October 2009 Absorption Rates: Puget Sound, King and Snohomish Counties
Inventories Down, Absorption Rate Up….Somewhat
As we approach the end of 2009, it seems as if we have been experiencing a sort of “mid-20%” absorption rate trend (a lot better than last year’s numbers). As you look over these charts you’ll notice that we are finally seeing a significant inventory reduction over the past several years which has helped with the absorption percentage.
PUGET SOUND ABSORPTION RATE
Click on the graph for a larger view
Click on the graph for a larger view
The overall absorption rate for Puget Sound remains low at around 17%. Even though this graph represents close to 20 counties, one should remain skeptical about the “recovery” rhetoric coming out of many economists and real estate observers. Even with low interest rates, falling inventories and the tax incentives available in this market, we are seeing only modest sales increases.
KING COUNTY ABSORPTION RATE
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Click on the graph for a larger view
If you’re trying to sell a home in King County, your chances are better than they’ve been in several years. This is some good news.
SNOHOMISH COUNTY ABSORPTION RATE
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Click on the graph for a larger view
And Snohomish County has seen steady home sales for several months now.
Charts courtesy of Alan Pope and Associates (Appraisers)
