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We keep thinking the real estate market is getting better, and it is, until you start comparing the facts to past years. According to the Seattle Times buyers spent 8.9 billion dollars on houses and condos in King County last year. That’s good, that’s a lot of money, until you see that in 2005 we spent 17.1 billion. That’s right, almost 90% more money was spent 5 years ago.
The prices of homes were about the same in 2010 as they were in 2005 but the difference is fewer homes sold last year. In 2005 roughly 42,000 homes/condos were sold. 2010 saw only 21,000.
Honestly though, it is getting better. We had a HUGE real estate boom that we are comparing ourselves to instead of looking at the bigger picture. Value goes up and down, it’s all about selling high and buying low. The tricky part is the timing of it all.
Seattle Rattle Blog 