Sigh. The national newspapers are shouting from the rooftops about how crappy terrible new construction is selling. Another sensationalism report blowing things totally out of proportion.
According to an Associated Press article quoted in my local Seattle Times, new home sales so far this year across the nation accounted for just 5% of all sales. Historically, they say, new home sales make up about 15% of all sales.
Around my Auburn, Washington area home, I can count at least 10 new construction developments just starting up. Maybe more than ten if I give it a bit more thought. The point is, around here new construction is selling. Why? Well, builders are savvy in their marketing and pricing, selling more homes than short sales during this brief snapshot.
Since January 1st, here’s the breakdown of what’s on the market or sold in Auburn, WA by type of sale. Note that new construction closed sales during these last 90 or so days were about 15% of the total — right where we should be, apparently.
What’s also interesting to note is the difference in price between bank-owned homes and all other houses on the market. Gee, do you think banks are dumping prices to get their foreclosed-on home inventory sold?
Interested in new construction? Come to Auburn, Washington. Houses are being built in our area … and selling too!