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Sellers Who Recently Purchased Putting It Back On The Market

A report from the News Tribune in Washington. “When Seattle has more homes for sale, that’s good news for those also looking in Pierce County. It also means home prices are starting to go down even more. Northwest Multiple Listing Service released September home sales data Thursday, and they showed a 78 percent year-over-year gain in inventory in King County. ‘In the South Sound, the market has shifted into neutral and is idling at the moment,’ said Dick Beeson, principal managing broker at RE/MAX Professionals in Gig Harbor.”

“John L. Scott Real Estate, in its market analysis sent to The News Tribune, said 63 percent of sales activity in Pierce County is in various price ranges up to $500,000. ‘There is an extreme shortage of unsold listings up to $350,000,’ according to the analysis. ‘In the $350,000 to $500,000 range, the market has moved from an extreme shortage to a shortage of unsold listings.'”

From MarketWatch. “After more than six years of tight supply and surging home prices, the third quarter of 2018 has been a turning point for the housing market in many major West Coast metro areas. In these areas, the number of homes for sale has increased dramatically from a year ago, according to Redfin.”

“San Jose, California experienced the largest year-over-year supply increase across 170 U.S. metros for the four-week period ending September 30. In San Jose, the number of homes for sale was up 86.7 percent compared to a year earlier when just over 1,200 homes were on the market. Five other West Coast metro areas were at the top of the list of the biggest increases in the number of homes on the market: Seattle (53.9%), Oakland (28.9%), Portland (27.5%), San Diego (26.8%), and San Francisco (22.5%).”

“San Jose and San Francisco experienced double-digit increases in the number of people listing their homes for sale in addition to a drop in the number of homes sold. ‘We are seeing sellers who recently purchased their home putting it back on the market, sometimes without ever moving in,’ observed Tina Mancebo, a Redfin agent who works with sellers in San Jose.”

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This Post Has 21 Comments

  1. These reports from Washington say “we’ve only got a couple months of inventory!” Would you whack $100k off your asking price in less than 60 days?

    ‘We are seeing sellers who recently purchased their home putting it back on the market, sometimes without ever moving in’

    So where are they living?

  2. <em> and </em> … to add emphasis, renders italic text.
    <em>This ship will fall off the edge of the world!</em>
    ***
    This ship will fall off the edge of the world!
    Relax, the world is round.

      1. Use <strong> and </strong> … to add emphasis, renders bold text.
        <strong>Wow, look at the size of that house!</strong>
        ***
        Wow, look at the size of that house!

  3. Tina Mancebo, a Redfin agent who works with sellers in San Jose. Despite the growing number of homes for sale, Mancebo says that sellers “have not changed their expectations and want similar pricing and competitive offer terms that their neighbors achieved earlier in the year. Still, if a home for sale checks all the boxes (condition, location, etc.) it sells quickly.”

    Somebody is “Lion”. That’s why it’s not selling. Sellers want peak bubble prices? I guess I’ll just wait then

    1. “Despite these shifts, the housing market today still favors home sellers, but these changes are encouraging for buyers who have been frustrated by the lack of selection and bidding wars. A more balanced market means more choices for buyers and more time to make decisions.”

      We ain’t buying until you stop lying

      – Buyers

  5. In the South Sound, the market has shifted into neutral and is idling at the moment,’ said Dick Beeson, principal managing broker at RE/MAX Professionals in Gig Harbor.”

    No, Dick. The market has blown a gasket and now smoke and oil are flying from the ruined engine as the ugly big car careens toward the ditch.

    1. Well…there may be smoke and antifreeze all over the place and we may be steady at 600rpm at full throttle with a lot of strange noises and smells. But idle is at a steady 600rpm and we’re at a steady 600rpm…so we’re going to call it idling.

  6. Northwest Multiple Listing Service released September home sales data Thursday, and they showed a 78 percent year-over-year gain in inventory in King County.

    Now I’m just a lowbrow HBB poster, not an REIC “expert” who gets paid the big bucks to put out statements of the blindingly obvious, but it seems to me that a soaring inventory is generally a precursor to plummeting sales and prices. Or what we at the HBB would refer to as “cratering,” in the vernacular.

    1. Not just inventory, demand as well. Sales are falling off a cliff while supply is increasing. Months of supply is arguably the best metric when determining future price moves as it a reflection of both supply and demand.

    2. Whatever happened to “If we had more inventory we could sell more” mantra? Me thinks that was more UHS BS.

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