July NWMLS Market Info
The Seattle area, despite our record hot temperatures, seems to be cooling on the housing front. Within Seattle, inventory continues to go up resulting in a 20% increase over the previous year. Additionally, Seattle saw a 12.11% decrease in pendings and a 15.55% decrease in closed sales compared to July 2005. Even with these stats, however, there are still instances of multiple offers.
Though on a positive note prices continue to rise with a 14.6% increase in median sale price from a year ago. While that appreciation may be great for current homeowners, it continues to put homeownership further out of reach for those who currently rent, especially in the first-time buyer price ranges. Within King County only 7% of the single family homes available in July were under $300,000, while 15% were over $1 million.
For the complete July Market Update, please visit the NWMLS’ public website at www.NWRealestate.com.
You have forgotten that Closed Sales price is a lagging indicator reflecting events from 3-5 months ago. I’ve just done a series of post on technical analysis of the numbers released from NWMLS and if you have a house for sale and recieve a low offer, I would suggest you accept it. You will probably be better off than hoping for another offer that is higher.
The average time on market (another lagging indicator) divided into inventory gives an “expected months time on the market” and that is moving up very fast. In short, offers (for houses not priced to sell in the first week) will become rarer.
Check the charts at
http://real-estate-mathematics.blogspot.com/
The trends are clear and there… the news is a definite cool fall.
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