The latest NWMLS press release came out last week. I’m grateful because now I know the current party line when it comes to answering the questions we all get, “How’s the market doing?” and “What’s going to happen in 6 months?”
Just being slightly facetious here. I love getting asked those questions and I hope they never stop coming.
So in any event, here’s the press release.
The one piece of news that jumped off the page was this little box of data:
Median prices by county (single-family homes only)
I do think we’re in a new market today. It’s not changing. It’s changed. The better question is, “Changed to what?” Of that I’m not sure. There are too many factors to consider that I, unfortunately, cannot control, like tariffs, material costs, wage costs, the City of Seattle, Amazon, etc.
What I do know is inventory is up to a scorching 2.3 months of supply. I believe we’re not going to continue to see the bi-monthly, or tri-monthly, price increases we’ve enjoyed over periods in the recent past.
Finally, I also know homes sell in good markets, in bad markets and in transitional markets. So, at a micro level, if somebody asks you how the market is doing, ask them how their market is? How is their work situation, credit and other qualifying factors? They might argue their individual market is OK, and, for me, that’s alright.