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This could be great news.  This could be horrible news.  Either way you see it, the Seattle housing market is taking a downward slope.  According to an article which appeared this weekend in the Seattle PI, the housing market just keeps showing price cut after price cut, and it doesn’t look like it’s leveled out. 

The market is overstocked with developers realizing that units just have to be sold, whatever the cost.  According to Seattle economist Matt Gardener says that “declines in standing inventory” are what every builder wants to see.

The article relates that a buyer purchased a house last month for 350K, which was on the market for 510K in Sept. 2006.  Although price drops likes these tend to annoy and aggravate buyers who purchased in the same area before the prices were reduced even further, it seems everyone who is buying earlier is upset because “the next guy” got a similar home for a yet lower price.  To deter some of this early-buyer annoyance, some builders are using other incentives than simple price cuts and are utilizing things like buyer bonuses and upgrades to entice people to buy.

Gardner is quoted as predicting ”prices will fall by 5 percent this year in the Seattle area,” and this particular article ends with a tidbit of advice from Vincent Healy, the owner of Seattle’s Clearpoint Appraisal.  Healy says to buyers seeking homes on the market today:

“It’s a good time to shop carefully.”

Read the full PI article.

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