Snohomish County builders and developers have definitely put a stop to their purchasing according to lot sales statistics for 1st Quarter 2008. An abysmal 47 lots where sold which was a 94.7% decrease from a year ago.

Ugh, that does not speak well of our real estate market. Awhile back I had a discussion with John Wahl regarding the supply of new homes become more scarce as lots continue to decline.

A plat in Lake Stevens counted the most lot sales and comprising of almost half of total sales with 21, which was also a single plat, Shirewood. But this not totally unexpected since the subprime mortgage crisis has extended into larger financial markets.

But it is not all doom and gloom. As the builders fall short of supply the resale segment will be the next main resource for homes supplies. Scarcity will drive up the demand for well maintained homes, if and only if, they are competitively priced against similar homes.

The raw stats can be see at the company blog, http://www.barnettassociates.net/snohomish-county-lot-sales-1st-quarter-2008/

2008 is starting as a year that the real estate industry will not forget, like 2007. The changes that are going to be set forth this company year, including the elections, can set the pace for the next phase of growth for America and her citizens.