Around the Sound: Inventory up, sales down across the board

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It’s been a few months since we had a look at the stats in the broader Puget Sound area, so let’s update our charts through March. 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:

March 2019 King Snohomish Pierce Kitsap Thurston Island Skagit Whatcom
Median Price $667,725 $500,000 $363,084 $359,200 $325,550 $370,000 $364,950 $373,450
Price YOY -3.2% +5.3% +3.8% +5.2% +8.2% +1.4% +4.7% +1.5%
New Listings 3,238 1,358 1,457 440 527 173 227 321
New Listings YOY +6.1% +6.1% -11.4% +14.6% -5.0% -10.8% +1.3% -3.3%
Active Inventory 3,277 1,209 1,404 418 448 279 332 479
Inventory YOY +94.3% +78.1% +10.6% +24.0% +0.7% +8.1% +17.7% +15.7%
Closed Sales 1,784 901 1,142 299 348 122 126 208
Sales YOY -5.3% -0.2% -12.3% -13.6% -12.8% -6.9% -17.6% -5.5%
Months of Supply 1.8 1.3 1.2 1.4 1.3 2.3 2.6 2.3

King County still has some of the most dramatic changes, as the only county with a drop in the median price and by far the biggest increase in active listings. That said, active listings are up and closed sales are down across the board. Skagit, Kitsap, Pierce, and Thurston all still saw double-digit year-over-year declines in sales.

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

New Listings of Single-Family Homes

New listings were up the most in Kitsap County, which saw 15 percent more listing than a year earlier. Listings were also up in King, Snohomish, and Skagit, but fell in Pierce, Island, and Whatcom.

Next up: Active inventory.

Active Listings of Single-Family Homes

Inventory was up everywhere, but only just barely in Thurston, which saw an increase of less than one percent from a year earlier. Island was the second-smallest gain at eight percent. Every other county saw at least double-digit increases in inventory from March 2018.

Here’s the chart of median prices compared to a year ago.

Median Sale Price Single-Family Homes

Prices were up everywhere but King County, with the biggest gains in Thurston County, up eight percent.

Closed Sales of Single-Family Homes

Closed sales fell in every county, but only just barely in Snohomish. King and Whatcom counties were down five percent and Island fell seven percent. Every other county saw double-digit decreases in closed sales.

Months of Supply Single Family Homes

Every county is still deep in sellers’ market territory, but at least they’re all improving from a year ago.

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.