October market stats have been published by the NWMLS. Here’s a quick excerpt from their press release:
Key indicators for Western Washington housing still rising, but brokers detect slowdown and uncertainty
Early seasonal snow and questions swirling around the tax plan unveiled last week by House Republicans could make the usual seasonal slowdown more pronounced, say industry leaders from Northwest Multiple Listing Service. For October, however, key indicators trended upwards.
…
“The challenge for buyers actually isn’t lack of choice, it is the rapid pace of sales,” suggested Ken Anderson, president/owner of Coldwell Banker Evergreen Olympic Realty.
…
J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, noted October was the “best ever for sales activity in the Puget Sound region.”
…
Compared to spring months, Scott expects volumes in the next few months will be at 30-to-50 percent of spring totals. “The stage is set once again for a frenzy housing market after the first of the year in the price ranges where there is a shortage of active listings for sale.”
Lennox sure likes that word “frenzy.” He seems to think that it has positive connotations. Personally I think it’s exactly the opposite. People do irrational and stupid things in a frenzy that they usually regret later. Is he saying that’s true of the current housing market? Maybe we actually agree more than I thought…
Now let’s dive into the numbers for October.
The only tiny shred of kind-of good news for buyers is that closed sales and pending sales are down slightly from a year ago. Of course, listings are down considerably more than sales, so the market overall is still trending in sellers’ favor.
