The real estate market has improved significantly in the last few months and the graph at the left indicates that more Sellers are entering the market as things improve as shown in green on the graph. At the same time the number of pending sales and sold listings has increased over the first six months of the year. The Skagit County Market has not improved as much as the Seattle Area Market as reported in the Seattle Times in an article on July 06, 2012 written by Eric Pryne. In his article, Pryne indicated a double-digit rise in home prices. http://www.nwcn.com/home/?fId=161559375&fPath=/news/local&fDomain=10212 .
The Skagit County Real Estate Market has not seen home prices rise as in the Seattle Real Estate Market, however the trend in the number of sold listings has improved. The Skagit County Real Estate home prices will not begin to increase until the Bank Owned Properties (REO’s) and the short sales decrease. It is my opinion this we begin a downward trend towards years end as more “underwater” home owners are refinancing with government sponsored programs.
Another significant trend is the economic outlook in the Pacific Northwest with increased orders for Boeings, Amazon dot com, and Microsoft. An article by Nick Windfield in the New York times on July 8, 2012, http://www.post-gazette.com/stories/business/technology/a-northwest-pipeline-to-silicon-valley-643850/ “A Northwest Pipeline to Silicon Valley” stated, “SOME budding entrepreneurs and computer whizzes based here in the Pacific Northwest are starting to turn heads down in Silicon Valley. They are professors and students at the University of Washington, home to what may be the best computer science department you’ve never heard of… And while Seattle-area tech icons like Microsoft and Amazon have long relied on U.W. as an incubator of talent and ideas, the Valley’s hottest companies have been getting the message, too. Their executives have begun streaming up the coast to Seattle, fueled by a talent arms race for programmers. Facebook, Zynga and Google have opened offices in the area, trying to woo U.W. engineers who’d rather live here, where taxes and home prices are lower. Read more: http://www.post-gazette.com/stories/business/technology/a-northwest-pipeline-to-silicon-valley-643850/#ixzz203rbyKxr .
The overall trend is improving in the Skagit County Real Estate Market. I will provide information on specific real estate market results for Anacortes, Burlington, and Mount Vernon in Future postings on this site in the category “How is the real estate market trending” and tagged as “How is the real estate market?”