2008 Market Update --- First Quarter Results

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Though it's much too early to draw any conclusions
about 2008, in the 1st quarter there was a
general retreat towards 2006 prices around the Puget Sound.

Three exceptions:
-Seattle condos which continued to appreciate by 2%
-West Seattle &  Burien, which held close to their 2007 values.                                          The Queen Anne neighborhood experienced a relatively insignificant drop as well.

I know personally of examples in West Seattle where sellers ended up accepting sales amounts below 2006 values, yet the median price is nearly unchanged.

Anecdotally, there were multiple offers on a million-dollar-plus fixer in West Seattle that came on the market last week. Meanwhile there is another property in the Admiral district listed for much less & available for over a year, tucked away with top-of-the-world sound and mountain views, that with a bit of creative thinking (and doing) could be really great.                                                                                                                               In a normal market that's the way we roll in West Seattle.

A plethora of inventory remains.  Rates are hovering in the high fives with the conventional wisdom being that it's all up from here. As if anyone really knew.

Time will tell.

Date: Thursday, May, 1st 2008 @ 12:53:21 PM
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