Around-the-Sound-Price_2016-06

Around The Sound: King County Slightly Less Bleak For Buyers Than Surrounding Region

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Let’s have a look at our housing stats for the broader Puget Sound area. Here’s your June update to our “Around the Sound” statistics for Pierce, Kitsap, Thurston, Island, Skagit, and Whatcom counties.

Recently we’re beginning to see some interesting differences between King County and the other counties in the region…

First up, a summary table:

June 2016 King Snohomish Pierce Kitsap Thurston Island Skagit Whatcom
Median Price $573,522 $395,000 $284,200 $299,975 $268,000 $329,000 $302,000 $316,000
Price YOY 14.7% 9.7% 10.6% 11.1% 7.2% 10.3% 22.5% 7.1%
Active Listings 3,177 1,529 2,322 758 989 492 508 860
Listings YOY -7.1% -22.6% -20.6% -17.6% -10.3% -17.4% -15.9% -19.5%
Closed Sales 2,894 1,223 1,487 470 480 227 215 335
Sales YOY -0.3% 6.0% 10.6% 14.4% 5.5% 33.5% 10.8% 5.7%
Months of Supply 1.1 1.3 1.6 1.6 2.1 2.2 2.4 2.6

With far and away the highest median price, King County is the only county where sales are not increasing year-over-year. King County is also an outlier with the smallest year-over-year decline in listings. Every other county saw a double-digit drop in listings, while King County is aproaching a flatline on inventory.

Prices are up across the board from a year ago. Skagit turned in the largest increase on a percentage basis.

Median Sale Price Single-Family Homes

Listings are down from a year ago across the board, but the drop in King County is actually the smallest that it’s been in a while, down “just” seven percent. The biggest dips were in Snohomish and Pierce Counties, which were both down by over 20 percent from a year earlier.

Active Listings of Single-Family Homes

Closed sales were up in every county except King in June. The biggest gains were in Island County, which saw closed sales increase 34 percent from a year ago. Kitsap, Pierce, and Skagit also had double-digit gains.

Closed Sales of Single-Family Homes

Months of supply is downright bleak for buyers across the board. Every single county had fewer months of supply this June than it did a year ago. It’s still a very strong seller’s market everywhere.

Months of Supply Single Family Homes

Finally, here’s a chart comparing the median price in March to the 2007 peak price in each county. King, Snohomish, and Whatcom counties have all posted prices above the previous peak, while the rest of the counties are still just barely shy of hitting that mark.

Peak Median Sale Price Single-Family Homes

In summary: The market is still demoralizing for buyers. Oddly, it’s slightly less terrible in King County than it is everywhere else, but that’s not saying much.

If there is certain data you would like to see or ways you would like to see the data presented differently, drop a comment below and let me know.

June Reporting Roundup: “A Long Way To Go”

It’s time once again for the monthly reporting roundup, where you can read my wry commentary about the news instead of subjecting yourself to boring rehashes of the NWMLS press release (or in addition to, if that’s what floats your boat).

To kick things off, here’s an excerpt from the NWMLS press release…

KingCoSFHInventory2016-06

NWMLS: Listings Inching Up As Sales Flatten

June market stats were published by the NWMLS this morning. The NWMLS press release hasn’t been posted yet, so we’ll cover that tomorrow. On with the stats!

It’s still a bit early to say that we’re turning a corner, but while the overall level of inventory is still at all-time lows for this time of year, the rate of year-over-year change has been getting slightly better every month since December…

Preview_2016-06_Active-Listings

June Stats: Inventory Edges Up Despite Record Sales

Now that June is behind us, let’s have our first look at how the month’s real estate stats stack up.

June was a mixed bag. Sales hit their highest level since 2007 in King County and a new all-time high in Snohomish County. Despite this, active listings saw unusually large month-over-month increases in both counties. Foreclosures are still at or near lows…

Case-Shiller_SeaTiers-Zoomed_2016-04

Case-Shiller Tiers: Only Low Tier Still Below Previous Peak

Let’s check out the three price tiers for the Seattle area, as measured by Case-Shiller.

Between March and April, the low tier increased 1.9 percent, the middle tier rose 2.2 percent, and the high tier was up 2.0 percent.

Case-ShillerHPI_MOM_2016-04

Case-Shiller: Seattle Price Gains Biggest In Nation Again

Let’s have a look at the latest data from the Case-Shiller Home Price Index. According to January data that was released today, Seattle-area home prices were:

Up 2.1 percent March to April
Up 10.7 percent YOY.
Up 2.5 percent from the July 2007 peak

Over the same period last year prices were up 2.2 percent month-over-month and year-over-year prices were up 7.4 percent.

The Seattle area’s Case-Shiller home price index hit another new all-time high in April, and saw the largest month-over-month gain of all twenty Case-Shiller-tracked cities for the second month in a row.