in Kenmore. Resale has been doing much better at 101 sales. 50% of these homes sold for under $500,000. All of the new homes sold for over $500,000. I believe that the current market trumoil is taking its toll on home sales in general; however, I also think that new construction is facing some tough competitioin from the resale market. There are almost 2-times as many resale properties on the market right now. They are selling for about 8% less than original list price which means those sellers are being more flexible in their negotiations.
Overall, sales of new homes has been lethargic. Please turn your attention to the charts below:
As the turmoil in Wall Street unfolds and we move into the 4th quarter and Presidential elections, I wonder how the real estate market will fair? Properties are selling in Kenmore in the face of some fairly scary economic times, so it’s not the end of the world…yet. The important thing to recognize is that you should do your homework before jumping into (or out of) the real estate market.
