So, what's been going on in the Duvall residential market this week? Despite being focussed on the commercial space, I like to keep up with what is going on around town. Now that Kathi and I are working at Cherry Hill Vista, one of the local developments on the weekends, its even more important.
I thought I'd share some info and my thoughts... just in case you are interested. :-)
So, what's been going on this week?
If anything, I would say this past week has looked good. Possibly surprising is the lack of price reductions this week. No one has dropped their prices, despite the layoffs at Microsoft and Boeing. Well, except for some new construction that just changed agents (see below)
There are quite a few new listings. A few caught my eye... a couple in the $700K range with acreage and large homes, and a possible bargain... an REO in the lower $300K range that might make a good investment or even a first home. It even has almost 5 acres. I'll have to tell some of my investor clients about that one.
There also seems to be some stuff shaking in the new construction market. I noticed that one builder changed agents/company listing their homes. With that came some price reductions as the properties got relisted.
I also noticed that ALL the listings one of the most expensive developments in the area are cancelled. Not sure what is up there... might be changing agents or maybe not. I expect they'll pop back on the MLS in the next couple of days.
As for properties getting sold... well there is good news there. Several properties went under contract this week, including another one of our Cherry Hill Vista homes. No closings, though.
And, nothing really expired (the only one I saw looked to be related to the agent/company change mentioned previously.
So, either the market is holding steady in Duvall, or we can expect to see a bunch of changes tomorrow since today is the last day of the month which may mean a lot of listings are about to expire.
What do I think is going to happen? I've been confident that there would be a delay in the typical post-New Year increase in activity, due to MS and Boeing announcements. I think that is still true (I know it sure stopped some of our residential buyers in their tracks.) But, as folks get a better feel for the affect on them, I'm expecting things to pick back up again. So far, we still have relatively few foreclosures on our market. And a relatively low number of short sales. So prices should stay fairly steady for the short term... mainly because of recent drops by the builders of new developments.
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