Comments on: We’re Seeing More Multiple Offers, Houses Selling Faster http://blog.redfin.com/seattle/2009/05/were_seeing_more_multiple_offers_houses_selling_faster.html Redfin Seattle Sweet Digs Sat, 11 Feb 2012 00:35:59 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Dave Billings http://blog.redfin.com/seattle/2009/05/were_seeing_more_multiple_offers_houses_selling_faster.html/comment-page-1#comment-5450 Dave Billings Mon, 04 May 2009 21:28:02 +0000 http://blog.redfin.com/seattle/?p=3457#comment-5450 Faith: You're right that there is always a seasonal trend with increasing home sales in the Spring. However, the last several months have seen extremely low sales volumes across the Puget Sound (total volume down 40% year over year). While we're seeing an uptick in volume now, what's unique is that buyers are all going for the same houses. After months of buyers, mostly first-time buyers, waiting for the right conditions, they're coming back to find there is competition for the homes they want. Certainly not for every house, but for the best homes at the best prices. It wasn't our intent to make any conclusions about the overall economy or the real estate market here in Seattle. Rather, it was to understand where these multiple offers were coming from. In general, I think we'll see continued softening of prices overall, but in the sub-$400K market, I'm less sure that trend will apply. Regarding your question about comparing previous years, we weren't tracking multiple offers this time last year, so I can't provide insight into previous trends. Thanks for your comments, Dave Billings Faith:

You’re right that there is always a seasonal trend with increasing home sales in the Spring. However, the last several months have seen extremely low sales volumes across the Puget Sound (total volume down 40% year over year). While we’re seeing an uptick in volume now, what’s unique is that buyers are all going for the same houses. After months of buyers, mostly first-time buyers, waiting for the right conditions, they’re coming back to find there is competition for the homes they want. Certainly not for every house, but for the best homes at the best prices.

It wasn’t our intent to make any conclusions about the overall economy or the real estate market here in Seattle. Rather, it was to understand where these multiple offers were coming from. In general, I think we’ll see continued softening of prices overall, but in the sub-$400K market, I’m less sure that trend will apply.

Regarding your question about comparing previous years, we weren’t tracking multiple offers this time last year, so I can’t provide insight into previous trends.

Thanks for your comments,

Dave Billings

]]> By: Faith http://blog.redfin.com/seattle/2009/05/were_seeing_more_multiple_offers_houses_selling_faster.html/comment-page-1#comment-5449 Faith Mon, 04 May 2009 20:43:31 +0000 http://blog.redfin.com/seattle/?p=3457#comment-5449 Matt, How does this March - April trend compare to 2008 and 2007 March - April figures. I think that is the real comparison: not consecutive months, but consecutive years right? Doesn't April "always" fair better in home sales than March because the real estate cycle is seasonal? To use this data to make any assumptions about our economic situation, it seems that we need to look at other years, and not just other months. Thank you for your insight! Matt,
How does this March – April trend compare to 2008 and 2007 March – April figures. I think that is the real comparison: not consecutive months, but consecutive years right? Doesn’t April “always” fair better in home sales than March because the real estate cycle is seasonal? To use this data to make any assumptions about our economic situation, it seems that we need to look at other years, and not just other months.
Thank you for your insight!

]]> By: seabuyer http://blog.redfin.com/seattle/2009/05/were_seeing_more_multiple_offers_houses_selling_faster.html/comment-page-1#comment-5442 seabuyer Fri, 01 May 2009 23:07:02 +0000 http://blog.redfin.com/seattle/?p=3457#comment-5442 Spring effect. My favorites which are in the $400K-$500K price range are not showing the same behavior. I'm still counting that prices will keep dropping due to unemployment numbers and just overall recession. Spring effect. My favorites which are in the $400K-$500K price range are not showing the same behavior. I’m still counting that prices will keep dropping due to unemployment numbers and just overall recession.

]]> By: Matt http://blog.redfin.com/seattle/2009/05/were_seeing_more_multiple_offers_houses_selling_faster.html/comment-page-1#comment-5441 Matt Fri, 01 May 2009 22:50:07 +0000 http://blog.redfin.com/seattle/?p=3457#comment-5441 We'll post the April sales numbers soon which will give you the answer I think you're looking for. But for April 50% of our offer activity was in the $175-$400k range. We’ll post the April sales numbers soon which will give you the answer I think you’re looking for. But for April 50% of our offer activity was in the $175-$400k range.

]]> By: xay http://blog.redfin.com/seattle/2009/05/were_seeing_more_multiple_offers_houses_selling_faster.html/comment-page-1#comment-5440 xay Fri, 01 May 2009 22:48:35 +0000 http://blog.redfin.com/seattle/?p=3457#comment-5440 So is the activity mostly in lower priced houses then? Higher end homes are just sitting there waiting? So is the activity mostly in lower priced houses then? Higher end homes are just sitting there waiting?

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