Hi, I’m Sean Reynolds, the owner of Summit Properties Northwest and Reynolds & Kline Appraisal. This is your market and the minute video for November 2017. Everything you need to know about the Puget Sound real estate market in one minute. So in November we had housing inventory and pending sales of homes drop to their lowest levels since April. So I hear a lot of brokers talking about a slowdown in the real estate market, but I think in reality what you’re seeing is just there are still quite a few buyers out there less than there normally are because we’re heading into the holiday season. But also our levels of inventory of just dropped significantly. And this is kind of more of the new norm now having a housing inventory of about one month seems to be for the last ah, it’s been almost three, probably four years. That has become our new norm, so this is our market.
I also think you’re seeing a lot of buyers either put their home-buying process on hold or they’re just kind of taking a step back to see what happens. And that includes a lot of millennial buyers, buyers who should be in the marketplace, but are just frustrated because they’re so little to look at and they’re feeling like they’re getting priced out. Those people are just kind of on the sidelines now waiting. And the lack of inventory isn’t just here locally in Seattle. In Thurston, Mason, and Cowlitz, we’ve had some dramatic drops in housing inventory as well.
I’m Sean Reynolds from Summit Properties Northwest and Reynolds & Kline Appraisal. I appreciate you watching the video. I hope you have a great holiday season and I will see you next year.