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Monday, July 08, 2019

Seattle Real Estate in June: Sales down 3.5% YoY, Inventory up 69% YoY from Low Levels

by Calculated Risk on 7/08/2019 06:39:00 PM

The Northwest Multiple Listing Service reported Buyers Getting "Some Relief" as Key Indicators Point to Strong Summer for Housing Market

Inventory, pending sales and prices all increased during June compared to a year ago, according to the latest report from Northwest Multiple Listing Service. The same report, which covers 23 counties in Washington state, shows year-over-year drops area-wide in both the volume of new listings and closed sales.
House hunters had a broader selection to consider as inventory at month end totaled 16,800 active listings, about 9.5 percent larger than at the same time a year ago. Brokers added 11,977 new listings during the month, a drop from both a year ago when they added, 13,153 new listings, and from May, when they added 14,689 new listings.

About half the counties reported gains in inventory, led by King County where the selection grew nearly 32 percent from a year ago.
The Northwest MLS report indicates there is 1.76 months of inventory area-wide (matching May), with eight counties having less than two months of supply.
emphasis added
The press release is for the Northwest. In King County, sales were down 4.1% year-over-year, and active inventory was up 32% year-over-year.

In Seattle, sales were down 3.5% year-over-year, and inventory was up 69% year-over-year from very low levels.  This is another market with inventory increasing sharply year-over-year (but at a much slower rate than the previous months), but months-of-supply in Seattle is still on the low side at 2.1 months.