Thursday, June 4, 2009

Seasonal trends point to bottom in Vancouver market...just like last year

Julia Anderson keeps trying to talk the market higher.

From the Columbian:

After what one local real estate broker called a “gruesome” winter, pending sales of existing homes in Clark County are improving as low interest rates and incentives spur buyer confidence.

Pending sales in the county grew 17.4 percent in April, well ahead of the 6.7 percent national increase for the same month that was reported Tuesday by the National Association of Realtors.

“Our office is up about 50 percent from the first two months of the year,” said Gene Thompson, owner-broker of Equity Northwest Properties in Vancouver. “We saw a sharp jump in March, with April consistent with that for pending sales.”

The health of the U.S. housing market, mired in a three-year slump, is one of the key issues facing the economy. Though sales may be recovering, analysts cautioned that prices will take longer to stabilize because of the glut of unsold properties for sale. Prices are unlikely to rise until foreclosures start declining, and that’s unlikely to happen before the end of next year.

In Clark County, the median sales price in April was $218,250, down from $249,764 in April 2008.