{"id":2620,"date":"2008-09-09T12:37:10","date_gmt":"2008-09-09T19:37:10","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=2620"},"modified":"2008-09-10T13:06:11","modified_gmt":"2008-09-10T20:06:11","slug":"nwmls-double-digit-price-drops-arrive-in-king-county","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2008\/09\/09\/nwmls-double-digit-price-drops-arrive-in-king-county\/","title":{"rendered":"NWMLS: Double-Digit Price Drops Arrive in King County"},"content":{"rendered":"

NWMLS statistics for August have finally been released.<\/p>\n

The NWMLS press release will be posted at this link<\/a> when it goes up.<\/p>\n

Here is your summary along with the usual graphs and other updates.<\/p>\n

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

August 2008<\/span>
\nActive Listings: up<\/span> 16% YOY
\nPending Sales: down<\/span> 16% YOY
\nMedian Closed Price*<\/a>: $423,950 – down<\/span> 11.2%<\/strong> YOY<\/p><\/blockquote>\n

Here is the updated Seattle Bubble Spreadsheet<\/a>, and here’s a copy in Excel 2003 format<\/a>. Click below for the graphs and the rest of the post.<\/p>\n

Here’s the graph of inventory with each year overlaid on the same chart.<\/p>\n

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

It looks like we may have finally found the plateau for King County SFH inventory right around the 12,000 mark. I suspect we’ll stay above 2007 levels for a few months more, but may fall down close to last year’s inventory in the winter.<\/p>\n

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

Six of the eight years from 2000 through 2007 saw an increase in sales from July to August. This year sales fell five percent month to month.<\/p>\n

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

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

Still moderating, but continuing the trend of more homes, less buyers.<\/p>\n

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

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

Months of supply climbed again, up to 6.8 in August, marking one full year of “buyer’s market” levels above 6.0. It looks like sales have begun their yearly descent into the slow season.<\/p>\n

Here’s the SFH Median YOY change graph.<\/p>\n

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

Wow that’s a steep dropoff there at the end. Even I am surprised to see it continue falling this quickly. Note that we are now officially in double-digit negative<\/strong> YOY territory. I had to adjust the vertical axis again to accomodate the large drop.<\/p>\n

Here’s a bonus graph, that compares King County SFH prices each month for every year back to 1994.<\/p>\n

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

Note that August’s median was below 2006 prices.<\/p>\n

News blurbs will be posted here as they appear, with the full reporting roundup to follow tomorrow.<\/p>\n

Seattle Times: Local home sales fall in August<\/a>
\nSeattle P-I: King house value down 11 percent from 2007<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

NWMLS statistics for August have finally been released. The NWMLS press release will be posted at this link when it goes up. Here is your summary along with the usual graphs and other updates. Here’s your King County SFH summary: August 2008 Active Listings: up 16% YOY Pending Sales: down 16% YOY Median Closed Price*:…<\/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],"tags":[6,200],"coauthors":[],"class_list":["post-2620","post","type-post","status-publish","format-standard","hentry","category-stats","tag-nwmls","tag-statistics"],"yoast_head":"\nNWMLS: Double-Digit Price Drops Arrive in King County \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\/2008\/09\/09\/nwmls-double-digit-price-drops-arrive-in-king-county\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"NWMLS: Double-Digit Price Drops Arrive in King County \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"NWMLS statistics for August have finally been released. 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