I often criticize the local media for their far from accurate view of the real estate market so I figured I should give credit when they get a story right.
From the Register Guard:
This May, it would take 8.1 months to clear the inventory at the current rate of sales. Last May, the number was 8.6 months, according to the monthly Regional Multiple Listing Service report.
The numbers are way down from January, when the inventory of unsold homes would have taken 20.6 months to clear at the rate homes were selling.
But real estate professionals say the long-awaited decline in inventory is not a sign of imminent recovery of the local housing market. “I’m not optimistic that it will shift much from what we’re seeing now,” said Marcia Edwards, vice president of the Prudential Real Estate Professionals.
The article contains several realistic quotes from Realtors. I have no clue how Diane got them to be realistic but it is a nice change.
Once again The Columbian's summary for Vancouver wins the award for best spin and lowest integrity.
Bargain-hungry home buyers have started to step back into the Clark County real estate market, according to a report issued Monday.
Experts say the renewed interest in Clark County home-buying is being spurred by a host of factors, including an overall 14 percent drop in median selling price. In May, the RMLS reported the median price — half sold for more, half for less — was $215,000, down from $250,000 the same month last year.
"There are some pretty good buys at the lower-end," said Scott Mikel, a broker and owner of Scott Mikel & Associates in Vancouver.
Mikel believes the May increase in pending home sales will translate into an increase in closed home sales by August.
The 'overall price drop' listed in the article is wrong. That is the year-over-year price drop. The overall price drop is 20%.