local real estate news, statistics, and commentary without the sales spin.
Statistics, number-based analysis, etc.
Get access to the full spreadsheets used to make the charts in this and other posts by becoming a member of Seattle Bubble. Good news for renters (and maybe hopeful home buyers, as well): 2017 should see the beginning of relief for the Seattle area’s crazy rental housing market. The infamous $750-a-month 130-square-foot ‘prison cell’…
December market stats were published by the NWMLS yesterday afternoon.
Basically another terrible month for home buyers. Inventory hit an all-time low, but despite that, sales were actually up from a year ago. The one good note is that prices have been flat for the last three months. Small comfort.
December is done, so let’s take a look at the local housing market stats for the month. Short story: Record-low inventory and sales falling just slightly.
Sales came in weaker than last year, and also fell from November to December. Listings dropped to new all-time lows in both counties. Foreclosures are still at their historic lows.
Happy New Year everyone!
Yes, it’s late (vacation), but I wanted to post these charts anyway. I’ll post again later today with the monthly stats preview for December data.
Let’s have a look at the latest data from the Case-Shiller Home Price Index. According to July data that was released this morning, Seattle-area home prices were:
Up 0.2 percent September to October
Up 10.7 percent YOY.
Up 6.6 percent from the July 2007 peak
Over the same period last year prices were up 0.5 percent month-over-month and year-over-year prices were up 8.8 percent.
Seattle home prices as measured by Case-Shiller inched up to another new all-time high in October.
November market stats were published by the NWMLS this morning. Here’s their press release:
Real Estate Brokers Expect No Holiday Breather
Sales Stay Strong and Supplies Remain LowPending sales of homes hit an all-time high for the month of November according to the latest statistics from Northwest Multiple Listing Service. The report covering 23 counties around Washington state also shows the number of new listings added during the month plunged to the lowest level in 11 months, prompting MLS leaders to predict a busy winter for residential real estate as buyers compete for the smallest inventory since March.
…
“November’s pending sales for the four-county area of King, Snohomish, Pierce and Kitsap were the highest since 2005. There were 44 percent more pendings than new listings,” noted J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, who described market activity as a mini power surge. “Every time interest rates increase 0.5 percent we see these surges because buyers become anxious about increasing rates – but on a historical basis rates are still amazing,” he remarked.
You can always count on Lennox. Breathless as usual…