Around the Sound: Moderation Across the Sound in August

It’s time for us to check up on stats outside of the King/Snohomish core with our “Around the Sound” statistics for Pierce, Kitsap, Thurston, Island, Skagit, and Whatcom counties.

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.

This month’s story in a nutshell: Moderation. For the most part, the movement in prices, listings, and sales all edged closer to flat. Price gains, sales drops, and inventory increases all slowed.

First up, a summary table:

August 2014 King Snohomish Pierce Kitsap Thurston Island Skagit Whatcom
Median Price $437,000 $330,000 $239,950 $245,000 $239,972 $276,450 $248,800 $275,000
Price YOY 1.6% 6.5% 4.3% -4.3% 1.0% 10.6% 8.6% 6.6%
Active Listings 4,967 2,720 3,967 1,484 1,372 766 796 1,436
Listings YOY 1.4% 20.4% 12.5% 1.2% 4.9% -13.0% -7.0% -1.0%
Closed Sales 2,384 977 1,176 375 364 145 165 274
Sales YOY -6.9% 2.0% 1.6% 1.6% 5.5% -5.8% 1.2% 11.4%
Months of Supply 2.1 2.8 3.4 4.0 3.8 5.3 4.8 5.2

Next let’s take a look at median prices in August compared to a year earlier. Prices were up from a year ago everywhere but Kitsap County, which was down 4 percent. Gains ranged from as low as 1 percent in Thurston to as high as 11 percent in Island.

Median Sale Price Single-Family Homes

The number of listings grew year-over-year in the close-in counties, and fell in Island, Skagit, and Whatcom counties. The biggest gainer by far was still Snohomish County at +20 percent (its smallest gain since last August). Pierce County also saw double-digit gains in inventory again.

Active Listings of Single-Family Homes

Closed sales fell in August compared to a year earlier in King and Island, but edged up everywhere else. Whatcom saw the biggest sales gain, up 11 percent from last year.

Closed Sales of Single-Family Homes

Here’s a chart showing months of supply this August and last August. The market was more balanced than a year ago in King, Snohomish, and Pierce, more or less the same as a year ago in Kitsap and Thurston, and less balanced than a year ago in Island, Skagit, and Whatcom.

Months of Supply Single Family Homes

To close things out, here’s a chart comparing August’s median price to the peak price in each county. Everybody is still down from the peak, with drops ranging between just 9 percent in King County to 21 percent in Island County.

Peak Median Sale Price Single-Family Homes

At this point I think it’s safe to say we won’t be seeing anything all that surprising through the rest of this year. Prices will probably stagnate while listings and sales take their usual seasonal slide into winter.

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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.

4 comments:

  1. 1
    boater says:

    Hey Tim how often are there extended periods of no or minimal growth/loss vs rapidly going from boom to bust?

  2. 2
    Lo Ball Jones says:

    People have gotten so used to high prices being the norm everywhere in Puget Sound, I don’t think the scales have fallen from their eyes yet.

    Seriously, a lot (and I mean most) of the homes around here are moldy garbage in the middle of Nowheresville.

    Ok, mabye — mabye — Seattle will hold some value for a year or two more (and I doubt much longer after that) but someplace like Whatcom? That junk is gonna come crashing Earthward at breakneck speed!!

  3. 3
    James says:

    Lo Ball Jones, Why did you say Whatcom is going to come down? How do you know?

  4. 4
    Young Gun says:

    Thanks for the info. I like seeing how the different counties compare with eachother.

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