Realogics: “In-City Housing Demand Trends Directionally Positive”

On Friday Realogics Sotheby’s International Realty put out a press release saying it’s a good time to buy [pdf]. Well, not quite. They said that, “In-City Housing Demand Trends Directionally Positive”:

Offering further validation that the in-city housing market is improving, Realogics Sotheby’s International Realty reports a significant increase in pending sales activity at each of their condominium communities and numerous resale listings around Seattle. More than $25 million in transactions were mutually accepted at the brokerage during April – the strongest demonstration of buyer demand in two years, according to Sam Cunningham, the Broker and Partner in Realogics Sotheby’s International Realty.

“Buyers are back,” said Cunningham. “We’re witnessing a notable rise in purchase activity for all price points and product segments around the city – traffic and sales are trending upwards.”
Market pundits expected a surge at lower price points because the homebuyer tax credits expire today. “But the expansion was actually felt across the board,” said Dean Jones, President and Owner of Realogics Sotheby’s International Realty. “And we believe this is more than a seasonal spike – many homebuyers that sat on the sidelines have reconciled the market dynamics and are ready to make a move.”

They also chime in on the Case-Shiller results from Tuesday,

According to the S&P / Case-Shiller Home Price Index, the rate of decline in the Seattle Metro Area (tri-county) has reversed trajectory but remains at a new low for median home value – the lowest since March 2005 before the housing bubble inflated.

I don’t know about that, the non-seasonally adjusted numbers show Seattle still falling across all price bands, Case-Shiller Tiers: Low Tier Dropping Like a Rock. For a predominantly condo firm like RSIR we’d have talked about how the Case-Shiller index doesn’t include condos or new construction and covers a large area including King County, Snohomish County and Pierce County, which is why Urban Living doesn’t give blog about Case-Shiller.

RSIR also put out a recent release on their project status as of April 23rd [pdf].

Realogics Sotheby’s International Realty is pleased to report that sales in April have been strong with more than $7 million in project inventory sold!

Frankly, RSIR needs a blog more than Olive 8 does! Not that we want more competition…