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Tuesday, March 07, 2006

February Sees Continued Slowdown

Perhaps I've somehow overlooked the stories in the news outlets, but February's numbers are available (pdf file), and from what I can tell, the slowdown in Seattle continues.

Combined home sales in King County dropped for the second straight month, and the fourth time in the last six months. Sitting at $344,950, the combined price is lower than it was in August. Year to year increase for homes and condos combined has dropped below 12% for the first time since April of last year, while homes alone were at 14.73%, comparable to levels last July. New listings were down 7%, total active listings were down just 2%, while pending sales were up 15%. Check out the pdf for the full numbers. There's some interesting stuff in there. Betting is now open on how the local news outlets are going to spin this.

Here's a few graphs I've been using to keep track of things. Notice the distinctive leveling off in both.



(Northwest Multiple Listing Service, 03.07.2006)

4 comments:

biliruben said...

Nice graphs, Tim.

I am starting to see a bit of an increase in inventory around me, thought the overall numbers are still quite low.

I've been tracking inventory from a couple sources over yonder:

http://housingbubblecasualty.com/forum/index.php?topic=155.new#new

keep up the good work.

Anonymous said...

Except that today's Seattle times says it's not a Sellers Market, multiple offers, and the price is still going up. I'm getting discouraged after three years of waiting, backing out, and seeing prices go up, considering that two wage earners making the average of 73,000 have 146,000 to play with.

seattle price drop said...

anon 4:23

Don't get discouraged and don't listen to the spin.

Do your own research if you want to know what's really happening.

www.ziprealty.com lists DOM's and price reductions for every zip code.

If you follow that information trail you'll see that housing is slowing and prices are going down.

It's been clear for a couple months now that, as Tim said, the peak was August '05.

There WILL be a few idiots left bidding on houses for the next few months. That does not mean that housing hasn't stalled. It just means that THEY DO NOT KNOW that housing has stalled. So those people will overpay.

Anonymous said...

Tim, if you've got this data, then you've probably got the monthly active listings data, back through 2001 too (just like me)... why don't you show that? coastcat@gmail.com if you want to trade spreadsheets.