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Home sales still light here |
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By Jean Groesbeck
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August 14, 2008 |
Anacortes real estate sales continue to be soft. Sales through the first seven months of this year reflect a soft real estate market, but we are doing much better than the most of the rest of the country.
In Anacortes, the number of homes sold are down 26.1% year to date but the median sales price is only down 4.9%. The lowest sale price was actually up 11%. Median home price was $366,000 in July. Average home price was $413,330 in the same month.
The number of sales dropped from 207 in July of last year to 153 in July of this year.
What is hurting sales in our area? There are 2 main reasons: the first is the tightening of money and more stringent lending criteria. The types of loan available are reducing and the criteria to qualify are becoming more difficult.
For higher end homes we find that we have a lot of buyers that want to buy, but they cant get their home sold and in this market buyers do not want to risk owing 2 homes.
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