NW Seattle Inventory: Bloated

Remember last month, when the owners of single-family homes (along with Congress and psychoanalysts) went on vacation in August? Well, they’re back in town and eager to sell. The number of new properties put on the market in Area 705 shot up in September.

New Listings September 07 1 month ago change 3 months ago change Year ago change
All 492 367 34.06% 381 29.13% 390 26.15%
Houses 342 241 41.91% 280 22.14% 307 11.40%
Condos 150 126 19.05% 101 48.51% 83 80.72%

 

This has made inventory bloated, bloated, bloated.

Active Listings September 07 1 month ago change 3 months ago change Year ago change
All 884 691 27.93% 605 46.12% 561 57.58%
Houses 565 434 30.18% 397 42.32% 422 33.89%
Condos 319 257 24.12% 208 53.37% 139 129.50%

 

The usual rules of supply and demand seem to be coming into play — finally — because prices are starting to track sales figures. The number of single-family homes that have been sold has been on a four-month slump, with median prices in that category leveling off. Meanwhile, closed sales for condos have bounced around a lot, but enjoyed a big spike in September, with an accompanying jump in median price.

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.