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.
