Posted by: deejayoh

31 responses to “A surge in “pent-up supply”?”

  1. johnsgonefishin

    108 people just woke up and realized the better try and get what they can for the house before record price declines.

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  2. victorchai

    maybe some Dot com company just laid off 108 ppl?! ….NO?….
    Come on, that was my best guess….

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  3. Pegasus

    I don’t know if this has anything to do with it but a few days ago the inventory dropped about 600 in King Co. in one hour. This happened about a year ago with a much larger drop over more time. I never did find out what happened but it looked like someone was touching up the figures. Perhaps someone who is more knowledgable can explain it?

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  4. Greg Perry

    It just simply a conspiracy to confuse the masses…….

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  5. Keith

    Uh, tomorrow is actually the “last day of the month”.

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  6. John

    Maybe a few people underwater actually read the bailout and realized:

    …that second investment home doesn’t qualify
    …the fairly low salary cuttoff
    …the giving up half profits on any sale, forever
    …the 2 year must hold rule
    …the continuing decline in prices
    …the writing on the wall

    This is of course assuming they suddenly decided to read something.

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  7. Alan

    Conspiracy!!!

    The MLS has been pushing articles promoting “pent up demand” while delaying listings in an attemp to break the “media created” slump in sales. But they couldn’t hold back forever and they just gave up that tactic.

    (either that or a glitch in the system that replicates and distributes the listings)

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  8. Alan

    It could also be pendings falling through at the end of the month. Aren’t pendings listings being taken out of the count these days?

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  9. jon

    Maybe that big drop off in inventory yesterday was a purge of a bunch of old listings, but some were incorrectly removed, so they had to be re-entered.

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  10. Andre

    What about recent and more to come layoffs at WaMu and Starbucks?

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  11. Primetime

    Maybe Redfin hired a few old Indymac employees.

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  12. geon

    I’m not seeing a surge of new listing in the area I’m watching, but have seen a lot of cancelled listings. Now, I’ll watch to see if they relist in the next couple of days. I know of at least a half a dozen or more house that have been sitting on the market for 6 months to over a year. The area SW King Co, Three Tree Point, Normandy Park, Des Moines.

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  13. Ken Mott

    Man #3 for sure. Do you have any data about other end of months. If its not the same, definitely the housing bill.

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  14. Pegasus

    Here are the numbers that concern me…….

    07.28.2008 16:00 13493 13719
    07.28.2008 17:00 13487 13704
    07.28.2008 18:00 12809 13704
    07.28.2008 19:00 12809 13715

    Anyone to explain this for King County?

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  15. victorchai

    Here are the numbers that concern me…….

    07.28.2008 16:00 13493 13719
    07.28.2008 17:00 13487 13704
    07.28.2008 18:00 12809 13704
    07.28.2008 19:00 12809 13715

    Anyone to explain this for King County?
    ——————————————————————————-
    some 1 bought nearly 700 houses in 1 hour….
    That was a easy 1…
    any Q?

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  16. Pickles McGraw

    I check redfin daily with the “show <2 days” filter on. In the last couple days there has been a huge influx of FSBOs, perhaps redfin is indexing a new source of these?

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  17. Scotsman

    Nothing new out here in the country, no new “for sale,” no recent price reductions. There have been a few expired listings, and one that was FSBO listed. Guess we’ll have to give it a few more days and see if the trend continues, sort of a last blast of summer…

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  18. Buceri

    Pegasus

    Every so often we see this type of huge drop in early morning. Obviously; someone at the MLS is messing around with the numbers.

    We have not recovered to the 13400 units from last Monday. And tomorrow is the 1st of the month; which means tonight there will be another deep cleansing. We could drop to 12500 or less.

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  19. AndySeattle

    Andre said:
    What about recent and more to come layoffs at WaMu and Starbucks?

    Between this and the housing bill I think this could be one of the causes. Also, how many other companies are laying-off that may not be news worthy?

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  20. Sniglet

    how many other companies are laying-off that may not be news worthy?

    As the global recession kicks in during 2009, I expect to see virtually EVERY major employer in the Seattle area either institute hiring freezes, or announce out-and-out lay offs. Boeing is already seeing customers trying to cancel up to a third of outstanding orders (as airlines are struggling for financial survival), and this is only the tip of the iceberg.

    As the global economies contract, we will see demand destruction everywhere. Lower IT budgets, fewer PC sales, retailers hurt (just look at all the bankruptcies already), etc. I can’t think of a single major Seattle area employer that won’t wind up shedding jobs.

    I recall how quickly things went from boom to bust in Silicon Valley when I lived there in the ’90s. One year Sun Microsystems was the king of the world, building shiny new campuses, and the next year they were laying off staff by the bus-load. Change can come much more swiftly than we realize…

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  21. sf_boomerang

    Speaking of inventory…

    Not sure if this is relevant, but I did a New Listings search on Redfin this morning, and it seems like there are way more FSBO listings this morning than I normally see in areas like Ballard, Cap Hill, Ravenna, Green Lake…

    Am I seeing things?

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  22. cheapseats

    I noticed the same FSBO thing this morning. There appear to be significantly more than normally show up in the new listings for the greater Seattle area. Where is Ray P?

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  23. Buceri

    Good anecdote –

    This family relocated from Florida to Seattle for a job transfer (exec. in well known builder) last February.

    A family member of mine in FL flew the young child of the executive to FL to spend 2 weeks with her son. I asked her to please ask how things were going in Seattle next time she spoke with the wife of the executive. Last Saturday, I saw the kid and I asked him straight out: “how’s your dad?”. he replied: “oh, stressed. WA is seeing the slow down that Florida had a couple of years ago” (based on his age, he was obviously repeating dinner table talk). Ten minutes later my family member tells me: “Oh I spoke with her; she says things are fine and selling xxxxx homes per month, and prices are going up.”

    I found it extremely funny. Guess who I believe.

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  24. DavidB

    I noticed a lot of “for sale by owner” listings that just appeared on Redfin yesterday for the Seattle area. I’ve never noticed so many of these listings before especially all posted the same day.

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  25. Buceri

    Not sure if this is relevant, but I did a New Listings search on Redfin this morning, and it seems like there are way more FSBO listings this morning than I normally see in areas like Ballard, Cap Hill, Ravenna, Green Lake…

    Correct; this is the “my home is not selling because the realtor is bad” stage (denial). The home gets pulled out and goes back on as a FSBO.

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  26. DavidB

    Maybe sellers are optimistic that the new housing bill will help spur demand for housing.

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  27. EconE

    OT…

    we need a Spammer cleanup in the forums. User jim_lee

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  28. biliruben

    Yeah, I noticed the FSBO tsunami too this morning.

    I also noticed a few that need to into the comp-killer thread.

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