Wednesday, November 07, 2018

Seattle Real Estate in October: Sales Down 18% YoY, Inventory up 102% YoY

by Calculated Risk on 11/07/2018 10:11:00 AM

The Northwest Multiple Listing Service reported Slower Market Means Homebuyers Have "Newfound Ability to Negotiate"

Seven months of steadily rising housing inventory reversed course in October when Northwest Multiple Listing Service brokers added the fewest new listings since February, according to a new report. MLS members believe the onset of wintry weather and transition to the holiday season are factors, but suggested the slower pace also signals improving conditions for house-hunters.

"After months of inventory growth that more than quadrupled the number of homes buyers have to choose from, things got back on a seasonal track with new listings and total supply falling in October," said Robert Wasser, a director with Northwest MLS, when comparing those metrics with September.

"Buyers are catching on to their newfound ability to negotiate. For the first time since 2012, closed sales system-wide rose from September to October," noted Wasser, a branch manager with Windermere Real Estate in Bellevue.
emphasis added
The press release is for the Northwest. In Seattle, sales were down 17.5% year-over-year, and inventory was up 102% year-over-year. This is another market with inventory increasing sharply year-over-year, but months-of-supply in Seattle is still on the low side at 2.4 months.