August is upon us! Where has the summer gone? I've been told that some kids are starting back to school now (or shortly). WOW! Back in my day (said with a creaky old man's voice), we started on the Friday before Labor Day. WHY? I don't know, but that's what we did. AND, no A/C (this was in Tennessee). I vividly remember sweat dripping onto text papers in late September (ah, the good times!!!). I think most schools have A/C now, right? Anyway, summer's heat and sun are still around -- enjoy them while they are here.
In the latest NWMLS (Northwest Multiple Listing Service) report, sales are "sluggish", but inventory is increasing. The Market Trends report shows the number of Months of Inventory to be 3 which is 3/4 of a month more than last year at this time. A couple of reminders: 1) Months of Inventory is the number of months it would take to sell every listing in the NWMLS if no other listings were added; 2) A Seller's Market is 0-4 months of inventory, a Balanced Market is 4-6 months of inventory, and a Buyer's market is 7 or more months of inventory. Back during the Great Recession of 2008, I saw 18 Months of Inventory. Conversely, I saw .3 Months of Inventory 10 years ago. So that number really can swing. We are still in a Seller's Market but SLOWLY inching toward a Balanced Market.
In my own experience, I'm still seeing multiple offers and houses going for more than asking -- in some areas. I'm also seeing houses sit and/or list for less than what the seller paid in others. And condos? They are definitely softening in their value. But, as I always say -- buyers are buying and sellers are selling, it's just a bit more challenging than we've seen for the last 10+ years.
Mortgage rates have appeared to stabilize, though the rumor is that the Fed may lower rates next month. We'll see. In the mean time, take a look at where the rates are and have been on my website. (Mortgage Rates Since 1971)
As always, I'm available to talk about your plans and/or anything I've mentioned above.
Until next month...
