Northwest real estate experts: Inventory shortages the 'new normal'
October is usually a slower season for Northwest real estate, and 2019 is no exception. According to the most recent Northwest Multiple Listing Service, the active listings of homes (both single-family houses and condos) during the month of October totaled 14,379 — the lowest level since April.
While it's not unusual for the summer rush of "peak real estate" season to slow down a bit in the fall, October 2019 marks a a 10% drop from September, and a 21% drop from the same time last year. New listings also fell year-to-year and month-to-month in October.
And according to Dick Beeson, principal managing broker at RE/MAX Northwest in Gig Harbor and member of the NWMLS board of directors, this is part of what some refer to as the "new normal" for Washington real estate.
"[Lower supply will] drive some buyers crazy as they keep expecting to gain the upper hand,” Beeson said, adding, “It’s not going to happen any time soon. The market has settled into a circadian rhythm of sorts.
"People are moving here, home prices will continue to increase, inventory shortages will occur. That’s our future."
https://www.msn.com/en-us/news/us/northwest-real-estate-experts-inventory-shortages-the-new-normal/ar-BBWHEoP
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