Usually the Olympian beats the Seattle rags by a day with their report on the latest monthly housing figures. For some reason, this month the Times, P-I, and everyone else seems to be sitting on their hands, allowing the Olympian to beat them by no fewer than three days with their report of the continued slowdown in Thurston County.
An abundance of homes on the market has turned the once white-hot seller's market into one that is more buyer-friendly, according to South Sound real estate professionals.Although they don't provide the actual number in the article, listings have increased 94.7% in Thurston, topping 2,000 in August, compared to 1,031 in August 2005. Regarding new construction, they bring up a good point that has been mentioned on this blog a few times recently. With the number of building permits up 43% in King County, it seems that the Seattle area is poised to experience a continued increase in inventory (listed and not) for the forseeable future.
Home sales fell 11 percent in August, according to preliminary data released Tuesday by the Olympic Multiple Listing Service.
Higher inventory levels also meant that homes spent more time on the market, according to the MLS.
Comparing August-to-August home sales is bound to reflect a significant drop because last year was so robust, said Olympic MLS Manager Jerry Wilkins.
He acknowledged that the housing market is stabilizing.
Another factor is the construction of new homes coming on the market that might not be reflected in the Olympic MLS data, said Jim Greene, owner of Greene Realty Group.
Many new homes are sold before they are even listed, he said.
"What's happening is there is an abundance of new construction," Greene said.
(Rolf Boone, The Olympian, 09.06.2006)