Sorry for the hiatus, August was busier than we had thought! It turns out, even though the pace of business (July is referred to as "tire kicker month") was slow, August’s numbers are very very strong.
Deals, especially the very large deals, from May, June and July, were all hanging up due to appraiser availability. It took many of them well into August to fill their appraisal orders.
This will look like a giant flush of very high end properties, and some will think that it is a burst of business, but in reality, it's the last, toughest deals, finally getting sold before the fall.
Prices have topped, and are "choppy" at the top. These last two weeks, the advantage has shifted back to the Buyers. The Sellers CLEARLY want to move their properties before the long winter, and in some cases, they are willing to deal. as evidenced by (We are seeing that in) complicated, and long repair addendum negotiations. And in more and more cases, outright price adjustments (and not small ones, mind you) in lieu.
Inventory is slowly healing, at 4 months’ worth of inventory in July, up from 2.8 in April. July's sales numbers were bad, well off, of 2016's numbers. Again, it is not so much sales numbers and deals closed, many of the deals slipped into August due to appraiser issues. That, plus what we are seeing on the ground, means that inventory numbers will rise. I bet we even see 6 mo. inventory numbers return, a number we haven’t seen since January, of 2016. (6.3).
Heading into the fall? We've got two more pushes. The after-school push and the investor push, and then 2017 will be in the books. I have no idea how strong those pushes will be, but if I were to guess, I'd say they will match last year’s volume and intensity. Last year was good, but not 2015, which was absurd. This will be somewhere between those two.
That’s it from here. See you on the Water..........
~ Maui Meyer
Principal Broker, Licensed in OR & WA