September 2008 Month-End Statistics: King Co., Snohomish Co. and Puget Sound Numbers
Statistics from September are beginning to pour out from the local listing service and other sources. There have also been a number of local journalists reporting on the King County market. Generally, the industry spin is quasi-positive in that we saw a 4.18% increase over last September (2295 in 2008 vs 2203 in 2007). I believe the absorption rates tell the real story. Below you will find absorption rate charts for King Co., Snohomish Co., and the whole Puget Sound. Just click on the charts to see the full charts:
KING COUNTY
SNOHOMISH COUNTY
PUGET SOUND
It’s apparent that sales have been flat for many months now. We did see a slight drop in inventory; however, the absorption rates have been hovering around 15% in King Co. and 11% in Snohomish County. The four-county, Puget Sound numbers are also around 11%.
My real estate instincts tell me that we won’t see much of an upward trend in the housing market until next near. The bailout legislation is going to take a while to show results (if any) and the election has been consuming the public. I’ve been speaking with a lot of home owners these days who are worried about the value of their homes. My professional real estate agent advice right now is to to stay put unless you must move. I’ve always told my clients not to think of their home as an investment. One must take a long-term perspective: enjoy your home, raise your children there, make it a place of your own.
