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Thursday, August 05, 2021

Northwest Real Estate in July: Sales up 11% YoY, Inventory down 23% YoY

by Calculated Risk on 8/05/2021 04:06:00 PM

The Northwest Multiple Listing Service reported Home buyers are finding some relief, but Northwest MLS brokers say it is temporary

Competition for homes eased slightly in July across much of Washington state, but brokers from Northwest Multiple Listing Service expect the respite to be short-lived, with inventory still tight and prices still climbing.

"Although the local market is intense, buyers can find some relief because there aren't as many offers to compete with compared to earlier this year," observed J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. He noted the number of listings brokers added last month outgained the number of homes going under contract by a small margin in most areas in the report.
At month end, there were 7,948 total listings offered for sale, down 22.5% from the year-ago total of 10,259. That was the highest level since October when inventory totaled 8,623 properties, including single family homes and condominiums.
emphasis added
The press release is for the Northwest MLS area. There were 10,919 closed sales in July 2021, up 11.0% from 9,840 sales in July 2020.  Active inventory for the Northwest is down 22.5%.

In King County, sales were up 18.4% year-over-year, and active inventory was down 30.9% year-over-year.

In Seattle, sales were up 27.8% year-over-year, and inventory was down 22.7% year-over-year. This puts the months-of-supply in Seattle at just 0.93 months.

Note that inventory in the Northwest was up 25% from last month (June 2021), and up 44% from May 2021.