{"id":105245,"date":"2018-07-09T07:45:30","date_gmt":"2018-07-09T14:45:30","guid":{"rendered":"https:\/\/seattlebubble.com\/blog\/?p=105245"},"modified":"2018-07-09T07:45:30","modified_gmt":"2018-07-09T14:45:30","slug":"nwmls-listings-surge-as-sales-and-prices-soften-a-bit","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2018\/07\/09\/nwmls-listings-surge-as-sales-and-prices-soften-a-bit\/","title":{"rendered":"NWMLS: Listings surge as sales and prices soften a bit"},"content":{"rendered":"<p><em>Get access to the full spreadsheets used to make the charts in this and other posts, as well as a variety of additional insider benefits by <a href=\"http:\/\/seattlebubble.com\/blog\/membership\/\" title=\"Seattle Bubble Membership\">becoming a member of Seattle Bubble<\/a>.<\/em><\/p>\n<p>June market stats were published by the NWMLS last week. Here&#8217;s a quick look at the home salesperson spin via their <a href=\"http:\/\/www.northwestmls.com\/index.cfm?\/News--Information\" title=\"NWMLS Press Release\">press release<\/a>:<\/p>\n<blockquote><p><strong>Brokers seeing &#8220;simple economic recipe for a softening housing market&#8221;<\/strong><\/p>\n<p>Home buyers around many parts of Washington state had more choices and less competition during June, prompting some industry leaders to comment on &#8220;a feeling of change in the market.&#8221;<\/p>\n<p>&#8220;Inventory is up and demand has dropped,&#8221; reported Robert Wasser, an officer with the board of directors at Northwest Multiple Listing Service. That combination is &#8220;a pretty simple economic recipe for a softening market,&#8221; he added in commenting on the latest MLS statistics.<br \/>\n\u2026<br \/>\n&#8220;Although still a quick response market, with more new listings coming on the market during the summer months, we experienced dispersed buyer energy due to the greater availability and selection,&#8221; stated J. Lennox Scott, chairman and CEO of John L. Scott Real Estate.<\/p><\/blockquote>\n<p>No need for alarm! It&#8217;s just a &#8220;simple economic recipe&#8221;!<\/p>\n<p>Anyway, let&#8217;s look at the actual numbers.<\/p>\n<div style=\"width: 590px; margin:0 auto 15px; border: 5px solid #000000; background:#FFFF00; color:#000000; font-variant: small-caps; font-size:130%; font-weight: bold; text-align: center; padding: 3px;\">\n<div style=\"font-size: 150%; background:#000000; color:#FFFF00; margin:-3px -3px -10px; padding:5px;\">CAUTION<\/div>\n<p><\/p>\n<p style=\"margin:0;\">NWMLS monthly reports include an <a href=\"http:\/\/seattlebubble.com\/blog\/2010\/08\/11\/one-more-look-at-bogus-reports-from-the-nwmls\/\" title=\"One More Look at Bogus Reports from the NWMLS\" style=\"color:#000000; text-decoration:underline;\">undisclosed and varying number<\/a> of<br \/>sales from previous months in their pending and closed sales statistics.<\/p>\n<\/div>\n<p>Here&#8217;s your King County SFH summary, with the arrows to show whether the year-over-year direction of each indicator is favorable or unfavorable news for buyers and sellers (green = favorable, red = unfavorable):<\/p>\n<style>.CNNTable {margin: 5px auto 15px;} .CNNTable td {padding: 0px 5px; text-align: center; font-size: .9em;} .top_row {font-weight: bold;} .CNNTable img {border:0;margin:0;}<\/style>\n<table class=\"CNNTable\" border=\"1\" cellpadding=\"0\" cellspacing=\"0\" style=\"width:450px;\">\n<tr class=\"top_row\">\n<th style=\"font-size: 105%; border-top: 0; border-left: 0;\">June 2018<\/th>\n<th>Number<\/th>\n<th>MOM<\/th>\n<th>YOY<\/th>\n<th>Buyers<\/th>\n<th>Sellers<\/th>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\">Active Listings<\/td>\n<td>3,718<\/td>\n<td>+27.7%<\/td>\n<td>+42.9%<\/td>\n<td><img decoding=\"async\" src=\"\/images-global\/up-green.gif\" \/><\/td>\n<td><img decoding=\"async\" src=\"\/images-global\/down-red.gif\" \/><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\">Closed Sales<\/td>\n<td>2,758<\/td>\n<td>+11.5%<\/td>\n<td>-4.6%<\/td>\n<td><img decoding=\"async\" src=\"\/images-global\/up-green.gif\" \/><\/td>\n<td><img decoding=\"async\" src=\"\/images-global\/down-red.gif\" \/><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\">SAAS (<a href=\"http:\/\/seattlebubble.com\/blog\/2009\/04\/27\/seasonally-adjusted-active-supply-a-new-measure-of-market-virility\/\" title=\"Seasonally Adjusted Active Supply: A New Measure of Market Virility\">?<\/a>)<\/td>\n<td>1.46<\/td>\n<td>-8.5%<\/td>\n<td>+6.8%<\/td>\n<td><img decoding=\"async\" src=\"\/images-global\/up-green.gif\" \/><\/td>\n<td><img decoding=\"async\" src=\"\/images-global\/down-red.gif\" \/><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\">Pending Sales<\/td>\n<td>2,977<\/td>\n<td>-10.1%<\/td>\n<td>-12.2%<\/td>\n<td><img decoding=\"async\" src=\"\/images-global\/up-green.gif\" \/><\/td>\n<td><img decoding=\"async\" src=\"\/images-global\/down-red.gif\" \/><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\">Months of Supply<\/td>\n<td>1.35<\/td>\n<td>+14.5%<\/td>\n<td>+49.8%<\/td>\n<td><img decoding=\"async\" src=\"\/images-global\/up-green.gif\" \/><\/td>\n<td><img decoding=\"async\" src=\"\/images-global\/down-red.gif\" \/><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\">Median Price<a href=\"http:\/\/seattlebubble.com\/blog\/2010\/03\/10\/declines-in-kings-median-price-softened-by-sales-shifts\/\" title=\"Declines in King's Median Price Softened by Sales Shifts\">*<\/a><\/td>\n<td>$715,000<\/td>\n<td>-1.6%<\/td>\n<td>+9.5%<\/td>\n<td><img decoding=\"async\" src=\"\/images-global\/down-red.gif\" \/><\/td>\n<td><img decoding=\"async\" src=\"\/images-global\/up-green.gif\" \/><\/td>\n<\/tr>\n<\/table>\n<p>The big news in this month&#8217;s numbers is yet again the big bump in total on-market inventory. That said, prices look like they&#8217;re beginning to soften as well, which is unusual for what is normally the hottest time of year for price gains.<\/p>\n<p>Here&#8217;s the graph of inventory with each year overlaid on the same chart.<\/p>\n<p style=\"margin: 5px auto; font-size: 0.8em; text-align: center;\"><a title=\"King County SFH Inventory\" href=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2018\/07\/KingCoSFHInventory_2018-06.png\" rel=\"lightbox[105245]\"><img decoding=\"async\" style=\"border: 0;\" title=\"King County SFH Inventory - Click to enlarge\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2018\/07\/KingCoSFHInventory_2018-06.png\" alt=\"King County SFH Inventory\" \/><\/a><\/p>\n<p>Inventory rose twenty-eight percent from May to June, and was up forty-three percent from last year. We&#8217;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, too\u2026<\/p>\n<p>Here&#8217;s the chart of new listings:<\/p>\n<p style=\"margin: 5px auto; font-size: 0.8em; text-align: center;\"><a title=\"King County SFH New Listings\" href=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2018\/07\/KingCoSFHNewListings_2018-06.png\" rel=\"lightbox[105245]\"><img decoding=\"async\" style=\"border: 0;\" title=\"King County SFH New Listings - Click to enlarge\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2018\/07\/KingCoSFHNewListings_2018-06.png\" alt=\"King County SFH New Listings\" \/><\/a><\/p>\n<p>New listings were up two percent from a year ago, but dipped slightly from the record high level posted in May.<\/p>\n<p>Here&#8217;s your closed sales yearly comparison chart:<\/p>\n<p style=\"margin: 5px auto; font-size: 0.8em; text-align: center;\"><a title=\"King County SFH Closed Sales\" href=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2018\/07\/KingCoSFHClosed\t_2018-06.png\" rel=\"lightbox[105245]\"><img decoding=\"async\" style=\"border: 0;\" title=\"King County SFH Closed Sales - Click to enlarge\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2018\/07\/KingCoSFHClosed_2018-06.png\" alt=\"King County SFH Closed Sales\" \/><\/a><\/p>\n<p>Closed sales rose eleven percent between May and June. Last year over the same period closed sales were up about the same. Year-over-year closed sales were down five percent.<\/p>\n<p style=\"margin: 5px auto; font-size: 0.8em; text-align: center;\"><a title=\"King County SFH Pending Sales\" href=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2018\/07\/KingCoSFHPending_2018-06.png\" rel=\"lightbox[105245]\"><img decoding=\"async\" style=\"border: 0;\" title=\"King County SFH Pending Sales - Click to enlarge\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2018\/07\/KingCoSFHPending_2018-06.png\" alt=\"King County SFH Pending Sales\" \/><\/a><\/p>\n<p>Pending sales were down ten percent from May to June, and were down twelve percent year-over-year.<\/p>\n<p>Here&#8217;s the supply\/demand YOY graph. &#8220;Demand&#8221; in this chart is represented by closed sales, which have had a consistent definition throughout the decade (unlike pending sales from NWMLS).<\/p>\n<p style=\"margin: 5px auto; font-size: 0.8em; text-align: center;\"><a title=\"King County Supply vs Demand % Change YOY\" href=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2018\/07\/KingCoSupplyVsDemandPct_2018-06.png\" rel=\"lightbox[105245]\"><img decoding=\"async\" style=\"border: 0;\" title=\"King County Supply vs Demand % Change YOY - Click to enlarge\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2018\/07\/KingCoSupplyVsDemandPct_2018-06.png\" alt=\"King County Supply vs Demand % Change YOY\" \/><\/a><\/p>\n<p>The recent surge in listings is extremely evident in the above chart. June saw the largest year-over-year listings increase since April 2008.<\/p>\n<p>Here&#8217;s the median home price YOY change graph:<\/p>\n<p style=\"margin: 5px auto; font-size: 0.8em; text-align: center;\"><a title=\"King County SFH YOY Price Change\" href=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2018\/07\/KingCoSFHPrices_2018-06.png\" rel=\"lightbox[105245]\"><img decoding=\"async\" style=\"border: 0;\" title=\"King County SFH YOY Price Change - Click to enlarge\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2018\/07\/KingCoSFHPrices_2018-06.png\" alt=\"King County SFH YOY Price Change\" \/><\/a><\/p>\n<p>Year-over-year home price movement dipped back below ten percent again.<\/p>\n<p>And lastly, here is the chart comparing King County SFH prices each month for every year back to 1994 (not adjusted for inflation).<\/p>\n<p style=\"margin: 5px auto; font-size: 0.8em; text-align: center;\"><a title=\"King County SFH Prices\" href=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2018\/07\/KingCoSFHPricesYearly_2018-06.png\" rel=\"lightbox[105245]\"><img decoding=\"async\" style=\"border: 0;\" title=\"King County SFH Prices - Click to enlarge\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2018\/07\/KingCoSFHPricesYearly_2018-06.png\" alt=\"King County SFH Prices\" \/><\/a><\/p>\n<p>It&#8217;s interesting to me that we&#8217;ve been flat to slightly down since April. That&#8217;s a pretty big deviation from normal years. Between 2000 and 2017, April to June has seen an average <em>gain<\/em> of 3.5 percent. Over the last six years the <em>lowest<\/em> gain we&#8217;ve seen over those months was 4.2 percent. This year prices <em>fell<\/em> 1.4 percent. Very curious.<\/p>\n<p>May 2018: $715,000<br \/>\nJuly 2007: $481,000 <em>(previous cycle high)<\/em><\/p>\n<p>Here&#8217;s the article from the Seattle Times: <a href=\"https:\/\/www.seattletimes.com\/business\/real-estate\/market-shift-big-spike-in-seattle-area-homes-for-sale-slows-price-growth\/\" title=\"Market shift? Big spike in Seattle-area homes for sale slows price growth\">Market shift? Big spike in Seattle-area homes for sale slows price growth<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The big news in this month&#8217;s numbers is yet again the big bump in total on-market inventory. That said, prices look like they&#8217;re beginning to soften as well, which is unusual for what is normally the hottest time of year for price gains.<\/p>\n<p>Inventory rose twenty-eight percent from May to June, and was up forty-three percent from last year. We&#8217;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\u2026<\/p>\n","protected":false},"author":2,"featured_media":105253,"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":"On the blog: NWMLS: Listings surge as sales and prices soften a bit","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[8,616],"tags":[6,521,200],"coauthors":[1158],"class_list":["post-105245","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stats","category-counties","tag-nwmls","tag-saas","tag-statistics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NWMLS: Listings surge as sales and prices soften a bit \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\/2018\/07\/09\/nwmls-listings-surge-as-sales-and-prices-soften-a-bit\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"NWMLS: Listings surge as sales and prices soften a bit \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"The big news in this month&#039;s numbers is yet again the big bump in total on-market inventory. That said, prices look like they&#039;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&#039;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\u2026\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2018\/07\/KingCoSFHClosed_2018-06.png\" \/>\n<meta name=\"twitter:creator\" content=\"@The_Tim\" \/>\n<meta name=\"twitter:site\" content=\"@SeattleBubble\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"The Tim\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/2018\/07\/09\/nwmls-listings-surge-as-sales-and-prices-soften-a-bit\/\",\"url\":\"https:\/\/seattlebubble.com\/blog\/2018\/07\/09\/nwmls-listings-surge-as-sales-and-prices-soften-a-bit\/\",\"name\":\"NWMLS: Listings surge as sales and prices soften a bit \u2022 Seattle Bubble\",\"isPartOf\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/2018\/07\/09\/nwmls-listings-surge-as-sales-and-prices-soften-a-bit\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/2018\/07\/09\/nwmls-listings-surge-as-sales-and-prices-soften-a-bit\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2018\/07\/KingCoSFHClosed_2018-06.png\",\"datePublished\":\"2018-07-09T14:45:30+00:00\",\"author\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/7de7c0dd14bee1a2c67f7ce86bc4505f\"},\"breadcrumb\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/2018\/07\/09\/nwmls-listings-surge-as-sales-and-prices-soften-a-bit\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/seattlebubble.com\/blog\/2018\/07\/09\/nwmls-listings-surge-as-sales-and-prices-soften-a-bit\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/2018\/07\/09\/nwmls-listings-surge-as-sales-and-prices-soften-a-bit\/#primaryimage\",\"url\":\"https:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2018\/07\/KingCoSFHClosed_2018-06.png\",\"contentUrl\":\"https:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2018\/07\/KingCoSFHClosed_2018-06.png\",\"width\":907,\"height\":618},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/2018\/07\/09\/nwmls-listings-surge-as-sales-and-prices-soften-a-bit\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/seattlebubble.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"NWMLS: Listings surge as sales and prices soften a bit\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/#website\",\"url\":\"https:\/\/seattlebubble.com\/blog\/\",\"name\":\"Seattle Bubble\",\"description\":\"local\u00a0real\u00a0estate\u00a0news, statistics,\u00a0and\u00a0commentary without\u00a0the\u00a0sales\u00a0spin.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/seattlebubble.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/7de7c0dd14bee1a2c67f7ce86bc4505f\",\"name\":\"The Tim\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/image\/37756956c11dcc50d2559761ffa5ee70\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/19e5770990a1681615608091b2de571b10c3e03bbac7d07bb2ae15297ee72fbc?s=96&d=retro&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/19e5770990a1681615608091b2de571b10c3e03bbac7d07bb2ae15297ee72fbc?s=96&d=retro&r=g\",\"caption\":\"The Tim\"},\"description\":\"Tim Ellis is the founder of Seattle Bubble. 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