If you just count the number of sales over the last three months, the summer of 2017 was incredibly impressive. August was the second biggest August since 2000 at 8637 sales in the 4-county region.
Yet, I’m still hearing much of the same news. Inventory is low (1.55 months system wide according the NWMLS, and .093 months in King County), prices are rising (up 8.3%) and employment is strong.
And, here’s another fascinating stat: For the first 8 months of the year there were 3,727 single family homes sold for over $1MM. 2,456 million dollar plus homes sold in the first 8 months of last year.
My favorite quote is this: “Nobody likes this market, – not sellers, not buyers, not real estate brokers,” proclaimed Northwest MLS director Dick Beeson.
A little Jekyll & Hyde thing going on here. The reality is Somebody likes this market. I like it. I didn’t like the market from 2009-2012. But this market? Yeah, there are challenges for sure, but I don’t wish those previous three years on anyone.
We do have to solve the zoning / governmental / jurisdictional / developmental problem.
It’s all about the dirt.