Friday, November 06, 2020

Seattle Real Estate in October: Sales up 40% YoY, Inventory UP 16% YoY

by Calculated Risk on 11/06/2020 06:19:00 PM

The Northwest Multiple Listing Service reported October Statistical Data

The Northwest MLS report recapping October activity showed a 40% drop in active listings compared to the same month a year ago, an increase of 16% in pending sales (mutually accepted offers), and a year-over-year (YOY) jump of nearly 30% in closed sales. The median price of single family homes and condominiums that sold last month was $500,000, up 19% from the same period a year ago, according to the MLS summary, which encompasses 23 counties, mostly in Western and Central Washington.
Matthew Gardner, chief economist at Windermere Real Estate, said his biggest concern continues to be the ongoing lack of homes for sale in the Central Puget Sound area. “Keep in mind that a four month supply of homes for sale is a sign of a balanced housing market, but in 14 counties, including the King/Pierce/Snohomish region, there is currently less than one month of supply. This is what is allowing home prices to escalate at double digit rates.”
emphasis added
The press release is for the Northwest MLS area. There were 10,806 sales in October 2020, up 29.7% from 8,335 sales in October 2019.

In King County, sales were up 40% year-over-year, and active inventory was down 21% year-over-year.

In Seattle, sales were up 39.9% year-over-year, and inventory was up 16% year-over-year..  This puts the months-of-supply in Seattle at just 1.7 months.