Dear Friends and Clients,
Last year I started this letter as “Well, what can one say about the real estate market that is new?” This year as I reflect I can say that there is a lot that is new.
Interest rates are lower than ever. 30 year fixed rates can be found at 3.84%. 2010 ended with a 6 month supply of homes. This year there is a shortage of homes on the market with only a 2-3 month supply. And the homes that win the beauty contest are now commanding multiple offers. For the first time in 5 years there are more homes selling than are being put on the market.
North Seattle continues to be a very active market. Condos and townhouses have been hit the hardest, but in desirable areas and in buildings like the Cosmopolitan downtown even those are selling quickly. There are still deals out there as there are still short sales and foreclosures, but last month in North Seattle they only accounted for 6% of the listings.
Another big change this year is the demand in the rental market. Rental prices have climbed by 7% this year and are expected to continue to climb. It’s a great time to own rental property.
And so business continues to march on and we are expanding by moving into property management along with real estate sales. I have a couple of agents experienced in property management who are ready and excited to be offering property management through Quorum - Laurelhurst.
To quote Helen Senseney in our office – “Onward & Upward” I hope you and your loved ones are well and are looking forward to a healthy, happy and productive 2012.