{"id":16908,"date":"2011-09-06T15:45:18","date_gmt":"2011-09-06T22:45:18","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=16908"},"modified":"2011-09-06T15:46:24","modified_gmt":"2011-09-06T22:46:24","slug":"nwmls-flat-boring-summer-drags-on-through-august","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2011\/09\/06\/nwmls-flat-boring-summer-drags-on-through-august\/","title":{"rendered":"NWMLS: Flat, Boring Summer Drags On Through August"},"content":{"rendered":"<p>August market stats were published by the NWMLS this afternoon.  Here&#8217;s their press release: <a href=\"http:\/\/www.nwrealestate.com\/nwrpub\/common\/news.cfm\" title=\"NWMLS Press Release\">Northwest MLS brokers notch this year&#8217;s best monthly tally of sales during August<\/a><\/p>\n<blockquote><p>&#8220;For the first time in a long time, I can say with confidence that things feel better,&#8221; said Northwest MLS director OB Jacobi, president of Windermere Real Estate. &#8220;We shouldn&#8217;t get too distracted by the large increase in pending sales,&#8221; he cautioned, noting, &#8220;It&#8217;s a positive sign, but these figures are being compared to last summer&#8217;s post-tax incentive doldrums. With that being said, we&#8217;re excited about the positive momentum in the market.&#8221;<br \/>\n&#8230;<br \/>\nCommenting on the latest numbers, NWMLS director Frank Wilson emphasized, &#8220;A real estate market is about activity and momentum.&#8221; He also noted historic affordability, with the cost of a home better matching income levels and extremely low interest rates contributing to favorable conditions. &#8220;We continue to live in a real estate market of extreme affordability, affordability levels that have not been seen in decades,&#8221; he stated.<\/p><\/blockquote>\n<p>We&#8217;ll wait until tomorrow&#8217;s reporting roundup to comment on their press release.  For now let&#8217;s get to the stats.<\/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\">\n<tr class=\"top_row\">\n<th style=\"font-size: 105%; border-top: 0; border-left: 0;\">August 2011<\/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>7,995<\/td>\n<td>-2.3%<\/td>\n<td>-23.1%<\/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<tr>\n<td style=\"text-align: left;\">Closed Sales<\/td>\n<td>1,775<\/td>\n<td>-5.8%<\/td>\n<td>+35.2%<\/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<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>1.42<\/td>\n<td>-20.2%<\/td>\n<td>-36.9%<\/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<tr>\n<td style=\"text-align: left;\">Pending Sales<\/td>\n<td>2,329<\/td>\n<td>+1.4%<\/td>\n<td>+31.1%<\/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<tr>\n<td style=\"text-align: left;\">Months of Supply<\/td>\n<td>3.43<\/td>\n<td>-3.7%<\/td>\n<td>-41.3%<\/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<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>$350,000<\/td>\n<td>0.0%<\/td>\n<td>-7.9%<\/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<\/table>\n<p>Feel free to download the updated <a title=\"Seattle Bubble Spreadsheet\" href=\"[download(Seattle_Bubble.xlsx)]\">Seattle Bubble Spreadsheet<\/a> (<a title=\"Seattle Bubble Spreadsheet (Excel 2003)\" href=\"[download(Seattle_Bubble.xls)]\">Excel 2003 format<\/a>), but keep in mind the caution above.<\/p>\n<p>Here&#8217;s your closed sales yearly comparison chart:<\/p>\n<p style=\"margin: 5px auto; width: 600px; font-size: 0.8em; text-align: center;\"><a title=\"King County SFH Closed Sales\" href=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2011\/09\/KingCoSFHClosed2011-08.png\" rel=\"lightbox[16908]\"><img loading=\"lazy\" decoding=\"async\" style=\"border: 0;\" title=\"King County SFH Closed Sales - Click to enlarge\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2011\/09\/KingCoSFHClosed2011-08-600x408.png\" alt=\"King County SFH Closed Sales\" width=\"600\" height=\"408\" \/><\/a><\/p>\n<p>Definitely a divergent path compared to the last four years.  The last year that closed sales increased between July and August was 2006, when we were still in the midst of the bubble.  Of course, when you compare the actual volume of closed sales this August to any year other than the last three years, it still looks pretty dismal.<\/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; width: 600px; font-size: 0.8em; text-align: center;\"><a title=\"King County SFH Inventory\" href=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2011\/09\/KingCoSFHInventory2011-08.png\" rel=\"lightbox[16908]\"><img loading=\"lazy\" decoding=\"async\" style=\"border: 0;\" title=\"King County SFH Inventory - Click to enlarge\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2011\/09\/KingCoSFHInventory2011-08-600x408.png\" alt=\"King County SFH Inventory\" width=\"600\" height=\"408\" \/><\/a><\/p>\n<p>Looks like we&#8217;re heading down for the winter about two months earlier than typical years.<\/p>\n<p>Here&#8217;s the supply\/demand YOY graph.  In place of the now-unreliable measure of pending sales, the &#8220;demand&#8221; in this chart is represented by closed sales, which have had a consistent definition throughout the decade.<\/p>\n<p style=\"margin: 5px auto; width: 600px; font-size: 0.8em; text-align: center;\"><a title=\"King County Supply vs Demand % Change YOY\" href=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2011\/09\/KingCoSupplyVsDemandPct2011-08.png\" rel=\"lightbox[16908]\"><img loading=\"lazy\" decoding=\"async\" style=\"border: 0;\" title=\"King County Supply vs Demand % Change YOY - Click to enlarge\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2011\/09\/KingCoSupplyVsDemandPct2011-08-600x408.png\" alt=\"King County Supply vs Demand % Change YOY\" width=\"600\" height=\"408\" \/><\/a><\/p>\n<p>Sales are still pretty wonky on here thanks to last year&#8217;s expiration of the tax credit, and my guess is that inventory is heading down because most of the stupidly optimistic sellers have finally gotten the message that they really can&#8217;t get bubble prices for their homes anymore, so they&#8217;ve given up listing entirely.<\/p>\n<p>Here&#8217;s the median home price YOY change graph:<\/p>\n<p style=\"margin: 5px auto; width: 600px; font-size: 0.8em; text-align: center;\"><a title=\"King County SFH YOY Price Change\" href=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2011\/09\/KingCoSFHPrices2011-08.png\" rel=\"lightbox[16908]\"><img loading=\"lazy\" decoding=\"async\" style=\"border: 0;\" title=\"King County SFH YOY Price Change - Click to enlarge\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2011\/09\/KingCoSFHPrices2011-08-600x408.png\" alt=\"King County SFH YOY Price Change\" width=\"600\" height=\"408\" \/><\/a><\/p>\n<p>Slight improvement over last month, but still firmly in negative territory here.<\/p>\n<p>And lastly, here is the chart comparing King County SFH prices each month for every year back to 1994.<\/p>\n<p style=\"margin: 5px auto; width: 600px; font-size: 0.8em; text-align: center;\"><a title=\"King County SFH Prices\" href=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2011\/09\/KingCoSFHPricesYearly2011-08.png\" rel=\"lightbox[16908]\"><img loading=\"lazy\" decoding=\"async\" style=\"border: 0;\" title=\"King County SFH Prices - Click to enlarge\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2011\/09\/KingCoSFHPricesYearly2011-08-600x436.png\" alt=\"King County SFH Prices\" width=\"600\" height=\"436\" \/><\/a><\/p>\n<p>August 2011: $350,000<br \/>\nApril 2005: $355,000<\/p>\n<p>Here are the headlines from the Seattle Times and the Seattle P-I.  Check back tomorrow for the full reporting roundup.<\/p>\n<p>Seattle Times: <a href=\"http:\/\/seattletimes.nwsource.com\/html\/businesstechnology\/2016125779_homesales07.html\" title=\"Local home sales on an upswing\">Local home sales on an upswing<\/a><br \/>\nSeattle P-I: <a href=\"http:\/\/www.seattlepi.com\/realestate\/article\/Home-sales-surged-in-August-while-prices-fell-2157742.php\" title=\"Home sales surged in August, while prices fell\">Home sales surged in August, while prices fell<\/a><\/p>\n<p><em>(Wow, &#8220;surged&#8221;?  Really?)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>August market stats were published by the NWMLS this afternoon. Here&#8217;s their press release: Northwest MLS brokers notch this year&#8217;s best monthly tally of sales during August &#8220;For the first time in a long time, I can say with confidence that things feel better,&#8221; said Northwest MLS director OB Jacobi, president of Windermere Real Estate&#8230;.<\/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":[8,616],"tags":[6,521,200],"coauthors":[],"class_list":["post-16908","post","type-post","status-publish","format-standard","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: Flat, Boring Summer Drags On Through August \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\/2011\/09\/06\/nwmls-flat-boring-summer-drags-on-through-august\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"NWMLS: Flat, Boring Summer Drags On Through August \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"August market stats were published by the NWMLS this afternoon. Here&#8217;s their press release: Northwest MLS brokers notch this year&#8217;s best monthly tally of sales during August &#8220;For the first time in a long time, I can say with confidence that things feel better,&#8221; said Northwest MLS director OB Jacobi, president of Windermere Real Estate....\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/seattlebubble.com\/images-global\/down-red.gif\" \/>\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\/2011\/09\/06\/nwmls-flat-boring-summer-drags-on-through-august\/\",\"url\":\"https:\/\/seattlebubble.com\/blog\/2011\/09\/06\/nwmls-flat-boring-summer-drags-on-through-august\/\",\"name\":\"NWMLS: Flat, Boring Summer Drags On Through August \u2022 Seattle Bubble\",\"isPartOf\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/2011\/09\/06\/nwmls-flat-boring-summer-drags-on-through-august\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/2011\/09\/06\/nwmls-flat-boring-summer-drags-on-through-august\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2011\/09\/KingCoSFHClosed2011-08-600x408.png\",\"datePublished\":\"2011-09-06T22:45:18+00:00\",\"dateModified\":\"2011-09-06T22:46:24+00:00\",\"author\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/7de7c0dd14bee1a2c67f7ce86bc4505f\"},\"breadcrumb\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/2011\/09\/06\/nwmls-flat-boring-summer-drags-on-through-august\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/seattlebubble.com\/blog\/2011\/09\/06\/nwmls-flat-boring-summer-drags-on-through-august\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/2011\/09\/06\/nwmls-flat-boring-summer-drags-on-through-august\/#primaryimage\",\"url\":\"https:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2011\/09\/KingCoSFHClosed2011-08.png\",\"contentUrl\":\"https:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2011\/09\/KingCoSFHClosed2011-08.png\",\"width\":\"902\",\"height\":\"614\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/2011\/09\/06\/nwmls-flat-boring-summer-drags-on-through-august\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/seattlebubble.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"NWMLS: Flat, Boring Summer Drags On Through August\"}]},{\"@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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