Wednesday, January 08, 2020

Seattle Real Estate in December: Sales up 18.7% YoY, Inventory down 24.6% YoY

by Calculated Risk on 1/08/2020 10:50:00 AM

The Northwest Multiple Listing Service reported Eager home buyers were plentiful in December but their choices were meager

"The buyers are out there and are showing up at open houses and making multiple offers on new listings," was how one industry leader summarized December's housing activity involving members of the Northwest Multiple Listing Service.
...
Newly-released figures from Northwest MLS show inventory at the end of December was down 31% from the same month a year ago, with only 8,469 active listings compared to the year-ago total of 12,275. The figures include single family homes and condominiums across the 23 counties in the MLS service area.

Northwest MLS member-brokers recorded 7,093 completed transactions during December, a gain of more than 11% from the 6,374 closed sales of the same month a year ago. Prices on last month's closed sales of single family homes and condos rose 8.75% from a year ago. For the MLS market overall the price was $435,000 versus the year-ago figure of $400,000.
emphasis added
The press release is for the Northwest. In King County, sales were up 12.0% year-over-year, and active inventory was down 38.8% year-over-year.

In Seattle, sales were up 18.7% year-over-year, and inventory was down 24.6% year-over-year..  The year-over-year increase in inventory has ended, and the months of supply is still low in Seattle (1.1 months).   In many areas it appears the inventory build that started last year is over.