local real estate news, statistics, and commentary without the sales spin.
County-wide statistics.
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…
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…
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.
With another extra-long February in the books, let’s have a look at our monthly stats preview. First up, here’s the snapshot of all the data as far back as my historical information goes, with the latest, high, and low values highlighted for each series:
Sorry buyers, the glimmer of hope we saw in last month’s numbers has completely faded. Inventory was flat month-over-month, which is not a great sign for any potential spring inventory increases. Meanwhile, sales began their usual seasonal surge, and were up slightly from last year. Foreclosures continue to remain near their historic lows.
Let’s have a look at the latest data from the Case-Shiller Home Price Index.
The Seattle area’s month-over-month home price change was positive in December, but not quite as high as it was in November. The year-over-year price change is inching back up almost into double digits, as well. The only possible sign of relief for home buyers is that the increase in year-over-year price gains is slowing just slightly.