"All Things Edmonds" Blog

EDMONDS, WA -- Here's an interesting website. If you've ever wanted a web-based view of where crimes happen and what type of crimes, this website might be for you. Unfortunately, it doesn't currently include the cities of Edmonds or Shoreline but perhaps you know someone who might find this interesting.Oddly enough, it does include those high crime areas like Medina and Yarrow Point. Go figure.

You can also check crime data for other states and cities here as well.

Don't freak though. Crime happens everywhere.

EDMONDS, WA -- As of today, November 4, it looks like we are seeing some real momentum with an extension and expansion of the home buyer tax credit. First, and simply, it looks like the $8,000 first-time home buyer tax credit will get extended until some time in the spring of 2010.   What's unclear right now is how much, if any, type of tax credit will be provided for current homeowners who might want to "buy up."  Several bills have been introduced in both the House and Senate and it's still unclear as to which, if any, will win out.

One thing I have seen that I do not like: there are some versions of expansion bills that require homeowners to have lived in their homes for a minimum of 5 years to qualify for the expanded (non-first time home buyer) credit. Why cut out the others? It seems wholly unfair to me to leave out those who would like to move up but aren't afforded the opportunity to get a tax break (in this economy no less!) because they have lived in their homes for "only" 4 or 3 or 2 years. Even the homestead law allows them to take tax free capital gains on their homes if they've lived in them for just 3 of the past 5 years.

Rather than add to the confusion, you can read for yourself the myriad of news reports on the various bills and where they stand. Keep in mind what they say about laws and sausages: two things you never really want to see made.

News link updates on the home buyer tax credit:

• UPI story reporting expansion to home buyers through June 2010
• Washington Post article on $6,500 credit for existing homeowners (5+ years only)
• CNBC article questioning the tax extension
• Politico.com story on Senate Banking Chair Dodd in support of extension/expansion
• Seattle P-I report on the extension/expansion
• WSJ Q&A on the extension and expansion of the tax credit
• Bloomberg article that quotes many lawmakers

Happy reading!

Casey

Edmonds, WA -- I've heard about her story and now it looks like she's gone viral and her story has been picked up by the Seattle times. Local fundraiser Carol Schillios has been on her business' rooftop since late July trying to raise money for a number of causes, including a health clinic in Nepal.  

If you want to see for yourself, give a donation or just to ask her a few questions of your own, you can visit her at downtown Edmonds.

Shoreline, WA -- Break out the rain coats and umbrella.... Fall is officially here!  In the real estate world, that has translated into lower condo sales in Shoreline, WA. After holding steady the past 2 months, the number of closed sales of condos in Shoreline dipped to just 3 closings in October 2009.  A year ago, there were 5 condo closings. And these numbers are anemic. Back in the hay-day, numbers were much more brisk. In October 2006, for instance, we had 19 condo closings in Shoreline.

I don't expect the volume to change much for the 4th quarter of 2009. But what you might want to consider is the Days on Market (DOM) for listings the next three months. They have fluctuated quite wildly for condos this year. If you have a nice condo, it might actually make sense to list your condo now as marketing time can be as low as two months.

SHORELINE, WA -- Sale of single family homes in Shoreline,WA were down for the third consecutive month. But this isn't all bad news as we usually see a dip in production as we get into the colder, wetter fall and winter months of the year.  In fact,

32 homes sold in October of this year was better than the 27 sold a year ago.  I'm also seeing healthy numbers of homes that are going Pending and off the market, which helps determine inventory levels.

What can we look forward to over the fall and winter months?  Look for real estate sales in Shoreline to be slow but steady.  We're slowly making the turn but these months do tend to be quiet. I'll be looking for steady  - if albeit slow - activity over the next several months. It might take longer to sell in these months but I don't expect sales to dry up completely. Patience is still key.

October 2009 condo real estate sales statistics for Edmonds, WA

For October, the condo real estate market in Edmonds, WA was up. That's obviously a relative assessment but this month we saw a second month in a row of 30+ new listings on the market compared to previous months where only half as many new listings were put on market. This could show of confidence from condo owners that they are will be able to sell their homes in the condo real estate market in Edmonds, WA.

And their belief seems to be supported by the numbers too (see my chart). Pending sales for Edmonds condos nearly tripled from last month and are up by 15-fold from the last 12 months.  There were 17 completed sales this month and that number has been see-sawing back and forth but still holding steadily above 10 per month since May of this year.

To summarize:

• Condo sales in Edmonds are tracking steadily at around 15 per month;
  
• Most inventory is from the last 2 months which means that most other listings put on market prior to September that have not yet sold are Pending.
  
• New condo listings in Edmonds are also up signficantly.

Prognosis: It seems that the Edmonds condo market is picking up a bit. I'm seeing slightly stronger demand from buyers recently too. It is hard to say for sure how much is due to the first time home-buyer tax credit - which looks like it is close to being both extended and expanded - and how much is due just to buyer sentiment about a better real estate market and economy in general.  But we'll take the good news for what it is: good news.

As for average condo prices in Edmonds, both average sales price and asking price are still below year-ago levels but are up from earlier this year. They rallied the first part of the year and then fell again the past several months but are still tracking around $300,000.

Because Edmonds has such a wide variety of condos - from your modest complex in Meadowdale to the high end project at Point Edwards - I might try and run some anaysis that breaks down these differences.  Let me know if that would interest you as readers.