(1) Yesterday, Feb. 5, the NW MLS released their monthly analysis of the state of the market for the month of January. CEO and Chairman J. Lennox Scott was quoted multiple times.
“The month of March can’t come soon enough for home buyers,” said J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. “In March, the number of new listings will bump up substantially from the low number of new listings typical for winter months. Better selection will start in March as we enter the spring housing season,” Scott predicts.
…The luxury market is also off to a quick start in 2018. “Close to job centers, the luxury market is gaining positive momentum due to the wealth effect of the stock market, the strength of the U.S. economy, and homebuyers from the Pacific Rim, especially China,” noted Lennox Scott.
“The truth is, we’re becoming such a year-round market,” said Lisa Molinaro, a John L. Scott broker in Bellevue. She specializes in corporate relocation and says that part of her business has doubled compared to last winter. “The amount of people coming in has changed the winter market,” she said. “There’s more people coming in and they need to buy in the winter, so the competition has been a little higher.” The increase in demand hasn’t been met with more supply — just the opposite.
(3) Lennox’s quote got elevated to headline status in this article by Marc Stiles in the Puget Sound Business Journal: “Seattle home prices soar in a ‘multiple-offer everything, virtually sold-out market'”
Median King County home sale prices increased nearly 20 percent in January, according to a new report out Monday.
…Lennox Scott, chairman and CEO of John L. Scott Real Estate, called it “a multiple-offer everything, virtually sold-out market,” though he and other experts believe there’s some relief in sight.