Around the Sound: Inventory growth, sales declines spread outside of King County

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With September’s stats in hand, let’s look at broader Puget Sound area. Here’s the latest update to our “Around the Sound” statistics for King, Snohomish, Pierce, Kitsap, Thurston, Island, Skagit, and Whatcom counties.

First up, a summary table:

September 2018 King Snohomish Pierce Kitsap Thurston Island Skagit Whatcom
Median Price $668,000 $484,995 $352,750 $355,706 $317,150 $362,750 $365,000 $378,000
Price YOY +6.9% +7.8% +10.7% +12.9% +7.5% -2.0% +10.7% +8.0%
New Listings 3,280 1,350 1,458 419 495 155 197 281
New Listings YOY +7.9% +6.0% -7.3% -10.1% +7.1% -7.7% -6.2% -5.1%
Active Inventory 5,213 2,213 2,611 762 849 395 486 660
Inventory YOY +67.9% +40.2% +6.5% +4.7% +11.3% -7.9% +0.2% -17.7%
Closed Sales 1,833 955 1,256 395 474 148 171 274
Sales YOY -27.0% -20.6% -17.7% -18.0% -14.9% -12.4% -3.9% +5.4%
Months of Supply 2.8 2.3 2.1 1.9 1.8 2.7 2.8 2.4

The biggest gains in new listings and active inventory are still in King County. Snohomish, Pierce, Kitsap and Thurston all also saw some decent gains in inventory, but in Island, Skagit, and Whatcom inventory was flat or still down. Meanwhile, closed sales are falling everywhere but Whatcom.

Here’s a look at new listings across the region:

New Listings of Single-Family Homes

Only King, Snohomish, and Thurston saw year-over-year gains in new listings, while Pierce, Kitsap, Island, Skagit, and Whatcom all continued to fall.

Next up: Active inventory.

Active Listings of Single-Family Homes

Inventory was up sizeably from year earlier in King, Snohomish, and Thurston. It also edged up in Pierce and Kitsap. Meanwhile, inventory in Whatcom county has been down double-digits for the past five months in a row.

Here’s the chart of median prices compared to a year ago. Island County actually saw a slight decrease in prices, but they were still up everywhere else.

Median Sale Price Single-Family Homes

Sales are now significantly declining pretty much everywhere but the furthest-out counties. Skagit saw just a 3.9 percent drop and Whatcom saw a 5.4 percent gain, but every other county had double-digit declines.

Closed Sales of Single-Family Homes

We’re still in a major sellers’ market… but the trend looks at least somewhat hopeful for buyers, with every county except Whatcom inching closer to that magical “balanced market” number of six months of supply.

Months of Supply Single Family Homes

In summary: The inventory surge has spread outside of King County, as sales slow and listings pile up. The one notable exception to this trend so far is up north in Whatcom County. I’m not sure exactly what’s going on up there, but for some reason the market up there is not cooling down this year the way it is pretty much everywhere else.

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.

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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.