Moving a little further north, it appears that Pierce county is noticing the slowdown as well, though not to quite the same degree as Thurston.
More homes are hitting the market and staying there, as housing prices continue to climb, according to new numbers released today by the Northwest Multiple Listing Service.
…
The biggest change was in the number of homes on the market. While inventory shrunk 5 percent in King County, the total number of homes in Pierce County increased by 23 percent when compared with the same number in March of 2005.The inventory in Thurston County jumped by 77 percent, according to the report.
"People are taking a bit longer to decide, and even with the increase in inventory, there hasn’t been a reduction on selling prices," said NWMLS director Dick Beeson, broker at Windermere Real Estate/Paragon in Tacoma. Beeson called the traffic at local houses "pretty decent."
Looking at the NWMLS numbers (pdf), what I find interesting is that the total number of listings is up 6.79%, while pending sales are down 8.94%. I’m no economist, but I would think that type of situation would put downward pressure on prices. 2006 should indeed be an interesting year.
(Barbara Clements, Tacoma News-Tribune, 04.06.2006)
Anonymous » Apr 6, 2006 at 10:39 pm
What about the price climb in 17 of the 20 counties ?
http://seattletimes.nwsource.com/html/businesstechnology/2002915367_webhomesales06.html
Anonymous » Apr 7, 2006 at 7:32 am
Surging is a misquote of what’s really going on.. if sales are off, but prices keep surging, its a dynamic similiar to a game of chicken. That and if median goes up, it doesn’t account for things like first-time buyer numbers, etcetera… Most housing declines are preceeded by irrational upticks in prices, what’s not accounted for in the MLS is actual sale prices vs. listing prices. Anybody can list a house for a gazillion dollars, but over time it will slide back into the sea…
A rising tide does not lift all boats
Anonymous » Apr 7, 2006 at 9:40 am
The TNT reports today that homes are selling well in most of Tacoma but not in Puyallup and the smaller surrounding cities. Anyone have a theory on why this could be? My theory is only rich hipsters and investors, are buying in trendy Tacoma and “up-and-coming” neighborhoods. While families, who traditionally buy in suburbs, are out of the market.