July Real Estate Market Stats: Why Local Data Matters

The Northwest Multiple Listing Service (NWMLS) publishes real estate statistics each month, while the National Association of REALTORS® (NAR) provides national housing trends, along with some data broken down by region.

Both are useful. However, when it comes to real estate, location matters.

Location matters. The neighborhood matters. The condition of the home matters. So does the motivation of the buyer and seller, the property’s price, and the specific features of the home.
That is one of the reasons having a REALTOR® who can access and interpret detailed local market data can be so valuable. General market trends can provide context, but they do not necessarily define what is happening in your particular neighborhood.

Inventory Continues to Increase

The chart below allows you to select different counties and compare inventory levels over time. It provides a useful look at how the number of active listings has been increasing in many areas.

Click to see Interactive Inventory Level Chart

As inventory increases, buyers generally have more homes to choose from. When supply increases relative to demand, that can put downward pressure on the pace of price increases and give buyers more negotiating power.

That does not mean every home or every neighborhood will experience the same trend.

A well-priced home in a desirable location and excellent condition can perform very differently from a home that needs significant work or is priced above its current market value.

More Than Just This Month’s Numbers

There are also short-term factors that can influence the housing market, including employment levels, interest rates, government and federal policies, and consumer confidence.

Then there are larger macroeconomic and demographic trends that can influence real estate over much longer periods.

These longer-term trends can play out over five, ten, or even twenty years, and they are worth watching if you are thinking about the future of the housing market.

I’ll be sharing more about those trends in future updates.

Market Snapshot Video

For a quick overview of the latest NWMLS market report, you can also watch the video market snapshot:

Click Watch the NWMLS Market Snapshot Video

If you’re thinking about buying or selling, remember that the national housing market is not necessarily your housing market.

The most useful question is often: What’s happening in my neighborhood, with homes like mine?

That’s where detailed local market data can make a difference, and contact me for more information.

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