Inventory continues to explode

[deejayoh]

After being up 2% for each of the last 2 weeks, this week the Seattle MSA inventory jumped an amazing4%. That's in a week folks.

At this rate, I expect our inventory will break 20,000 by July.

Right now, we are at 1:152 listing to population ratio (2.46mm) which is about the same level as San Diego County - and heading for San Bernadino.

The water keeps building.

[Lionel]

Well, dejay, this can mean only one thing: it's a great time to buy! Because, as the realtors tell me, a rising inventory means there's lots of selection!

[sniglet]

Hmmm... I see that the listings for east Bellevue (98008) are up to 70 on ziprealty, but that is nothing too extraordinary. We were up to 65 a few weeks ago.

Also, anecdotally I don't see the number of 4 sale signs increasing much in my week-end ride around lake Sammamish. I also keep seeing "sold" stickers going up quite a bit around the lake (even for empty lots).

It looks like Bellevue is still tracking to be one of the VERY last hold-outs.

[Matthew]

Inventory is exploding right now. Many experts say that prices lag inventory by 18 months. I have a feeling that Seattle may be different in other markets, in that flippers will be more gunshy having learned lessons from other parts of the U.S.... Once the downfall starts here, it will be more dramatic.

[meshugy]

[Lionel]

[meshugy]

[mike2]

[deejayoh]