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What’s the Market Like?

Almost all newspapers across the country referenced increases in home sales on the front page over the last few days.  However, all stories have been careful to recognize if the market has in fact hit bottom or not.

The Multiple Listing Service reports the first quarter of 2009 to have 52 sales.  The first quarter of 2010 reports 103.  Loan applications have also been reported to be on the rise in addition to a slight increase in the median price of homes in King County.  Most of the activity is of course hypothesized to come from expected increases in interest rates, and the expiration of the homebuyer tax credit.

King County house prices post year-over-year rise for first time in 2 years (article):

Tim Ellis, who edits the real-estate blog, said in an e-mail that he expects Seattle-area sales to continue to rise through May, then plateau and maybe drop in the summer and autumn after the tax credits expire.

We’re of course optimistic in that housing sales will continue, and agree with Tim that prices will continue to be flat.

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