article thumbnail

The homebuilders got lucky this time

Housing Wire

However, the glaring difference today versus the recession of 2008, is that in 2007 the builders had to deal with over 4 million active listings as competition for their pricey new homes. If the homebuilders and homebuyers knew rates would hit 7% in 2022, many would not have taken those contracts they’re canceling now.

article thumbnail

Shrinking Number of New Listings Slows Seattle/King County Housing Activity

Will Springer Realtor

The chart (below) puts it in sharp focus: Except for the pandemic year of 2020 when there were 2559 new listings that April, last month was the slowest April since at least 2008 when easy access to Northwest Multiple Listing Service data became available. between May 2007 and January 2012. Where are all the sellers?

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

How much will home prices climb over the next year?

Housing Wire

The median price of the new listings this week is $399,900. As the summer progresses, each subsequent week of new listings gets priced at a slight discount to the previous weeks. The median price of the homes in contract is $385,000. There are now 376,000 single-family homes in contract.

Inventory 361
article thumbnail

Appraiser Salaries

Appraisal Today

The sellers custom built the home between 2007 and 2009, using high-end materials and finishes, including a wall of windows and 26-foot-high ceilings in the great room. In Bakersfield, for example, Golden Empire MLS participants can submit a form to post new listings, open houses and price changes. percent from 7.16

article thumbnail

Will Springer Realtor - Untitled Article

Will Springer Realtor

The number of new listings for all home types – single-family, townhomes and condos combined – in King (887) fell 47% from November and declined 36% from December 2021. Homes going under contract (Pending sales) dropped 25% from the previous month and 30% year-on-year (YoY) – staggering drop-offs. baths in 11,104 sq.

article thumbnail

King County Home Sales Cool as Interest Rates Inch Toward 8%

Will Springer Realtor

First a look at September’s numbers: A wave of last-chance listings for the year hit the market after Labor Day. That increased new listings by 7.5% (2884) and available homes on the market by 12% (3602) between Sept. Seattle alone saw a 29% (1213) monthly increase in new listings. 1 and Oct. on the year.

Buyers 63
article thumbnail

Will Springer Realtor - Untitled Article

Will Springer Realtor

month backlogs of contract work, as of Q4 (latest data available), which is down from the peak of 4.8 years, according to recent data, when it was only about five years just before the housing market crash of 2007. Four other residences have traded hands this year and two more are under contract for sale.