The NWMLS press release is available to view here.
The news is mostly positive for June. Here are a few highlights:
- Half the counties showed an increase in inventory year-over-year, with King County leading the way at 32%.
- Prices climb a bit (up 4.82% NWMLS system-wide from a year ago).
- Overall, the report indicates there is 1.76 months of inventory area-wide (matching May), with eight counties having less than two months of supply.
- Just so you saw it, there is 1.76 months of inventory. One. Point. Seven-Six. Months!
- Hidden in the release was this tidbit: “The new tax measure changes the REET rate from a flat 1.28 percent of the selling price to a graduated rate for real property sales, with exceptions for timberland and agricultural land. This will impact sales velocity and absorption at the higher price points.” MORE ON THIS IN FUTURE BLASTS!
So what’s it all about, Alfie? The market is micro-location driven right now. We’re talking right down to individual streets in some places. Price sharply. Razor sharp. And, build the right stuff, too.