What sold 2015? Nearly everything!
Looking back one year to January 2015, the monthly news release of the Northwest Multiple Listing Service (NWMLS) stated: Figures show about 2.8 months of inventory system-wide. Commenting on the scarce inventory in some areas, the head of a real estate company advised, “Anyone thinking of buying a home should do it early in 2015!” So, what sold 2015?
If you thought inventory couldn’t go lower, think again.
In its January 6, 2016, release, the NWMLS quoted a member as saying: “The lack of inventory makes buyers twitch when a new listing hits the market.” No wonder, because area-wide there was a supply for just under 1.8 months. In King County, inventory dropped to less than one month (0.84). This is also referred to as the absorption rate, meaning that there would be no King County homes left to buy in less than a month if no new homes came on the market. [Read more…]