This week feels a bit like watching a ping pong match in in the real estate market. On the tails of strong seller sentiment last week we find buyers more in the driver’s seat this week with more new listings on the market and fewer pending sales. A little more of this kind of balance does a market good!
Father’s Day is about more than a dinner, it’s about commemorating the “fathers” in our lives, for all they’ve done for us!
KIRKLAND, Washington (June 6, 2017) – Would-be buyers who have been shut out of the real estate market should test the “real estate waters” during the summer months suggests one industry leader.
“Summer might provide some competitive relief for weary buyers,” said Gary O’Leyar, owner of Berkshire Hathaway HomeServices Signature Properties, pointing to some of the newly-released statistics from Northwest Multiple Listing Service as indicators.
Noting that the trend of multiple offers is still prevalent in the Seattle market, O’Leyar stressed that’s not always the case in areas outside the immediate Seattle area. In fact, he added, the market may “cool off” a bit during summer months as weary buyers find vacations and recreational pursuits more alluring than being in competitive bidding situations.
While Memorial Day weekend unofficially ushers in summer, this holiday weekend promises to deliver in our region. We’re supposed to see the sun – warm, sunny sunshine! So while you are stockpiling Vitamin D via our much-missed sunny weather, it might be nice to have a treat that always tastes a little better when the weather is warm – an ice cream cone.
Sellers had the upper hand this week with fewer new listings on the market and pending sales depleting much of the existing inventory. This was especially so in Ballard and North Seattle. Several Eastside neighborhoods showed some balance in the $1.5 million range but were otherwise right in tune with Seattle. Expect many new listings to come to market in the two weeks following Memorial Day weekend.
Pending sales ruled the roost this week as buyers enjoyed the many new listings on the market. Some price points stagnated but all-around a very good week for both buyers and sellers.
Market activity was solid this week as buyers had many new listings to choose from. The result was a marked increase in pending sales in this peak market week.
Mother’s Day is just around the corner! What do you have planned for the “mommy” in your life?
This week’s activity cooled somewhat compared to last week’s marathon. The market is still active to be sure, but more buyers are taking their time to check out their options. Our 1.75 days of gorgeous weather possibly played a role…
“The real estate market is going absolutely gangbusters,” remarked OB Jacobi, president of Windermere Real Estate. “The remarkably low number of homes for sale can be blamed for the drop in sales,” he emphasized, adding, “The uptick in interest rates at the end of last year has clearly done nothing to slow things down.”
Inventory fell nearly 25 percent from the volume of active listings being offered a year ago. At the end of April, MLS brokers reported 10,679 homes and condos for sale across a 23-county area, which compares to the year-ago selection of 14,235 listings.
Viewed another way, there is only about 1.5 months of supply (about six weeks), which compares to twelve months ago when supply totaled about 1.85 months. (In general, four-to-six months is considered a balanced market.) There has not been more than two months of supply since September 2016.
MLS members continue to struggle to keep pace with demand. Brokers added 10,648 new listings to their database last month, down from 11,939 during April 2016, and they reported 10,514 pending sales. That total was down 893 transactions for a drop of year-over-year drop of 7.8 percent.
Wow, just WOW! Buyers embraced the market in force following last week’s flood of new listings. Prepared to waive everything and give sellers added perks as icing on the cake in hopes of being the lucky bid winner of the home of their dreams, buyers are making some incredulous choices.
Good news for sellers as it pushes the real estate market to new highs. Not so good news for buyers who aren’t willing to give their blood to compete. As for Realtors, we prefer a more balanced market where everyone wins.
We saw an incredible uptick in homes for sale this week and some slowing in the volume of pending sales. That said, we are hearing crazy stories of hot Seattle listings being bid up 20-25%. Be careful out there! Know your limit before you get emotionally attached. Having a savvy Realtor can help you make smart decisions even when the market is bonkers.
Listing supply dwindled with little new listing activity in the Seattle area this Spring Break week. The rain dance worked though! Look for many new listings to come on beginning next week as we enter the peak of the listing season. Photographers, home stagers and other pros tell us they are helping prepare more listings for market in the next two weeks than they’ve seen all year. This will be most welcome news for home buyers everywhere.
Click to view quarterly market reports for Mercer Island,Seattle and The Eastside. Published April 2017. Mercer Island – Caused by a … Continue Reading Q1 2017 Seattle Area Real Estate Report
Click to view the quarterly condo report for Mercer Island, Seattle and the Greater Eastside. Published April 2017 Seattle area … Continue Reading Q1 2017 Seattle Area Condo Report
Many neighborhoods saw a slight cooling off this week with pending sales lower than the craze of last week. More new listings promised to come to market could ease the pain felt by buyers in this extreme seller’s market. Check out this week’s report neighborhood by neighborhood for details!