By The Tim on October 6th, 2009 at 12:48 PM · 88 Comments
Time for the monthly reporting roundup, where I read all the local paper rehashes of the NWMLS press release so you don’t have to.
First up, an excerpt from the NWMLS press release itself: Northwest MLS brokers agree "there’s a lot to be optimistic about"
“There’s a lot to be optimistic about,” according to one director of the Northwest Multiple Listing Service upon reviewing summary statistics for September’s housing activity. The report shows a big jump in pending sales compared to a year ago (up almost 27 percent), continued drops in inventory (down 17.7 percent versus a year ago) and brisk demand for homes at the lower end of the price spectrum.
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Joe Spencer, president and COO of John L. Scott Real Estate, estimates up to 10 percent of pending sales do not close because they’re caught in the short sale cycle. Still, he comments, “There is a lot to be optimistic about.” He cites interest rates that are now in the high four percents as bordering “on being epic” and the federal tax credit as stimulants to the market.
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Activity at open houses is reported to be brisk in many areas…
Sweet! The return of the ever-popular “open house traffic” metric of market health. I love it. Also classic is the heavy focus on the pending sales stat, which has been rendered practically meaningless in the past year. FYI, that 10% estimate is way too low. I’d put it around 20-25%.
Anyway, click below to read the rest of this month’s reporting roundup, in which the incredible surge and uplifting rally is detailed by the enthusiastic local press corps.
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Categories: News
Tags: Beeson, Benbow, Boone, bottom-calling, Crellin, Everett_Herald, JohnLScott, Olympian, Pryne, reporting_roundup, Roberts, Rolph, Seattle_PI, Seattle_Times, Stang, Tacoma_Tribune
By The Tim on November 7th, 2008 at 9:57 AM · 43 Comments
Let’s take some time to check out the local press’ reaction to the undeniably slow NWMLS housing market statistics for October.
Here’s a blurb from the NWMLS press release that accompanied yesterday’s numbers: Housing Activity in Western Washington during October Described as "Disappointing, but Not Unexpected"
Housing activity for Northwest Multiple Listing Service members was disappointing last month, but not surprising, according to one industry executive. He and other representatives of the Northwest’s largest MLS believe the situation is improving.
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Despite market volatility and shaky consumer confidence, one industry leader emphasized it’s important to understand that advantageous market conditions currently exist for those who are motivated to buy. “The truth of the matter is the market conditions are ideal for first time buyers, move up buyers, and investors,” said J. Lennox Scott, chairman and CEO of John L. Scott Real Estate.
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“Thankfully, we now see tangible housing and lending programs being initiated, with many more on the horizon,” said [managing vice president of Coldwell Banker Bain in Bellevue Ron] Sparks. “Interest rates are softening. We appear to be moving in a positive direction again!”
That sounds suspiciously like another bottom-call. Will we see even more bottom-calling from real estate salespeople around the sound this month, or have they finally managed to come to grips with the reality of the market? From the tone of the press release, I’m inclined to expect the former.
Read on to find out…
[Read more →]
Categories: News
Tags: Beeson, Benbow, Boone, bottom-calling, Cohen, Everett_Herald, Olympian, Pryne, reporting_roundup, Rhodes, Roberts, Seattle_PI, Seattle_Times, Tacoma_Tribune
