New Construction Sales

There was an informative article in the Skagit Valley Herald this weekend about the new construction boom having gone bust, read it here. Just to give you some Anacortes specific insight I pulled some info from the North West Multiple Listing Service which gives me accurate information on Realtor represented properties, but will lack for sale by owner properties.

Through September of 2008 we have sold 10 new constuction single family homes in Anacortes. There are currently 40 new construction homes on the market giving us a 40 month supply of homes based on closed sales. The average asking price at the end of September was $588,000.00 with the average sale being 4% less than current asking price and 8% less than original asking price. The average total days on market was at 402 days, which can be a bit skewed with new construction as some builders start to market their home before the foundation is in.

What does this mean? Probably means it’s a great time to get a good deal on a new home. Builders need to clear inventory and should be willing to negotiate and throw in extra incentives. We have a couple of builders who will buy down already low interest rates to make these homes more affordable or they may carry back 10-20% as a second to help with that down payment. Give your Windermere agent a call and see if there is a new home that might work for you.