Tuesday, May 07, 2019

Seattle Real Estate in April: Sales unchanged YoY, Inventory up 124% YoY from Low Levels

by Calculated Risk on 5/07/2019 01:48:00 PM

The Northwest Multiple Listing Service reported Northwest MLS Housing Report for April Signals Good News for Home Buyers

Housing activity during April signaled good news for buyers in Western Washington as inventory continued to grow, the rate of price increases was slowing in many areas (and even decreasing in a few counties), and mortgage rates remained low.

Northwest Multiple Listing Service statistics for last month show a 28.5 percent overall increase in active listings compared to the same month a year ago, a 5.8 percent gain in pending sales, and a 2.4 percent rise in median prices for sales of single family homes and condos that closed during April. The volume of closings dipped slightly (down 1.9 percent).
emphasis added
The press release is for the Northwest. In King County, sales were down 1% year-over-year, and active inventory was up 78% year-over-year.

In Seattle, sales were unchanged year-over-year, and inventory was up 124% 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 1.9 months.