I’m currently in NYC. Yep. I’m touching base from my hotel room. Not playing at the moment, just working – go figure! I had some important news to share with you guys.
I caught word yesterday that November condo sales were up BIG. As I was investigating this morning I ran across an article citing the listing service statistics published yesterday and titled “Home sales outpace number of new listings for first time in five years”. According to Eric Pryne of the Seattle Times King County condo sales this month were up 70% in comparison to November of last year. Prices have continued to slide but so has inventory levels. The article also added that units for sale were down 25% from a year earlier. If you read the entire piece, you’ll also notice a few other interesting facts. For one, the number of bank owned listings in our market is now 20% of our total inventory. In my opinion that number could go up as banks continue to purge their bad assets. In doing so, it will continue to put some pressure on pricing. I wouldn’t expect prices to fall for an extended period of time. Seattle has strong employment and pent-up demand for home buying. As sales continue to increase and inventory falls, simple economics will prevail. As supply shrinks and demand increases, pricing will increase. I’m already noticing a huge impact in the Downtown Seattle market. Inventor is really starting to move and units that are new and priced well are selling quickly. I’ll provide some examples towards the end of the week. I’m off to grab a cup coffee. Cheers!