{"id":19642,"date":"2012-04-06T05:00:27","date_gmt":"2012-04-06T12:00:27","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=19642"},"modified":"2012-04-06T08:07:44","modified_gmt":"2012-04-06T15:07:44","slug":"nwmls-record-low-inventory-prices-approach-a-flatline","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2012\/04\/06\/nwmls-record-low-inventory-prices-approach-a-flatline\/","title":{"rendered":"NWMLS: Record Low Inventory, Prices Approach a Flatline"},"content":{"rendered":"

March market stats were released by the NWMLS late yesterday. Here’s their press release:<\/p>\n

“Buyer Ready” Home Shoppers Have Edge as Brokers Report Rise in Multiple Offers<\/a>.<\/p>\n

The housing market in the Puget Sound region is pointing toward a sustainable recovery, according to several brokers who commented on the March activity report from Northwest Multiple Listing Service.
\n…
\n“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. \u201cBecause 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.
\n…
\nNoting stabilizing prices are \u201cforcing buyers to make offers that reflect a more balanced market,\u201d Northwest MLS director Darin Stenvers said house-hunters have taken note of rising rents, fewer choices and increasing fuel costs.”<\/p><\/blockquote>\n

I told you<\/a> that this gas prices nonsense would rear its head again. In other news… It’s a FRENZY!<\/strong><\/em> You know it has to be true because Pyramid Expert<\/a> J. Lennox Scott<\/a> says so!<\/p>\n

Before you get too<\/em> worked up about the biggest February to March median price increase on record (previous high was a 6.4% gain in 2004), remember that prices have jumped up in a similar manner every<\/em> spring throughout the downturn (albeit not as large):<\/p>\n

\"King<\/a><\/p>\n

With that, let’s get on with the stats!<\/p>\n

\n
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