local real estate news, statistics, and commentary without the sales spin.
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.
Last month we noticed a big surge in listings in King County in our preview data for May, and in June it looks like the trend is getting stronger. On-market listings of single-family homes nearly hit their highest point in four years in June, surging 28 percent in a single month.
The overall summary for June is that sales edged up from May, but saw the biggest year-over-year decline since April 2011. Listings shot up and are starting to form a very interesting trend. Foreclosures are still few and far between.
We know that inventory is growing in King County, but let’s look at broader Puget Sound area. Now that May is over, let’s update our “Around the Sound” statistics for King, Snohomish, Pierce, Kitsap, Thurston, Island, Skagit, and Whatcom counties.
The biggest gains in new listings and active inventory were in King County. Snohomish and Pierce also saw some decent increases, but further out it’s more of a mixed bag, with some counties still seeing declining listings and inventory.
Yes, it has been over a month since the last update here. What is there to say when the market is the same frenzied nonsense day after day, week after week, month after month? It’s exhausting, and I’m not even in the market to buy a home. If you are, you definitely have my pity.
Even when I’m not posting here, I am still keeping my spreadsheets up to date and sharing them with those who support my ongoing work as members of Seattle Bubble.
Anyway, I’m back because there’s something definitely interesting in our regular monthly “preview” charts for May. Unless something has really broken in my data collection, it looks like we’re seeing a sudden surge of listings begin to pile up.
It has been a few months since we looked at the housing stats for the broader Puget Sound area. Now that the first quarter of 2018 is over, let’s update our “Around the Sound” statistics for King, Snohomish, Pierce, Kitsap, Thurston, Island, Skagit, and Whatcom counties.
Prices are climbing and listings are down across the board. King County actually had the smallest listings decrease among the Puget Sound counties, and one of the largest drops in sales. Sales also dropped significantly in Kitsap, Island, and Skagit counties…