One may wonder what happened to the typical slow down this time of the year brings. It is hard to know for sure but it may have something to do with the Tax Credit Extension. A home priced for $550,000 is not the typical purchase for a First-Time-Home-Buyer. However, the new extension also give a credit to Home-Buyers who have lived in their home for the last 5 years in the amount of $6,500. This may be stimulating homes priced under $800,000 in a way we haven't seen in the past.
The number of homes sold in central Seattle continued to rise in November. However, pending homes is on the decline. I expect fewer homes to sell in December and likely bottom out in January.
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