{"id":1002,"date":"2007-08-06T18:27:35","date_gmt":"2007-08-07T01:27:35","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/2007\/08\/06\/supply-up-up-away-demand-still-sinking\/"},"modified":"2007-08-07T07:29:25","modified_gmt":"2007-08-07T14:29:25","slug":"supply-up-up-away-demand-still-sinking","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2007\/08\/06\/supply-up-up-away-demand-still-sinking\/","title":{"rendered":"Supply Up, Up, & Away, Demand Still Sinking"},"content":{"rendered":"

Just a quick note to point out the NWMLS has released July stats. Compared to 2006, listings are up 44%, and sales down 8%.<\/p>\n

Here’s the link to the NWMLS press release<\/a>, with a link to the recap pdf (which is no longer directly-linkable).<\/p>\n

My brothers are in-town visiting, so I haven’t got the time for the full update tonight, but it will be first on the agenda tomorrow morning, when I’ll come back and update this post<\/del>. Here is the promised update:<\/p>\n

Here’s your King County SFH summary:<\/p>\n

\n

July 2007<\/u>
Active Listings: up 44%<\/strong> YOY
Pending Sales: down 8% YOY
Median Closed Price: $481,000, up 11% YOY<\/p>\n<\/blockquote>\n

As of July, there have now been 20 of the past 21 months that have clocked in with YOY decreases in pending sales. Inventory has been increasing YOY for 16 months in a row, and has now been at over 20% YOY for a full year. For some perspective on those numbers, consider that since the peak of Seattle’s market activity in March 2005, inventory has nearly doubled, with a total increase of 90%, while sales have dipped a total of 28%.<\/p>\n

Median prices spiked over $10,000 from June—an unusual month-to-month jump. Not since the late ’90s has June to July seen that large of a jump. In the past I’ve been somewhat skeptical of the “low end buyers have stopped buying” explanation for an increasing median in Seattle, but I think we may finally be seeing that effect in these latest price statistics. I’ll be looking into this one to see what I can find.<\/p>\n

For the second month in a row, months of supply jumped up half a point, coming in at over 4.0 for the first time since the winter of ’02-’03 (and the first time ever for July—since 2000, as far back as I have the metric).<\/p>\n

Like some kind of unstoppable robot, carrying out preprogrammed directives, I have uploaded an updated copy of the Seattle Bubble Spreadsheet<\/a> that contains the relevant data.<\/p>\n

Here’s the supply\/demand YOY graph:<\/p>\n

\"King<\/a>
\nClick to enlarge<\/a><\/div>\n

Here’s the chart of supply and demand raw numbers:<\/p>\n

\"King<\/a>
\nClick to enlarge<\/a><\/div>\n

Here’s the graph of YOY percent change in the median sale prices of single-family homes in King County since 1994:<\/p>\n

\"King<\/a>
\nClick to enlarge<\/a><\/div>\n

Here are a few links to the local news write-ups. A post centered on these will be up tomorrow.<\/p>\n

Elizabeth Rhodes, Seattle Times: Housing prices defy logic, keep climbing<\/a>
Aubrey Cohen, Seattle P-I: Condos driving the market<\/a>
Devona Wells, Tacoma News-Tribune: Dream homes, few takers<\/a>
Mike Benbow, Everett Herald: County housing boom finally fades<\/a>
Rolf Boone, The Olympian: Sales tepid for homes, condos<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Just a quick note to point out the NWMLS has released July stats. Compared to 2006, listings are up 44%, and sales down 8%. Here’s the link to the NWMLS press release, with a link to the recap pdf (which is no longer directly-linkable). My brothers are in-town visiting, so I haven’t got the time…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[],"tags":[6,1114],"coauthors":[],"class_list":["post-1002","post","type-post","status-publish","format-standard","hentry","tag-nwmls","tag-stats"],"yoast_head":"\nSupply Up, Up, & Away, Demand Still Sinking \u2022 Seattle Bubble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seattlebubble.com\/blog\/2007\/08\/06\/supply-up-up-away-demand-still-sinking\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Supply Up, Up, & Away, Demand Still Sinking \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"Just a quick note to point out the NWMLS has released July stats. 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