{"id":2270,"date":"2008-07-30T16:59:19","date_gmt":"2008-07-30T23:59:19","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=2270"},"modified":"2008-07-30T16:59:19","modified_gmt":"2008-07-30T23:59:19","slug":"a-surge-in-pent-up-supply","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2008\/07\/30\/a-surge-in-pent-up-supply\/","title":{"rendered":"A surge in &#8220;pent-up supply&#8221;?"},"content":{"rendered":"<p>I have a couple of RSS feeds from real estate sites that I use to monitor listings that might be of interest to me.\u00a0 They are targeted at a couple of neighborhoods, and focused on homes that are likely to be mid-century modern.\u00a0 Over the past couple of weeks, I had noted that the volume of new listings had really dropped off.\u00a0 I mean, there was almost no activity. I attributed it to the market slowing down &#8211; figured it was just a late summer phenomenon.<\/p>\n<p>Then I checked them this morning, and was surprised to find five or six new listings on each.\u00a0 What was going on?\u00a0 So I headed over to Redfin to check to see what Seattle had in the way of new listings overall (side note:\u00a0 what did we ever do before Redfin!?).\u00a0 What I found there was pretty interesting:<\/p>\n<ul>\n<li>There were 108 new listings in Seattle\u00a0yesterday, versus 123 in the last three days and 350 in the last week.\u00a0 The rate of new listings was double the average of the last three, seven, or fourteen day period!<\/li>\n<\/ul>\n<p style=\"margin: 5px auto; width: 600px; font-size: 0.8em; text-align: center;\"><img loading=\"lazy\" decoding=\"async\" style=\"border: 1px solid #000000; margin: 5px;\" title=\"Seattle Surge\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2008\/07\/seattle-surge.jpg\" alt=\"Seattle Surge\" width=\"479\" height=\"287\" \/><\/p>\n<ul>\n<li>I figured this might be some sort of statistical anomaly &#8211; so I checked Bellevue too.\u00a0 It looks almost exactly the same:<\/li>\n<\/ul>\n<p style=\"margin: 5px auto; width: 600px; font-size: 0.8em; text-align: center;\"><img loading=\"lazy\" decoding=\"async\" style=\"border: 1px solid #000000; margin: 5px;\" title=\"Bellevue Surge\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2008\/07\/bellevue-surge.jpg\" alt=\"Bellevue Surge\" width=\"478\" height=\"285\" \/><\/p>\n<p>Checked Tacoma too. Same story:<\/p>\n<p style=\"margin: 5px auto; width: 600px; font-size: 0.8em; text-align: center;\"><img loading=\"lazy\" decoding=\"async\" style=\"border: 1px solid #000000; margin: 5px;\" title=\"Tacoma Surge\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2008\/07\/tacoma-surge.jpg\" alt=\"Tacoma Surge\" width=\"477\" height=\"283\" \/><\/p>\n<p>I&#8217;m not sure what might be going on.\u00a0 I thought that listings were more likely to come on to market early in the month, not late in the month &#8211; but they seem to have exploded on the last day of the month.\u00a0 I see three possible explanations:<\/p>\n<ol>\n<li>It&#8217;s normal.\u00a0\u00a0The drop off just reflects the fact that homes sold.\u00a0 (I\u00a0don&#8217;t personally think this makes sense.\u00a0 Homes aren&#8217;t selling all that quickly, and\u00a0I don&#8217;t think it would explain the big\u00a0difference between the\u00a0one and 3 day average)<\/li>\n<li>There was some sort of glitch in the feed from NWMLS and\u00a0new listings didn&#8217;t get posted for a couple days<\/li>\n<li>What I initially surmised:\u00a0 that sellers had been waiting to see what happened with the Housing Recovery Bill and decided that since it was signed, \u00a0it was a great time to jump back into the market.<\/li>\n<\/ol>\n<p>What say ye?\u00a0 Any other perspectives?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I have a couple of RSS feeds from real estate sites that I use to monitor listings that might be of interest to me.\u00a0 They are targeted at a couple of neighborhoods, and focused on homes that are likely to be mid-century modern.\u00a0 Over the past couple of weeks, I had noted that the volume&#8230;<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[8],"tags":[329,371,82,372,373],"coauthors":[],"class_list":["post-2270","post","type-post","status-publish","format-standard","hentry","category-stats","tag-bellevue","tag-inventory-surge","tag-redfin","tag-seattle","tag-tacoma"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A surge in &quot;pent-up supply&quot;? 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