What to Expect in 2010 – Prices and Sales
As we approach the end of the first quarter of 2010 it looks like market trends for this year are heading in a positive direction for both buyers and sellers. Noting quarterly sales numbers from years past indicates that while prices continue to drop, the number of sales are increasing. The chart below shows the median sales price for residential homes over the last four years. From 2006-2007 prices increased 5% and from 2007 on they have significantly gone down, dropping 6% in 2008 and 10.5% in 2009. The graph illustrates that in 2007 prices peaked and have since been decreasing.
This chart shows the fourth quarter sales for 2008 and 2009. Though PUD sales are even, both residential and condo sales have increased dramatically.
Looking at first quarter sales from 2009 shows that residential sales were at 15 and condo sales at 11. So far in 2010 we are at 14 residential sales and 9condo sales….considering we are only half way through the first quarter of this year, numbers are looking great!! If this steady flow of business continues, 2010 should follow on the trend of high sales activity and low prices.