Check out the Metro Seattle Report for this May.
Shortage of listings
Our May 2012’s Metro Report underscores the current shortage of listings that our agents are experiencing, both condos and single family homes, in metro Seattle. This shortage is unprecedented since the decline in real estate values that followed the bursting of the real estate bubble during at the peak of the last real estate cycle. The current shortage of listings is the highest in over five years and agents in our offices are reporting multiples in 75% of listings and buyer sales. For the first time in years, the condo stats are tracking those for single family homes. These are optimal market conditions for sellers and transaction volume in our offices up 15% over the same time last year when measured in units sold.
Beware of overpricing
Agents and sellers may become careless regarding the dangers of overpricing. Skill in pricing remains critical for success. I’m including the both Days on Market (DOM) Board from one of our offices as well as Moving from For Sale to Sold for March 2012 to remind us to remain mindful of correct pricing. As you can see, we are still carrying a large number of listings with 31-60 days on the market an no price change. Statistically, these listings have just 13% chance of selling depending on how much longer they are on the market with no price change. In contrast, listings on the market 0-30 days have a 75% chance of selling. The odds decline to 1% after 180 days on the market with no price change. (These statistics are for greater Seattle). Prices should be reviewed every 30 days.