EducationMarket UpdateNWMLS Press Release December 8, 2021

December 2021 Housing Market Update (NWMLS Press Release)

NWMLS Northwest Multiple Listing Service

Northwest MLS brokers not seeing much seasonal slowdown, say buyers still need to be bold

*NOTE* – the data we are looking at is from the full month of November. The NWMLS comprises 26 of Washington’s 39 counties, mostly in the western part of the state.

Here are the bullet points from the newest press release from the Northwest Multiple Listing Service, which provides housing market data for most of Western Washington:

  • Historically soggy weather and the onset of holidays did not deter thousands of buyers and sellers during November, based on the latest report from Northwest Multiple Listing Service. Numbers for new listings, pending sales, and closed sales were comparable to year-ago totals, while prices rose a little more than 15%.
  • “The so-called seasonal slowdown normally sees serious buyers gain an advantage over casual buyers who take a break during the holidays. The difference this year is that there are fewer buyers taking a break and demand remains high.”
  • “Waived inspections and funds committed upfront in the event of a low appraisal are not as common, but sellers still have the upper hand.”
  • “Typically, we see a lull of sales activity during late fall and into early winter. While there are fewer transactions at this time of year, the intensity for each new listing going under contract is extremely high.”
  • King County’s supply of homes for sale is down about 60% compared to a year ago, which continues to lead to multiple offer situations.
  • Extreme price appreciation within Seattle has leveled off, whereas the Eastside and Southeast King County saw prices rise more than 26% compared to a year ago.
  • The Federal Housing Finance Agency (FHFA) limits for conforming loans rose from $776,250 to $891,250 in the higher-cost tri-county area encompassing King, Pierce and Snohomish counties.
  • Looking ahead to 2022, expect the pace of appreciation “to slow significantly” from levels seen this year.

To read the full press release, click here.