25% Fewer Listings Than July 2004

Though the real estate market here is a lot hotter than the weather, there is one problem for anyone wanting a piece of the action: Lack of available homes for sale. Of course, that’s also part of the cause for the still-skyrocketing prices. Supply and demand, you know.

In King County last month, the number of sales fell 6 percent as a quarter fewer properties were listed for sale compared with July 2004, the Northwest Multiple Listing Service said yesterday in its July home-sale report.

This would seem to be another indicator that most people in Seattle don’t believe there is a bubble, or at least they don’t believe that if there is, it’s going to pop soon. If they did, they would sell and rent for a few years.

Fear of finding a replacement home is keeping some from listing, agents say. Remodeling also is keeping many homes off the market because owners have decided that redoing and staying put makes the most financial sense.

Of course it would do you no good to sell your over-valued house if you just have to move into another one. And who wants to go from “owning” to renting? (Me, if I owned right now, that is.)

This article also included an intriguing quote from a real estate agent:

“A lot ask me what I think the future is going to hold,” she said. “I don’t have a crystal ball, but now is the time to go in terms of getting your house sold and getting the best price.”

Wait a minute, didn’t another real estate agent recently say something about crystal balls? Hmm. I smell a conspiracy. Just kidding.

(Elizabeth Rhodes, Seattle Times, 08.06.2005)

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About The Tim

Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer / internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market. Tim also hosts the weekly improv comedy sci-fi podcast Dispatches from the Multiverse.

One comment:

  1. 1
    Anonymous says:

    Tim good start on your blog! Just popped over from Ben’s blog to take a look.

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