12/22/2023 0 Comments Low home inventory in pnw![]() ![]() "Inventory is staying between 1.7 and 2.3 months and median sales prices are stabilizing. "The most recent data certainly appears to bolster the idea of a ‘new normal,’ as we see the same trends continuing,” Grady said. ![]() It's gotten so tight that Mike Grady, president and COO of Coldwell Banker Bain, says it's worth reconsidering how we frame the local market. ![]() By NWMLS's count, the last time supply of home and condos exceeded three months was February 2015, with a little more than 3.5 months of supply. Four-to-six months of supply is generally seen to be a healthy market according to analysts. The numbers back up this idea: across the 23 counties of the NWMLS there was just 1.73 months of supply overall. "People are moving here, home prices will continue to increase, inventory shortages will occur. The market has settled into a circadian rhythm of sorts. " drive some buyers crazy as they keep expecting to gain the upper hand,” Beeson said, adding, “It’s not going to happen any time soon. New listings also fell year-to-year and month-to-month in October.Īnd according to Dick Beeson, principal managing broker at RE/MAX Northwest in Gig Harbor and member of the NWMLS board of directors, this is part of what some refer to as the "new normal" for Washington real estate. While it's not unusual for the summer rush of "peak real estate" season to slow down a bit in the fall, October 2019 marks a a 10% drop from September, and a 21% drop from the same time last year. According to the most recent Northwest Multiple Listing Service, the active listings of homes (both single-family houses and condos) during the month of October totaled 14,379 - the lowest level since April. October is usually a slower season for Northwest real estate, and 2019 is no exception. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |