1/5/2013
State of Real Estate 2013
This is an overview of the
Nationwide Real Estate Market
Comments from Lawrence Yun – Chief Economist for the
National Association of Realtors
- THE WORST IS OVER!!!
- Interest rates will stay low through 2015, unless we see inflation
- Consumer confidence still only fair, for the past few years this has been the case. We will not see good economic growth until consumer confidence gets better
- Housing market will improve in 2013 even if the economy does not
- Young people prefer to rent. Seattle is a big apartment growth market place
- New home construction is growing slowly
- Distressed properties will continue in the market place, “like an after Christmas sale, the best ones are gone”
- Bottom of the home sales market is clearly behind us
- Global economy:
- European market still a challenge, Germany is now in a down turn, they have been helping Italy and Greece. The fix is to get rid of the Euro, not working, this will happen within 10 years.
- Shadow inventory is falling, 2013 – 15%, 2015 – 5%
Continued on next page
Northwest overview:
- Seattle is seeing slight appreciation in prices, caused from reduced housing inventories
Jefferson County overview:
- We follow Seattle by 12 – 18 months
Still have 10+ months worth of inventory and are still seeing the median prices declining slightly in Port Townsend, up slightly in the county
- More vacant land sales hope to trigger new home construction
For questions or more information please contact:
John Eissinger
Designated Broker
Remax First
2500 W. Sims Way
Suite #201
Port Townsend, WA
360-385-6499 – office
360-301-2378 – cell
Real Estate - What's Happening 