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Inventory continues to explode

deejayohdeejayoh
edited May 2007 in Seattle Real Estate
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.

http://www.housingtracker.net/askingprices/Washington/Seattle-Tacoma-Bellevue/

Comments

  • LionelLionel
    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!
  • snigletsniglet
    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.
  • MatthewMatthew
    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.
  • meshugymeshugy
    Matthew wrote:
    Once the downfall starts here, it will be more dramatic.

    Hi Matthew...considering your prediction that prices would drop in April was total bunk...why should we believe anything you predict?
    :lol: :lol: :lol: :lol:
  • LionelLionel
    "Hi Matthew...considering your prediction that prices would drop in April was total bunk...why should we believe anything you predict?"

    Why? Because Matthew has a grasp of fundemantal laws of economics, and he knows that if you stretch price to income ratios to far, they'll snap back like a rubberband. It's why I have my money in SRS, a reverse index REIT fund and not in real estate itself. Did well today, maybe not well tomorrow. But I do have a high confidence level that it will do well over the next year or so, so I don't worry about it. Shug, if I had the same confidence you have in real estate, I'd be buying houses like crazy, confident that my investment will grow and grow.
  • meshugymeshugy
    Lionel wrote:
    Why? Because Matthew has a grasp of fundemantal laws of economics
    :lol:

    Apparently not, since he was completely wrong. Not only did prices not drop in April, they actually increased substantially. The KC Res median shot up from 455K to 465K in one month!


    Doesn't look like he really knew what he was talking about at all....
  • mike2mike2
    "Medians are not prices" "No, medians are prices" rinse, repeat.
  • deejayohdeejayoh
    And the "Law of supply and demand" isn't really a law at all, because it hasn't been passed by Congress. Especially in Ballard/Crown Hill, where it is only a theory, subscribed to by only a few zealots.

    It is easily refuted by posting a list of 6 houses and their asking and sale prices, and stating that this is a good sign. Even if half the houses sold at or below their asking price. And even if the prices of some of these homes had been reduced before, but you chose not to reflect this in your post.

    Thats just how the housing market works. I wish you guys would get that.
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