Northwest MLS brokers end 2021 with depleted inventory, rising prices, weather disruptions
*NOTE* – the data we are looking at is from the full month of December. 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:
- Severe shortages of inventory, record-low temperatures and snow restrained December housing activity around Washington state beyond expected seasonal slowdowns.
- New listings were down 12.3% compared to last December.
- Prices were up 17.4% overall for homes and condos across the NWMLS.
- King County was one of only three counties where the single family price change was under 10%; prices there rose from $740,000 to $810,000. A dozen counties had price jumps of 20% or more.
- Despite low inventory and pandemic-related hurdles, the number of closed sales was up 12.1% compared to 2020.
- Inventory across the NWMLS is at decade-lows with less than two weeks of supply.
- Expect the pace of price growth to slow significantly in the coming year due to rising mortgage rates and affordability constraints.
- “The Puget Sound region is in dire need of more housing units which would function to slow price growth of the area’s existing housing. However, costs continue to limit building activity, and that is unlikely to change significantly this year.”
- 2022 will be similar to last year, with low inventory and lots of buyer demand. Prices are expected to keep rising, though not as drastically.
- Interest rates are predicted to rise slowly and stay below 4%.
To read the full press release, click here.