NW Seattle Inventory: Hell, No, I Won’t Sell!

The instability in the housing market finally has made area 705 owners squeamish enough to stay put. Look at that end-of-summer dive in the number of single-family homes put on the market in August: Down 12 to 15 percent from late-spring/early-summer figures.

The condo figures continue to rise, though, which I attribute to newly built units put on the market. After all, a development company doesn’t have the option of living in the place (employee housing perk, anyone?).

New Listings August 07 1 month ago change 4 months ago change Year ago change
All 367 395 -7.63% 376 -2.45% 316 16.14%
Houses 241 276 -14.52% 271 -12.45% 254 -5.39%
Condos 126 119 5.88% 105 20.00% 62 100.32%

 

Fewer properties new to the market will help chip away at the still-rising backlog of active listings in area 705. But a decrease in supply is going to keep upward pressure on prices. It’s not so clear cut that the buyer’s market folks are talking about is here.

Active Listings August 07 1 month ago change 4 months ago change Year ago change
All 691 650 6.31% 519 33.14% 461 49.89%
Houses 434 411 5.60% 335 13.13% 345 25.80%
Condos 257 239 7.53% 184 39.67% 116 121.55%

 

You’ll find Northwest Multiple Listing Service numbers here. Click on the link to King County Breakouts to see area 705 specifics. My post last month on area 705 inventory is here.

Note: All information from sources deemed reliable but not guaranteed.

  • Home buyer

    One neighboorhood does not may take away from the increase in inventory in other Seattle listing areas. It would be interesting to see these same stats for the other listing areas.

  • http://blog.redfin.com/seattle/ Amy Helen Johnson

    If you’re interested in other listing areas, home buyer, you can check the NWMLS breakout report, to which I hotlinked in the post. Here’s a visual map of Seattle listing areas so you know what neighborhoods each encompasses: http://www.homeinseattle.com/

  • rdrr

    It’ll be interesting to see September’s numbers, as many sellers who witnessed the credit meltdown in August probably opted to wait and see.
    My very unscientific-impression is a spate of new listings came on the week after Labor day.