King County SFR Inventory breaks record!!!

[deejayoh]

Edit: We broke through this afternoon, we are sitting at 9209 as of 4:00pm

KingCo SFR inventory is getting close to breaking the high-water mark for this century. Sits at 9,173 right now. Record was 9,176 according to Tim's spreadsheet



As far as ancient history goes, I ran the numbers for Snoho/King/N Pierce on the same site. There are about 25,000 listings between SFR/Condos - which is close to a record there too.

[sniglet]

[deejayoh]

[sniglet]

[deejayoh]

[The Tim]

September 2002: 9,176
June 14, 2007 (4:00 PM): 9,210 ()

Also, I've wondered the same thing, about whether the percentage of total listings not on the NWMLS (i.e. - on Craigslist) is actually increasing. I don't know that there would be much difference from 2002 to the present, but I definitely think that when considering the 25,000 numbers being pulled out from the late '80s / early '90s, this could be a non-trivial factor.

For example, if in the late '80s and early '90s (pre-craigslist) only 1% of sellers sold their home FSBO, but now 5% do, that would mean that 25,000 homes on the MLS then was roughly equal to 25,253 homes on the market total. Now, 25,000 homes on the MLS would be roughly equal to 26,316 homes total.

Does anyone know of any way to track FSBOs on the market, other than the highly un-scientific Craigslist search (which includes many MLS-listed properties as well)?

[deejayoh]

Congratulations King County. We've busted through our 7 year record for inventory.

Seattle really is special. Like on the short bus.

[Alan]

[deejayoh]

[Alan]

[EconE]

Champagne anyone?

Tim is right on the money with his FSBO assumption although the exact number is impossible to pin down as there are so many different avenues for a FSBO to take. Also...on craigslist, there are plenty that are FSBO but are not searchable by using "FSBO" or any of the typical terms. You almost have to stumble across them, but there are plenty.

There are also "pocket listings". These are listings that are actually for sale, and have realtor representation but not on the MLS. I see them all the time in resale condos that come on the MLS already listed as STI.

Here is a recent one that I find questionable whether or not it was in fact a pocket listing due to the fact that when it came on the market 5 days ago it was already listed as STI (Yes...I saw it the very first day) and it wasn't a new construction STI where the builders hold back inventory and then list it on the MLS as STI just after selling it.

http://redfin.com/stingray/do/printable ... -id=817873

There are currently 6 units listed for sale on the MLS in my building. Today...next door to me, there were a couple of stagers staging a unit that I actually thought was occupied. Of course...being the nice guy that I am...I helped them with a few things that they couldn't reach...one conversation led to another another ultimately leading me to ask how many units were for sale in the building. This is how the conversation went.

Me: I didn't realize that this unit wasn't occupied...do you know how many units are for sale in the building?

Stager: There's 12 (I wasn't surprised)

Me: You mean this building?

Stager: (with finger over lips) "shhhhhh"

Me: "Wow, I never would have imagined" (yeah...right...I see how empty the parking garage is)

I made no mention of pocket listings.

I have yet to see one of these supposed 6 MIA's on any FSBO site. How much this stager *really* knew is anybody's guess. Time will tell.

[EconE]

WRT builders putting condos on the MLS after they are sold here are a few that are listed as of my search of Seattle Condos using the "last day" option as I type this. There are currently 19 listings as of this time.

129 Warren Ave N 21
Seattle 98109
Offer STI
MLS# 27107068

129 Warren Ave N 19
Seattle 98109
Offer STI
MLS# 27107022

129 Warren Ave N 20
Seattle 98109
Offer STI
MLS# 27107061

312 1st Ave S 7
Seattle 98104
Offer STI
MLS# 27107092

1120 17th Ave 103
Seattle 98122
Offer STI
MLS# 27107036

129 Warren Ave N D
Seattle 98109
Offer STI
MLS# 27107046

312 1st Ave S 1
Seattle 98104
Offer STI
MLS# 27107091

123 John St 8
Seattle 98109
Offer STI
MLS# 27107049

so out of 19

7 come on as STI
7 are completely empty (no furniture at all)
2 are seemingly staged (I make no definitive statement on that...hence..."seemingly.
3 appear to be lived in