It’s time once again for the monthly reporting roundup, where you can read my wry commentary about the news instead of subjecting yourself to boring rehashes of the NWMLS press release (or in addition to, if that’s what floats your boat).
First up, the NWMLS press release: “Buyer Ready” Home Shoppers Have Edge as Brokers Report Rise in Multiple Offers.
“Buyers are screaming for more inventory and they’re being more aggressive with presenting offers on homes,” reported MLS director George Moorhead, branch manager at Bentley Properties in Bothell. Home shoppers perceive the bottom is nearing, he noted, “and both buyers and sellers want to catch the historically low interest rates.”
That makes no sense at all. Why would sellers care more about “catching the historically low interest rates” than they would about getting a good price for their home? Obviously, they don’t really care about rates, otherwise we would be seeing a lot more listings on the market than we are.
“Close to the job centers, 45 percent of new listings are selling within a single month. We are seeing a frenzied market in the Puget Sound region, especially in the more affordable and mid-price ranges, with an increase in sales activity in the high end,” remarked J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. “Because of the shortage of homes for sale, combined with the sales surge being driven by job growth and historically low interest rates, if you are not ‘buyer ready’ you may not get a house in today’s market,” he added.
FRENZY!
Diedre Haines, another Northwest MLS director, said pending sales in Snohomish County, which jumped 21 percent, would have been “considerably greater were it not for the buyer competition due to the magnitude of multiple offer situations.” She said they are seeing the return of price escalator forms, pre- inspections, set dates for sellers to review offers and properties selling above list price, according to Haines, the regional managing broker at Coldwell Banker Bain in Lynnwood. “Prices are not increasing dramatically but those properties that are listed and priced correctly, especially in the $300,000 and below range, are selling within days of coming on market,” she noted.
Hah. I love the “sales were okay, but they would have been even better bit. This lady should run for public office.
Read on for my take on this month’s local news reports.
Eric Pryne, Seattle Times: King County home prices highest since September
“I think in some places prices are recovering, but it’s very neighborhood-specific,” said Glenn Crellin, associate director of research at the Runstad Center for Real Estate Studies at the University of Washington. “Those markets that are close to the job centers are by and large doing pretty well.”
Prices in Seattle were up more than 3 percent from a year ago and nearly 9 percent from February. Neighborhoods north of Interstate 90 all saw double-digit year-over-year increases.
Sweet, it’s the North of I-90 magic!
Aubrey Cohen, Seattle P-I: Seattle house prices up again
Sales actually fell 2.1 percent in Seattle from a year earlier, while rising 10.5 percent countywide. Pending sales, which don’t all close but can be the best indicator of recent activity, were up 15.4 percent in the city and 26.9 percent in the county.
But, with few new homes hitting the market, supply fell to 2.8 months worth of homes for sale at the current pace in Seattle and 3.2 months of supply countywide. That’s down from 4.4 months and 5.6 months, respectively, a year earlier.
Hmm, not much meat in this month’s article. Both of the quotes appear to be lifted straight from the NWMLS press release. Oh well.
Michelle Dunlop, Everett Herald: County home sales up; fewer houses on market
The number of homes for sale in Snohomish County last month was down nearly 44 percent compared to March of 2011, indicating a stabilizing housing market.
…
“The lagging inventory is actually helping prices stabilize, which we hope will have a positive impact on the real estate market as the year progresses,” George Moorhead, branch manager at Bentley Properties in Bothell and director of MLS, said in a statement.
I don’t really see how a dramatic 44 percent drop in inventory can be considered “stabilizing.” I also like how even after everything the market has been through, real estate salespeople are still hard-wired to view declining prices as a bad thing. Lower prices are a good thing. We don’t need prices to “stabilize” to have a “positive” market.
C.R. Roberts, Tacoma News Tribune: Pending Pierce County home sales increase
Real estate brokers representing the 21-county region of the Northwest Multiple Listing Service said Friday that the latest monthly housing market figures indicate “a sustainable recovery” is finally afoot.
Bonus points for using the word “afoot” in a professional news article.
C.R. Roberts, The Olympian: Home sales data suggest Pacific Northwest economic revival
Real estate brokers representing the 21-county region of the Northwest Multiple Listing Service said Friday that the latest monthly housing market figures indicate “a sustainable recovery” is finally afoot.
Wait a minute… This is the same article with just a few words and numbers changed. Bonus points withdrawn.
(Eric Pryne, Seattle Times, 04.05.2012)
(Aubrey Cohen, Seattle P-I, 04.05.2012)
(Michelle Dunlop, Everett Herald, 04.06.2012)
(C.R. Roberts, Tacoma News Tribune, 04.07.2012)
(C.R. Roberts, The Olympian, 04.07.2012)