Good News for Mason Real Estate

A morsel of good news for Mason County; Real Estate prices have actually increased in the 4^th Quarter of 2008 over the third quarter of 2008!

 

Regionally prices have declined by an average of 13.2% over the past 12 months. Lewis County was the only county in the region that saw value increases over the same period in 2007. Prices did increase in Lewis county, even if was just a slight 0.7%. It is still Good News!

 

Regional transactions totaled 51,514 in 2008 which was 34% lower than in 2007. What is really interesting is that the percentage decrease of the 4^th quarter was very similar to 3^rd quarter. Could this be a sign of stability?

 

Another statistic pointing to more positive real estate news is that inventory levels of single-family homes on the market are beginning to decline in many of the surrounding counties. Even though Inventory Levels are still a bit elevated it is hopeful that this trend of declining inventory may continue into the spring.

 

Mason County was not the only county to see prices actually increase – Skagit, Thurston, San Juan and Clallam all had slightly higher prices over the third quarter of 2008!

 

Mason County’s closed sales of existing single-family and Condominiums numbered 646 for the year- to-date Dec. 08 compared to 919 year-to-date Dec. 2007. The Year-to-Date percentage change in closed sales for Mason County was -30%.

 

Mason County’s Median Home Price of $191,298 had a home price escalation in 4^th quarter 2008 of 3.4%. Home Price Escalation for 1 year was -14.0%, 2 year is -13%. It is the 5 year price escalation that pleases me, a positive 66.0%!

 

This weeks report is encouraging. If you have been watching the market for some time as we Realtors do, you might come to the conclusion that this is a great time to buy! Interest rates are at an all time low, there is a huge amount of inventory available and if you’re a renter or a first time homebuyer there are programs that allow for flexibility on issues such as down payment assistance.

 

Don’t let the Doom and Gloom in the national media estrange you, there are Realtors around the County that are ready to match clients to communities and priorities to properties

 

 

Please visit my Blogs at http://therealstateofrealestate.com or  http://surferdude.activerain.com. Also visit the LOCALISM Channel at: http://localism.com/wa/counties/mason_county.

 

Follow responses to this entry through the RSS 2.0 feed. Leave a response, or trackback from your own site.