Expensive parts of King County are seeing bigger dips in sales and prices

It’s been six months since we took a look at the in-county breakdown data from the NWMLS to see how the sales mix shifted around the county. I like to keep an eye on this not only to see how individual neighborhoods are doing but also to see how the sales mix shift affects the overall county-wide median price.

The number of sales in all three tiers has been decreasing month-over-month for the past two months. Month-over-month sales were down five percent in the low tier, down ten percent in the middle tier, and down eight percent in the high tier…

The difference between affordable and actual home prices hit an all-time record in May

As promised yesterday, here’s an updated look at the “affordable home” price chart.

The “affordable” home price has bounced around between about $550,000 and $590,000 since the beginning of 2017. The current “affordable” home price of $568,758 in King County would have a monthly payment of $2,319…

Low affordability may be why sales are stalling out

By popular request, let’s take a look at our affordability index charts for the counties around Puget Sound.

As of August, the affordability index has bounced up slightly from its May low (which was the lowest point since nearly a decade ago in July 2008), but still sits at the very low level of 85.0.

For context, eighty-six percent of the 306 months on record back through 1993 have had a higher affordability index than what we had in August 2018…

New listing absorption softens more as pending sales slip

I’ve got a few charts to update you with, but let’s start with a few charts that sum up the state of King County single-family listings, inventory, and pending sales.

After five or six years of the same story month after month—fewer listings, more sales, soaring prices—the market has definitely turned in 2018. Pending sales are now on the decline and inventory is rising rapidly. Let’s see what this looks like in charts…

NWMLS: Prices retreat slightly as inventory continues to climb

July market stats were published by the NWMLS yesterday. The biggest news is still the climb in inventory, which is up 256 percent from the all-time low that was set back in December. If the current trend continues (a big “if”), it’s entirely possible that by the end of this year inventory will be at its highest point since 2011.

July Stats Preview: The 2018 Listings Surge Continues

The 2018 listings surge continued in July, with on-market single-family inventory hitting its highest level since October 2013.

Here’s the overall summary for July: Sales fell both month-over-month and year-over-year. Listings shot up yet again. Foreclosures are still at all-time lows.

NWMLS: Listings surge as sales and prices soften a bit

The big news in this month’s numbers is yet again the big bump in total on-market inventory. That said, prices look like they’re beginning to soften as well, which is unusual for what is normally the hottest time of year for price gains.

Inventory rose twenty-eight percent from May to June, and was up forty-three percent from last year. We’re definitely forming an interesting trend now. This year has seen listings building up a lot faster than any recent year. Meanwhile, sales are softening…