{"id":28563,"date":"2014-04-04T07:00:28","date_gmt":"2014-04-04T14:00:28","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=28563"},"modified":"2014-04-04T09:28:12","modified_gmt":"2014-04-04T16:28:12","slug":"nwmls-housing-market-softened-in-march","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2014\/04\/04\/nwmls-housing-market-softened-in-march\/","title":{"rendered":"NWMLS: Housing Market Continued to Soften in March"},"content":{"rendered":"<p>March market stats were published by the NWMLS yesterday.  Here&#8217;s a snippet from their press release: <a href=\"http:\/\/www.northwestmls.com\/index.cfm?\/News--Information\" title=\"NWMLS brokers report mixed results for March, but suggest only lack of inventory is holding back sales\">NWMLS brokers report mixed results for March, but suggest only lack of inventory is holding back sales<\/a>.<\/p>\n<blockquote><p>Northwest Multiple Listing Service brokers reported rising prices on fewer sales during March compared to a year ago, citing inventory shortages as the main reason.<br \/>\n&#8230;<br \/>\n&#8220;The only thing holding back sales is the lack of inventory,&#8221; said John Deely, a member of the Northwest MLS board of directors. He said one recent listing priced at a fair market value drew more than 40 offers. &#8220;The depth of buyer demand appears to have no bottom in the most popular price ranges,&#8221; added Deely, the principal managing broker at Coldwell Banker Bain in Seattle.<br \/>\n&#8230;<br \/>\nCommenting on March activity, OB Jacobi, president of Windermere Real Estate, said he expects market conditions of low inventory, strong competition among buyers, steadily rising prices &#8211; and rising rents &#8211; will continue in the foreseeable future. &#8220;Rents are on the rise, and when this happens, there&#8217;s often a shift where people get priced out of the rental market and move into home ownership. This leads to more demand for homes and upward pressure on prices,&#8221; he stated.<\/p><\/blockquote>\n<p>I guess OB Jacobi somehow missed the stories about <a href=\"http:\/\/seattletimes.com\/html\/businesstechnology\/2020775791_apartmentboomxml.html\" title=\"Financiers worry Seattle\u2019s apartment boom is overdone\">overbuilding in the rental market<\/a> and that <a href=\"http:\/\/seattletimes.com\/html\/businesstechnology\/2022578166_apartmentrentsxml.html\" title=\"Seattle-area apartment rents may stabilize, even dip in 2014\">rents are predicted to stabilize or decline this year<\/a>.  So much for that upward pressure.<\/p>\n<p>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;\">March 2014<\/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>3,258<\/td>\n<td>+2.7%<\/td>\n<td>+9.6%<\/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;\">Closed Sales<\/td>\n<td>1,772<\/td>\n<td>+42.8%<\/td>\n<td>-2.9%<\/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;\">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>1.41<\/td>\n<td>+1.4%<\/td>\n<td>+3.4%<\/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>2,784<\/td>\n<td>+29.2%<\/td>\n<td>-5.2%<\/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>1.84<\/td>\n<td>-28.1%<\/td>\n<td>+12.9%<\/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;\">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>$414,950<\/td>\n<td>+2.4%<\/td>\n<td>+5.9%<\/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<\/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>Prices rose month-over-month, but saw their smallest year-over-year increase since May of 2012.  Both pending and closed sales continued to fall from a year ago, while inventory was up nearly 10 percent.  Here&#8217;s some perspective on the month-over-month price increase.<\/p>\n<p>Median Price February to March 2013: +7.4%<br \/>\nMedian Price February to March 2014: +2.4%<\/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\/2014\/04\/KingCoSFHClosed2014-03.png\" rel=\"lightbox[28563]\"><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\/2014\/04\/KingCoSFHClosed2014-03-600x408.png\" alt=\"King County SFH Closed Sales\" width=\"600\" height=\"408\" \/><\/a><\/p>\n<p>March home sales came in slightly below last year, for the third year-over-year decline in a row.<\/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\/2014\/04\/KingCoSFHInventory2014-03.png\" rel=\"lightbox[28563]\"><img loading=\"lazy\" decoding=\"async\" style=\"border: 0;\" title=\"King County SFH Inventory - Click to enlarge\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2014\/04\/KingCoSFHInventory2014-03-600x408.png\" alt=\"King County SFH Inventory\" width=\"600\" height=\"408\" \/><\/a><\/p>\n<p>Still at near-record low inventory levels, but the increase is encouraging.<\/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; 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\/2014\/04\/KingCoSupplyVsDemandPct2014-03.png\" rel=\"lightbox[28563]\"><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\/2014\/04\/KingCoSupplyVsDemandPct2014-03-600x408.png\" alt=\"King County Supply vs Demand % Change YOY\" width=\"600\" height=\"408\" \/><\/a><\/p>\n<p>Still trending very slowly closer to a buyer&#8217;s market, with the supply trend in the black, and the demand trend in the red.  We&#8217;ll still need a lot more movement than this before the market actually becomes a buyer&#8217;s market.<\/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\/2014\/04\/KingCoSFHPrices2014-03.png\" rel=\"lightbox[28563]\"><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\/2014\/04\/KingCoSFHPrices2014-03-600x408.png\" alt=\"King County SFH YOY Price Change\" width=\"600\" height=\"408\" \/><\/a><\/p>\n<p>The median sale price inched down some more in February and year-over-year number dipped.<\/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; width: 600px; font-size: 0.8em; text-align: center;\"><a title=\"King County SFH Prices\" href=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2014\/04\/KingCoSFHPricesYearly2014-03.png\" rel=\"lightbox[28563]\"><img loading=\"lazy\" decoding=\"async\" style=\"border: 0;\" title=\"King County SFH Prices - Click to enlarge\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2014\/04\/KingCoSFHPricesYearly2014-03-600x436.png\" alt=\"King County SFH Prices\" width=\"600\" height=\"436\" \/><\/a><\/p>\n<p>March 2014: $414,950<br \/>\nApril 2006: $419,500<br \/>\nHere are the articles from the Seattle Times and P-I:<\/p>\n<p>Seattle Times: <a href=\"http:\/\/seattletimes.com\/html\/businesstechnology\/2023296419_homesalesxml.html\" title=\"Home price rising more slowly, but for-sale signs remain scarce\">Home price rising more slowly, but for-sale signs remain scarce<\/a><br \/>\nSeattle P-I: <a href=\"http:\/\/www.seattlepi.com\/realestate\/article\/Home-inventory-sales-fell-in-March-5374637.php\" title=\"Home inventory, sales fell in March\">Home inventory, sales fell in March<\/a><\/p>\n<p>Check back later today for the full reporting roundup.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>March market stats were published by the NWMLS yesterday. Here&#8217;s a snippet from their press release: NWMLS brokers report mixed results for March, but suggest only lack of inventory is holding back sales. Northwest Multiple Listing Service brokers reported rising prices on fewer sales during March compared to a year ago, citing inventory shortages as&#8230;<\/p>\n","protected":false},"author":2,"featured_media":28569,"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: Housing Market Continued to Soften in March","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-28563","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: Housing Market Continued to Soften in March \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\/2014\/04\/04\/nwmls-housing-market-softened-in-march\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"NWMLS: Housing Market Continued to Soften in March \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"March market stats were published by the NWMLS yesterday. 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Northwest Multiple Listing Service brokers reported rising prices on fewer sales during March compared to a year ago, citing inventory shortages as...","twitter_image":"https:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2014\/04\/KingCoSFHInventory2014-03.png","twitter_creator":"@The_Tim","twitter_site":"@SeattleBubble","twitter_misc":{"Written by":"The Tim","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/seattlebubble.com\/blog\/2014\/04\/04\/nwmls-housing-market-softened-in-march\/","url":"https:\/\/seattlebubble.com\/blog\/2014\/04\/04\/nwmls-housing-market-softened-in-march\/","name":"NWMLS: Housing Market Continued to Soften in March \u2022 Seattle Bubble","isPartOf":{"@id":"https:\/\/seattlebubble.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/seattlebubble.com\/blog\/2014\/04\/04\/nwmls-housing-market-softened-in-march\/#primaryimage"},"image":{"@id":"https:\/\/seattlebubble.com\/blog\/2014\/04\/04\/nwmls-housing-market-softened-in-march\/#primaryimage"},"thumbnailUrl":"https:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2014\/04\/KingCoSFHInventory2014-03.png","datePublished":"2014-04-04T14:00:28+00:00","dateModified":"2014-04-04T16:28:12+00:00","author":{"@id":"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/7de7c0dd14bee1a2c67f7ce86bc4505f"},"breadcrumb":{"@id":"https:\/\/seattlebubble.com\/blog\/2014\/04\/04\/nwmls-housing-market-softened-in-march\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/seattlebubble.com\/blog\/2014\/04\/04\/nwmls-housing-market-softened-in-march\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/seattlebubble.com\/blog\/2014\/04\/04\/nwmls-housing-market-softened-in-march\/#primaryimage","url":"https:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2014\/04\/KingCoSFHInventory2014-03.png","contentUrl":"https:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2014\/04\/KingCoSFHInventory2014-03.png","width":907,"height":618},{"@type":"BreadcrumbList","@id":"https:\/\/seattlebubble.com\/blog\/2014\/04\/04\/nwmls-housing-market-softened-in-march\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/seattlebubble.com\/blog\/"},{"@type":"ListItem","position":2,"name":"NWMLS: Housing Market Continued to Soften in March"}]},{"@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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