I alluded last month to the fact that in April, 30 percent of home sales in Mukilteo were short sale or bank-owned transactions. These sales are being seen not just in the lower price ranges but in those where one might not typically expect to see them. Recently, when comparing homes of a certain type, I noticed an interesting pattern. Priced at the lower end were bank owned and short sale properties. At the higher end were some extremely nice homes that sell for significantly more. There wasn't much in between.

I thought about quoting the Doors song, “The End” as my intro for this column, since I think many industry observers and participants may have concerns about what will happen to the real estate market now that the April 30 qualifying deadline for the Home Buyer Tax Credit has ended.

Certainly we’ve all read the headlines regarding the national real estate market. We’ve also all heard the old saw that “all real estate is local.” The purpose of this column is to help Mukilteans understand what those headlines mean for us here in Mukilteo. This column will analyze the local data to illustrate what is really happening in our market.

By now, most readers are familiar with the First Time Homebuyer’s Credit that was available in 2009. This credit was extended back in November to make an $8,000 tax credit available through April to those who have not owned a home in the last three years.