Monday, August 10, 2020

Seattle Real Estate in July: Sales up 10% YoY, Inventory down 15% YoY

by Calculated Risk on 8/10/2020 12:44:00 PM

The Northwest Multiple Listing Service reported Opportunities abound for home buyers and sellers, but brokers say "don't delay"

Brokers added the largest monthly number of new listings during July since May 2019, but pent-up demand from homebuyers meant inventory remained tight, according to Northwest Multiple Listing Service (NWMLS) representatives who commented on the latest housing activity report.

MLS member-brokers reported 9,840 closed sales during July, up slightly more than 3% from a year ago and the highest volume since June 2018 when they notched 10,072 completed transactions.
emphasis added
There were 9,840 sales in July 2020, up 3% from 9,540 sales in July 2019.

The press release is for the Northwest. In King County, sales were up 4.3% year-over-year, and active inventory was down 32% year-over-year.

In Seattle, sales were up 10.4% year-over-year, and inventory was down 15.3% year-over-year..  This puts the months-of-supply in Seattle at just 1.5 months.

The closed sales are for contracts mostly signed in May and June, and as expected, there was a rebound in the July report.