Around the Sound: Typical Seasonal Slowdown

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: Boring seasonal slowdown. We saw the usual dip in listings and sales in most counties, and not much action on prices.

First up, a summary table:

September 2014 King Snohomish Pierce Kitsap Thurston Island Skagit Whatcom
Median Price $460,000 $330,000 $229,000 $250,000 $236,250 $248,950 $220,000 $270,000
Price YOY 9.5% 8.4% 2.5% 1.7% 2.8% -8.1% -6.4% -2.6%
Active Listings 4,958 2,593 3,764 1,337 1,279 700 732 1,329
Listings YOY -0.1% 11.6% 6.3% -7.2% 0.7% -12.8% -11.9% -0.1%
Closed Sales 2,113 889 1,030 321 344 152 163 260
Sales YOY -4.0% 3.4% 9.6% 15.1% -0.6% 3.4% -2.4% -1.5%
Months of Supply 2.3 2.9 3.7 4.2 3.7 4.6 4.5 5.1

Next let’s take a look at median prices in September compared to a year earlier. Prices were up from a year ago in the closer-in counties, but down in Island, Skagit, and Whatcom. Gains ranged from as low as 2 percent in Kitsap to as high as 10 percent in King.

Median Sale Price Single-Family Homes

The number of listings increased year-over-year only in Snohomish, Pierce, and (barely) Thurston, while falling in in King, Kitsap, Island, Skagit, and Whatcom counties. The biggest gainer by far was once again Snohomish County at +12 percent. Inventory fell the most in Island and Skagit, both dropping over 11 percent from a year ago.

Active Listings of Single-Family Homes

Closed sales fell in September compared to a year earlier in King, Thurston, Skagit, and Whatcom, and edged up in Snohomish, Pierce, Kitsap, and Island. Kitsap County saw the biggest sales gain, up 15 percent from last year.

Closed Sales of Single-Family Homes

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

Months of Supply Single Family Homes

To close things out, here’s a chart comparing September’s median price to the peak price in each county. Everybody is still down from the peak, with drops ranging between just 4 percent in King County to 29 percent in Island County.

Peak Median Sale Price Single-Family Homes

No big surprises this month. Looks like this year will close out with a pattern similar to most other years as the market goes into hibernation for the holidays.

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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.

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