Author: 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.

NWMLS: Some Small Signs of Market Softening in March

Posted on by The Tim

March market stats were published by the NWMLS yesterday…

…First the good news for buyers: Inventory saw a slight uptick in March, and the year-over-year drop shrunk significantly from -29 percent in February to -21 percent in March. Sales also appear to be slowing down slightly as both pending and closed sales are down around ten percent from a year ago.

Now the bad news: The median home price shot up to a new all-time high, and the year-over-year median price was up a record-breaking 21 percent.

March Stats Preview: A Faint Glimmer of Hope for Listings

Posted on by The Tim

Sorry, no April Fool’s jokes today. Just a look at March stats with our monthly stats preview.

For the most part, it’s the same story we’ve been seeing for the past couple years. Low inventory, low sales, and few foreclosures. However, there was a new tiny glimmer of hope for buyers looking for more listings: The month-over-month increase in listing inventory in March was the largest we’ve seen in nearly two years. We’re still down from a year ago, but maybe we’re starting to see the very beginning of a listing recovery…

Case-Shiller Tiers: High Tier Prices Slip Slightly in January

Posted on by The Tim

Let’s check out the three price tiers for the Seattle area, as measured by Case-Shiller. Remember, Case-Shiller’s “Seattle” data is based on single-family home repeat sales in King, Pierce, and Snohomish counties.

There was a slight divergence in January, with the low and middle tiers increasing and the high tier decreasing month-over-month…

Case-Shiller: No Winter Price Dip For You!

Posted on by The Tim

Let’s have a look at the latest data from the Case-Shiller Home Price Index. According to January data that was released today, Seattle-area home prices were:

Up 0.2 percent December to January
Up 10.7 percent YOY.
Down 2.8 percent from the July 2007 peak

Over the same period in 2014-2015 prices were down 0.5 percent month-over-month and year-over-year prices were up 6.8 percent.

The Seattle area’s month-over-month home price change was positive again in January…

NWMLS: Prices Surging, Listing Shortage Drags On

Posted on by The Tim

February market stats were published by the NWMLS yesterday. Before we get into our monthly stats, here’s a quick look at their press release.

Last month we saw a slight uptick in inventory, but this month the number of homes on the market fell back down a bit again, putting us at the lowest February inventory level on record. With just 2,101 new listings hitting the market last month, February 2016 also saw the fewest new listings on record for a February, just barely beating out the previous low set in 2014.

Basically, if you’re buying a home in the Seattle area right now, expect to have very little selection and lots of strong competition. Not a fun time to be a home buyer.