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…

Will 2015 Be the Bottom for Listings?

Let’s see how listings have been doing in the last couple months. First up, here’s a look at new listings for just the last month, compared to July of every other year, and the same chart but for the last three months combined: New listings had been recovering somewhat in 2013 and 2014, but this […]

Most New Listings Being Immediately Snatched Up

A recent commenter had some questions about inventory: …how much of the “low inventory” story is really a story of “high churn”? …it doesn’t seem like there is really a shortage of inventory, but rather that there is a shortage of stale inventory. Would be really curious to see how how new listing rates for […]

How Deep is the Current Listings Drought?

I thought it would be interesting to take a deeper look at the depth of the current listings drought by comparing monthly new listings over the last few years to the same period during the previous bubble (before listings began to increase in 2007). Here’s a view of the number of new single-family homes that […]

The Longest Pending Sale

Does anyone remember the 13,000-square-foot Tacoma mansion I mentioned a few times on these pages back in 2011? After a series of price drops from $8 million, to $7 million, to $6.4 million, and eventually $5.4 million over the course of nearly three years on the market, it finally went pending. In June. Of last […]

Inventory Growth Continues at a Snail’s Pace

Let’s take a closer look at how listings fared in July of this year compared to years past. First up, here’s a look at how many new listings hit the market in July, comparing July 2014 to July in every year I’ve got data for. New listings maintained the “six-year high” level they set back […]