City of Seattle
Image via Wikipedia

Although median sales prices are still below the previous year’s levels, home sales have picked up significantly over the past few months, offering real estate experts with optimistic views of the futures.  The economic recession of 2008 has caused major problems for Seattle real estate, especially the commercial real estate market, which hasn’t shown as promising signs as the residential real estate market.  The luxury home market is still basically at a standstill, and foreclosure rates are still rising.  Although many experts can see the light at the end of the tunnel, it is unclear as to how long it will take for the Seattle real estate market to get there and begin its recovery.

According to DQNews.com, the Seattle region posted a slight dip in home sales between the months of October and November, but the current levels are still well above that of the same period during the previous year.  During the month of November, a total of 3,967 new and resale houses and condos were sold in the Seattle area, which was a slight 5.9 percent slip from that of the previous month, but a 84.2 percent increase from that of November of 2008.  Realtors aren’t worried about the slight slip in home sales, though, because historical data trends have shown the decline in home sales to be normal.  In November, Seattle also posted a 2.5 percent decline in median sales price between November and October from $295,000 to $287,550.  The median sales price is still about 3.9 percent below that of the previous year during the same period.  Realtors have also reported that luxury home sales have also come to a near standstill, with only about 2 percent of all home sales being those valued at over $1 million.

The Seattle Times has also reported that the commercial real estate in Seattle continues to struggle and is expected to perform similarly to that of 2009, showing very little declines or improvements.  Seattle continues to suffer from high vacancy rates for both office and industrial properties with an oversupply of rentals, and real estate experts have noted that numerous development projects started several years ago during the real estate boom are expected to be done this year, increasing the vacancy rates.  Many landlords are bracing themselves for a rough year and are ready to take extra measure to keep the tenants that they still have.

Reblog this post [with Zemanta]