Multiple offers “the norm” for home buyers, but may ease with uptick in listings
*NOTE* – the data we are looking at is from the full month of February. 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:
- February’s improving inventory and a slowing pace of price increases may ease some of the competitive pressures.
- There is optimism for the housing market as pandemic-related restrictions ease, but also uncertainty due to the global economic crisis around Russia’s invasion of Ukraine.
- “Inflation, rising interest rates, and new financing options are bringing more sellers into the market.”
- King County inventory increased almost 40% in February compared to January.
- Single-family home prices rose about 12.2% compared to a year ago.
- Condo prices rose nearly 23% area-wide compared to last year.
- “Buyers who are sitting on the sidelines waiting for prices to come down could be waiting some time.”
- “Every seller is generally also a buyer and many placed their real estate dreams on hold during the pandemic. They are now ready to take action and explore their next chapter.”
- Industry analysts believe conditions will probably continue to favor sellers.
- “Buyers will be pleased to hear that more listings are on the way! Historically, the number of new listings bumps up in March and April, and then goes up even higher in May and June.”
- Freddie Mac believes short-term mortgage rates will stay low but are likely to increase in the coming months.
To read the full press release, click here.