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Friday, October 06, 2006

"A marked cooling throughout Western WA"

The NWMLS "recap" sheet for September has been posted, for those of you that prefer the summary version of the monthly statistics. And if it's the day of the recap sheet, that means it's the day of the Seattle Times' "blurb" article. Amazingly, Elizabeth Rhodes finally acknowledges that the Seattle market is slowing, even using the phrase "definite slowdown" in the headline:

Latest home-sales numbers show definite slowdown

Newly released September home-sales numbers show a marked cooling throughout Western Washington.

Median prices for completed sales of detached houses and condominiums were up 9.4 percent throughout the 17-county region — the first single-digit increase in 24 months, according to the Northwest Multiple Listing Service.
...
September's pending sales, which reflect transactions signed but not sealed, dipped sharply throughout the region, while the number of properties for sale climbed significantly.
...
Agents report that sales activity within Seattle has eased but remains strong in some areas.
I'm actually quite interested to see what she has in store for tomorrow's "angle" article.

(Elizabeth Rhodes, Seattle Times, 10.07.2006)

15 comments:

Matthew said...

Lizzie is admitting the market is slowing, I believe this is the sign of the apocolypse!!!

WaitinginMarysville said...

This is from the report:

"He expects prices will continue to increase “but more slowly”

But they don't mention that King and Snohomish county both have a drop in median price from August to September. I didn't check the other counties.

Kaleetan said...

Thanks for the NWMLS Breakouts - some interesting stats.

-Kitsap County stands out because listings are up 65%, pending sales down 23% and prices have fallen.

-Pierce County prices are up a healthy 13%.

-King County - 9% in sales price is a pretty big jump considering how high they already are. - 350K to 380K -

Does anyone know how these numbers are compared to other parts of the country ?

Wanderer said...

My favorite piece of data from September? Detached home sales plummeting 20.6% and condo sales only dropping .5%. The developers and apartment converters who were able to sell in September are all giving a collective "whew!" You want to know where all of the Microsofties and newly employed Seattleites are buying? They just bought into the peak of the condo market. And to think that a year ago, I ignored the advice of my would-be mortgage broker who said that I needed to get an interest only loan and extend myself as far as I could to "get on the ladder." I think I hate her.

Matthew said...

All I can say is I can't wait for 2007, there will be some serious "I told you so" going on at my office!

synthetik said...

I hope we all have a good supply of leather belts and kitchen sinks...

SeattleMoose said...

"I ignored the advice of my would-be mortgage broker who said that I needed to get an interest only loan and extend myself as far as I could to "get on the ladder." I think I hate her."

Good for you. Your good judgement is your financial salvation. Give it a year or two and you'll be able to pick up 2 for today's price of 1.

SeattleMoose said...

Over on the Bob Glover RE site the featured home has gone from $499K to $479K to $459K in just a few weeks.

Guess the fish aren't biting.....

betamax said...

Seattle Eric is taking it in the shorts:

http://seattlerei.blogspot.com/

smariner said...

Here are some interesting data points.
- Inventory in the Seattle-Tacoma area seems to have increased by 40% in the past 5 months. Check out http://www.housingtracker.net/askingprices/metro/Washington/Seattle-Tacoma-Bellevue/

- Approximately 30-40% of the eastside homes that are actively listed on MLS have seen one/more price drops. You can use www.ZipRealty.com to check out the history of a listing (# of days on the market, log of any price drops, etc); you can also use this site to narrow down on the area you are interested & see how many active-listings have seen a price drop.

The Tim said...

Seattle Eric is taking it in the shorts

Did you notice that he just now disabled commenting on his blog? Interesting.

seattle_slow said...

This housing *thing* is so over when you see housing perma-bulls like Liz showing signs of capitulation.

Personally, I can't wait for the silent spring.

-slow

betamax said...

Did you notice that he just now disabled commenting on his blog?

LOL. I suspect someone just explained to him who the greater fool is.

Apollo Creed said...

The best part of Seattle Eric's blog?

Aug 27th:
"However, things are shaping up such that both homes will hit the market at the same time, in mid-September. Fortunately, this is probably almost the ideal time, having outrun the summer doldrums, and avoiding the winter blues."

Oct 6th:
"The timing on the completion of our two rehabs couldn't have been worse. They both went on the market the last week of September - two weeks after the busy end of summer season has completed, and three months before the winter buying season begins (no one likes to think of buying homes during the holidays)."


Oceania is at War with Eurasia. Oceana has Always has been at War with Eurasia.

synthetik said...

you could comment here:

http://bubbleator.blogspot.com/