Lots of news on the home front. Yesterday, Case Shiller came out with yet another decrease in their pricing index… that’s three months in a row. Remember, Case Shiller has a 60 day lag. Annualized the last three months reported has us (Seattle) down 13.4%. Year over year we are still up 8.4%.
Regardless of how you manipulate the numbers, we are trending down. Is it seasonal? Not really. July, August and September index numbers are hardly end of year numbers. Bainbridge median prices have been somewhat stable, but our sample size is too small to make a case for us being different.
The Seattle Times reported on the numbers and they did not sugar coat their comments, see below. In 90 days, we have gone from the fastest price appreciation market in the country (year over year) to the fastest price depreciation market (90 days). Again, it’s all in the numbers.
Here comes the $64,000 question… when a client asks you, should I wait until Spring to list my home? We know that historically more homes are listed in the Spring. More homes sell in the Spring, but where will prices be?
If you own stocks, you know that in the last 90 days we have experienced a “correction”. According to Case Shiller, we have also experienced a “correction” in home prices in the greater Seattle area in the last 90 days.