Monday, June 10, 2019

Seattle Real Estate in May: Sales up 5.6% YoY, Inventory up 124% YoY from Low Levels

by Calculated Risk on 6/10/2019 03:04:00 PM

The Northwest Multiple Listing Service reported Home Buyers Are "Better Off," But Market Is Heating Up

Year-over-year (YOY) closed sales rose about 1.6 percent (from 9,011 in May 2018 to last month's total of 9,153).
The MLS report for May shows 16,133 active listings at month end, up from the year-ago total of 12,956. King County recorded the largest gain in total inventory, at more than 62 percent, but supply remained below 2 months in that and several other counties.

System-wide there was 1.76 months of supply at the end of May, well below the 4-to-6 months that experts say indicate a balanced market.
emphasis added
The press release is for the Northwest. In King County, sales were up 5.8% year-over-year, and active inventory was up 62% year-over-year.

In Seattle, sales were up 5.6% year-over-year, and inventory was up 122% 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.