You might be wondering why we do weekly housing reports when monthly reports can provide a good overview of the market? With the prompting of this gorgeous sunny day, we were wondering the same thing. Why stay inside at the computer doing trivial work when we could be out soaking up the sun? Sometimes, at times like this, its good to go back to your “why” (in our case, good is a debatable adjective, since it meant staying inside and working after all).
Our “why” is this: monthly data is fantastic for looking at trends that are better observed en mass—things like average sale prices, list-price-to-sale-price ratios, days on market and the like. It isn’t a big deal that the data is 1-5 weeks old when released because it offers a big picture (though historical) look-back. But what if you want to know what is happening right now, rather than last month? If you’re an active buyer, seller, or realtor in the market you need real time data. That’s the “why” of our weekly report. Painstaking as it is to crunch the numbers for 12 price brackets in each of 16 local MLS areas (that’s 192 data subsets if you’re counting), it adds value to the consumers we serve. Oh we still do monthly, quarterly and annual reports—but these weekly reports are where the golden nuggets can be found.
This week for example, the Renton Highlands, Mercer Island and Redmond all have a flood of new inventory—at least 10% more homes to choose from than the week before. And pending sales are down in West Seattle, Central Seattle, Mercer Island, and Redmond (in some cases because of all the new inventory buyers are taking more time to evaluate options)—so this might be a good week to negotiate an offer in one of those areas. Without a weekly analysis, you might miss these key details that make all the difference at the negotiating table.
As for us, there will always be tomorrow to soak up the sun!
East Lk Sammamish
© Copyright 2016, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.