Welcome to The Brief, our monthly report of new home sales throughout the Puget Sound.

As the name implies, the goal of this report is to provide you with a brief overview of new home sales across a broad market at a macro level. All in under 2 minutes. We’ll include some analysis and thoughts about what we’re seeing, and, equally important, we look forward to getting your feedback about what’s happening in your localized market. Utilizing data from the Northwest Multiple Listing Service (NWMLS) this report tracks the following:

• All “active” and “pending” new construction listings in six counties. Our decision to just report on active and pending listings (versus “solds”) was based mainly on the desire to provide as much real time data as possible. As in, what’s happening right now in the market.
• The sales numbers represent all types/styles of single-family detached homes (i.e. ramblers, 2-story, 2-story w/ basement, etc.) built in 2015 or later. So enjoy.

Analysis:

This will be the last time I write “lack of inventory (LOI).” I’m tired of that phrase, however true it is. With that, the lack of inventory is astonishing and the Spring market is here with the usuals:

1. Increased traffic.
2. More sales.
3. Prices rising consistently on a bi-monthly basis in several markets.

The new normal in the North Creek marketplace (SnoCo) for new construction seems to be in that $450K to $600K price band. I actually was shocked at the number of active listings in the $1M to $1.49M price band in King County (read: the Eastside). Pierce and Thurston seem to be in lock-step in the $250K to $350K range, although the volume is naturally higher in Pierce.

A final thought: I found it interesting that although there is a LOI, there is also a consistent mix of active and pending homes in multiple price bands in Snohomish, King, Pierce and Thurston counties to a certain extent. So, while not a lot of move-in ready homes exist, there is some choice from a price point perspective.