Summer doldrums for home sales “not happening” around Western Washington
KIRKLAND, Washington (Aug. 7, 2017) – New figures from Northwest Multiple Listing Service indicate home sales and prices, like July’s temperatures, sizzled. Prices area-wide rose slightly more than 9 percent from a year ago, but several counties near job centers saw larger price increases, including King County where the median price jumped 18.6 percent.
The latest report confirmed what most buyers and brokers know: inventory shortages persist even though MLS members added slightly more new listings last month than the same period a year ago.
“We should be entering the summer doldrums, but I don’t see that happening,” reported Diedre Haines, principal managing broker-South Snohomish County at Coldwell Banker Bain in Lynnwood. “Inventory remains low, but prices and demand continue to increase, prompting murmurs of a looming bubble,” she commented, adding, “Some say yes, and just as many are saying no” when asked about the likelihood of a bubble.
In some areas, inventory is showing some signs of growth, Haines noted, but it’s still “way below what would be considered anywhere near normal. Frankly, I am not even sure anymore exactly what normal is
– perhaps the current low inventory status is the new normal.”
Northwest MLS members added 12,300 new listings during July, a meager 122 more than the same month a year ago, but well below June’s total of 13,658 new listings.
At month end, there were 15,749 total active listings, down 13.9 percent from the year-ago total of 18,287. Measured by months of supply, there was only about six weeks (1.6 months) in the MLS system overall, which encompasses 23 counties. Twelve months ago, it was closer to two months of supply (1.93 months).
King County continued to have the skinniest supply at only one month, but in many parts of Seattle and the Eastside the supply slipped below a month. Four to six months is typically considered a normal, or balanced, market according to many industry analysts.
Information and statistics compiled and reported by Northwest Multiple Listing
Service. Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service MLS in the Northwest. Its membership of nearly 2,100 member offices includes more than 25,000 real estate professionals. The organization, based in Kirkland, Wash., currently serves 23 counties in Washington state.
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Our analysis shows every region in the greater Seattle area with an average sale price of 100% or more of the list price. While every house and situation is different, the averages give us an overall scope of the market.
Average Sale Price % of Listed Price by Area
North Seattle 105%
West Seattle 105%
East Bellevue 105%
South Seattle 104%
Central Seattle 103%
Seattle Condos 103%
Queen Anne 102%
Eastside South 102%
E Lk Sammamish 102%
Mercer Island 100%
Bellevue Condos 100%
West Bellevue 99%
© Copyright 2017, Windermere Real Estate/Mercer Island | (206) 232-0446 | firstname.lastname@example.org | 2737 77th Ave SE, Mercer Island, WA 98040. Information and statistics derived from Northwest Multiple Listing Service.