Tuesday, April 09, 2019

Seattle Real Estate in March: Sales down 7.8% YoY, Inventory up 136% YoY from Low Levels

by Calculated Risk on 4/09/2019 02:36:00 PM

The Northwest Multiple Listing Service reported Housing Market Rebounds From February Freeze

Both pending sales and new listing activity around Western Washington surged during March as buyers, sellers, and brokers emerged from February's record snowfall.
...
At month end, there were 12,017 active listings of single family homes and condos in the Northwest MLS database. That represents an increase of more than 36 percent from a year ago when there were only 8,825 active listings. Inventory more than doubled in King County compared to a year ago, rising from 2,060 active listings to 4,263 at the end of March. Nine counties reported less inventory than 12 months ago.
emphasis added
The press release is for the Northwest. In King County, sales were down 8.3% year-over-year, and active inventory was up 36% year-over-year.

In Seattle, sales were down 7.8% year-over-year, and inventory was up 136% year-over-year from very low levels.  This is another market with inventory increasing sharply year-over-year, but months-of-supply in Seattle is still on the low side at 2.0 months.