{"id":26653,"date":"2013-06-05T13:26:54","date_gmt":"2013-06-05T20:26:54","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=26653"},"modified":"2013-06-05T22:28:49","modified_gmt":"2013-06-06T05:28:49","slug":"nwmls-inventory-sales-prices-all-gain-in-may","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2013\/06\/05\/nwmls-inventory-sales-prices-all-gain-in-may\/","title":{"rendered":"NWMLS: Inventory, Sales, &#038; Prices All Gain in May"},"content":{"rendered":"<p>May market stats were published by the NWMLS this afternoon.  Here&#8217;s a snippet from their press release: <a href=\"http:\/\/www.nwrealestate.com\/nwrpub\/common\/news.cfm\" title=\"Competition among home buyers &quot;still fierce;&quot; rising interest rates adding to fury\">Competition among home buyers &quot;still fierce;&quot; rising interest rates adding to fury<\/a>.<\/p>\n<blockquote><p>Commenting on the latest report, brokers said the fast pace is frustrating some buyers &#8212; and surprising sellers with unrealistic expectations. One broker cautioned against an overheated market. &#8220;We do not want a market that escalates too fast and topples again,&#8221; commented Frank Wilson, Kitsap district manager at John L. Scott Real Estate and branch managing broker for its Poulsbo\/Kingston office.<\/p><\/blockquote>\n<p>Yeah, most real estate agents just want that first part.  If the bit about toppling could be avoided that would be great.<\/p>\n<p>All righty, on with our usual monthly 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;\">May 2013<\/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>3,759<\/td>\n<td>+16.7%<\/td>\n<td>-25.4%<\/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>2,516<\/td>\n<td>+20.0%<\/td>\n<td>+22.4%<\/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>1.37<\/td>\n<td>-4.4%<\/td>\n<td>-1.7%<\/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>3,236<\/td>\n<td>+6.0%<\/td>\n<td>+8.6%<\/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>1.16<\/td>\n<td>+10.1%<\/td>\n<td>-31.3%<\/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>$417,500<\/td>\n<td>+4.4%<\/td>\n<td>+15.3%<\/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<\/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>As <a href=\"http:\/\/seattlebubble.com\/blog\/2013\/06\/03\/may-stats-preview-increasing-inventory-sales-edition\/\" title=\"May Stats Preview: Increasing Inventory &#038; Sales Edition\">forecasted Monday in our stats preview<\/a>, inventory gained some more ground from April to May.  May&#8217;s 16.7% month-over-month increase in listings is actually the largest on record as far back as my data goes (January 2000).  Last month I said that &#8220;we can&#8217;t really jump to any conclusions from a single month of data,&#8221; but now that we&#8217;ve got two months showing the same trend, I&#8217;m more optimistic that inventory is on the rebound.<\/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\/2013\/06\/KingCoSFHClosed2013-05.png\" rel=\"lightbox[26653]\"><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\/2013\/06\/KingCoSFHClosed2013-05-600x408.png\" alt=\"King County SFH Closed Sales\" width=\"600\" height=\"408\" \/><\/a><\/p>\n<p>Closed sales hit their highest level since June 2007, making it all the more impressive that inventory was able to stage such a large increase.<\/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\/2013\/06\/KingCoSFHInventory2013-05.png\" rel=\"lightbox[26653]\"><img loading=\"lazy\" decoding=\"async\" style=\"border: 0;\" title=\"King County SFH Inventory - Click to enlarge\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2013\/06\/KingCoSFHInventory2013-05-600x408.png\" alt=\"King County SFH Inventory\" width=\"600\" height=\"408\" \/><\/a><\/p>\n<p>There&#8217;s still a <em>long<\/em> ways to go before we can call inventory &#8220;normal,&#8221; but at least we&#8217;re finally heading in the right direction.<\/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\/2013\/06\/KingCoSupplyVsDemandPct2013-05.png\" rel=\"lightbox[26653]\"><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\/2013\/06\/KingCoSupplyVsDemandPct2013-05-600x408.png\" alt=\"King County Supply vs Demand % Change YOY\" width=\"600\" height=\"408\" \/><\/a><\/p>\n<p>Sharp increase in both the listings and sales curves over the last couple of months.<\/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\/2013\/06\/KingCoSFHPrices2013-05.png\" rel=\"lightbox[26653]\"><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\/2013\/06\/KingCoSFHPrices2013-05-600x408.png\" alt=\"King County SFH YOY Price Change\" width=\"600\" height=\"408\" \/><\/a><\/p>\n<p>Another spike up as the median home price gained $17,500 in a single month.<\/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\/2013\/06\/KingCoSFHPricesYearly2013-05.png\" rel=\"lightbox[26653]\"><img loading=\"lazy\" decoding=\"async\" style=\"border: 0;\" title=\"King County SFH Prices - Click to enlarge\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2013\/06\/KingCoSFHPricesYearly2013-05-600x436.png\" alt=\"King County SFH Prices\" width=\"600\" height=\"436\" \/><\/a><\/p>\n<p>May 2013: $417,500<br \/>\nApril 2006: $419,500<\/p>\n<p>Here are today&#8217;s articles from the Times and P-I:<br \/>\nSeattle Times: <a href=\"http:\/\/seattletimes.com\/html\/businesstechnology\/2021123800_homesalesxml.html\" title=\"More buyers than sellers push King County home prices up\">More buyers than sellers push King County home prices up<\/a><br \/>\nSeattle P-I: <a href=\"http:\/\/www.seattlepi.com\/realestate\/article\/Surging-home-prices-fuel-fears-of-a-new-bubble-4580000.php\" title=\"Surging home prices fuel fears of a new bubble\">Surging home prices fuel fears of a new bubble<\/a><\/p>\n<p>Check back tomorrow for the full reporting roundup.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>May market stats were published by the NWMLS this afternoon. Here&#8217;s a snippet from their press release: Competition among home buyers &quot;still fierce;&quot; rising interest rates adding to fury. Commenting on the latest report, brokers said the fast pace is frustrating some buyers &#8212; and surprising sellers with unrealistic expectations. One broker cautioned against an&#8230;<\/p>\n","protected":false},"author":2,"featured_media":26655,"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: Inventory, Sales, & Prices All Gain in May http:\/\/wp.me\/pe2Bv-6VT","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":[],"class_list":["post-26653","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: Inventory, Sales, &amp; Prices All Gain in May \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\/2013\/06\/05\/nwmls-inventory-sales-prices-all-gain-in-may\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"NWMLS: Inventory, Sales, &amp; Prices All Gain in May \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"May market stats were published by the NWMLS this afternoon. Here&#8217;s a snippet from their press release: Competition among home buyers &quot;still fierce;&quot; rising interest rates adding to fury. Commenting on the latest report, brokers said the fast pace is frustrating some buyers &#8212; and surprising sellers with unrealistic expectations. 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