Puget Sound Counties Interactive September Update

Whoops, sorry this is late. It took a little extra time to put together this month, as I finally switched the data over from months of supply to Seasonally Adjusted Active Supply. So, let’s have our September data checkup of NWMLS statistics from around the sound. As usual, courtesy Tableau Software, the Around the Sound update is rocking exclusive interactive data visualizations.

Feel free to download the old charts in Excel 2007 and Excel 2003 format. To get specific info about a certain point on any graph in the post below, float your mouse pointer over the data.

Before we get to the cool stuff, here’s the usual table of YOY stats for each of our seven covered counties as of September 2009.

September 2009 King Snohomish Pierce Kitsap Thurston Island Skagit Whatcom
Median Price 7.9% 11.1% 8.2% 4.6% 2.8% 1.8% 2.0% 8.7%
Listings 19.4% 23.6% 25.8% 25.1% 15.8% 2.0% 4.9% 9.7%
Closed Sales 14.3% 14.6% 12.4% 14.5% 1.5% 11.5% 20.9% 19.3%
Seasonally Adjusted Active Supply 2.0 2.1 1.8 2.0 1.9 2.5 3.0 1.5

Hit the jump for this month’s interactive charts.

Summary

The visualization below is comparable to our previous chart of closed sales in each county in September 2008 and September 2009:

Closed Sales

Some of the outlying counties appear to be missing out on this summer’s sales spike. I guess the tax credits and low interest rates aren’t enough to overcome the commute anymore. Is “drive till you qualify” finally dead?

Here’s our comparison of median prices in each county at their respective peaks and in September 2009:

Change from Peak

Nothing really new here, since most prices have been holding steady all summer.

Seasonally Adjusted Active Supply

Kitsap, Island, and Skagit all actually turned in larger SAAS than a year ago, with Skagit’s market still coming in firmly on the buyer’s side. Interestingly, Whatcom was the worst market for buyers, with an SAAS of just 1.5.

As summer draws to a close we still haven’t seen a big spike in closed sales of the same magnitude that we saw in pending sales earlier in the year. More and more I’m starting to think we never will…

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About The Tim

Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer / internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market. Tim also hosts the weekly improv comedy sci-fi podcast Dispatches from the Multiverse.

5 comments:

  1. 1
    HappyRenter says:

    What do you think about the recently accepted extension and expansion of the home buyer tax credit? Will this cause prices to remain steady throughout the winter?

    http://blogs.wsj.com/developments/2009/10/29/qa-the-home-buyer-tax-credit-extension/

  2. 2
    HappyRenter says:

    By HappyRenter @ 1:

    What do you think about the recently accepted extension and expansion of the home buyer tax credit? Will this cause prices to remain steady throughout the winter?

    Sorry, I think I was too fast. The extension has not been approved yet.

  3. 3
    The Tim says:

    RE: HappyRenter @ 2 – I think I’ve made pretty clear what I think about the idiotic tax credit. I already faxed our two senators, not that I think it will really make much of a difference.

  4. 4

    RE: The Tim @ 3

    100% of the $8000 Welfare Tax Credit Goes to Incomes as High As $150K Per Household

    Albeit, even higher incomes could get the “Elite Welfare” at a slightly reduced amount per the 2009 IRS work sheet.

    Cash for Clunkers welfare to the rich, same scenario, let’s put it this way, new car buyers getting the federal welfare money aren’t checkers at Walmart; they tend to be high elite incomes in America.

    Meanwhile homelessness, unemployment and severely underemployed keeps growing in America like untreated malignant cancer. Even the CFC program is destroying perfectly good cars that this working poor group could use!

  5. 5
    Ray Pepper says:

    RE: The Tim @ 3

    Great…Tim you cost us taxpayers more $$ in toner. No, it will not make a difference. Its a necessary EVIL. The market remains RED HOT assuming you have a Foreclosure or Short sale. The tax credit adds fuel but between the price reductions and the low rates people are Buying and I personally come into multiple offer scenarios weekly on the Eastside.

    Unfortunately the writing is on the wall and people will continue to walk in large numbers the coming years. When owners realize they will get no principle reduction, no loan mod, and no assistance for doing everything right they will walk. Large numbers will walk from their homes for they cannot re-fi and remain upside down 15-50%. Except of course Steve Tytler and his Broker buddy in Phoenix who continues to pay while upside down 75%.

    The Fed is softening the crash and that was their goal. I praise the efforts! It is more then obvious we will see a very long flat-line ahead with a downward bias. We will reverse direction when the relentless foreclosures and short sales come back to historical norms. Unfortunately the Fed continues to prolong this process. We are going nowhere for a very long while in/re to home appreciation but friends let me tell you there will be GEMS! Thousands of them. Take your time and avoid ALL multiple offer scenarios. If an Agent says he/she has offers coming in tell them to call you if none of them pan-out.

    Keep the ball in your court and YOU set the value of the home not the banks.

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