{"id":103871,"date":"2016-06-07T11:45:45","date_gmt":"2016-06-07T18:45:45","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=103871"},"modified":"2016-07-07T09:16:32","modified_gmt":"2016-07-07T16:16:32","slug":"nwmls-strong-demand-pending-sales-hit-time-high","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2016\/06\/07\/nwmls-strong-demand-pending-sales-hit-time-high\/","title":{"rendered":"NWMLS: Strong Demand As Pending Sales Hit All-Time High"},"content":{"rendered":"

Get access to the full spreadsheets used to make the charts in this and other posts, as well as a variety of additional insider benefits by becoming a member of Seattle Bubble<\/a>.<\/em><\/p>\n

May market stats were published by the NWMLS yesterday. Before we get into our monthly stats, here’s a quick look at their press release<\/a>.<\/p>\n

Housing inventory shortages persist<\/strong>
\nJust as expected, the month of May had an uptick in new listings (12,272), but just as many buyers (12,275) made offers on homes during the month to keep inventory depleted, according to the latest figures from Northwest Multiple Listing Service.<\/p>\n

“Inventory is being squeezed from all directions,” reported Frank Wilson, branch managing broker at John L. Scott in Poulsbo. He said the pool of house-hunters includes young first-time buyers, renters whose rents are escalating, buyers who are returning to the market after recovering from a foreclosure or short sale, investors, and baby boomers who are purchasing for their retirement needs.
\n…
\n“The May housing market was not just hot, it was frenzy hot,” commented J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. “Brokers are working like bees in a hive as the housing market creates a buzz of sales activity in the Seattle-Central Puget Sound area.” By his analysis, 80 percent of the homes coming on the market in King and Snohomish counties are selling within the first 30 days. “Many sell within the first week,” Scott reported, adding, “A healthy\/normal market would have 30 percent selling in the first 30 days.”<\/p><\/blockquote>\n

Interesting. So if you parse what Lennox is saying here… he is admitting that this market is not healthy.<\/p>\n

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CAUTION<\/div>\n

<\/p>\n

NWMLS monthly reports include an undisclosed and varying number<\/a> of
sales from previous months in their pending and closed sales statistics.<\/p>\n<\/div>\n

Here’s your King County SFH summary, with the arrows to show whether the year-over-year direction of each indicator is favorable or unfavorable news for buyers and sellers (green = favorable, red = unfavorable):<\/p>\n