…continuing to capture summer in Seattle with each blog post moving forward until we hit fall. Creating safe summer vibes where we can! Finding the water to be a consistent respite within our Pacific Northwest.
Brief digestible recap of week ended 7/29/2020:King County Residential Only:Higher Sales and lower inventory resulted in months supply of inventory at 0.7. The record low is 0.6 in March 2017 & 2018.The number of new pending sales increased by 18% from 641 to 757 for the week ended 7/31/19 & 7/29/20. It is amazing sales are ahead of last year, when there is only half the amount of inventory to sell.
Weekly Sales are equal or greater than the prior year (9 of past 10 weeks).
Inventory is down 47% (4,492 7/31/19 decreasing by 47% to 2,401 as of 7/29/20).
Months supply of inventory is 0.7.
When months supply of inventory drops below 1.0, the following statistics are better indicators of the market:
*% of houses that sell above list price and by how much.
*% of homes that sell with 2 weeks or less of DOM.
*The 2 above statistics are reported monthly here *pdf, pages #3&5
July reports will be published by Monday August 10th. The one disadvantage of these statistics are they trail the market by 30 to 45 days because they are based on closed sales instead of pending. I expect July figures to be higher than June.
Note: need windermere stats password? As always, ask your staff or text me: 206.227.7133
And oh, another digestible bite: CW Title’s Michelle Barry shared with many of us today…”it’s shaping up to be the busiest August in real estate history. Covid pushed out spring market to summer months. If you have a listing coming on this month (welcome to August!), open title as early as possible!“