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Northwest Real Estate in August: Sales up 7% YoY, Inventory down 23% YoY

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by Calculated Risk on 9/07/2021 05:49:00 PM

The Northwest Multiple Listing Service reported Northwest MLS brokers say August housing activity follows patterns of seasonal slowing

August typically brings a dip in housing activity and this year was no different, according to representatives from Northwest Multiple Listing Service when commenting on newly-released statistics. Figures comparing July to August show month-to-month drops in new listings, total inventory, pending sales, close sales, and median prices.

“August showed a more traditional seasonal pattern with decreased activity as families took end-of-summer vacations and made back-to-school preparations,” remarked Frank Wilson, Kitsap regional manager and branch managing broker at John L. Scott Real Estate.

NWMLS statistics show the volume of new listings added during August, including single family homes and condominiums, declined from both July (down 11.5%) and twelve months ago (down 4.2%). Total inventory for the 26 counties in the report also fell, shrinking about 6.6% from July and nearly 22.6% from a year ago. At month end, there were 7,425 active listings, down from the year-ago total of 9,591.
emphasis added

The press release is for the Northwest MLS area. There were 10,571 closed sales in August 2021, up 7.4% from 9,847 sales in July 2020. Active inventory for the Northwest was down 22.6%.

In Seattle, sales were up 10.1% year-over-year, and inventory was down 43.9% year-over-year. This puts the months-of-supply in Seattle at just 0.40 months.

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