Is the Sequim real estate market now at a bottom? This is the ultimate question. Sequim is largely dependent upon markets in California, Arizona, Oregon, and Texas believe it or not. Are these markets and the national market showing signs of bottoming out?
If anyone needs hard evidence that the real estate market cycle is flattening out and turning around, check out the latest pending home sales index numbers.
On a national basis, the index jumped by 5.3 percent last month. But more importantly, it rose in every region of the country, suggesting that the turnaround underway is broad-based — even if it’s likely to proceed slowly and modestly in the months immediately ahead.
The index — which measures signed sale contracts that haven’t yet gone to closing — is a leading indicator of home sales for the coming two to three months. You can bet on solid increases in sales in the South, where the index was up by 9.3 percent, and in the West, up by 4.6 percent. Pending sales in the Northeast states were up by 3.4 percent and in the Midwest by 1.3 percent.
[Source: Realty Times]
These are good signs. Whether we are at the precise bottom or not, this is still a very good time for buyers to take advantage of low prices and the power they have to negotiate a great price. In my opinion, prices will not go lower, or they will not go significantly lower in Sequim. But when they do start to rise again, when the pent-up demand kicks in, prices will bounce upward, and any buyers hoping for a super price will be sadly disappointed.
Last Updated on August 19, 2008 by Chuck Marunde
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