{"id":105103,"date":"2018-04-06T09:56:09","date_gmt":"2018-04-06T16:56:09","guid":{"rendered":"https:\/\/seattlebubble.com\/blog\/?p=105103"},"modified":"2018-04-06T09:56:09","modified_gmt":"2018-04-06T16:56:09","slug":"nwmls-prices-surge-as-sales-slip-and-inventory-inches-up","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2018\/04\/06\/nwmls-prices-surge-as-sales-slip-and-inventory-inches-up\/","title":{"rendered":"NWMLS: Prices surge as sales slip and inventory inches up"},"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

March market stats have been published by the NWMLS. Here’s a quick excerpt from their press release<\/a>:<\/p>\n

Housing Market Back to “Pressure Cooker Situation” But Brokers Remind Sellers “Pricing Is Still Important”<\/strong><\/p>\n

Job growth and a recent run-up in mortgage rates has created an “extremely intense market for each new listing,” stated J. Lennox Scott, chairman and CEO of John L. Scott Real Estate in commenting on the latest statistics from Northwest Multiple Listing Service.<\/p>\n

“What used to be a quick action market for buyers is now, once again, an instant response market, and this has been the case since the first of the year,” remarked Scott, adding “This is especially true in the more affordable and mid-price ranges in all markets, and also pertains to luxury properties close to the job centers.”
\n…
\n“We have returned to an extremely intense market for each new listing due to extremely strong job growth and eager buyers who want to purchase before interest rates go higher,” Scott reported. “The housing market is back to a pressure cooker situation and we are witnessing high levels of sales activity intensity for each new listing coming on the market,” he commented.<\/p>\n

Dick Beeson, principal managing broker at RE\/MAX Professionals in Tacoma, commented on the frustration many would-be homebuyers are experiencing. “I think this last quarter especially, many buyers are feeling like they brought a knife to a gunfight, there’s been so much competition to buy a home.”<\/p><\/blockquote>\n

I’m honestly running out of snarky things to say about Lennox Scott and Dick Beeson’s endless breathless cheerleading.<\/p>\n

Now let’s dive into the numbers for March.<\/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