October 24, 2007

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.

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