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, Its 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. Thats our future."
https://www.msn.com/en-us/news/us/northwest-real-estate-experts-inventory-shortages-the-new-normal/ar-BBWHEoP