The state of real estate in Port Townsend and Jefferson County.
We are located on the northwest corner of the Olympic Peninsula in Washington State.
Let us look back, the first hard hit states, Florida, Michigan, Nevada and Arizona. This information comes from the National Realtor Association. I had the opportunity to attend the annual National Realtor Conventions for the past several years. The real estate crisis has proven to be a 4 year cycle across the United States. Way longer than anyone originally thought, including my self. As a matter of fact, those first states (I mention above) have started to recover and even have had slight appreciation in prices during 2011.
Now for the Northwest, Seattle, even as close as Kitsap County, have started to see multiple offers again and even some escalation clauses (addendum to beat highest offer). However, we have found our area to be 12-18 months behind King County.
Jefferson County is about 2 -2 ½ years into the 4 year cycle. It hit us much later than Seattle. At one point I thought it would miss us, it did not.
My predictions:
- Will see an increase in short sales and REO listing and sales, (Remax First has closed almost every short sale we have listed)
- Prices will continue to decrease through 2012
- Homes sales will increase in both Port Townsend and Jefferson County
- Land sales will see a slight upturn this year
- We are seeing lenders more willing to lend money
Real Estate - What's Happening 