Seattle Real Estate in June: Sales down 8% YoY, Inventory down 32% YoY

The Northwest Multiple Listing Service reported Northwest MLS brokers report robust activity amid low interest rates, tight inventory, changing lifestyles

Historically low interest rates and lifestyle changes are fueling housing activity around Washington state, according to Dean Rebhuhn, president of Village Homes and Properties in Woodinville. Commenting on just-released June statistics from Northwest Multiple Listing Service, he and other brokers say multiple offers are common “especially in the median price range.”

“Multiple offers are back with a vengeance as buyers are handicapped by having only about half the inventory of a year ago,” noted Dick Beeson, managing broker at RE/MAX Northwest in Tacoma-Gig Harbor. “The refrain, ‘Sorry to tell you, but the seller has accepted another offer,’ is heard with regularity,” he stated, adding, “If a buyer finds a home they like, it’s likely 20 other people will be vying for it, and the battle is on.”
emphasis added

There were 8,312 sales in June 2020, down 12% from 9,474 sales in June 2019.

The press release is for the Northwest. In King County, sales were down 17.1% year-over-year, and active inventory was down 41.5% year-over-year.

In Seattle, sales were down 8.3% year-over-year, and inventory was down 31.6% year-over-year..  This puts the months-of-supply in Seattle at just 1.6 months.

The closed sales are for contracts mostly signed in April and May.   There will likely be some rebound in the July report.